A business plan has three primary functions:
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- To determine the viability of a business
- As an instrument for management
- To raise capital
The business plan is both a written summary of your projection for the business and a marketing document intended to attract prospective investors. It should talk about your objectives for the company and how your resources are going to work to assist you in meeting those objectives.
The business plan is extremely vital to each start-up activity and should be maintained and updated on a regular basis. It will aid you in identifying the competitive environment that you will need to operate in for your business to be successful. Furthermore, it will develop your overall ability to manage your business.
Business Plan Related Resources:
Bplans.com - Sample business plans from the makers of Business Plan Pro software.
BizPlanIt - Free online resource. Tips on common mistakes to avoid.
Small Business Administration Online - Prepare business plans that includes tips, questions, and worksheets.