Business Plan

Essay by Ev0lu710n20College, UndergraduateA+, July 2004

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A Business Plan is a written document that articulates a business concept, market potential, opportunities, growth, strategies, financial requirements, and management for a company. It's an excellent way to help the start-up of a new or existing business, it forces the author to plan and show every aspect of his or her business. A business plan should be used as a business tool, in which they can find great ideas and goals. A business plan is an easy way to communicate the idea and goals to the decision makers, it outlines strengths as well as weaknesses, and it can also be used to evaluate the performance of its managers, and employees. The difference between a good business plan and a bad business plan can define the business you are trying to start. Business planning is about results, they can be positive or negative. Weather or not your business in new or old you still need plans for it to stay running correctly.

There are some myths about weather or not to make a business plan, and that would be that it is only to submit to a banker to obtain debt financing, or to raise capitol, but in all actuality it is the glue that will hold your business together. Business plans save time, prevent mistakes, and sometimes even save businesses. You the entrepreneur are actually learning when writing a business plan, you develop strong analytical, and conceptual skills at the same time. New business owners don't have to be on their own when starting to write a business plan, there are classes on how to write them all over the world.

Financing is the last step of a business plan and these web sites have given me a lot to work with as far different sources of funds. I...