Not only does a business plan help you focus on concrete objectives, but it gives outside parties reassurance that you’ve thought ahead. You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan. Scalability: Can you grow sales volume without proportional growth in headcount and fixed costs?Ī templated business plan gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.A solid team in place: Do you have the people you need to support your goals and objectives?.Product-market fit: Have you done the research to determine the demand for your product or service?.
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