- Category: Blog
- Last Updated: Wednesday, 19 July 2017 15:11
I can see why banks would want you to provide them with a business plan if you were asking them to lend you money. They need to do due diligence and make sure that you have thought about things seriously but...
... I hate business plans, formal ones at least and think other than if you absolutely have to do it because you need to borrow some money, they are a waste of time.
When you're starting your business, of course you need to do some thinking but do not bother filling in a business plan template. There are lots available on the internet but try to avoid them! They are general purpose and make you start thinking about things that may not even be relevant to your business.
The most important question you need to ask yourself, is 'can the business make enough money for me to survive?' For example, let's say you would like to start a taxi company. For simplicity, let's say that you do airport runs to the local airport, at £50 a journey and the journey time is 30 minutes.