Struggling to be released from the burden of debt to the Bank of England, the colonists established the Massachusetts Bay Company, printing its own home-grown paper money ina currency not backed by silver or gold.
You should write a business plan--even if you're not raising money any time soon. You can create a plan in under a month, working part time. Use a presentation format like PowerPoint or Keynote to save time, and make it easier to share your plan. Not all founders or start-ups are the same, of course.
You'll want to plan in more detail if you're raising capital or taking on a lot of risk—like investing your savings, leaving a job, or supporting a family. Less detail is fine if you aren't raising money or taking on much risk. 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.
But either way, you need a plan, and here's why: 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.
Developing and sharing a business plan can help ensure that you're sprinting down the right path. To counterbalance your emotions: At times during your start-up experience, you'll be manic—so passionate about your ideas you lose sight of reality.
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.
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.
Even if you don't have partners, you'll have family, friends, and advisers involved. A business plan helps get everyone involved in your start-up heading in the same direction.
To develop a game plan: At a start-up, execution is everything. That means you have to set priorities, establish goals, and measure performance. You also need to identify the key questions to answer, like "What features do customers really want?
If you raise or borrow money—even from friends and family—you'll need to communicate your vision in a clear, compelling way. A good business plan will help you do just that. David Ronick and Jenn Houser are serial entrepreneurs and start-up advisers. They partnered with Inc. To learn more about business planning, take UpStart's on-demand course.
Or get a free reality check to find out if your plan is ready for action. Jul 12, More from Inc.Read the latest breaking financial and political news stories from Australia and around the world.
Visit the website to find out more. Business news and financial news from central Indiana and Indianapolis, updated as it happens. Breaking news and in-depth coverage of real estate, health care, sports business, small business. Writing out your business plan forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan and staffing plan.
You'll end up spotting.
Defining Three Types of Business Plans: People use the term "business plan" to refer to three distinct items: a firm's overall strategy and road map (which I'll call here a strategic plan), the grupobittia.com: News analysis, commentary, and research for business technology professionals.
Benefits of drawing up a business plan to raise finance [URL] are a finance of key steps you should follow to make sure your budgets and plans are as realistic and useful as possible.
If you invest some time in creating a comprehensive and realistic budget, it will be easier to manage and ultimately more effective.