What is a business plan?

A business plan is simply a plan for your business. That’s all it is. If a person is going to the supermarket to do shopping, it is usually a good idea to make a list of all the things that are going to have to be bought. That is a plan. In fact, that is a form of business plan.

A proper business plan will define what your business does; it indicates its objectives and puts down the strategies that will be put in place to achieve those objectives. It simply tells everyone who you are, what you intend to do, and how you are going to do that. A business plan is an essential part of the planning process before you start a business.

It is important for you to sit down, preferably with your financial adviser, and work through step by step the whole process from start to finish and only commence business when that business plan appears to show that it will be a viable operation.

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