IMPORTANCE OF HAVING A BUSINESS PLAN
Here are some important benefits of having a business plan. :
It helps you understand the risks involved
Calculative risks are always better as they involve less financial burden and are simply less stressful. Your life would be a bit easy when you know what you need (money wise) and where to get it.
It clarify your thoughts
By writing a business plan you are clarifying all complexities in running your business and it gives you an insight that whether your business idea is worth giving a shot or not.
It helps determine the financial health of your products/ service
By doing the right market research it gives you a vision to evaluate the worth of your products and services and see if it will really benefit the consumers or not. It also elaborates the facts that whether your “value-added preposition” will actually have an edge among your competitors.
It gives you an estimate of your start-up costs and how much you'll need to invest or finance to run the business
This is an important aspect of your business. With the right calculations, your projected financial statements can give you a realistic and optimistic snapshot of how much money you will need to start the business and what will be your break-even point.
It helps convince investors and lenders to fund your business.
This is also very important as with the right business plan you can apply for funding by the government/ private and can find an investor to invest money in your business idea.
It helps define your target market
Your business plan will also allow you to focus on your customers. You can identify who is your target market and how to reach it. This requires a robust marketing plan with strategic sales strategies.
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