In this edited excerpt, the authors briefly describe just what your business plan should contain, how long it should be and how to know if it's time to write it. A business plan is a written description of the future of your business. It's a document that tells the story of what you plan to do and how you plan to do it. But there are some generally accepted conventions about what a full-blown business plan should include and how it should be presented.
How to Write a Business Plan in Seven Steps - TheStreet
Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. With great timing, solid business skills, entrepreneurial drive, and a little luck , some founders build thriving businesses without creating even an informal business plan. Does a business plan make startup success inevitable? Absolutely not. But great planning often means the difference between success and failure.
When you apply for a job, you get one shot — one resume and cover letter — to present to a potential employer and hope, out of hundreds of applicants, they choose you to interview. A business plan is really no different. While a full-length business plan has many components, most small businesses can simplify. By putting your focus on just four simple elements, you can create a basic business plan that will be effective for you and your business. While you only really need to focus on the most important components of a business plan, it helps to know what a full-length business plan looks like.
You may think this is normal for a first time entrepreneurial adventure. But what if I told you that Carl has started many companies in his year tenure as an entrepreneur? And with all the companies Carl started, none of them have ever exceeded revenues of a million dollars. Many of them failed and Carl was forced to shut them down within the first year of business. What it means is Carl did not understand the purpose and the value in creating a business plan.