We keep hearing about businesses being forced to close during the pandemic that will never re-open and warnings that unemployment will rise – especially amongst young people. So, if you can’t get a job, what’s the answer? Start your own business! And, once you’ve decided what you want to do, what’s the first think you need to think about? Your business plan, of course!
So why do you need a business plan?
Even starting a simple business requires that you take into account many different considerations. They include the business’ name, type of organisation, premises and equipment, financial and technological requirements, marketing, insurance, staff, administration, and many more. Unless you make thorough plans, there is every chance that you will neglect some important aspect and the business will fail.
Good planning has a number of other benefits. It will help you in the following ways:
it reduces risk
it provides targets and goals to achieve
you know how you will organise your business to achieve your targets
it reduces the element of uncertainty
it reduces stress
it raises your confidence in your ability to start and run a business
it gives you a framework which, once your business is established, will help you to identify and avoid potential problems before they arise.
In other words, with good planning you know what you are trying to do, and how you are going to do it.
In addition, potential lenders will insist on seeing evidence that you have planned your business properly before they will offer you a loan. And major customers, suppliers and your professional advisors may also wish to see your business plan.
No matter what you’re age, it’s never too late (or too soon) to become an entrepreneur. And if you feel you need some help in putting your ideas together and formulating your business plan then why not have a look at our Start Your Own Business Course.
