The main reason to why people want to start up a business is for the money. It is to be said that you will make more money when you are working for yourself rather than for somebody else. Over the LT, you will most likely earn much more money that runs through the business of your own.
Secondly, there are just some people who simply hate working for somebody else a.k.a under them. There may be people who hate the idea of having a boss above them and must obey the rules according to them. Therefore, these people may be best suitable to run their own business and having a job that they exactly know what to do. You will get to work towards something that belongs to you entirely.
A business plan is straight up, a guide for your business that outlines the needed expectations and details on how to achieve them. It helps you allocate resources properly and make the right decisions. A business plan is crucial because it provides specific and organised information about your company, also on “how you will repay borrowed money” because any type of loan package is considered important in a good business plan.
Those who wants to see a business plan may be sales personnel or suppliers as it informs them about your operations and goal. An investor may also search for a good business plan for consideration for investment. They might expect
a) An experienced team
b) Believable exits (whether the money coming out of the company invested will go back into the bank account)
c) Real growth prospects
d) Real planning