For many years, it's been absolute fact that any business worth it's salt is going to start out using a thorough business plan. Within this plan would be the blueprint for success and the wireframe for your long-term development as a business.
As a female entrepreneur, the scale of detail that can be accredited to a business plan can be quite intense - but is it smart to have everything placed in such a rigid structure?
Why Do I Need A Business Plan?
First off, a business plan is still very much required if you are going to be requiring financing of any kind. A bank or lender will not give you finance based on a few conversations together - not after the recent banking crisis. So, you need to present them a hugely detailed plan that can answer any lingering doubts they may have about the veracity of your business.
If you are going for finance then make sure that you are using a professional to help you write the business plan!
This is very important - although you may have the passion & expertise, a bank will use a professional to scrutinize your entire document. Every last dotted I and crossed T will be checked out to ensure it's 100% bulletproof. As mentioned, banks are being extremely tight about who they lend to, and what they are lending. Therefore, you won't be given any quarter or leeway - you need to make sure that your plan speaks absolute volumes about the benefits of your business, and the minimal risk of small failures.
What Should My Business Plan Have?
In the case of lending, you really do need to bring about a series of projections and numbers - again, this is why a professional is useful to have. They can go through your idea with you in long conversations and record the data needed to come to a suitable conclusion about the business' development cycle. This lets you come up with realistic figures that are going to be in line with your own expectations while giving the lender enough ideas to believe that you will be a safe investment.
For a female entrepreneur starting up a new business, ensuring that you have cash flow safety at first is very important. Not every business starts making money right away, so ensuring that you have the scope there to get by while things get put in place is vital- therefore, if you are going for funding, make sure that your business plan is projected and edited by a pro. If you are not going to be going for funding, then this acts as a roadmap for your long-term success plans, and lets you easily refer to your goals and your progress over along-term period. This makes it much easier to actually understand what you are doing, where your business is going and what your own expectations are going to be. Either way, though, you really should make sure that you have a simple business plan ready.