- Are you product or service-based company?
- What products and/or services will you provide and how?
- What type of clients are you targeting and why?
- Will you be a sole proprietor, partnership, or corporation?
- How much money will you need to get started and can you prove how you will pay it back? How long will it take to pay if back?
- Will you have employees? If so, how many and how much will you pay them?
Many lenders will also want to know if you have a 5 to 10-year plan for how you perceive your business will grow. So, a lot of thought, research, and time is needed. I don’t want to get into the specifics of business loans and what not, this post is more less about the importance of having a business plan if you are considering entrepreneurship.
A business plan is also essential if you’re starting a non-profit organization. And in this case, your business plan may be in the form of grant writing. Mosttimes for non-profits, a written proposal is also necessary.
In the end, you’ll be very happy to have your business plan in writing and if circumstances change, it’s easier to go back and make edits.
For more information on business plans and/or grant writing, you can check out the following resources from my Amazon reading list:
How to Make a Business Plan: A Step by Step Guide to Creating a Business Plan that’s Comprehensive, Effective, and Geared for Success
The Only Grant-Writing Book You’ll Ever Need