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Do I Need a Business Plan?

If you go to the grocery store without a list, you end up getting more than you meant to buy. Then later in the week, you find that you didn’t even get the essentials you needed. Starting a company without a business plan can cause similar problems but on a much larger scale. If you don’t have a plan to follow, you may forget the things you needed, and may spend more time or money on things you don’t need. An outline of your business proposal can help you stay focused and on track when you’re starting your business as well as throughout the process of running your company. It’ll be a guide you can refer to down the road.

Business Plan | Attorney in Cary NC

Here are five reasons to develop a business plan:

  1. You’ll learn more about the industry.

Before you begin drafting a proposal, you’ll want to do research on other companies and the industry as a whole. This will give you a better idea of where your company will fit within that market. You’ll also learn more about market trends and how your business can provide value and benefits to consumers. It may even lead to making changes to your product or service in order to better serve consumers.

  1. You’ll have a plan of action.

You may have dreamed of starting a business for years and planned out all the details in your head, but until you get them on paper and in a form that you can review and modify, you’re not going to know the scope of what you’re taking on. You’ll need to set goals, priorities and decide how to measure results. The information you gathered during the research process can help you formulate a plan that unites your original idea with the realities of the industry.

  1. You’ll have a financial plan to share with investors.

If you’re asking people for money to help start your business, you’ll need to have a business plan outlining the financial aspects. No one is going to hand you money without some idea of what you’re going to do with it, unless your friends and family are your main source of capital. Having an outline of how the money will be spent will help you stay on track and avoid surprise expenses down the road.

  1. You’ll be able to manage expectations.

If you have partners or investors, you’ll want to make sure all of you are on the same page from the start. A business plan will outline your mission and goals and allow anyone else involved to have that information before they commit their time, money or resources. You don’t want someone to have issues with you or the business when it’s too late to make changes.

  1. You’ll have a resource to refer to later.

Starting a business can be overwhelming and stressful and may cause you to lose sight of your original goals and mission. A business plan can be an objective reminder of why you wanted to start a business in the first place.

Eldreth Law Firm, PLLC | Attorney in Cary NC

Do you need help with your business plan? Look no further than Eldreth Law Firm for matters involving small businesses and intellectual property. We can help you get your business off to a strong start by consulting with you on your business plan. Give our attorney in Cary NC a call today to see how we can be a part of your new business’s success.

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