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Before any new venture is launched, it is imperative that a sound business plan be developed. Even those who have been in business for a while can benefit from business plan development. Business plans allow entrepreneurs to set forth the details of the business, communicate with executives and staff, and ultimately save time and money. This guideline for how to operate and market a business, which includes the projected financials, is often required by investors or creditors when the entrepreneur, including the new venture owner, seeks capital for the business. In developing a business plan, it is important to consider the type of funding being requested in order to guide the venture's development. Other purposes served by business plans are to determine the resources needed, ...

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