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.
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Ready to learn how to write a business plan? A business plan is a written document that describes your business. Fundamentally, a business plan is there to clarify what your business is, set out your goals, spot any potential problems and set yourself up to grow. This is to show them exactly what the money is for, how it will be used and, more importantly, how it will make enough money to pay back the initial investment. Your business plan is proof that you can be trusted with the investment and that you will pay it back. It forces you into asking some hard-hitting questions about your business, allowing you to solve problems because they cause big roadblocks for your company.
The following is an excerpt from the complete guide How to Open a Restaurant. Read the full guide here. Your business plan will be the road map from which your new restaurant develops. The strongest business plans always include all or most of the components described below. Charles advises that first- time restaurateurs read a bunch of different business plans for other restaurants and technology and retail companies to get a better sense of layout options, writing styles, and clarity of concept.
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