If you were going to build a house, it would be helpful to have a construction plan. Similarly, for business, it is important to have a business plan. A business plan is a specific kind of report that is created to describe your business and how it will be successful over a period of three or more years. It is your roadmap to help you get from being a start-up business to a profitable business.
A business plan can help you to:
- Understand your business in more detail
- Turn your ideas and money into a successful business
- Get financing for your business from lenders and investors
- Identify the strengths, weaknesses, opportunities, and threats that may impact your success