What are the pros and cons of developing a business plan?
There are no cons unless you fail to adapt and alter your plan if and when obstacles you had not accounted for happening, and they will. But there is no downside of countless due diligence in a business plan.
A business plan answers 4 questions you better have an answer to before you start your enterprise:
- Why with date/proof will this business idea work?
- Who is our competition and how will we be different?
- Who is our target customer and how will we attract them (marketing plan)?
- Who and what (capital, manufacturing, vendors, licensing. etc. ) will I need to launch and sustain this business?
