Write A Business Plan -- Even If You Don't Need More Funding

If you are at the point of planning to launch your business

, it can be a relief (though uncommon) to realize that you will be able to get started with just your own cash. Not needing to bring in outside funders eliminates a world of headache and keeps greater control over the business for you. However, if you think this means you no longer need a business plan, you are wrong.

Business Planning Is Rigorous

The fact that writing a business plan is a rigorous process means that it requires time and generally some expense on professional help from consultants, accountants, and lawyers. However, if you sidestep this process because you dont need to seek funding, you dont allow it to increase your chances of success. The process includes detailed research on the market and costs involved, careful strategizing, and thoughtful projections. This kind of rigorous approach is needed just as much if you are putting your own money into the company, as your savings and future livelihood may ride on the success of the business.

The Benefit of a Written Plan

Funders may offer some feedback and input into your plans, whether or not they end up funding your company. When you arent speaking with funders, you must seek this feedback from other sources. To do this, having a written plan is key, as it allows the plans to be shared with those who can give you constructive criticism. Without a written document to share, you can miss having outside eyes to consider your plans deeply. Talking through your plans without a document to focus the conversation can lead to haphazard and half-thought out advice.

Writing Should Be Simple

When not presenting to funders, the plan does not need to be as polished or carefully formatted. This can save some time in the plans creation. The actual writing should be a short and simple step to take after the proper research, strategy, and calculations have been done. Because of this, there is no excuse to not create the document to prove to yourself and advisors that you have done the planning you need to launch.

by: Eric Powers

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