Planning Your Business #1: Why Develop a Business Plan?
Why should you develop a business plan? While you know what you’re planning to do, writing a business plan provides you the opportunity to think and decide about how you’re going to make your business a success. Developing three years financial projections enables you to determine that your business will generate the income you require or need. Developing reasonable financial projections requires that you perform substantial market research to determine the level of interest in purchasing your products/services, and how much they will pay for them.