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For example, if you are writing code in your dorm room, you can experiment to find out what consumers will latch onto before thinking about implementation or financing. To avoid big mistakes: The last thing you want to do is work on your start-up for a year, only to realize you were doomed to fail from the start.Many founders learn the hard way that they didn't set aside enough capital to reach their goals, took on partners with the wrong skills and resources, or don't have a viable way to make money.
Or get a free reality check to find out if your plan is ready for action.
Everybody running a business wants a business plan to help focus strategy, manage milestones, manage metrics, assign and track responsibilities and performance, and manage money using projections for sales, costs, expenses, and cash.
That document you dread doing is output, not the plan.
And the pitch deck, summary memo, and elevator speech, for that matter, are also output from the plan, but not the plan.
At other times, you'll be overwhelmed by doubt, fear, or exhaustion.
When your emotions get the best of you, having a business plan lets you step back, and take an objective look at what you are doing and why, what you know for a fact and what you are trying to figure out.3. First, and foremost, it should be used to help run your company with a more cohesive vision. By truly analyzing your plan for marketing, sales, manufacturing, website design, etc., you greatly improve your chances for success.The second purpose of a business plan tends to be the reason most clients request plan advice from SCORE.You also need to identify the key questions to answer, like "What features do customers really want?," "Will customers buy our product and how much will they pay?To make sure everyone's on the same page: Chances are, you are not building a company by yourself.Ideally, you'll have partners, so you can launch faster, smarter, and with less need to pay employees or suppliers.That is, a financial institution or other lender will not invest in your company unless you can demonstrate that you have a roadmap to success.Banks want to mitigate their risk of default and private investors, such as Angel’s, want a realistic forecast for when they will be reaping a return on their capital.But notice I wrote “wants” not “needs” in my first sentence above. The document is a snapshot of the plan as it existed on a certain date.Let’s move from there to the formal business plan document, which is something some businesses will sometimes need. It also contains specific business plan elements, and is dressed up and made presentable for the occasion.