By Carly W at August 21 2019 18:16:28
The plan reflects how you plan to operate your business. How you plan to market your product or services. It provides a financial picture of the company. If you are looking for money to fund your business, you're going to need a plan for your business. When you go to borrow money, lenders and investors are going to want to see written documentation in a business plan of your financial situation. Why do they want to see this information? Lenders and investors want to see this information because they are the ones taking the risk in lending your business money.
You may find that the easiest part is the actual writing of the plan. The real work comes in the data_gathering, which may take you a hundred hours or more, depending on what you already know or have researched. If your new venture is in an area where you've been working, you may already know about your customers, your suppliers, your marketing plan, your organizational structure, your financial and cash flow needs, equipment, inventory, and so on. If you know all of these except for Marketing, say, then this is where you will need to invest some time and effort. You can find a wealth of information by utilizing the traditional data sources such as chambers of commerce, major cities' websites, trade associations, the US Census Bureau, trade journals, magazine and online articles and advertising, etc. Performing keyword searches on Google, or Ask will bring up websites to check out.