Writing out your plan is an invaluable exercise for clarifying your ideas and helping you understand the scope of your business. It can also help you understand the amount of time, money, and resources you’ll need to get started.
If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ideas with the highest chance of success.
When writing up a business plan, you'll need to research your ideal customer and your competitors—this information will help you make more strategic decisions.
Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture—especially if you’re in the early stages of growth.
If you plan on collaborating with other companies having a clear overview of your vision, your audience, and your growth strategy will make it much easier for those companies to identify whether your business is a good fit for theirs—especially if their growth trajectory is further along than yours.
There are many business plan competitions out there offering prizes such as mentorships, grants, or investment capital. To find relevant competitions in your industry and area, try Googling “business plan competition + [your location]” and “business plan competition + [your industry].”
If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, a business plan is an excellent starting point.