What is a business plan? Do I need to write one?
A business plan is a “road map” for the direction of your business. It will contain information such as the history and development of your business, an explanation of the products and/ or services you offer, your marketing strategy, your legal and ownership structure, your management team, your human resources plan, and your financial projections. If you seek financing, you will almost certainly need one. Lenders such as banks, angel investors or venture capitalists will almost always require a business plan. One of the most important reasons to write such a plan, however, is that you, as an entrepreneur, will have to engage in a systematic process of thinking through and planning your business.
