Can I write business plan by myself?

kayode10

VIP Contributor
Setting up a profitable business is one of the way of investing your money. This is what most of the rich people do. They look for opportunity and set up a business around it.

And if you look at the present situation of things now, you will agree with me that a single source of income is no longer viable.

These are part of the reasons why I decided to start a business of my own. I tried to raise capital from friends and family. Yhe amount I got is not enough to start the business on the right track.

I am trying to raise capital from financial institution. I was told that I need to present business plan as one of the criteria to get loan.

So I want to ask you guys that can I write business plan by myself instead of giving it to an expert to write for me?
 

Suba

Moderator
Staff member
Of course you can write your business plan, what business you will run, location, procurement of goods either merchandise or raw materials and machinery (if you run a production business), sales or market share, minimum inventory, employees, then you can prepare a capital budget what you need. The way you get capital from friends and relatives is in the form of a loan, how much interest, or partner capital (such as shares). how do you calculate profit sharing. If you try to borrow from a financial institution or bank, then for a business start-up you need collateral such as land, buildings, etc. But to increase capital for an ongoing business, you don't need collateral because the government always helps small entrepreneurs, of course financial institutions will evaluate your business and financial statements. Good luck.
 

Mika

VIP Contributor
You can write a business plan yourself, you can research the product, develop the product, do market segmentation and everything associated with your business by yourself, however, the main question is do you have skills and knowledge to do so? Do you have time and energy to do everything by yourself?
 
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