The Purpose of the Business Plan

Do you understand the purpose of writing a business plan? A business plan is simply a place to write the details of your business. It is your working document that keeps you focused and on track in your daily operations.

Writing a plan is not difficult. Basically, it allows a space for you to provide answers to questions about your business for your purpose and for others who want to know how to support your efforts. In fact, getting start-up funding without a business plan is almost impossible. You can use your plan to pursue outside funding because the people giving you the funding want to know that you have completely thought through the details of your venture.

Your business plan should include some basic information:

1. Description of your service or product: What do you plan to do? Which industry are you in and why?

2. Your Target Customers: Whom will your business serve? Tell a bit about them.

3. Your Unique Aspects: What makes your business different from other businesses in your market? How do you plan to do to make the business succeed?

4. List Your Targeted Expenses: What are your start up expenses? What equipment will you need before you can get up and running? Include daily expenses such as staff costs and supplies.

You get a FREE Business Plan Template just by registering for the Christian Women in Business Newsletter. Click on the title of this post and go to the newsletter registration page to get your copy of the Template. This will pay off as you start building your business.