Although the executive summary comes first in the plan, it is written last, after all the other elements have been created. Instructions for how to write a business plan are plentiful. Many books and Internet sites contain guidance and outlines on how to fashion the plan. But until you create the basic elements of a business plan, you have nothing to write. This chapter will instruct you on how to acquire the raw materials that make up the elements of a plan.
Many entrepreneurs launch their businesses without a business plan.
But it's difficult to motivate a management team or employees without having it written down. A single-person company, such as a consultant or craftsperson, may not need a business plan. But if that business owner wants to expand the business, obtain outside financing or even find others to work with him or her, a plan is needed. A successful business plan motivates others to be a part of the business, whether as an investor or employee. A plan can indirectly generate customers by forcing the owner to more accurately target and focus on them.