Let’s face it: writing a business plan can be a very boring task. In fact, almost nobody gets excited by the prospect of writing a business plan.
These days, the last thing anyone wants to do is a sit down and spends weeks or months writing a business plan. This is because almost everyone one gets excited about his or her new business idea and can’t wait to make a start.
More often than not, lots of people ask me if writing a business really matters today, as the world of business has gotten less formal and the pace at which startups come to market has sped up.
Many entrepreneurs have begun to question; do you really need a business plan when you’re starting a new business?
There as being a low key argument on whether a business plan is still necessary anymore or is as old-fashioned as the typewriter.
What’s The Point in Writing a Business Plan?
Any impatient entrepreneur like me will fully understand the craving to leave out over the business plan phase, especially if you’re launching a business in an industry that you are very familiar with and very experienced as well.
For example, if you’ve worked as a Farm Manager for 10 years and you want to strike out with your own Farm business, you may feel like you know everything you need to know.
Likewise it’s very easy to assume that as long as you’re not looking for a bank loan, line of credit, or any type of outside financing, you don’t need a business plan.
It’s true that lenders and investors will want to see a business plan—but if you’re not looking for money from outside sources, you won’t need to show a business plan to anyone.
On the other hand, the reasons for writing a business plan are all about you and really have nothing to do with other people.
You may think you’re making it trouble-free on yourself and saving time by skipping the business plan.
In truth, doing a little homework now and writing a business plan will make your life much simpler and bank you tons of time later on.
If you are still dragging your feet on writing a business plan for your startup, here are five excellent reasons why every startup entrepreneur needs a business plan:
1. Forces You To Think
The excitement of doing something new has always being a key factor that shifts the focus of most entrepreneurs from the most crucial aspects of setting up.
Most entrepreneurs are “idea people,” who are less thrilled about the nuts and bolts aspects of startup, such as setting up an accounting system or dealing with employee law.
Writing a business plan is really important because the process of doing it forces you to think about things in a logical way, so the document reads sensibly.
To write a good business plan, you have to think about how you’ll handle every aspect of your business – marketing, managing, financing, and more.
Writing a business plan forces you to focus on the very areas you’re tempted to skim over (which are usually the places where you need to really drill down). When your business plan is done, you’ll have a blueprint for success.
2. Illuminate problems ahead of time
One of the reasons that made writing a business plans a routing for is that it illuminates problems ahead.
Imagine you are driving on a highway at high speed in the night, and unknown to you the small bridge ahead has been washed away by flood. You hit the bad spot and your car was stuck. And just then out of nowhere someone comes and rescues you.
How much will you appreciate the person? Now, Pause and Rewind to about 10 minutes earlier. Had there been someone who had told you that the bridge ahead as been washed away, who would you appreciate the most?
Yes! The person that notifies you of problem ahead of time! That is exactly what writing a business plan can do for you.
Would you rather uncover problems with your business concept during the planning stage – or wait until you’ve already spent money on a location, inventory, or employees? By identifying possible obstacles, you can easily adjust your business plan to avoid them.
3. Gets You Ready For Anything
You may not be actively seeking financing at the setting up stage, but what if an opportunity arises for someone to invest in your business or lend you money? Or there is a need to scale up the business?
Having a good and well written business plan that you can hand over is a good thing as this will most likely impress the would-be financing source. If it’s not, you’ll have to stall them while you scramble to write one (which doesn’t make a very good impression).
Wouldn’t you rather be prepared for any eventuality?
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4. Give You A Good Pitch
One of the major challenges faced by most entrepreneurs is the ability to craft a compelling pitch for the new business.
Whether you’re looking for business partners, vendors, or even your first employee, it can be hard to convince people of the merits of a business that doesn’t yet exist.
If you can’t sum up in words what your business is going to be about, you will really struggle to persuade customers to buy whatever you’re selling.
Writing a business plan can give you good ideas of how to craft your pitch and as well show people what you’re planning to do so they’ll have a better idea of whether they want to be involved.
5. You’ve got a lot of help
In the past, writing a business plan was tedious and time-consuming. While there is definitely still some grunt work involved, such as researching your market and crunching numbers, overall, the process has gotten so much easier that there’s really no excuse for skipping it.
A quick search online will uncover business plan templates, samples, and all types of guidance. Dozens of websites and books have been designed to help you with writing a business plan.
Need more help?
Here are a few recommendations;
If you are in Nigeria, I strongly advice that you use a Nigerian agencies. Here are few recommendations in no order of preference;
Abode Business provides solid business solutions to small businesses. Whatever your business needs is, just contact AbodeBusiness and you will be glad you did.
This wonderful man names is business after himself. He is doing a fantastic job in assisting entrepreneurs in providing business solution to business and most especially, he knows his onions when it comes to crafting a winning business plan.
You can contact him through his details below.
BIZ TAKE OFF SOLUTIONS
Offers first class business solutions which includes Business Plan, Business Name Registration, or even Business Incorporation. You can reach them via there contact details below
Emails: firstname.lastname@example.org or email@example.com
Retop Limited has a team of expert to help you with most of the basic needs of your business. They have been around for a while and they were doing a pretty good job. Contact Retop Limited through their contact below.
Emails: firstname.lastname@example.org or email@example.com
Wrap It Up!
I often have several ideas I am excited about, but haven’t thought through, which has made me lose millions of Naira. I think it’s really good idea to write your business idea down in a document, just to help clarify your thoughts; especially at the start of a project.
Putting them down on paper, and then discussing that document with someone else who knows a bit about it, is a great way to make sure that all the ideas are practical and can be made to fit together in a way which works.
These days, most of us put some level of research into everything we do – from deciding which Smartphone to buy, to what trending shoes to wear. Why should something as important as starting your own business deserve any less thought?
Over To You
So, what are the other advises, tips, strategies, techniques or methods that have worked for you? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.
And don’t forget there is love in sharing!
See You At The Top!!!
The Money Mix is a resource dedicated to money and personal finance. Our mission is to create a healthy conversation about strategies to make and save money, build wealth and how to achieve life-changing goals through taking control of your life.