In cooking, great chefs follow a concept called “mise en place” (everything in place). That means you must have understood the cooking instructions and prepared all the ingredients before you start to cook any dish. If you don’t make sure that everything is ready, the things you’ve forgotten, like preparing grated cheese or measuring half a cup of sauce beforehand, can seriously ruin your dish. This concept can be applied to building a business. You must have everything planned out beforehand so you can anticipate problems and resolve them before they even start. You will also list down the actions that can help boost your business’ chances of success.
Aside from preparing for potential issues, if you need a loan from a bank or you need investors for your business, they will most likely need to see your business plan first. Think about it. If someone is asking you for ten thousand dollars, the one who knows exactly what they want to do and what they need to do to make the business successful is a much better bet than the one who’s just winging it.
While there are many, more detailed business plan guides out there on the internet, this one is simply meant to show you the basics. Another reason why I decided to write this was because there’s not a lot of guides out there written in Tagalog. In any case, if you want to start writing a business plan, just read this for an overview of the things you need to think about.