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Learning subject
How to write a business plan
Introduction to How to write a business plan
Reasons to draw up a business plan
There may be several reasons why you might need to draw up a business plan such as:
- You want to document your own thinking so you can check it and, if necessary, refine or improve it.
- You want to attract partner(s) to your business or venture capitalists.
- You may want a lending institution to advance you funds.
This subject shows how to draw up a business plan and the overview to your business plan.
Business planning and a business plan
It's important to distinguish two different concepts.
First, business planning is the process you undertake to develop, plan and review your business on an ongoing basis.
Second, a business plan, on the other hand, is a document you may draw up for a specific purpose at a specific point in time. Reasons for drawing up a business plan might include:
- You want to review your initial business plan.
- You want to use a business plan to explain your business concept to a potential partner.
- You want to convince a financial institution that lending your business money will be a good investment for them.
This subject, How to write a Business Plan, and its companion fact sheet, Writing a business plan, deal with drawing up a business plan. Other resources deal with the ongoing process of business planning.
