Why not just ‘get going’ and learn as you build your company? Because scientific studies show that businesses with a plan grew faster and were more successful than those that didn’t plan. Other studies show that a majority of the fastest growing companies had business plans that included budgets, sales goals, and marketing strategies.
Creating a business plan seems like common sense. You wouldn’t set out on a trip without a destination and a map, would you? However, to write a business plan isn’t easy, and it requires quite a bit of research. Gathering the information to adequately describe a business is called ‘DUE DILIGENCE’. This is necessary to satisfy any potential investor of the commercial viability of your new business venture.
Business Planning Requires Reserch