Why You Should Write a Business Plan
For those that are starting businesses right now, it’s crucial to establish a secure foundation amidst the whirlwind of tasks that need to be done. Writing a business plan is an essential first step for all business leaders who are hoping to prepare and start out on the right foot moving forward. Business leaders who take the time to write a business plan are 16% more likely to succeed than those who don’t. Below, we have four reasons why you should write a business plan.
- Legitimizes Your Business Idea
When you’re building a business plan, the first thing you will need is extensive research on your target market. Developing a thorough understanding of your target market gives you a better picture of how successful and competitive your business idea will be and what you should prepare for. The more you understand about the industry, competition, and target audience, the better chances you will have to succeed.
- Obtain Funding
Building a business is expensive. If you don’t have the money to build your business yourself, you will need to obtain funding to help you get started. A business plan will show investors where their money is going, what it’s being used for, and when you will pay them back. Your business plan should include a section on estimated costs and revenue objectives, ensuring your investors that their investment is worthwhile.
- Hire the Right People
With a business plan, you will have a clearer view of what your strategies, goals, and financial needs will look like. Part of running a business means that you have enlisted people with talents and skills that you may not possess. By establishing a mission and a vision for what you want your business to do, you can give prospective employees a better picture of what they can accomplish by working for you.
- Communicate Business Needs
A business plan can also communicate the needs of your new venture and the needs of your employees more clearly with all involved parties. Use your business to plan to obtain additional funding, partnerships, employees, or even work to expand what you are currently offering to your customers. You need to be able to communicate the needs of your business, and a business is a great communication tool.
How Marketing Eye Atlanta Can Help
Marketing Eye Atlanta is a results-driven marketing agency that is committed to supporting and elevating the marketing efforts of small to medium-sized businesses and startups. Our team works with you to develop a deeper understanding of your business needs and we develop a marketing strategy to effectively and efficiently meet those needs. Contact Marketing Eye Atlanta today to learn how we can help you.