When staring into the void of building a new business most entrepreneurs are excited by the prospects their idea will create- however they soon discover the real challenges that come with starting a new venture. 

If you are starting a new business or already in business, it's critically essential that you come to terms with the importance of a business plan. Whether you’re looking for more credibility, or to open business accounts for loans and credit, or even looking for venture capital- your business plan will be an imperative part of your growth process. 

So, do I need a business plan for my business? Yes, you do.  

Well, you may ask; how exactly is a business plan connected to the success of my business? Or, how is a business plan supposed to help me fight through the competition in the market? These are important questions, and I will be answering them shortly. But before we begin, let's take a quick look at what a business plan is. 

What is a business plan?

In simple t...

If it can be made it can be sold. There are so many types of businesses out there selling products and services in every corner of the globe. Everything from horse training, bible devotionals, custom bowling balls, to foot photos have come across my feed of entrepreneurs getting out there and starting their businesses. Don’t believe me? Watch just a few episodes of the hit series Shark Tank and see for yourself! 

It’s so ingrained into our culture. Innovation and independence are pillars in the American dream- and they should be! Entrepreneurs are sprouting up everywhere, all going after that same goal- start a successful business. But, the unfortunate truth is, the majority of those businesses will never make seven figures, or even last 5 years. In fact, the Small Business Association reports that under 50% make it to that 5 year mark, and most of them were losing money for the majority of the time they’ve been in business! 

So what gives?

What is the difference between a f...