Writing a business plan
The first and most important step is to create a business plan; even if you are not thinking of borrowing or raising capital for your business, a business plan is a great tool to get your thoughts organised and to help you plan into the future. What is a business plan? A business plan, as the name suggests, outlines what your business is. It can be detailed or broad depending on what your needs are.
If you need to borrow or raise money to start your business, then you will need a detailed business plan, which not only outlines what your business is, but will have to include your projected financials as well. No lending institution or bank will lend you money or starting capital without a detailed business plan.
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