What determines if you need a business plan or not?
My husband and I are writing a series of children’s books with other related items to follow. Do we need a business plan if we are trying to pitch to publishers and agents? What about to retail stores? Is this strictly needed if you are borrowing money?
If you are going to borrow money, you definitely need a business plan . Who ever is interested in giving you a loan wants to know your business and financial and the business plan will explain exactly that.
Think about it. A business plan will talk about your goals, mission, marketing plan, sales strategy, management experience, competition, cash flow, profit and loss, break-even phase, and it will show a balance sheet.
Therefore, you should have a business plan for your own use and to show to anyone who wants to know about your business and finances. Sometimes you should customize the plan to the needs. A publisher will be interested in customers and sales. A bank will be interested in management, competition and profit. You as the owner will want to concentrate on goals, mission, marketing, profit and loss.
I always recommend anyone starting a business to write a business plan. They will never regret it.
My Storytime Friends
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