A business plan is your company’s statement of goals. It is the roadmap of your business in which you mention where you intend to take your company and how you’re going to get there.

A number of companies, particularly startups, struggle with writing an effective business plan. It doesn’t have to be a tedious and painful process!

Before we move on to writing a business plan for your company, let’s take a look at why you actually need one.

Why You Need a Business Plan

The most common reason for writing a business plan is to seek funding, either from investors or in the form of a bank loan.

Within their first year of operation, startups with a business plan can receive twice as much capital than those without a plan.

Even if you aren’t going to seek outside financial help initially, it is still wise to devise a business…