by Dan Boudreau

You have decided to start a business and are now poised to develop one. Why would you set out to complete such a project?
There are many sound reasons to begin your process by creating a business plan.

•  So you know where you’re going.
• To have a roadmap or blueprint for your business.
• To have a document to look back on in order to measure your progress.
• To protect your investment and equity from loss.
• To find out if your idea will work.
• To build confidence about your business.
• To get a loan from a lending agency.
• To access funding from government.
• To reveal and solve problems before starting the business.
• To learn more about / become the expert on your business.
• To create a document to use to communicate with others: family, partners, investors, and bankers.
• For your own peace of mind.

Do you have other reasons for developing your business plan?
Perhaps it would be more appropriate to ask: “Why would you not develop a business plan?”

This article is part of Chapter 4 in Business Plan or BUST!

 
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