A well written business plan is an important document for any business seeking financing. If you are borrowing money to start the business you should also include a repayment schedule to show how fast the loan will be paid back. A business plan is a fundamental tool that any startup business needs to have in place prior to beginning its operations.
Marketing Plan and Expansion Plans: Your expansion plan should describe how you plan to test markets and products before rolling out. Business plans that borrow too much information from other business plans tend to be disjointed, with some sections contradicting others and some key issues being overlooked.
Even if you aren’t looking for a capital infusion right this moment, a business plan can still be a great deal of help. Your business plan will become your roadmap to chart the course of your business. Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
If you intend to use your plan as a business proposal to enlist investor funding, it is recommended that you should have a more concise and detailed plan. If you haven’t already, you’ll want to take their online Develop a Business Plan Workshop to get started.
Make sure your plan is clear and concise, free of jargon, well-researched and achievable. Either way, tracking your progress compared to your plan is one of the most powerful things you can do to grow your business. We’ve developed a Business Plan Template and Guide to step you through the process of developing a business plan that is solid, well-structured and tailored to your business.