When does it make sense to create a business plan? Few people wake up in the morning and say, "Gee, seems like a nice day to write a business plan." Taking on a project of this size isn't done lightly. But you have to keep the job in perspective.
If you're just starting out in business, the time it takes to create the first plan will be more than repaid by the insight you gain. If you're in business already but have never created a business plan, you'll be in a much better position to assess opportunities and risks that accompany the various changes you may be considering.
You should create a business plan if you're considering any of the following events:
- You want to open a new business.
- Your business has grown.
- You want to introduce a new product.
- You want to enter a new market.
- You want to acquire a new business or a franchise.