By Lea Propst at February 20 2020 13:16:16
Whether it is travel, study, cooking or any other activity involving a process, planning is usually the first step. The same holds true for business. Business plans are probably more important than the business itself. For example, the plan for a house is more important than the house itself, though it is the house that people remember and not the plan. But the house wouldn't stand without the plan, would it?.
Most of all if you are seeking funding for your business, it will be absolutely crucial to go along and show someone an actual plan, because there will be very few people who will loan you money on the basis of what's just in your head. So it's pivotal to have a plan and be committed to preparing that document.
I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Describe the manufacturing or operating process and associated costs. Contain believable finical projections, with key data explained and documented.