Start Up Business Plan - The Benefits - Internet Business Digest

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Start Up Business Plan - The Benefits
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Start up business plans are developed because the
process of writing them creates huge benefits. A
lot of people resist writing a start up business
plan. They are under the false notion that start
up business plans are an academic exercise that
people are made to do in college or business
school.

Another common misconception is that start up
business plans are only needed if you are going to
raise capital through pubic share offerings,
taking on private investors, or looking for angel
investors. The fact is, there are a tremendous
number of benefits to putting together a simple
start up business plan regardless of the type of
business you intend to launch.

Even if the start up business plan will only be
read by you or your spouse, the benefits are
undeniable. The things you will learn about your
business by going through the process of writing a
start up business plan far outweigh the time you
will spend writing it.

The Benefits of a Start Up Business Plan

Motivation: your start up business plan can help
you get back on track with your original business
concept giving you wisdom and guidance. It helps
you see your original vision.

Planning: your start up business plan is a map
showing where you are today and where you want to
end up. Following it gives you confidence that you
know where you're going.

Analysis: your start up business plan helps you
to think about things you wouldn't normally
consider. It forces you to analyze the
relationships among different parts of your
business. How sales ties together with lead
generation, how that ties into services, delivery,
profit margins, cash flow forecasting, etc...

Strategy: your start up business plan highlights
the relationship between your business and the
local competitive marketplace. By writing it you
will have tapped into the primary sources of
information about the competition; sources that
will be invaluable in the future.

Overall, the act of writing a start up business
plan puts your ideas and concepts down on paper.
When things are in black and white like that you
can see the inconsistencies and weaknesses much
easier. Then you have time to address these
issues and resolve them before you enter the
marketplace.

The Bottom Line On Start Up Business Plans

Having a start up business plan is extremely
valuable. The process of researching and compiling
the information about your business provides
motivational, organizational, analytical, and
strategic advantages. These advantages will
continue to accrue long after your start up
business plan is written.

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