Business Planning
for Small business owners
Your business plan is a bird’s eye view of the business. How do you write a business plan? Our free business plan template is linked below as well as guidance and tips for creating yours.
FAQ’s about business plans…
What is a business plan?
A business plan is a document that sets forth the scope and strategy of a business. Business plans are important to start writing from the moment you explore starting a new business and to continually modify as your business pivots over time. The key elements of a business plan are included below and also included in this
free simple Business Plan Template
(& idea-to-launch checklist) if you are ready to jump in!
What’s in a business plan?
The contents of a business plan will vary based on the author and the purpose of the document (i.e. for self-study & guidance, or for investors, etc). Common key elements of a business plan include:
Mission & Values of the Company
Product(s) Description
Description of the Industry & Potential Customers
Competitive Advantage
Marketing Strategy
Plans for Staffing & Operations
Estimated Financials of the Business
Present & Projected Value of Assets (including Intellectual Property)
Discussion of Risk & Liability Potential
DO I need a business plan?
If you are investing a lot of upfront money, or planning to rely on investors for capital for you new startup business, a business plan is absolutely necessary. This document will be something you use again and again to pitch and present your business and product ideas under high stakes. On the other hand, a small business or side hustle may not “need” a business plan, but it is a good idea to have a simple one to help guide you as a business owner to make smart decisions. This free simple Business Plan Template is a good place to start if you are a new entrepreneur and need direction for business planning.
