Business Plans- why are they important?

When considering going into business there are a lot of different things to consider:

  • Is there a need for your business?
  • How much will it cost to set up?
  • Who are your customers/clients going to be?
  • How will you know if it is successful?

The time put into the development of a business plan will pay off many times over, giving the entrepreneur targets to benchmark success off while identifying some of the risks involved.

In sum: fail to plan, plan to fail.

For more information on the benefits of business plans, see HERE