What Is a Business Plan and How to Make a Business Plan

Planning is an important part of before starting any business & making a written business plan is an important part of this process. Business plan is a kind of map of your business (blue map) or blueprint in which general information about your business, business goals & how to achieve those goals are written. The business plan not only serves as your guide but is also necessary for many important tasks like Bank Loan, Start up Funding or Business Partnership.

What is business plan

It is planned before doing any work. The same thing applies to Business as well, where the written form of this plan is called Business Plan. Actually, a Business Plan is a document that answers all the questions like ‘what’, ‘why’ and ‘how’ of a new business. like :

• What is our occupation?
• Why do we want to do startup business?
• How will we do this business?

We get answers to all these questions through a Business Plan. Business plan is mainly for a new business, but even if an existing business is doing something new, a new business can be carried forward by making a business plan. Business plan doesn’t just create a start-up but also establishes the business. Changes can also be made in business plans from time to time according to circumstances.

Why a Business Plan is created:

Every business must have a written business plan. Through his Business Plan, the businessman clearly spells out the goals he has set and the strategy he is planning to achieve. A business plan is very important for the following purposes: –

• Applying loan for a business in the bank.
• Fundraising for your small business or startup in other ways like venture capital firms or crowdfunding.
• Do not apply for any type of business related subsidy or any scheme.
• For business partnership and franchise etc.

A well-designed business plan not only makes it easier to obtain funding from banks and other external sources, but it is also helpful in internal operations.

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