The Family Corner: “When I started my first business I didn’t have a solid, well thought-out business plan. I threw together a rough one that I used to apply for a bank loan (which I didn’t get, by the way). If you take the time to research and put together a small business plan, you will have a much clearer and focused idea of what you can expect from your business. A good business plan will help you figure out approximately what your business will cost to get off the ground. You don’t want to guess at this. Knowing your costs will help you decide what you’re going to charge. The bottom line - most businesses fail because they don’t have a clearly spelled-out business plan. Don’t make that mistake.”
George Manlangit on March 6th, 2007 at 11:32 pm
Not only does business plan layout the cost of the business, it gives you an overall picture of what your expectation is for the business. It gives a good baseline for accountability.
Studies shows that a large percentage of people who failed in business the very first year did not have any business plan for their business.
Take time to have one and adjust accordingly as your business grows or not.