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Creating a business allows you to recognize problems and opportunities within your business that may arise. You can avoid penalties, fines or other legal issues. A business plan helps you adapt to changes in the marketplace and industry. It lets you develop or contract from a place of neutrality.

You can share a business plan with potential partners, advisers and other sources of funding. No matter who you are or what you do, a business plan should abe a work in progress and should always remain current.