The number one reason to have a business plan is for you so that you have clarity of vision of who you are, what you’re doing, and where you’re going. The second reason for a business plan is to help raise capital. No private investor or lender is going to give you the money you need without a business plan. You need to be able to show to other people that you know what you’re doing and where you’re going, where it starts, where we break even, where we’re profitable, what’s my reserve, and all of the details. You want to give them a clear vision so they can buy into or lend to you. But that lender wants to know that they’re going to make money and that they will eventually get out of that deal.
You also need to consider the 5 Ps in your business plan. They are People, Position, Product, Projection, and Plan. We go over all of these individually in more detail in our Blog. There’s a lot to know in a business plan, but the two keys are clarity of vision for you and the ability to raise capital
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