Why Write A Business Plan!

Why Write A Business Plan!

OK, so you want to start a business – a home-based, a small, or a service-based business – well, you might ask yourself – why write a business plan?

Of course, you know what you want and you have a ‘pretty decent’ idea of what it entails to get things up and running. But, and here is the proverbial ‘but’, what if you do not have a business plan?

You need to have an idea of what is required as well as a guideline to ensure your business’ success. I agree that making business plans are never ‘exciting’, but one thing is sure, the bank will appreciate it when it comes to lending you money to get that dream of yours underway.

Make sure that you know the importance of your answer when you ask – why write a business plan. Take a look at this contributed article as it outlines some tips to have as a guideline for your business.

Why Running A Business Is Never Smooth Sailing

If you’ve got your own business, you should know how true this is right from the very beginning. Nothing in life ever seems to be smooth sailing, but business, in particular, seems to get the rough end of the stick.

When you don’t really know what you’re doing, and it is your first time venturing into the business world, the setbacks you’ll face will be intimidating. But we’re here to help you through them. Here’s why running a business is never smooth sailing, and how you can try to avoid some of the things that might slow you down.

Business Ideas

The ideas that fuel your business should be unique to you and offer you a route to follow to make more money. Well, have you ever heard of something known as intellectual property law? It is a law that protects your business ideas, products and anything else that you might be trying to do.

The business industry is really a cut-throat arena – there are so many people trying to make it in the same area as you are. So obviously people are going to try to steal an idea or two when they might be struggling.

Experts such as Slater Heelis can protect this from happening to you. Once someone has your idea, it is theirs to take, but if you’re protecting it with this law, it is yours to keep. The same applies to you however, you need to always make sure your ideas are unique, and you aren’t trying to copy someone else’s business plan or products.

Customers like to see the unique side of a business and are drawn in by the lure of the unknown. Try to be original, it’ll always pay off in the long run and by putting this in your business plan, it will remind you about the importance – why write a business plan!

Financial Issues

This is the main reason why business is never smooth sailing. Financial issues are going to crop up right from the very beginning, but it is how you deal with them that is going to determine the outcome. In the beginning, you need to make sure you’re borrowing the right amount of money for your business if you decide to use that route.

So many people borrow more money than they need to, which in the long run has damaging effects. Further down the line, money issues can crop up due to lack of sales. Every business will go through a stage where they aren’t making enough money, how fast you recover depends on how fast you deal with the issue.

Make sure you’re making any cutbacks you need, cutting staff hours, and pumping more money into marketing techniques to try to bring the sales back up. All a part of the backup plan when you start thinking – why write a business plan?

Reason enough in this circumstance, I think.

Down Time

This relates to one of the money issues that we’re talking about. Lack of sales can lead to a business needing to go into ‘down time’. This is where production is reduced, and efforts are placed elsewhere to try to boost sales to bring everything back up again. The most common time for this to happen is at Christmas. People run out of money, and businesses seem to as well.

My Thoughts On Why Write A Business Plan!

It is important to write a business plan for your business – no matter what the size of your intention. Things won’t always run smoothly, as much as we would like to believe they can – life happens!

Just remember, if you ever ‘feel the urge’ to start a business, not only ask yourself – why write a business plan – just put your foot to the metal and do it! You will be glad you did and so will your business!

Good luck.

Images courtesy of Pixabay and Flickr.

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