This is a question many people ask themselves when they want to start a business. The fact is you can start a business with no business plan.
Likewise, you can travel the world with no planning ahead and booking accommodation and flights and so on. Although, it can be fun and adventurous, it increases the risk dramatically. When you travel with no planning and bookings, you consider that you may end up with bad and sour results, it is very similar to starting a business.
Even though in business (or life!) you can’t anticipate everything, but it is good to have some goals and assumptions about possibilities and emergencies.
Studies show if you write down your goals, there is more chance to achieve them. Writing down helps your mind and actions be aligned and brings up areas that you don’t normally think about.
And unfortunately, our memory is not very reliable! We think and plan for next five years, but if I ask you about those plans six months later, you hardly can recall half of them.
That’s another reason we want to have our plans in writing, because we can go back to them and read them again just in case if we forget something.
Another reason to have a business plan is communicating via a written document is much easier than explaining everything every time you want to give and exchange information about your business.
A business plan is a great tool to establish your ideas and thoughts. It is also very useful to improve your confidence, provide focus and direction and let you have a benchmark for your performance.
Meanwhile, if you are going to get a loan, investment or business partners, they most probably only communicate with you through your business plan.
So, even if you’ve started your business already, it is not too late. You can bring all of your learning, thoughts, existing and new markets and sales into a start-up business plan. In few years, you will thank yourself for doing this to your business and future!
Click here to find out how you can get help developing a start-up business plan.