Do you have a business idea that you want to realize one day? Do you want an interested investor to notice you and fund your future business or do you want to expand your business through additional business?
All this is possible if you structure your idea into a business plan that shows you all its positive and negative aspects. However, if you are unsure about the benefits of a forward plan and are thinking about skipping this step, see what it can help us do and whether we can start a business without having a business plan in place.
The answer to the question of whether we can start our own business without having a business plan is easy – we can, but to what extent will it be profitable? It is advisable, whether it is a plan detailing all the relevant views or just aids for action. The key is to anticipate and plan every important aspect of your idea. This can be done most easily by creating a business plan.
What does the business plan help us?
You may need a business plan if you are applying for financing from a lender or investor. But first, it is for you – for those who have an idea to structure in a comprehensive action plan. It will be useful to you, whether you need it to plan your overall vision for the business or to expand your business area, for example, through online business planning (Online Business Planning Course)
You will be surprised how much easier it will be to start a business when you have everything you need.
Through a business plan, you will be able to see your product in its entirety, check its profitability, track your competitors, make a marketing and financial plan of action. With its help, based on pre-calculated data, you will be able to plan the need for funds for a certain period and look in-depth the characteristics of the internal and external environment.
How risky is it to start a business without a business plan?
Statistics show that in Bulgaria as many as 95% of entrepreneurs who have started their own business are going bankrupt in their first year on the market. Some of them cease operations due to the unfavourable environment and economic environment, while another – because it has failed to calculate and predict in advance the resources it will need and the steps it will take. This is a clear indicator of the importance of the business plan as a tool that guides us during the planning, start-up and management of our business. All these and more benefits of a business plan can tell you that you will be one step closer to realizing your idea if you bet on using it.