Why Do I Need a Company Business Plan?

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A business plan is an essential tool for an entrepreneur for a number of reasons. The plan, often developed with the help of a business plan writer or consultant, serves to examine the feasibility of the company before you sink a great deal of time and money into the idea, to organize a plan of attack for the management team, and to seek funding and partnerships which may enable the company to launch.

Market Feasibility Study

By its nature, a business planning process begins with a study of the market for the business’s intended products or services, the strengths and weaknesses of competitors and substitutes, and the exact needs of potential customers. This research, if done on more than a superficial level, should show you whether your business idea has a real chance at success. Feasibility studies can be undertaken by consultants and research firms, and this may be a great use of some initial cash. However, make sure that the information gathered is all available to become part of the plan if you choose to launch.