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Should I write a business plan?

On Behalf of | Apr 9, 2021 | Business Law

Starting a business is an exciting and sometimes overwhelming first step for any new business owner. As you pursue mountains of legal paperwork and register a name, perhaps you’ve wondered if you need to write a business plan.

Although business laws vary by state, the benefits of writing a business plan can provide guidance to anyone, including Pennsylvania residents.

Plans help develop your company

While you can have a vague idea of where you want your business to go, having a plan in place helps to cement things. You can decide what products or services you want your company to focus on, where you would like the company to go in five years, and how much money you hope to make within a certain timeframe. Business plans provide guidelines on how you’d like the company to look.

You can amend your plan

If you’re worried about creating a business plan because of a need to change it, don’t despair. Business ideas get changed all the time, especially when something needs tweaking or simply doesn’t work. If your initial marketing plan included direct mailing, but you discover that isn’t working, it’s okay to go back and change it to something else, like advertising at trade shows and using social media. Should you decide to change your sole proprietorship to an LLC, there’s no reason you can’t do so.

No matter how big or small you envision your business growing, developing a plan can provide you with guidance and help ensure you’re on the right path.