Why a Business Plan Is Important?

Starting a business isn't easy. So many details to think about, so much to learn! The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.

About this Business Plan Template:

This business plan is a generic model suitable for all types of businesses and can be easily modified to suit your needs. Before you begin, review the section titled Refining the Plan, found at the end. There you will find common, industry related questions to modify the template (manufacturing, retail, service, etc.). It also has tips for fine-tuning your plan to make an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style. You will be judged by the quality and appearance of your work as well as by your ideas.

What Can I Expect In This Template?

The business plan consists of a narrative and several financial worksheets. The narrative template is the body of the business plan. It contains more than 150 questions divided into several sections. Work through the sections in any order that you like, except for the Executive Summary, which should be done last. Skip any questions that do not apply to your type of business. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of the business plan. That may be enough, so that you can discuss the plan with your partner, or with a Score mentor. Or you may choose to polish the narrative to present to a financial institution or submit for a grant.

How Much Time Should I Spend On This Template?

Buiding a business plans varies, based upon what you have done thus far and what kind of business you are developing. It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly. Those who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.
Business Plan For a Startup Business