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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.

Creating a business plan can:

- Help you discover any weaknesses in your business idea so you can address them before you open for business .

- Identify business opportunities you may not have considered and plan how to take advantage of them.

- Analyze the market and competition to strengthen your idea.

- Give you a chance to plan strategies for dealing with potential challenges so they don’t derail your startup .

- Convince potential partners, customers and key employees that you’re serious about your idea and persuade them to work with you.

- 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.

- Determine your target market and how to reach them.

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.

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