Do you need a Business Plan?

We know our way around a few business plans - we’ve written them, discussed them and read a crap ton of books about them.

But do you need a business plan? The jury is out…according to some entrepreneurs and experts.

For us - we’re in the camp of yes, you do need a business plan. And it’s not because we think you need to write a 30 page document that outlines how your going to run your business from here to eternity - but it’s more about thinking about your business as a business and putting the effort into thinking about how you’ll operate said business.

I recently read a book that basically said “business plans are for dummies and we don’t do that anymore!” but as I went through each chapter of the book, I laughed. Because each chapter…was about each section of a business plan. From your business structure to your marketing to your financials.

Now do we think your business plan is a document that is set in stone? Absolutely not! Have you seen how technology, marketing, and business evolves every day? There’s absolutely no way you can create a business plan and expect it to stay static - it’s got to be a living document. Evolving with iteration of your business and with the advancement of the world around us.

It has to have the bones though. You have to understand who your competitors are. You need to know how your pricing model is structured, how your business is structured, who’s on your team. And if you were to go out and get a business loan - there’s a high likelihood that they’ll want to see the business plan, especially if you go to through the SBA.

So how do we recommend building out a business plan? First we recommend registering for our e-course, Build Your Business Plan. This self paced, interactive e-course covers each section of the business plan in detail complete with workbooks and templates. Once your finished with your business plan, you can even send it to us and we’ll review - you never know, we may be interested.

But there are loads of resources out there for business owners - the SBA provides templates and guidance on creating a business plan. There are mentors through SCORE who will also help you. You can also hire someone to write the business plan for you!

A business plan can be a starting foundation for what will be a successful business - it can get your headspace right by thinking about your business like an executive would and by putting all your ducks in a row. Store it somewhere you can edit it as needed, revisiting your business plan every 6-12 months, just to make sure you’re reflecting any changes you may have made over the year.

All in all - just do it. Even if people say it’s antiquated. You never know, you might learn something about yourself, your competitors or your business.