Will SCORE help me write and complete my business plan?

We will take you through the steps outlining the procedures to prepare the plan. However, it is important that you put your own thoughts in detail on paper of how you plan to structure and operate your business. This will help you walk through your thoughts and ideas about your business. When you have completed your draft, we can then go over it with you to "fine-tune" it if it is necessary.

Do I really need a business plan?

Absolutely. A pilot does not fly a risky mission without a detailed, well-researched flight plan. Trying to operate a business without a well-researched business plan is no less a hazard for you and your family than flying a mission in a small plane. By committing your plans to paper, your overall ability to manage the business will improve. You will be able to concentrate your efforts on the deviations from plan before conditions become critical. You will also have time to look ahead and avoid problems before they arise.

Why do I need a business plan?

If you are seeking financing for your business, it is absolutely essential. The lending institution or prospective investor will want to see your plan in order to assess your financing proposal and to assess you as a business manager. If you are not seeking financing for your business, it is still essential since it serves as a guide for you in the management of the business and provides milestones to gauge your success along the way.

What is a business plan?

A business plan is a written summary of what you hope to accomplish by being in business and how you plan to organize your resources to meet your goals. It is a vehicle to describe your business and your product or services and is a road map for operating your business and measuring progress along the way. The plan describes in writing, the market, the industry, customers and competitors, your products/services, your marketing plans, and your operations along with sales and cash flow forecasts. The business plan is a document that should change as your business grows.

Q&A - Business Plan