THE IMPORTANCE OF A BUSINESS PLAN

I wrote my first business plan as a junior in college. The class was titled “New Venture Planning” and our only assignment was to write a business plan for whatever business we wanted to start. I Chose to create a multi-functional sports training gym in my hometown. I went through the process of preparing a 30 page business plan to be examined by my professor. It was during this process that I realized how important a business plan is. A business plan is like a will for your business. If something were to happen to you, someone could pick up your business plan to understand what your business is and how it works.

Let’s get into some definitions…

What is a business plan?

A business plan is a written document that describes in detail how a business runs. It’s basically a roadmap that you can refer back to anytime you want to.

Elements of a business plan includes:

Introductory Page, Executive Summary, Industry Analysis, Description of Business, Production Plan, Marketing Plan, Organizational Plan, Assessment of Risk, Financial Plan, and Appendix

If you’ve been hesitant about writing a business plan, let this be your sign to get your business down on paper!

The following post will be breaking down each element of a business plan! I’m excited to be on this journey with you guys!

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