Ben Franklin is credited for this well-known quote: “If you fail to plan you are planning to fail.”
For some small businesses, a business plan can be very simple but planning and foresight are still critical for business success. For other plans a great deal of detail is required. Are there significant financial challenges? Are you entering an intensely competitive market? What about zoning or other location issues? Do you have the skills needed or can you hire the right people? A good business plan not only describes the business and how you will achieve your goals but anticipates and addresses the challenges you will face.