Should a new business have a startup business plan?
All businesses should have a business plan and new startup businesses are no exception. When you first start out it is not easy to know how to write a business plan, but you can get software to help you with this or you can ask your accountant, or simply search the Internet for guidance on writing a business plan.
A startup business plan is not really any different from a business plan for an established business and has the same function – i.e. to give the business direction.
By having a direction for the business in the form of a business plan you will know where the business is heading – and the research shows that businesses with a plan are less likely to fail!
If you are looking for startup finance for your new business from a bank, you will asked to produce a plan together with a cash flow forecast for your business, before they will consider advancing the money. So why not do this anyway even where you are not looking for funding.