Why Do I Need a Business Plan?

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Writing a business plan has many uses. You will really understand if your idea is feasible, and forces you to think about your company’s future in detail.

You’ll have a much better idea if your business will work, and if you really want to move forward and actually start the business.

The plan can be written at any stage of the company’s life cycle.

The business plan should have the following basic structure:

First, define your product or service, and the market you will compete in.

Identify your management team, where the business will operate, and your experience in the industry.

Include:
* Marketing Study
* Promotional Strategy
* Current or Projected Balance Sheets
* Income Statements
* Cash Flow Analysis

Will you attain financial support?

Provide operational information along with detailed history of the business, and its future.

Cover every aspect of your business to help you understand your business completely.

This Feasibility Study will help anyone else to understand as well as secure loans and outside capital.

Think of it like a resume for your business.

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Pasan Premaratne

Pasan Premaratne is an Expert Teacher at Treehouse with a focus on Business. He has degrees in Finance and Economics and in his spare time loves learning everything on the planet from math, coding and economics to music, photography and more. Catch him on Twitter at @pasanpr.

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