Skip to main content
University of Nebraska Omaha logo University of Nebraska Omaha
APPLY MY UNO DIRECTORY

Students Faculty Staff Community
University of Nebraska Omaha logo
College of Business Administration Nebraska Business Development Center
APPLY MY UNO DIRECTORY
Students Faculty Staff Community
  • About Backback to Main menu
    • About NBDC
    • Consultant/Staff Directory
    • NBDC News Center
    • NBDC Events
    • NBDC Business Awards
    • NBDC Annual Report
  • Business Start + Growth Backback to Main menu
    • About Nebraska SBDC
    • Plan Development
    • Financial Forecasting & Loan Packaging
    • Valuation and Succession Planning
    • Export Strategy
    • Import Resources
    • Contact a Consultant
  • Government Contracting Backback to Main menu
    • About Government Contracting
    • Take the First Steps
    • Contact a Consultant
    • Government Contracting Resources
    • Meet the Buyers Conference
    • Events
  • Innovation & Technology Backback to Main menu
    • About Innovation & Technology
    • SBIR & STTR Funding
    • Contact a Consultant
  • NU Connections
  • SourceLink Nebraska Backback to Main menu
    • About SourceLink Nebraska
    • SourceLink Nebraska Team
    • Personal Action Plan
    • Program Information
  • Enlighten Backback to Main menu
    • About Enlighten
    • Enlighten Enrollment
    • Sign up for Updates
  1. UNO
  2. College of Business Administration
  3. Nebraska Business Development Center
  4. News
  5. 2018
  6. 12
  7. 5 Reasons You Need a Business Plan

5 Reasons You Need a Business Plan

  • published: 2018/12/10
  • contact: Allen Gutierrez - SBA
  • search keywords:
  • blog
  • business plan
  • sbdc
  • nbdc
  • sba
person writing in notebook with laptop and papers with charts

If you are starting a small business, there is no shortage of advice on the steps you should take: registering your business name, getting a Tax ID, deciding on a business structure and applying for the needed permits and licenses. While these are all very important steps to take, a business plan will be central to how you start, grow and develop your business.

Here are 5 reasons why you need a business plan:

1. It will help you steer your business as you start and grow.
Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.

2. It’s not as hard as you think.
A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document. Break it down into mini-plans – one for sales and marketing, one for pricing, one for operations, and so on.

3. It will help you to reach business milestones.
A well-thought-out business plan helps you to step back and think objectively about the key elements of your business and informs your decision making as you move forward. It is essential whether you need to secure a business loan or not. Keep in mind that the plan does not have to be like an encyclopedia and does not have to have all the answers.

4. It can help you get funding.
Business plans can help you get funding or bring on new business partners. Having one in place will help investors feel confident that they will see a return on their investment. Your business plan is the tool you will use to persuade others that working with you (or investing in your business) is a smart decision.

5. There’s no wrong way to write a business plan.
There is no right or wrong way to write a business plan. You can pick a plan format that works best for you. What’s important is that your business plan meets your needs. Most business plans fall into one of two common categories: traditional or lean startup.

Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. Traditional plans tend to require more work upfront. Lean startup business plans are less common, but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically just one page.

Because knowing where to start can be challenging, the SBA has tools to help make writing a business plan less intimidating and time consuming. The SBA offers a Business Plan Tool that helps simplify the process. The tool consists of eight easy-to-follow steps to help create a well-prepared plan.

To learn more about putting your business plan together, go to the SBA’s online Learning Center and take the self-paced course on How to Write a Business Plan. The course explains the importance of business planning, describes the components of a plan, and provides access to resources and sample plans. You can also take a look at the SBA’s Business Planning Guide for more information and to view business plan templates.

If you want a more hands-on approach, you can get assistance from an SBA resource partner to help complete your business plan. Working with a mentor or counselor from SCORE, a Small Business Development Center or a Women’s Business Center can help with all aspects of starting, growing or expanding your business.

Printed with permission from Small Business Administration. For the original article, click here.

News Sections

  • Nebraska Business Development Center News Center
  • UNO News Center
  • Maverick Daily
  • The Bullseye
  • Campus Events

Featured

  • Terry Morgan Named New APEX Accelerator Consultant
  • Hoof Track Aims to Improve Cattle Breeding Through a More Accurate Hoof Scoring Process
  • Governor Pillen and the Nebraska Business Development Center Recognize Business Award Winners
  • New Look, Same Commitment: NBDC’s Evolution for Nebraska’s Businesses

Most Viewed

  • Governor Pillen and the Nebraska Business Development Center Recognize Business Award Winners
  • From Law Enforcement to Candle Entrepreneur: The Story of Love Ewe Candles' Rapid Rise
  • Loren Kucera: A 30-Year Legacy of Business Guidance

About NBDC

The Nebraska Business Development Center (NBDC) helps Nebraska businesses start, grow and develop, by strengthening Nebraska businesses for a healthy economy and prosperous communities. NBDC is a University of Nebraska at Omaha center that provides confidential consulting business development services across Nebraska to entrepreneurs and business owners for the life cycle of their business. NBDC partners with the University of Nebraska-Lincoln, University of Nebraska at Kearney, Wayne State College, and Chadron State College to deliver its services statewide. The U.S. Small Business Administration and other federal, state, and private organizations support NBDC. The Nebraska APEX Accelerator is funded in part through a cooperative agreement with the Department of Defense. Visit nbdc.unomaha.edu for more information.


If you have a story idea, news tip or event, please contact:

Kelly Jefferson Minty, Communications Director
kjefferson@unomaha.edu | 402.554.6256

Nebraska Business Development Center

Contact Us
  • Nebraska Business Development Center
  • College of Business Administration
  • 200 Mammel Hall
  • 6708 Pine Street
  • Omaha, NE 68182   map
  • 402.554.NBDC (6232)
  • nbdc@unomaha.edu
Social media
Resources
  • NBDC Staff Directory
  • Mammel Hall Parking
Photo of Mammel Hall

Next Steps

  • Visit UNO
  • Request Information
  • Apply for Admission
  • The UNO Advantage
  • Our City (Omaha)

Just For You

  • Future Students
  • Current Students
  • Work at UNO
  • Faculty and Staff
  • A-Z List

Popular Services and Resources

  • my.unomaha.edu
  • Academic Calendar
  • Campus Buildings & Maps
  • Library
  • Pay Your Bill
  • Course Catalogs
  • Internships & Career Development
  • The Maverick Store
  • MavCARD Services
  • Military-Connected Resource Center
  • Speech Center
  • Writing Center
  • Human Resources
  • Center for Faculty Excellence

Affiliates

  • University of Nebraska System
  • NU Foundation
  • Buffett Early Childhood Institute
  • Daugherty Water for Food Institute
  • National Strategic Research Institute
  • Peter Kiewit Institute
  • Rural Prosperity Nebraska
  1. University Policies
  2. Privacy Statement
  3. Accessibility
  1. 402.554.2800

University of Nebraska Omaha
University of Nebraska Omaha, 6001 Dodge Street, Omaha, NE, 68182
  • ©  
  • Emergency Information Alert
  • MavsReport

Social Media


Omaha Skyline

Our Campus. Otherwise Known as Omaha.

The University of Nebraska does not discriminate based on race, color, ethnicity, national origin, sex, pregnancy, sexual orientation, gender identity, religion, disability, age, genetic information, veteran status, marital status, and/or political affiliation in its education programs or activities, including admissions and employment. The University prohibits any form of retaliation taken against anyone for reporting discrimination, harassment, or retaliation for otherwise engaging in protected activity. Read the full statement.