How To Write a Business Plan: Why You Need It and What You Need To Do

Every business should have a business plan. If you have a small or medium-sized enterprise (e.g. perhaps you run a dance studio or a tutoring school), you might be tempted to skip the business plan as an unnecessary formality. After all, your business model is relatively straightforward - you'll teach lessons, do some advertising, and pay for a studio (or even teach from home). However, there is real value in writing a business plan for companies of all sizes, including single-person operations. Let's take a look at why you need a business plan and the steps involved in writing one. Why You Need a Business Plan The UK government lists four excellent reasons for writing a business plan. They say that these plans "clarify your business idea, spot potential problems, set out your ...