Start from the very beginning understanding that your business plan ought to be specific to your business needs and objectives. Every business ought to have a plan, but not every business needs a full formal plan with carefully crafted summaries and descriptions.
Prospective business owners sometimes wonder if they really need to write a business plan, particularly if they’re not seeking a bank loan. However, if you want to clarify your thinking, set a tone and direction for your business, and a deeper understanding of your market, the answer is certainly ‘yes you do’.
At its core, a business plan helps you prove to yourself and others whether or not your business idea is worth pursuing. It’s the best way to take a step back, look at your idea holistically, and solve for issues years down the road before you start getting into the weeds.
Don’t make common mistakes. I’ve seen thousands of business plans, good and bad, and I can tell you that avoiding these common business planning errors will put you far ahead of the curve.