Why do I need a business plan?

Excellent question! A business plan is more like a list of things to do to achieve your goal (set up your business etc)

The list groups together information and displays this information in sections, for example:

  • financial
  • marketing
  • mission statement.

This makes it easier to present the business plan to anyone who might be able to help you get your business started.

It is most commonly used to apply for a loan, or funding of some sort, so it is usually presented to a banker during an appointment, and the two of you would work through the document. You would be asked questions, and the lender would take all of your answers (and the thorough information presented in the business plan) and decide whether or not you might be a good risk. Should they lend you the money? Only the lender/banker can answer that 🙂

So the answer to your question, “Why do I need a business plan?” is you need a business plan if you have to approach anyone to convince them that your business idea is a good one, especially if you are looking for financial help.

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