I’ve been listening to a lot of bootstrapping and small business podcasts lately and I just realized that not one of them ever mentioned writing a business plan.
Now I realize, there’s a whole new generation of people who may never write or even use a business plan.
Traditionally, business plan were used to convince bankers, VCs, investors and business associates that you knew what you were doing. If you’re bootstrapping, the only people you are trying to convince are the customers of your product or service – and they don’t need no stinking business plan!
Personally, writing a business plan is an old habit: whenever I have an idea, I develop a short plan to see if it makes sense financially. I love writing and developing ideas, but I know most app or web developers may not enjoy this process – specially the financial projections and sales.
What about you, fellow bootstrappers? Anyone using a business plan?