If you’re just planning on running a side-hustle or picking up some freelance work to supplement your income, you probably don’t need a business plan. If you are looking at a venture that will be or become your primary source of income, and especially if you are seeking investment or funding for that business, taking planning seriously is critical to your success.
Many people think of business plans only for starting a new business or applying for business loans. But business plans are also vital for running a business.
Existing businesses should have business plans that they maintain and update to ensure that their strategies, goals and milestones are on track. There are many ways to write and present a business plan, and the internet is full of templates and handy hints.
The ideal business plan is concise, forecasts short and long term outcomes, and is able to be understood by someone who doesn’t know your sector or product.
For more information on business planning, check out the Australian Government’s comprehensive Business Planning Guide and Template. The Department of State Growth has purchased a business plan software tool, Liveplan, for the sole use of Tasmanian small businesses. To get access, connect with one of our advisors near you at Enterprise Centres Tasmania.