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A business plan is a formal, comprehensive document that outlines the goals of a business and how they will be achieved. It serves as a roadmap that guides a business’s strategy and operations.
How to make a business plan
Creating a business plan involves several steps:
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An executive summary that provides a brief overview of the business, its mission, and its objectives.
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A company description that gives details about what the business does, the market it serves, and its unique selling propositions.
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A market analysis that includes an overview of the industry, a look at target customers, and a competitive analysis.
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A description of the business’s organization and management structure, including details of its ownership and management team.
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A breakdown of the business’s products or services.
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A sales and marketing strategy that outlines how products or services will be marketed and sold.
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A funding request, if the business is seeking financial assistance.
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Financial projections that provide an estimate of future revenues and expenses.
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An appendix that contains any supporting information or documents.
How to use a business plan template
Using a business plan template can simplify the process of creating a business plan. First, select a business plan template that matches the nature of your business and the depth of detail you want to include. Then, replace the placeholder content in the template with your own information.
Consult guides or examples if needed, and remember to be thorough, clear, and honest in your descriptions and projections. Once you have filled out all sections, review and polish your plan to ensure it presents your business in the best light possible.
FAQ about business plans
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Is a business plan necessary? Yes, a business plan is necessary — in fact, it’s crucial for new businesses and can be equally important for existing ones. It helps shape your strategy, guide decision making, and communicate your concept to potential partners and investors.
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How long should a business plan be? A business plan should be as long as necessary to clearly and thoroughly explain the business and its strategy. A typical small business plan might range from 30 to 50 pages.
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Can a business plan be revised? Yes, a business plan should be seen as a dynamic document that is updated as your business grows, and as market conditions change.
Author
Matthew Zane is the lead editor of Zippia's How To Get A Job Guides. He is a teacher, writer, and world-traveler that wants to help people at every stage of the career life cycle. He completed his masters in American Literature from Trinity College Dublin and BA in English from the University of Connecticut.
