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20 Essential Reasons Why You Need a Business Plan?

Ultimate Guide On Writing A Business Plan

Free Business Planning E-Book

  • December 18, 2023
  • 11 Min Read

why do you need a business plan

When Meta was initially planning to go mass scale, founder Zuckerberg had a plan for the next three, five, and ten years.

As reported by Business Insider , they knew their expenses would increase by a whopping 70%, but they were confident because they had a foolproof business plan at their disposal.

Fast forward to today, we all know where they stand—neither Facebook nor Mark needs an introduction.

Well, if that is not a compelling reason as to why you need a business plan , we have 20 straightforward reasons to convince you.

But before we get there, let’s have a quick rundown of the benefits of having a business plan.

Key benefits of having a business plan

A meticulously crafted business plan holds significant value, offering operational, financial, as well as strategic benefits to emerging as well as existing businesses.

A quick rundown of these key benefits will help you get a more enhanced understanding.

  • Helps evaluate the feasibility and viability of your business idea.
  • Identifies potential business challenges and creates strategies to mitigate them efficiently.
  • Offers a strategic and operational roadmap to attain your business goals.
  • Develop strategies to attract your target audience and retain your existing customers.
  • Attract investors to raise funding.
  • Define resources and SOPs to operate the business efficiently.

That being the benefits, a well-drafted business plan is indeed an asset for your business.

20 Reasons Why You Need a Business Plan

  • To test the viability of your business idea
  • To reduce potential risks
  • To determine your funding needs
  • To outline a perfect marketing strategy
  • To better understand your competition
  • To help you grow 30% faster
  • To secure funding
  • To attract investors
  • To set goals for everyone
  • To make sound decisions
  • Catch critical cash-flow problems early
  • To position your brand in the market
  • To better understand your customer
  • To build the team
  • Future-proof your business
  • Tracks Your Progress
  • To sell your business
  • To allot resources
  • To increase the odds of succeeding
  • To make An exit plan

Let us now understand the sure-shot reasons why you need a business plan.

1. To test the viability of your business idea

Think about this—you have a couple of business ideas. However, can you start working on both of them at once? Of course not. You need to see which idea can gain you profitability and which needs to be chucked off permanently.

A business plan forces you to think of everything about your business as:

  • What is the market demand?
  • Which market segment will you cater to?
  • What is the expected profitability of a particular business idea in the local market?
  • Who are the competitors and what is your competitive advantage?
  • What entry barriers do you have to go through?
  • How much capital will you require to start a particular business?
  • What is the financial forecasting of the business?

This way you will get a chance to question everything that takes to start a successful business, which will ultimately help you decide the viability of your business idea.

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why should every business have a business plan

2. To reduce potential risks

Every business contains risks, and a solid plan is like taking some of that risk out of the business.

It not only helps you to know the viability of your business but also other aspects like:

  • Are your operational costs manageable?
  • Will your proposed model generate sales or do you need to switch to another?
  • What will be the break-even point and when will your business achieve it according to the financial projections?
  • How will you manage if the demand for your product or service decreases?
  • What will be your exit strategy?

These are all risk-related questions you will get answers to while creating a business plan.

For those who already have a business and are working on expanding it, a business plan will help you understand the associated potential risks and challenges and strategies to mitigate them.

Hence, knowing potential risks beforehand will help you solve them smoothly without a big fuss.

3. To determine your funding needs

A business plan helps evaluate the funding essential for your business. It tells you exactly how much money you need to raise and what funding sources you should opt for.

A business plan includes detailed financial projections and a plan explaining how the funding will be utilized in different business ventures. This makes it easier for you to make realistic funding demands essential to grow your business.

4. To outline a perfect marketing strategy

When you sit to write a business plan , you will be required to dive deep into the study of the target market and competitors.

Such a nuanced understanding of your customers, strengths, and business environment will help you create a marketing plan that’s in line with your objectives and reality.

A solid plan outlines your marketing objectives, brand position, and marketing budget, and describes the marketing strategies to attain your desired market position.

Not only is this plan essential from an investor’s point of view. But it will also serve as a guide for your marketing team to streamline the marketing activities.

5. To better understand your competition

You have to first understand and describe who are your competitors, what is their price point, what is their USP, what is their market positioning, and what products or services they provide.

