How to write a business plan Last Updated:
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It's definitely not the most exciting part of starting a business. In fact, if you're like a lot of entrepreneurs, you're probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding.
Because that's the thing--your business plan is a pretty important. Any funder worth his or her salt wants to see it right off the bat.
Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows. A lot of those mistakes most of them, in fact are the result of poor planning.
Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.
Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It's an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities.
It might even lead you to kill off aspects of your business before investing too much time or money in them. That doesn't mean you have to bust out Word and start the plan from scratch. A template is great--you probably aren't doing anything that hasn't been done before, so it provides a proven structure for your plan.
Pretty much everything on it can be customized. Check out these comprehensive business plan templates you can download for free to get you started: Score's Business Plan Template for Startups Score is an American nonprofit dedicated to helping entrepreneurs get their companies off the ground.
Its template, available as a PDF or Word download, asks a whopping questions and is generic enough to customize for most types of businesses. The Refining the Plan resource that comes with it is helpful, especially if this is your first crack at writing a business plan.
You can go back in and edit it as needed, so don't worry about having everything ready the first time you sit down to tackle it. Even broken into sections, it's a long document and a bit of a slog to get through, but it produces a professional-looking and useful business plan.
This is particularly helpful if your idea isn't fully fleshed out and you know you have homework to do--it prompts you for information.
Some funders are going to want to see a lot of detail, but you can provide that in appendices. · Global financial services firm vFinance offers a basic, page business plan template to download from its website--one the company says has been downloaded more than a initiativeblog.com In the Professional Services section of your business plan's Management Plan, list and describe all those external professional advisors that your business will use, such as accountants, bankers, lawyers, IT consultants, business .
· Business Forms & Templates. Get instant access to hundreds of business forms, templates, and contracts online today. Find documents for almost every kind of business such as purchase orders initiativeblog.com Business Plan Template U.S. Small Business Administration Small Business Training Network and discipline into a business.
5. A good business plan is a living document. It should be updated regularly. 2 Title Page Organization & Management This . The business management plan template is a prebuilt layout which has been created to assist all business institutions during the planning and implementation of new ventures and initiativeblog.com A management plan provides researchers the opportunity to explain the objectives, goals, and planned procedures of their proposed projects in detail.