Do I Need a Business Plan
If I’m Not Raising Money?

In a word-absolutely!

A business plan forms the skeleton of any new venture. No matter how strong your muscles or how great your ideas, it is impossible to function as a human being without a skeleton holding everything together. Similarly, without a business plan, you are nothing more than a pile of thoughts with no mobility or direction.

Rarely do we wander aimlessly up and down the streets if we have a specific location in mind. Instead, we plan a route to our destination. Whether we choose the fastest highway or the scenic backroads, we still have a plan in mind. So why would we start a business without having a clear plan for growing a successful business?

Not every business needs to raise money. In fact, many business ideas require raising little to no money to get started. Perhaps you are even providing your own money. No matter how it raises money, every business should expect to earn money, and you need a solid business plan to start turning a profit.

The point of a business plan when you are trying to raise money is to show investors that your business idea is both feasible and profitable. No matter how much money you have to raise, remember that you are still the biggest investor in your business-investing your time, your energy, and your ideas. You more than anyone deserve a solid business plan to guarantee your success.

The need for a business plan goes far beyond the need to raise money. A business plan also helps you to:

• Clarify your products and services
• Set goals for the future
• Realistically estimate profits
• Identify the competition (and their strengths & weaknesses)
• Outline a marketing strategy
• Keep focused on the big picture

Even if you are not raising money, you still may need to explain your business idea in detail to others. New employees, insurance agents, and even friends & family will all benefit if you can share a business plan with them. This is particularly important for skeptics, who will want to see your profit projections for themselves instead of taking your word for it.

Whatever your dreams are, putting together a clear and thorough business plan is the easiest and most helpful step you can take towards achieving success. Even if you're not raising money for your business, you still need a business plan to help keep your new business on track. Best of all, you can write a business plan on your own terms and on your own time. What are you waiting for?