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What is the importance of writing a business plan

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Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. With great timing, solid business skills, entrepreneurial drive, and a little luck , some founders build thriving businesses without creating even an informal business plan. Does a business plan make startup success inevitable?
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Business Plan

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Importance of Business Plan To an Entrepreneur

Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. A business plan is a roadmap describing a business, its products or services, how it earns or will earn money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. 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. Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor. We'll also send you updates on new educational guides and success stories from the Shopify newsletter. We hate SPAM and promise to keep your email address safe.
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Importance of Business Plan To an Entrepreneur

In this edited excerpt, the authors offer five reasons why someone would want to write a business plan and what they'll use it for. Anybody beginning or extending a venture that will consume significant resources of money, energy or time and that's expected to return a profit should take the time to draft some kind of business plan. The classic business plan writer is an entrepreneur seeking funds to help start a new venture. Many great companies had their starts in the form of a plan that was used to convince investors to put up the capital necessary to get them under way. Many business plans are written by and for companies that are long past the startup stage but also well short of large-corporation status.
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A business plan is a detailed description of your company, its concept, how it will run, what it will cost to run, and where you want it to go. As you learn about the world of business, you may come across varied opinions about how to write a business plan or even whether it's worth it. For instance, you may hear skeptics say that it's just a guess - an educated guess if you've done your homework, but still a guess - so how accurate and useful can it be?
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