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Why Put Together a Business Plan?

First, a business plan charts a course for your business. Think about the process a new student embarks on when she first begins practicing your art. You, as the teacher, know the progression of skills the student will need to develop. You possess the analytical and intuitive skills you need to assess and guide her development. Now think of your business. Can you see right now, in advance, the steps it will need to go through to develop and grow? Do you know what specific things you have to do to guide and spur that growth? A business plan helps you think like a business owner, to develop the analytical and intuitive skills you need to develop a profitable school. It is the “big picture” you need to have when deciding the course of your business.

Second, you will need a business plan if you want a business loan, whether from a bank or a private lender such as a family member. You will need to persuade your investor that you know how to make your business a success. Your business plan is your most important tool in convincing lenders that you know your business, that you can make money, and that you can and will repay a loan.