Need for a Business Plan

Why a business plan?  A strong business plan is the key to the long-term success of any business.  Whether you are just starting a business, or buying one already established, you will need a business plan.  If you are starting a new business you will require a plan to clearly assess every aspect of the business and show how it will succeed.  There are many books and websites dedicated to creating business plans, like www.bplans.com .
Some features of and purposes for a business plan are:

•To identify your company’s product or service.
•To describe the current market, the general economic climate, and the company’s competition.
•To identify talents, abilities and limitations that you, and any co-owners have that will effect the business.

Business planning will help you think through your business, establish goals and targets, think about competition and your value proposition. Having a business plan in place will also help keep you focused through the more trying times that will likely lie ahead.  If you are starting a new business you will require a plan to clearly assess every aspect of the business and show how it will succeed.  If you are buying an already established business you will need to identify the strengths and weaknesses of the business to decide if you will be able to make it a success.
 
A good business plan will contain the following: Executive Summary (Objectives, Mission, Keys to Success), Company Summary, Products & Services, Market Analysis Summary, Strategic Summary, Management Summary, Financial Plans and Projections, and References.