This stage helps you know the competitors , their working styles, target customers, and everything about them. It forces you to do 360° research about your competitors to know the exact brand positioning of your business.

6. To help you grow 30% faster

Creating a plan goes beyond trying to foresee the future of your company. The significance lies in the process itself. The business plan is a living document; you can revisit your plan and alter it according to the market situation to reach your goals and ensure success.

Studies confirm that companies engaging in regular planning experience a 30% faster growth rate.

It’s proven that businesses that plan are less prone to facing unfortunate failure or cash flow crisis that could jeopardize their existence.

7. To secure funding

Traditional banks and investors ask for a well-detailed business plan to consider your funding request. While their focus would be on the financial aspects of the plan, they would also like to understand your industry and market before making any decision.

A well-detailed plan wins the trust of potential investors in your business idea and your ability to turn it successful by helping you secure essential funds.

8. To attract investors

A business plan is the basis for investors ’ decisions. It demonstrates your market understanding, offers a realistic sense of finances, and answers important questions an investor might have.

This may include questions like,

  • Is there any market demand for your products and services?
  • What are the financial forecasts?
  • When will the company turn profitable?
  • What is the company’s exit strategy?

An investor will analyze and evaluate your business on all fronts before entertaining the idea of investing in your business.

9. To set goals for everyone

Setting goals and deadlines for everyone from the management team to other employees will make everyone’s task clear. This way everyone can make their mini-plan and organize things according to the priority.

Business planning makes everything clear in your head before you communicate it with your team and makes sure that you all are on the same page.

10. To make sound decisions

A well-detailed plan acts as a reference point for any kind of decision-making. Think of it as your business guide, which will eventually bring everything into place.

11. Catch critical cash-flow problems early

Smooth cash flow is one of the main bricks of any business. It is one of the key financial statements your investors will review.

A part of preparing a business plan includes creating detailed cash-flow projections for the next 3-5 years. With projections at hand, it gets easier to track your performance and take timely action to avoid extreme cash-flow disturbance.

In short, having a financial plan will ensure that there aren’t any cash-related crises where you can’t pay your bills timely.

12. To position your brand in the market

Writing a business plan helps you to thoroughly understand the industry, competitive, and customer landscape of your business. It defines your company’s role in the marketplace and thereby helps you position your brand in the right place.

13. To better understand your customer

Preparing a business plan helps you understand your target audience and their behavior patterns in great detail. It offers insight into the pain points, needs, wants, and purchasing patterns of your potential customers and shows the best possible way to reach them.

Such an in-depth understanding of customers helps you to optimize your product offerings and marketing strategies.

14. To build the team

One of the main overlooked sides of a business plan is the success metric it provides. An integral part of creating a plan involves mentioning all your goals and predictions.

By regularly reviewing that, you will be able to know which business milestones you have reached and what is the next one. Furthermore, you can even know about the setbacks of your business and then re-edit your business plan according to the market analysis and situation.

15. Future-proof your business

Whether yours is a new business or an existing one—the readers will be interested in getting a future overview of your business.

While writing a business plan , you work on practical assumptions and test various unlikely scenarios to understand the position of your business under different circumstances.

By preparing for different challenging situations, a business plan equips you to promptly face any expected challenges that may arise in the future.

16. Track your progress

17. to sell your business.

Down the road, if you ever decide to merge your business with someone else or want to sell it, a business plan will be an asset that will support you in selling your business.

It will help protect your brand and financial position from any third party. From portraying your brand’s milestones to business experience— one can get all the essential business information from your business plan.

18. To allot resources

As a business owner, you know there are many investments and expenses you need to make before & after starting a business. Thus, allocating those resources to different segments of the business is necessary.

A business plan provides an exact idea of your investments and resources needed in each segment of the business.

19. To increase the odds of succeeding

A well-written business plan increases your chance of building a successful business.

According to research, entrepreneurs with a written plan are 16% more likely to attain business viability than those who don’t.

A business plan helps anticipate the challenges, prepares you to face them strategically, and increases your odds of succeeding in the competitive environment.

20. To sell your business

Beyond guiding day-to-day operations, your business plan is a valuable tool for planning your exit strategy . While many entrepreneurs focus extensively on launching their businesses, not as many plan for the eventual need to liquidate or transfer ownership.

Your chosen exit strategy could be driven by various factors, such as achieving your business goals and shifting focus or selling to an acquirer. Therefore, even for partnership or dissolvation, an exit strategy is necessary.

