Writing a business plan is a great first step for people starting a new business venture. It helps to set out your idea, get a feel for the market, your customers and the competition. The planning process allows you to investigate various elements which will determine your success. These include cash flow, sales, and forecasting your personnel structure.
A great business plan will let you plan out your finances, showing off to potential investors how strong your business is, along with focussing your efforts on developing your business.
You don’t just write a business plan once. Instead, it should be a “living” document which evolves as your business grows and changes.