If you’re going to start a new business, you’re going to have to first write a white paper and a business plan. A well conceived business plan will have a number of objectives.
It will help you determine if your idea is viable. Is there a market? What’s your competition? Do you have a big enough market for your goods or services? What will your expected operating costs be? Is your financial forecast realistic?
Many questions that are integral to your success will be answered. What’s really a great side benefit to writing a business plan is the fact that you’ll have to roll up your sleeves and perform some serious due diligence.
Spend the time crafting your plan because it will be your “owner’s manual” moving forward. Does a business plan guarantee success? Of course not. However going into business without one will more than likely ensure failure.
In this regard, the old adage, “Those who fail to plan, have planned to fail”, is most appropriate.