Today my post will be an assignment I wrote for my application to freelancewriting.com. Unfortunately I did not get accepted into their platform but I wanted to share my writing here anyways. Please let me know your thoughts and thank you. I love you all. The assignment was to write a maximum of 350 words to the prompt, "Is Writing a Business Plan Still Worth it?" What follows is my article:
Budding entrepreneurs often find themselves facing the question, "is writing a business plan still worth it?" Though business plans are often speculated, let's look at the process objectively. The first step of writing a plan is putting it on paper which not only provides a tangible medium to track your thoughts and monitor progress (which you can revisit later for motivation), but also establishes an outline and forces entrepreneurs to consider multiple angles before bringing their product or service to the market. Points on the paper provide a projection (as well as the opportunity for variability in making those projections) for the business owner while also proving free from distractions when called upon in the future. Logically a written plan proves a more organized mechanism when compared to keeping ideas and progress entirely in one's mind as a business' beginnings often involve dynamic changes and rapid adaptation. For example, a ship captain keeps a map and a compass to make sure he/she stays on course when the waters shift, as without one it's easy to get lost in the current. As an entrepreneur, would you want to resemble the Captain or a drifter in the water? Even if only for organization purposes, a business plan lets one start with a clear direction.
Now I know the landscape is always changing and there are risks we can't foresee, so why waste the time to write a plan with today's accelerated advances? Well, let's look at who's going to join along for the journey? Will you have investors? They're going to want to know where the business desires to be and is headed before supporting it. No one's going to get on a sailboat without sails but your plan shows off your sails! A plan doesn't have to be a long, drawn-out, stocked-full of-spreadsheets composition, but it does have to depict your direction to investors as they may be with you for several years. Furthermore, planning equips you with a realistic assessment of your voyage thus writing a plan becomes worth it both to you and those traveling with you. Be the Captain.