In my opinion, yes, if you have a side business, you should still have a business plan. While it may not be a formal business plan, it should have many of the same elements to ensure that all aspects have been addressed and considered. Many successful sidelines businesses have become full time ventures at some point but due to the risk of starting one's own business, they often begin part-time. A business plan helps an entrepreneur do the following: (Beesley, 2011)
- Scope out the business goals and definition - Before any other parts of the business are developed, ...
A discussion regarding business plans and sideline businesses including whether one is needed for a sideline business and what it would include. 311 words, 1 reference.