What’s Your Business Plan?
By Ilona Albert on Aug 14, 2008 in Business Planning
A business plan serves to:
1) outline your foreseen company’s finances, management team and marketing strategy
2) present plans on how your idea will be commercialized, and
3) prove your ideas’ financial viability.
4) If you are to avail of loans and other financing options, a business plan tells the lender why and how your business will be able to earn enough money to repay them within their terms.
A rock-solid business plan does not only convince a lender that your idea can do well; as you develop it, even in writing, it teaches you a lot about the business you’re going to go into along the way.
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