Development of Business Plan

Planning is an integral part of any business. For a business to be successful entrepreneur should have a clear idea about his strengths, of his probable customers,their needs and expectations, and competitors in the market place. Before setting up a business, a document is made for defining the steps or things required to be executed to legally set up a business. This written document is called as business plan.

Business plan helps us put our thoughts and ideas on paper in a clear,systematic and convincing manner. It helps you to raise for your business. Business plan should be complete, well organized and should be based on facts. It helps focus on key points. Business plan is made by the entrepreneur himself. However, outside consultants can be hired to set the plan in a systematic written format.

The business plan can be shown to financiers to encourage them to invest money in a company. In this chapter, we will learn various aspects of business plan, components of business plan and how it is written.