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That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible.
But do you truly understand the purpose of a business plan?
Does it really matter if you have one for your small business?
Your business plan should pull all three of these plans together, incorporating elements of your marketing plan and your financial plan into a comprehensive document.
Think of your business plan as a map or blueprint that will guide your business from the start-up phase through establishment and eventually business growth.
As you get started with your small business plan, explore these additional business planning tools to see how you can streamline the process even further.
One mistake many small business owners make is creating a business plan because they are told they need one, and then completely forgetting about it.
While this is a leaner version of the traditional business plan, you will still need to gather information that is specific to your business in order to create a plan that is truly useful for you.
Be prepared to answer the following questions as you create your simplified business plan: Once you have answered each of these questions, you will have a working business plan that you can use immediately to start taking action in your business.
There are also many business plan tutorials available, including video business planning tutorials.
And let's not forget about all-in-one online tools like the SBA Business Plan Tool and services like Rocket Lawyer that take away a lot of the time required to format and organize your business plan.