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Role of Business plan & Importance
The day when you decide yes I want to start on my own I want to be an entrepreneur had enough of working for others why not work for myself, let me create something all these are fine. The first thing you will come across when you Google how to start business the first lines will be first have a business plan.
Let’s understand what this term Bplan or Business plan is all about, it’s just a document which gives you clarity as how you need to proceed and what is that you need to earn to keep your company alive.
With so much having been written by B plan you decide that yes I want to get a business plan done as everyone says its essential for raising funds, yes I do agree its essential but it’s essentialness comes at much later stage it’s not just about getting business plan written and start searching for funding, no it doesn’t happen without your start-up having not proved a point there is no investor who will come and pump in funds
Things to be kept in mind getting business plan does not ensure funding will happen, don’t get a business plan written keeping in mind I will do this business once I get funds no It doesn’t happen that way.
Having a business plan is fine, also keep in mind it’s not rocket science yes you can write your own business plan, you will find lot of formats with different headings and differently named but remember it all leads to one simple aspect has the idea been tested.
Getting it written from a big consulting firm will not ensure you get funding, so have clarity in real time that Business plan is a document which is essential in giving directions to you and once you following those directions and reaching then it makes sense for investors to look at your business plan.
In more simple terms you need to go from place X to Z, so you need to prove first yes you can walk till X to Y and then ask for funds to reach Z makes sense and also helps investors to understand your accountability.
So having thought once having business plan written will ensure funds its completely false. It’s a document which helps you in keeping direction and the level you want to reach yes it is definitely required for fund raising, but before that you should prove a point and then is what investor looking at business plan for raising funds makes sense.