GENERAL KNOWLEDGE

Detailed explanation-1: -While a business plan is essential whether you start a Limited Liability Company (LLC) or a simple sole proprietorship, not every entrepreneur sees the need for one.

Detailed explanation-2: -Writing a business plan is the best way-other than going out and doing it-to test whether an idea for starting a business is feasible. In this sense, the business plan is your safety net. If working through a business plan reveals that your business idea is untenable, it will save you a great deal of time and money.

Detailed explanation-3: -A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.

Detailed explanation-4: -A brief history, the nature of your business, and the needs or demands you plan to supply. An overview of your products/services, customers, and suppliers. A summary of company growth, including financial or market highlights. A summary of your short-and long-term business goals, and how you plan to make a profit.