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Why Do I Need A Business Plan [Video]

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Why Do I Need A Business Plan

A business plan is a fundamental document that any new business should have in place prior to beginning operations. Banks and venture capital firms often require a viable business plan before considering whether they’ll provide capital to new businesses.

Operating without a business plan usually is not a good idea. In fact, very few companies are able to last very long without one. There are benefits to creating (and sticking to) a good business plan. These include being able to think through ideas before investing too much money in them and working through potential obstacles to success.

A good business plan should outline all the projected costs and possible pitfalls of each decision a company makes. Business plans, even among competitors in the same industry, are rarely identical.

However, they can have the same basic elements, such as an executive summary of the business and detailed descriptions of its operations, products and services, and financial projections. A plan also states how the business intends to achieve its goals.

The plan should include an overview, and, if possible, details of the industry of which the business will be a part. It should explain how the business will distinguish itself from its competitors.

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