If you’re thinking about starting a business or if you’re currently operating a business without a business plan or strategic plan, here’s a free business plan template to get you started.
Having a business plan provides critical guidance to your business development. Even if you’re currently and business and doing well, there are several benefits to developing your business plan:
A business plan is a road map: creating your business plan requires you to think about and write down several components of a successful business. For example, who is your target customer and how do you find more of them? How much revenue do you need to earn each month to keep your business viable for the long-term? Your business plan provides a place to write all of this down and serves as a reference for future business decisions.
Prepare for investors/lenders: having a business plan shows potential investors or lenders who you are, why your business is unique, and how it can be successful. A good business plan can instill confidence in you and your venture and answer questions that an investor may want to know before putting their money in your business.
Remember, your business plan is a living document that needs to be updated. A good business plan can serve as your road map, offer you guidance when you have new opportunities or are considering a new product or service, and provides a great summary for potential investors and lenders about what you’re doing and how you do it. Click here to take a look at a free template, and get your plan on paper today!