Why you need a Business Plan

May 1, 2023
Starting and growing a new business should start with great ideas and passion for what you want to do. It should also start with a business plan.

A business plan creates a structured approach to starting and growing your business. It also forces you to think  about the most important things moving forward.

A business plan acts a little like a strategic checklist and this is why I recommend you start with a business plan.

Small caveat: I always recommend using a business plan template that contains only the relevant content you need to move forward. This is so you don’t get bogged down in creating a 30-page business plan that you never look at.

Click here to download a modified (shorter version) business plan template.

Most solo startups are not looking to use their business plan to ask for finance. As such, you can slim down your content to what is most helpful.

You want to use your business plan as a tool to become clearer about:
where you want to go
why you want to do it
who you want to work with
how you will get there
strengths and weaknesses
expected challenges
business costs

It does take some time to think over these areas, so do allow yourself time to reflect and do some research as required. I always find writing some sections of the business plan and coming back to it at a later date is always helpful. 

The Solo Startup Coach acknowledges the Traditional Owners of the land on which we live and work, the Gadigal people of the Eora Nation, and pay our respects to their Elders past, present and emerging.

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