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Is a Business Plan Necessary?

Is a business plan necessary? From The Startup Garage

Welcome to video Fridays from The Start Up Garage

A place where Tyler Jensen, The Startup Garage’s founder, answers questions directly from our viewers.

Key Take Aways From Video:

1. When starting a business you will almost always want a business plan.

2. Even if you do not need investors or a business partner, a business plan will help you answer critical questions.

3. Investors want and require documentation.

Complete Transcript below:


I’ve read that you really don’t need a business plan. Is this true?

Well, my short answer is no — it’s not true.

If you’re starting a company, there are a couple of main reasons why you’re almost always going to need a business plan.

The first one is that even if you don’t actually need the document of a business plan for an investor or business partner, going through that process of answering all the questions that a business plan will require you to answer is so critical early on. If you don’t do it early on it’s going to cost you a lot of time and money later on.

The second reason is that if you are raising money from anyone other than a close friend or family member, almost any serious investor is going to require that you have gone through the process of writing a business plan and they’re going to want to see that document.

Remember, “the worst business plan is one you never bother to write.”

Whether you have a question about your business plan or you’d like to discuss our business plan writing services, feel free to contact us for a free consultation!