Business Plans – How important is it to have one?

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When it comes to writing a Business Plan, many entrepreneurs find this to be a daunting task. It can be extremely confusing and knowing where to start can become overwhelming. Many decide to skip it altogether, which will leave you without a clear course to try and reach your destination.

But trying to start a venture without a Business Plan can be a very costly mistake. If you don’t know what expenses to expect, or you don’t have a clear advertising and marketing vision or no idea what kind of income and expenses to anticipate, your business will run into trouble,and fast.

On the other end of the spectrum, is the entrepreneur who writes a Business Plan without doing enough research. It is extremely important to really research your market, your competition and your product offering. In South Africa for example, you have to be a Registered Tax Practitioner to offer Tax Related Services. Similarly, if you want to get a building plan approved, you will need to have them drawn up by an individual registered with the appropriate regulatory bodies.

If you are looking at a business that will need to import products, you need to consider the legal implications as well as the costs over and above that of the primary product cost. Not only that, you need to consider what happens in the event that products need to be returned for whatever reason to your foreign supplier.

You have to make time to work on your business plan. And you have to put real effort into it. You can’t simply decide to wing it. If you do that, you almost certainly will fail. Once you have decided on your business type, start your research. You can literally start by using Google, and downloading business plan templates.


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