A business plan is a formal written document containing the goals of a business , the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map a plan that provides direction to the business. Written business plans are often required [ by whom? Existent templates  and guides, such as the ones offered in the United States by the Small Business Administration  can be used to facilitate producing a business plan.
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Back to Blog. So you have an idea, a product to sell and the drive to get started. You might be tempted to jump right in and start building your business without a formal business plan.
Are you starting a new business or trying to get a loan for your existing business? Business plans give entrepreneurs the opportunity to formally analyze and define every aspect of their business idea. Entrepreneurs who start out with business plans are 16 percent more likely to build successful companies , according to the Harvard Business Review. It ensures sustainable success, guiding you as you develop your business, legitimizing your venture, and helping you secure funding among countless other benefits. Most financial institutions and service providers require you to submit a detailed business plan to obtain funding for your business.