When readers buy products and services discussed on our site, we often earn affiliate commissions that support our work. It’s tedious and time consuming, but it pays off. Companies who write a business plan are more than twice as likely to improve over the following year compared to companies who don’t, according to Bplans. The good steps to creating a business plan is you don’t need to spend days writing a business plan.
In this guide, we’ll uncover the key steps to writing a business plan. For those who need a formally-written document, we also include a business plan template at the bottom of this article. A business plan takes all the key considerations of your business, from your 1-sentence pitch to your revenue model, and puts it in a single neat document. Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Only if you’re pitching to someone.
In these scenarios, you need a complete and up-to-date business plan that follows a standardized format. How Should I Write My Business Plan? A traditional 20-30 page paper business plan is generally only needed when requested from a bank or investor. Illustrate your business plan with bullet points, images, and graphs.
A slideshow is easier to create than a fully-written plan, and is more visually-enticing. It’s a good option if you’re presenting your plan in person to an investor, customer, or potential hire. Check out our guide on the Best Slide Presentation Software. A paper business plan has the same components as your slideshow, but written in extensive paragraph form. This is often what banks and investors will request after they’ve heard your initial pitch and decided they want to move forward.
A short, 1-page business plan is a more concise version of a complete business plan. It’s used primarily when you don’t want to divulge the full plan but are starting a conversation with an investor, lender, or other party. If it’s not being shared with anyone else, don’t fret about the formatting. Just get the important ideas hashed out so you can start doing the real work.