Business Plan

I have a great idea for starting a new business, but my banker is insisting that 1 have a business plan before proceeding with the loan request. Do I really need to write a business plan? Are there small-business consultants who would write a business plan for me?

Answer
Entrepreneurs constantly fight the battle of writing good and sound business plans that will attract financing for their new ventures. Most often they delay writing business plans because they are uncertain of how to write and prepare the planning documents essential to operating a successful venture. A business plan forces you to consider every facet of your proposed business and places funding decisions on paper, where they can be evaluated and considered by everyone involved.

There are companies or consultants who will prepare your business plan. However, most of the benefit of writing a business plan is lost if another person writes it. Sitting down and developing the plan, section by section, forces you to think critically, evaluate, and plan. Without exception, entrepreneurs who have written their own business plans report that they were compelled to rethink many aspects of their venture when it became apparent that there were some serious flaws in their thinking.

If you need assistance developing your business plan, ask your local college or university about courses on writing a business plan. Or call your local chamber of commerce, small-business development center, or FastTrac headquarters at 1-800-689-1740. The best news about developing and writing your own business plan is that once you have been through the process, additional plans take half the time to write. Also, you have learned valuable planning skills that will be critical to your success as an entrepreneur.