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A business plan is a useful selling tool for investors, creditors and banks.They all want to know what the business is about and why they should be willing to invest or lend money to finance its operations.
It’s always better to overestimate and end up with a bit of spare cash.
It’s easy for life to get in the way when you’re starting up, especially if you’re working at the same time.
Building this in from the beginning isn’t setting yourself up to fail, but giving you the best chance of saving your business. Is there an alternative income stream you could rely on, even for a bit? With all the work that goes into running a startup, you can lose sight of what’s really important to you.
But building your mission and purpose into your business plan keeps you focused, so that when times are difficult you can remember just why you’re doing this – and keep working towards your ultimate goals.
Doing a business plan forces you to run through your business in advance, rather than just skimming over things or deciding to chance them. What equipment do I need immediately, and where can I get it? Better to face up to these problems and find solutions for them now, rather than be hit when they arise in the future.
You’re forced to think about the hard questions, such as – is my price point high enough? Make a cash flow forecast part of your business plan too, so you can see if the costs all square up – and be brutally honest.The Food Guide Business Guide for Entrepreneurs UMASS Amherst Center for Agriculture, Food, and the Environment This 24-page guide discusses starting and growing a food business.SCORE Locations in New Hampshire Resource Center NH Small Business Development Center Extensive list of resources and articles relating to small businesses, specifically in New Hampshire, but in other states as well.Not only is a business plan helpful and informative to outside parties, but it also forces the entrepreneur to make a serious appraisal of the business idea and come to a judgment about its feasibility and likelihood of success.A business plan is an outline that evaluates all aspects of a proposed business venture.While putting together facts and figures isn’t the most thrilling use of your time, especially in those exciting early startup days, it’s essential if you’re going to give your business the best chance of survival – and the best chance of growth.Here are six reasons to create a business plan for your startup.Owners should be prepared to spend several weeks or months assembling an effective business plan.It takes a considerable amount of work, investigation and research, but it's worth the effort.It includes a description and analysis of the prospects and expectations for the business and is a road map that lays out how and why the entrepreneur expects the venture to thrive and grow.Ideally, entrepreneurs should have some experience in the business they intend to start.