Like a house needs a blueprint, the business plan is the blueprint for your business. Yet, unlike a house, a business is not static.

We often make the mistake of thinking of a business plan as a single document that you just put together when you are first starting out your business and then set aside. Whereas in actuality, the business plan for any business will change over time as the business develops.

A business plan contains a description of your business, including details about how it will operate, a section on market research and marketing strategies, an evaluation of your main competitors, and several financial forecasts.

Writing a well thought-out and organized business plan increases your odds of succeeding as an entrepreneur.

Below are some reasons a business plan is key;

· To test the feasibility of your business idea

· To give your business the best chance of success

· Articulate a strategy to achieve business success

· Secure funding

· Make business planning manageable and effective

· Clarify where you are and where you are going to avoid distractions

· Attract investors

. To identify potential problems and solve them beforehand

Writing a business plan is time-consuming, but it's essential if you want to have a successful business that's going to survive the startup phase. Without a business plan, you leave far too many things to chance. A business plan will help you decide if your business is worth starting, or if you need to rethink some of your key assumptions.

You can contact Dominion Consulting (0704 917 3547, advisory@dominionconsultingng.com) to walk you through your Business Planning.