You have heard it before. You need a business plan before you start a business. However, most entrepreneurs can't stand the thought of actually sitting down to write a business plan because it reminds them of the dreaded research papers they had to write in school.
As SBDC advisors, we help clients write their business plan. While going through the steps to write a business plan, I hear these excuses:
I don't have time for that.
What good is that going to do?
The bank is making me write one, otherwise I wouldn't.
Most of the time, clients never finish their full plan and open without one. Not fully thinking through how you will operate your new business is a precursor to a short-lived business. For all of you procrastinators and naysayers of the need for a business plan, I have good news for you. You truly may not need a business plan.
This, however, does not mean you get to start your business without working through how the components of your business will fit together. Because most people are visual, it makes sense for future entrepreneurs to make a "roadmap" of how they will operate their business. One tool we've recently found is the Business Model Canvas devised by Alexander Osterwalder and Yves Pigneur. Read more on victoriaadvocate.com.