Many people think that the sole purpose of a business
plan is to secure outside investment capital. However,
this is only one of the two purposes.
A business plan helps demonstrate that you have
thought through the business in detail and can show
convincingly that you have a viable, profitable model.
Before you spend time convincing others, focus on
convincing yourself.
Some folks
think that budgets are only for big companies.
“We’re
bootstrapping the business. We don’t have much
money and certainly we don’t have the time
to create a budget. Our budget is to spend as little
as possible to get this business off the ground.”
A
budget helps to identify not only the costs
but also the items that you may need to purchase
(including
those for which you decide to defer the purchase).
Before you spend any of your money, take the time
to identify the items that may consume your money...More
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