Start Writing your Business Plan with Upmetrics

Told you, there are various reasons why you should not skip writing a business plan. Besides, why should you, especially when you have resourceful business plan software like Upmetrics to help you out?

It offers an extensive collection of highly customizable business plan examples along with step-by-step instructions to help you write a detailed and actionable plan for your business.

Simply choose a sample relevant to your business and get started.

Build your Business Plan Faster

with step-by-step Guidance & AI Assistance.

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Frequently Asked Questions

What is the purpose of a business plan.

There are three main purposes of a business plan:

  • Secure funding
  • Guiding operations
  • Evaluating the progress of your business

How long should a business plan be?

Generally, the length of a business plan depends on the niche of the business and the purpose of the business plan. Ideally, a business plan should be 15-35 pages.

What resources are available to help write a business plan?

To secure funding and impress potential investors, an engaging business plan is necessary. Here are some resources from where you can find business plans:

  • Business plan Samples from SBA , Upmetrics , SCORE
  • AI business plan generator
  • Business plan writer

Should you write a business plan even if you don't need funding?

A business plan will help you detect the problems beforehand. It also helps you in creating marketing & operational strategy. A business plan also guides you as a roadmap. Thus, even if you don’t need funding for your small business, a business plan is necessary.

When should you write a business plan—before or after starting a business?

If you need funding, you have to write a business plan before you start any business. But if you are expanding an existing business or writing a business plan as a guide for your new business, then anytime is okay. Note: Sooner is always better in this case.

About the Author

why should every business have a business plan

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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12 Reasons You Need a Business Plan In the new book "Write Your Own Business Plan," business expert Eric Butow breaks down how a solid business plan can save your startup during those tough early days.

By Dan Bova Sep 19, 2023

Running a business can be unpredictable, which is why having a solid business plan as a foundation is vital to surviving and thriving in the early days of your startup. Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to write the second edition of our best-selling book Write Your Business Plan , providing you with a roadmap for success.

In the following excerpt, Butow explains how a well-thought-out plan can power your startup and help your vision come to life.

Business plans could be considered cheap insurance. Just as many people don't buy fire insurance on their homes and rely on good fortune to protect their investments, many successful business owners do not rely on written business plans but trust their own instincts. However, your business plan is more than insurance. It reflects your ideas, intuitions, instincts, and insights about your business and its future—and provides the cheap insurance of testing them out before you are committed to a course of action. There are so many reasons to create a business plan, and chances are that more than one of the following will apply to your business.

1. A plan helps you set specific objectives for managers.

Good management requires setting specific objectives and then tracking and following up. As your business grows, you want to organize, plan, and communicate your business priorities better to your team and to you. Writing a plan gets everything clear in your head before you talk about it with your team.

2. You can share your strategy, priorities, and plans with your spouse or partner.

People in your personal life intersect with your business life, so shouldn't they know what's supposed to be happening?

why should every business have a business plan

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3. Use the plan to explain your displacement.

A short definition of displacement is, "Whatever you do is something else you don't do." Your plan will explain why you're doing what you've decided to do in your business.

4. A plan helps you figure out whether or not to rent or buy new space.

Do your growth prospects and plans justify taking on an increased fixed cost of new space?

5. You can explain your strategy for hiring new people.

How will new people help your business grow and prosper? What exactly are they going to do?

6. A plan helps you decide whether or not to bring on new assets.

How many new assets do you need, and will you buy or lease them? Use your business plan to help decide what's going to happen in the long term and how long important purchases, such as computer equipment, will last in your plan.

7. Share your plan with your team.

Explain the business objectives in your plan with your leadership team, employees, and new hires. What's more, make selected portions of your plan part of your new employee training.

8. Share parts of your plan with new allies to bring them aboard.

Use your plan to set targets for new alliances with complementary businesses and also disclose selected portions of your plan with those businesses as you negotiate an alliance.

9. Use your plan when you deal with professionals.

Share selected parts of your plan with your attorneys and accountants, as well as consultants if necessary.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

10. Have all the information in your plan when you're ready to sell.

Sell your business when it's time to put it on the market so you can help buyers understand what you have, what it's worth, and why they want it.

