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A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.
Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. Get detailed information about how to write a business plan on the Start Up Donut website.
And established businesses often need money, too, to do things such as buy new equipment or property, or because of market downturns.
Having an up-to-date business plan gives you a much better chance of getting the money you need to keep operating or to expand.So when you hire a Live Plan business plan writer, you'll be maximizing your chances of securing a loan or investment.Since 1988, Palo Alto Software—the creator of Live Plan—has helped over a million entrepreneurs achieve success.In the growth phase an updated business plan is useful for forecasting or raising additional capital for expansion, and if you decide to sell or close the business the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.Here are five good reasons why you should write a business plan when starting a new business.Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.The exercise of budgeting and market planning will help you define your Target Market, your Unique Selling Proposition, optimum pricing strategies, and outline how you intend to sell/deliver your products to customers.Investors and financiers are always looking at the risk of non-repayment, and word-of-mouth is no substitute for written facts and figures in a properly-prepared business plan.A business plan is essential if you're thinking of starting a business, but it's also an important tool for established businesses.A business plan is a written document that describes your business.It covers objectives, strategies, sales, marketing and financial forecasts.