Think you have a great idea for a business? The best way to find out whether your idea is feasible is to create a business plan. A solid, well-researched business plan provides a practical overview of your vision. It can be used to ground your ideas into workable actions, and also to help pitch your idea to financial institutions or potential investors when looking for funding. The standard business plan consists of a single document divided into several sections for distinct elements, such as a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data. Your plan may include more sections, or fewer, to best represent your business.
Need a Roadmap? Here's How to Write a Business Plan You'll Actually Use
Best Business Plan Template PDF for Startup
Last Updated: January 12, References Approved. With over 15 years of experience in accounting, Keila specializes in advising freelancers, solopreneurs, and small businesses in reaching their financial goals through tax preparation, financial accounting, bookkeeping, small business tax, financial advisory, and personal tax planning services. Keila spent over a decade in the government and private sector before founding Little Fish Accounting. There are 19 references cited in this article, which can be found at the bottom of the page. This article has been viewed 2,, times. But what should a business plan include?
7 Steps to a Perfectly Written Business Plan
Any individual wanting to start a small business is commonly faced with the dilemma of creating business plans. To most, this may seem like quite a daunting task. While, to some, a necessity in preparation for business.
Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. A business plan is a roadmap describing a business, its products or services, how it earns or will earn money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan. Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor. We'll also send you updates on new educational guides and success stories from the Shopify newsletter.