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Writing a business plan gives you an opportunity to carefully think through every step of starting your company so you can better prepare and handle any challenges.
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Creating a business plan can:
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​- Help you discover any weaknesses in your business idea so you can address them before you open for business .
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- Identify business opportunities you may not have considered and plan how to take advantage of them.
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- Analyze the market and competition to strengthen your idea.
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- Give you a chance to plan strategies for dealing with potential challenges so they don’t derail your startup .
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- Convince potential partners, customers and key employees that you’re serious about your idea and persuade them to work with you.
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- Force you to calculate when your business will make a profit and how much money you need to reach that point, so you can be prepared with adequate startup capital.
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- Determine your target market and how to reach them.
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Laying out a detailed, step-by-step plan gives you a blueprint you can refer to during the startup process and helps you maintain your momentum.