Do you need a business plan?
If you are anything like me you love building your businesses and watching it grow. The truth is most of people are just making it up as they go and maybe you wonder whether or not you need a business plan? Some swear by them, others say they’re a waste of time. The truth? It depends on what you’re building and who you need to convince.
If you’re wondering whether you need a business plan, here’s a quick way to find out.
When You Need a Business Plan
You Need Funding. If you’re applying for a loan or pitching to investors, a business plan is a must. Banks and investors want to see numbers, market research, and a solid strategy before they hand over cash.
You Want to Minimize Risk. Writing a plan forces you to research, think critically, and prepare for potential roadblocks. If you’re investing significant time or money, a plan helps you avoid costly mistakes.
You’re Working With a Team. If you have co-founders, employees, or partners, a business plan keeps everyone on the same page. It defines roles, goals, and how you’ll measure success.
When You Might Not Need One
You’re Just Testing an Idea. If you’re in the early stages, start small. Sell a product, get feedback, and see if people actually want what you’re offering. Don’t get stuck writing instead of doing.
You’re Bootstrapping. If you’re funding your business yourself and don’t need outside approval, you can get away with a simple plan—a one-page strategy or even a checklist to guide your next steps.
Your Business Model is Simple. If you’re starting a side hustle or freelancing, you might not need a formal document. Instead, focus on taking action and making sales.
What to Do Instead of a Full Business Plan
Make a Sale. The difference between an idea and a business is your first dollar of revenue. Price your product, ask for the sale, and learn as you go.
Just do a cashflow. See if your prices and capacity can actually get your revenue to where you want it to be and that they also cover the expenses you need to reach that revenue. This can save you a lot of time to know if you model is viable and scaleable financially.
Talk to Customers. The best business plans come from real-world feedback. Get out of your head and into conversations.
Need a Business Plan? I Can Help!
If you’ve read this and realized you need a business plan—but don’t know where to start—let’s talk! I specialize in crafting practical, easy-to-follow business plans that help you secure funding, attract customers, and grow your business. Best of all, I offer reasonable pricing so you can get the support you need without breaking the bank.
Get in touch today to discuss how I can help you build a business plan that works for you. Book a consultation now to see if its a good fit.
