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If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.Pros of using a business plan template: A good business plan template can help you get your thoughts organized.
Plus, it shows you the general layout of a standard business plan so you know what goes where and that you're not leaving out anything.
A great business plan template will also provide instructions for each step of your plan and show you what an investor-ready and SBA-approved business plan should look like.
That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible.
The simple business plan template presented here will get you started.
There are 15 references cited in this article, which can be found at the bottom of the page.
A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there.
This article has over 614,001 views, and 85% of readers who voted found it helpful.
It also received 12 testimonials from readers, earning it our reader-approved status. No matter your business idea, whether it’s selling jewelry, landscaping or grooming animals, a business plan is a good way to demonstrate the idea’s potential for success.
You may want to consider also creating a budget to best fit your limiting factors when taking results from income statements.
Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.