News and articles by JTB Consulting.

Writing a business plan is time-consuming, but it's essential if you want to have a successful business that's going to survive the startup phase. If your business doesn't have one, maybe it's time to start writing it. The process of writing a business plan can do wonders to clarify where you've been and where you're going.

Entrepreneurs who are starting a new business often wonder, “Do I really need a business plan? Is writing business plans really the best use of my time?” The answer to these questions is almost always, Yes!

Creating a new business is a process fraught with difficulty and failure and many businesses fail in the first twelve months of trading. Most businesses operate in competitive markets: They have to compete against and out manoeuvre competitors in order to answer the question of how they will gain market share and establish a competitive advantage. Not all organisations arrive at the same answer and for good reason.

Before I start off, let me be upfront by saying, 99% of would-be entrepreneurs out there do not have the funds to buy an existing business. But, in an ideal world, if you do have the funding available, it would be worthwhile to look at the reasons why buying a business is an easier path to becoming your own boss than starting from scratch. So why should you buy a business versus start your own?

Investor questions are dreadful to new startups. Entrepreneurs need to be prepared when pitching their start-up companies to investors by anticipating the questions they will receive. Presenting to potential investors will involve as little as 10 questions and as much as 100 questions. We have focused on the Top 10 Most Common and Most Difficult Questions that entrepreneurs can expect when presenting their Business Plan.

Startup funding is perhaps the greatest challenge to new companies. Startup companies are faced with many challenges, and one of these are securing funding. Securing and managing funding can be one of the most exciting - and nerve-wracking - parts of being an entrepreneur.