11. A plan helps you set the valuation of the business.

Valuation means how much your business is worth, and it applies to formal transactions related to divorce, inheritance, estate planning, and tax issues. Usually, that takes a business plan as well as a professional with experience. The plan tells the valuation expert what your business is doing, when it's doing (or will do) certain things, why those things are being done, how much that work will cost, and the benefits that work will produce.

12. You can use information in the plan when you need cash.

Seek investment for a business no matter what stage of growth the business finds itself in. Investors need to see a business plan before they decide whether or not to invest. They'll expect the plan to cover all the main points.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

Entrepreneur Staff

VP of Special Projects

Dan Bova is the VP of Special Projects at Entrepreneur.com. He previously worked at Jimmy Kimmel Live, Maxim, and Spy magazine. His latest books for kids  include  This Day in History , Car and Driver's Trivia Zone ,  Road & Track Crew's Big & Fast Cars , The Big Little Book of Awesome Stuff , and  Wendell the Werewolf . 

Read his humor column This Should Be Fun  if you want to feel better about yourself.

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11 Reasons Why You Need a Business Plan

Back to Business Plans

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on February 20, 2023

11 Reasons Why You Need a Business Plan

New business owners have so much to do to prepare for the launch of your business, which is why so many decide not to write a business plan. Many entrepreneurs think they don’t need one because they’re not looking for funding. 

But this is the wrong approach. Every new business should have a business plan, not only to guide its operations, but also so that its owner is fully prepared to face the challenges ahead. There are actually many reasons – and lucky for you, they’re all laid out in this handy guide.

1. Testing Viability

When you write your business plan , you’ll be thinking through every aspect of your business, creating a financial plan, and doing a great deal of research, including market research . Part of your research is testing the market to see if people will buy your product. 

You can use online surveys and in-person focus groups. If you find out there’s no market for what you’re offering, you’ve done so early without wasting time and money. You’ll also research your industry and may find rapid decline or change that could make your product obsolete.

Finally, when crafting a financial plan, you’ll project sales, costs, and profit. It’s possible that your business model is too costly to make money. At this point, you may be able to pivot to make your business financially viable, or you may have to go back to the drawing board.

The point is, the process of creating a business plan helps ensure your business is viable, helping you avoid building a business that’s destined to fail.

2. Setting Goals

Writing your business plan forces you to set goals, both short-term and longer-term. You’ll set milestones you plan to meet by certain dates, then create strategies to get there. Your financial projections will also give you sales goals, helping shape your sales strategy. 

If you’re hiring employees, you can use your business plan to set their individual goals and perhaps a reward system. 

3. Reducing Risk

Research for your business plan can put you on alert for potential risks, enabling you to craft strategies to mitigate those risks. For example, part of your financial plan will be a cash flow projection statement. You may find that at some point your cash on hand will be too low for the company to operate, so you can make a plan to better manage cash flow. 

4. Knowing Your Market

In order to create an effective marketing strategy, you need to know your target market – their demographics, their needs and wants and product choices. You should also know where to find them. Are they on Facebook or TikTok? Then you can create messaging that resonates with your target market and put it on the most relevant marketing channels.

Your business plan will include a detailed target market analysis, which will give you the information about your customers that you’ll need.

5. Allocating Funds

Your business plan can tell you the most effective use of your funds at any given time. For example, you may find that it’s better to spend money on marketing rather than filling a certain job role. As you go through financial planning, these things should become clear, as you’ll have sales projections and cost projections. You’ll be able to find pain points and may decide to cut certain costs or reallocate funds.

6. Determining Funding Needs

Calculating startup costs will be part of your financial planning process, so you’ll know how much you need to launch and when you may need more funding. This will allow you to make fundraising plans, whether you have to tap into your own assets or attract financing. 

7. Attracting Capital

If you try to obtain a loan or seek investment capital, a business plan is a must. Entrepreneurs are never handed money if they haven’t done their due diligence and laid out a robust strategy and vision. Lenders want to be confident the business will have enough income to repay the loan, while investors are looking for significant growth within a few years. 

Either way, a compelling business plan is absolutely essential.

8. Attracting Partners

At some point you might want to bring in a partner, either for added funding or certain skills. Entering into a business relationship, particularly in a startup, is risky. Potential partners, just like investors, will want to see the research and strategy in your business plan.

9. Attracting Talent

Similarly, you may want to hire a top executive, such as a Chief Financial Officer (CFO). That person will be taking a huge risk and is unlikely to do so unless they can see how the business will succeed. 

