What’s a business plan?
Before setting sail on your entrepreneurial journey, it’s crucial to have a map. That’s where a business plan comes in.
A business plan is a detailed description of your project, including financial calculations and future prospects for the next few years. It’s essential for potential investors, banks you approach for loans, partners, intermediaries, your team…
But first and foremost – a business plan is for YOU, not just for your partners. One of the biggest mistakes people make is thinking a business plan is all about convincing others. While it’s definitely a tool to attract partners and investors, its main purpose is to serve as your personal roadmap. It’s there to guide you, the entrepreneur, as you turn your vision into reality.
Business plan includes:
- a description of your product or service,
- a market analysis,
- a production plan,
- the organizational structure of your company,
- a marketing strategy for promoting your products,
- and a financial plan that summarizes all key calculations.
