Preparing and maintaining a business plan is essential for any business regardless of its size or nature.
While maintaining a correct assessment of the changing economics of your business, your plan will provide a useful roadmap as well as a financing tool.
Do not expect that all of your plan's initial assumptions will always prove correct. Instead, look at your business plan as an ongoing assessment that you will frequently review and change to conform to actual operating experiences. For example, your cash flow projection should be updated frequently to ensure ongoing liquidity (not running out of cash).
Your business plan will become your roadmap to chart the course of your business. But at the outset, you cannot predict all of the changing conditions that will surface. So after you have opened for business, it is important that you periodically review and update your plan.
To get started on your own business plan, consider using a business plan template such as the one below.
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