You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Your business plan can uncover omissions and/or weaknesses in your planning process. You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks. First and foremost, it will define and focus your objective using appropriate information and analysis. Your business plan is going to be useful in a number of ways. So after you have opened for business, it is important that you periodically review and update your plan. But at the outset you cannot predict all of the changing conditions that will surface. Your business plan will become your roadmap to chart the course of your business. For example, your cash flow projection should be updated frequently to ensure ongoing liquidity (not running out of cash). Instead, look at your business plan as an ongoing assessment that you will frequently review and change to conform to actual operating experiences. It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course.ĭo not expect that all of your plan's initial assumptions will be correct. This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course.īe aware now that most start-up entrepreneurs are reluctant to write down their business plan. Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. 
Write out the plan yourself, in your own words. But it is our recommendation that you be sole author of your plan. Search engines, libraries and bookstores provide sources that sell ready-made plans for specific businesses. You can download the business plan template included in this session, fill it in and print.
Since the My Own Business Institute (MOBI) course is broken down into 15 of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. But if you have miscalculated the potential, then your business plan could become a roadmap leading to failure. If you maintain a correct assessment of the changing economics of your business, your plan will provide a useful roadmap as well as a financing tool.
We believe that preparing and maintaining a business plan is important for any business regardless of its size or nature.
The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.
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