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.
If it is your first time alone and you are unsure, get help from anywhere and everywhere. All too easy to rush in and make costly mistakes.
As an entrepreneur, it is a basic requirement for you to be able to learn the responsibilities specially if you’re thinking of establishing a new business. Write Your Business Plan, Know The Budget And Win Guaranteed Profits!