By Attorney Kelly Rains Jesson
In addition to celebrating Christmas, Hanukkah, and Kwanzaa this month, December is National Write a Business Plan Month! The holidays are a time for reflection and a time to look forward to the future, and if you’re thinking of starting a business in 2020, you should consider spending some time during your holiday break writing a business plan. While a business plan is not a legal requirement for starting a business in North Carolina, there are some benefits:
Writing a business plan helps you figure out your ideal business structure. As we wrote here before, you have several choices of entity in North Carolina, and they each have their pros and cons.
Writing a business plan helps you attract investors, partners, and key employees because it helps them envision the future and it shows you are responsible, serious about the success of the business, and strategic. Some lenders will require a business plan before issuing a business loan.
Writing a business plan helps you create a budget by planning for expenses and estimating revenue.
Finally, you can include goals and milestones in your business plan and then celebrate when you reach them in 2021!
Everyone here at Jesson & Rains wishes you a Merry Christmas and a happy holiday!
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