10. Having a Roadmap

A business plan is also just what the name says – it’s a plan for your business, a roadmap to success. The plan proves you’re not just figuring out as you go. Even so, remember that a business plan is a dynamic document that can evolve over time. 

11. Learning

Creating a business plan early in the startup process helps you think through every aspect of your business. You’ll learn a great deal as you research and write your plan, and that invaluable knowledge could be the difference between success and failure. 

Writing a useful business plan takes a great deal of time, research, and commitment, and that’s precisely the point! 

Whether or not you’re looking to attract funding, crafting a business plan is one of the key early steps in preparing to launch a business . Doing so will help you to determine the viability of your idea and develop strategies to be successful. 

Launching your business without a plan is like driving unfamiliar roads without a GPS-backed map: you’ll likely be lost in no time. So be sure to take the time to write a strong, informed business plan – and remember that the harder you work on it, the more likely your success! 

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  • Testing Viability
  • Setting Goals
  • Reducing Risk
  • Knowing Your Market
  • Allocating Funds
  • Determining Funding Needs
  • Attracting Capital
  • Attracting Partners
  • Attracting Talent
  • Having a Roadmap

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Nine reasons why you need a business plan

Building a great business plan helps you plan, strategize and succeed. Presented by Chase for Business .

why should every business have a business plan

Making the decision to create a new business is an exciting yet stressful experience. Starting a business involves many tasks and obstacles, so it’s important to focus before you take action. A solid business plan can provide direction, help you attract investors and ensure you maintain momentum.

No matter what industry you plan on going into, a business plan is the first step for any successful enterprise. Building your business plan helps you figure out where you want your business to go and identify the necessary steps to get you there. This is a key document for your company to both guide your actions and track your progress.

What is the purpose of a business plan?

Think of a business plan like a roadmap. It enables you to solve problems and make key business decisions, such as marketing and competitive analysis, customer and market analysis and logistics and operations plans.

It can also help you organize your thoughts and goals, as well as give you a better idea of how your company will work. Good planning is often the difference between success and failure.

Here are nine reasons your company needs a business plan.

1. Prove your idea is viable

Through the process of writing a business plan, you can assess whether your company will be successful. Understanding market dynamics, as well as competitors, will help determine if your idea is viable.

This is also the time to develop financial projections for your business plan, like estimated startup costs, a profit and loss forecast, a break-even analysis and a cash flow statement . By taking time to investigate the viability of your idea, you can build goals and strategies to support your path to success.

A proper business plan proves to all interested parties—including potential investors, customers, employees, partners and most importantly yourself — that you are serious about your business.

2. Set important goals

As a business owner, the bulk of your time will mostly likely be spent managing day-to-day tasks. As a result, it might be hard to find time after you launch your business to set goals and milestones. Writing a business plan allows you to lay out significant goals for yourself ahead of time for three or even five years down the road. Create both short- and long-term business goals. 

3. Reduce potential risks

Prevent your business from falling victim to unexpected dangers by researching before you break ground. A business plan opens your eyes to potential risks that your business could face. Don’t be afraid to ask yourself the hard questions that may need research and analysis to answer. This is also good practice in how your business would actually manage issues when they arise. Incorporate a contingency plan that identifies risks and how you would respond to them effectively.

The most common reasons businesses fail include:

  • Lack of capital
  • Lack of market impact or need
  • Unresearched pricing (too high or low)
  • Explosive growth that drains all your capital
  • Stiff competition

Lack of capital is the most prevalent reason why businesses fail. To best alleviate this problem, take time to determine how your business will generate revenue. Build a comprehensive model to help mitigate future risks and long-term pain points. This can be turned into a tool to manage growth and expansion.

4. Secure investments

Whether you’re planning to apply for an SBA loan , build a relationship with angel investors or seek venture capital funding, you need more than just an elevator pitch to get funding. All credible investors will want to review your business plan. Although investors will focus on the financial aspects of the plan, they will also want to see if you’ve spent time researching your industry, developed a viable product or service and created a strong marketing strategy.

While building your business plan, think about how much raised capital you need to get your idea off the ground. Determine exactly how much funding you’ll need and what you will use it for. This is essential for raising and employing capital.

