Is business plan required for local companies?

1 ANSWERS

1. Guest9018
   

   It depends on the fact if you need to raise any capital or require investors. If no capital is required a business plan may help your profitability and success. By understanding the local market, you can reduce any upcoming risks and profit from new opportunities. For instance, if you operate a small video store in a town of 10,000 residents the plan can help you better understand your market, competitors and the external environment. New technologies and advances can often wipe out entire industries. Just ask the record manufacturers.
   Your plan doesn't need to be an exhaustive 50 pages but a 5 to 10 mini-plan highlighting your business and your future direction. A mini business plan should include a mission statement defining your business and the reason for existing. It should have a market analysis: competitors, pricing strategies, local market conditions and promotions. Also, look at your break-even point and a basic budget on expenses and operating costs.

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