The Business Plan is an essential step for the potential entrepreneur to help turn an idea for a product or service into a profitable business venture. Whether you are starting a business or wish to expand your present business, an effective business plan will be your “road map” to success. A well-organized business plan will work out the details of your business on paper first, before you invest time and money into your venture. It is a “must” if you plan to obtain a business loan. There are no hard and fast rules in formatting your business plan. However, it should be written by the owner of the business with outside assistance as necessary. A business plan written by an outside consultant is someone else’s business plan. The length and content often vary depending on such factors as the company’s maturity, the nature and complexity of the business and the market is serves.
An effective business plan serves at least four useful purposes:
- It helps entrepreneurs focus their ideas
- It creates a track for management to follow in the early stages of the business
- It creates benchmarks against which the entrepreneur and management can measure progress
- It provides a vehicle for attracting capital to help finance the business
Feel free to use the Business Plan Template and Cash Flow Worksheets below. Download and save the files on your computer.