As with most things, a little planning goes a long way towards making any activity more successful. This is especially true when embarking on a new business venture, where there is a lot of uncertainty and the road isn’t exactly easy if you’re just starting out (or ever, for that matter). This is why it’s so important to create a comprehensive business plan that can be a blueprint of sorts for when some clarity is hard to come by.
What is a Business Plan?
A business plan is a document that specifies everything there is to know about your business. What it does, where it stands in the market, what it hopes to achieve, and how.
It can get you to see your business objectively by laying out all the facts in one place and forces you to think realistically about it. It also helps identify areas for improvement, opportunities you may have overlooked, and above all, it provides a solid foundation based on which you can communicate your vision to bankers, partners, employees, etc. who may be stakeholders in your business.
Below is an infographic created by Washington State University highlighting their 10 Keys to a Successful Business Plan that goes into great detail about creating business plans, and how they can be useful to you.