that your idea for a business is not just a dream but can be a viable reality.
Entrepreneurs are by nature confident, positive, can-do people.
After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.
If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.
Think of it as a written elevator pitch (with more detail, of course).
Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.
Does a business plan make startup success inevitable? But great planning often means the difference between success and failure.
Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.
Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.
Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.