Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth. To write a business plan, you’ll need to research your ideal customer and your competitors-information that will help you make more strategic decisions. If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success. Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started. But there are several compelling reasons to consider writing a business plan, even if you don’t need funding. Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan.

Jordan Barnett, Kapow Meggings Why write a business plan? Laying out a business plan helped us identify the ‘unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves. We had a marketing background but not much experience in the other functions needed to run a fashion ecommerce business, like operations, finance, production, and tech.

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