business plan

What Is A Business Plan And How To Create One

Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success. Those who are starting a business or who have an existing business, including sole proprietors, general partners, limited liability company (LLC) members, and even corporations, should have a Business Plan to map out their strategies and goals for their company.business plan

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However, if you’re an existing business seeking financing, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.business plan

While a tool like the Business Model Canvas provides an overview of what you want to do (as well as why and how you want to do it), a Business Plan is a way of providing more detail on the operational and economic foundation of how you will make this a reality.business plan

This should include financial statements, credit reports, business licenses or permits, legal documents and contracts (to demonstrate to investors that revenue forecasts are secured by concrete business relationships), and bios/resumes for key personnel.