First-time entrepreneurs especially as so excited to get their new venture launched that they bypass the business plan. Write one. It doesn’t have to be a 20 page document with charts and graphs. It can be a two page outline of what you are doing where you want to go and how you will get there. Business plans are necessary if you need to borrow money or if you need partners. It is a great way to answer all the questions you might have about your new business and by preparing the plan, you will gain confidence to move forward.
You’ll define your business, explain how you’ll handle funding, credit and profits, and set goals. There are many templates available online to help you get started and you can check out the suggestions from the U.S. Small Business Administration also.