5. Allot resources and plan purchases

You will have many investments to make at the launch of your business, such as product and services development, new technology, hiring, operations, sales and marketing. Resource planning is an important part of your business plan. It gives you an idea of how much you’ll need to spend on resources and it ensures your business will manage those resources effectively.  

A business plan provides clarity about necessary assets and investment for each item. A good business plan can also determine when it is feasible to expand to a larger store or workspace.

In your plan, include research on new products and services, where you can buy reliable equipment and what technologies you may need. Allocate capital and plan how you’ll fund major purchases, such as with a Chase small business checking account or business credit card .

6. Build your team

From seasoned executives to skilled labor, a compelling business plan can help you attract top-tier talent, ideally inspiring management and employees long after hiring. Business plans include an overview of your executive team as well as the different roles you need filled immediately and further down the line.

Small businesses often employ specialized consultants, contractors and freelancers for individual tasks such as marketing, accounting and legal assistance. Sharing a business plan helps the larger team work collectively in the same direction. 

This will also come into play when you begin working with any new partners. As a new business, a potential partner may ask to see your business plan. Building partnerships takes time and money, and with a solid business plan you have the opportunity to attract and work with the type of partners your new business needs.

7. Share your vision 

When you start a business, it's easy to assume you'll be available to guide your team. A business plan helps your team and investors understand your vision for the company. Your plan will outline your goals and can help your team make decisions or take action on your behalf. Share your business plan with employees to align your full staff toward a collective goal or objective for the company.  Consider employee and stakeholder ownership as a compelling and motivating force. 

8. Develop a marketing strategy

A marketing strategy details how you will reach your customers and build brand awareness. The clearer your brand positioning is to investors, customers, partners and employees, the more successful your business will be.

Important questions to consider as you build your marketing strategy include:

  • What industry segments are we pursuing?
  • What is the value proposition of the products or services we plan to offer?
  • Who are our customers?
  • How will we retain our customers and keep them engaged with our products or services and marketing?
  • What is our advertising budget?
  • What price will we charge?
  • What is the overall look and feel of our brand? What are our brand guidelines?
  • Will we need to hire marketing experts to help us create our brand?
  • Who are our competitors? What marketing strategies have worked (or not worked) for them?

With a thoughtful marketing strategy integrated into your business plan, your company goals are significantly more in reach.

9. Focus your energy

Your business plan determines which areas of your business to focus on while also avoiding possible distractions. It provides a roadmap for critical tradeoffs and resource allocation.

As a business owner, you will feel the urge to solve all of your internal and customers’ problems, but it is important to maintain focus. Keep your priorities at the top of your mind as you set off to build your company.

As a small business owner, writing a business plan should be one of your first priorities. Read our checklist for starting a business, and learn how to take your business from a plan to reality. When you’re ready to get started, talk with a Chase business banker to open a Chase business checking or savings account today.

For Informational/Educational Purposes Only: The views expressed in this article may differ from other employees and departments of JPMorgan Chase & Co. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.

JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender, ©2023 JPMorgan Chase & Co

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COMMENTS

  1. 14 Critical Reasons Why You Need a Business Plan

    Writing a business plan isn’t about producing a document that accurately predicts the future of your company. The processof writing your plan is what’s important. Writing your plan and reviewing it regularly gives …

  2. Why Every Entrepreneur Needs A Business Plan

    Why Every Entrepreneur Needs A Business Plan. For many entrepreneurs, especially first-timers, business plans are daunting: Building a 50-page document that details every aspect of a...

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    Read our simple guide to learn how to write a business plan quickly and easily. A solid business plan is essential for any new business. Every business starts with a vision, which is...

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    Helps evaluate the feasibility and viability of your business idea. Identifies potential business challenges and creates strategies to mitigate them efficiently. Offers a strategic and operational roadmap to attain your business …

  5. 12 Reasons You Need a Business Plan

    1. A plan helps you set specific objectives for managers. Good management requires setting specific objectives and then tracking and following up. As your business grows, you want...

  6. 11 Reasons Why You Need a Business Plan

    Every new business should have a business plan, not only to guide its operations, but also so that its owner is fully prepared to face the challenges ahead. There are actually many reasons – and lucky for you, …

  7. Nine reasons why you need a business plan

    Building a great business plan helps you plan, strategize and succeed. Unsure if your business needs a plan or what the purpose of a business plan is? Here are nine reasons you need a business plan and the steps to build one.