So you have a great business idea that you’ve decided to make a reality, and now you’re planning on filling out all of the paperwork needed to make it a legitimate business. You’ll have to take care of plenty of things first before submitting your paperwork to your state or county.
Choosing a business name, entity type (corporation, LLC, etc.), a registered agent, and more are just a few things you’ll have to do. One of the most important will be drafting a business plan. This plan is imperative for making your business work and creating its identity.
If you aren’t sure what a business plan exactly is or need more information about how it works, then we’re here to help!
A business plan is defined as a guide that lays out what your business’s goals are and how you plan to meet them. This form is something that you’ll need to prove to banks, investors, and other interested parties that your business means business. Getting a bank account, securing loans, and even planning mergers can be easier with a business plan.
Along with the definition that we provided above that briefly touched on the benefits of a business plan, here are a few more.
Drafting a business plan shows that you’re serious about building your business into a powerhouse. A business plan isn’t something you can do in one sitting in an hour. This is a serious project that can take weeks to put together and hours to research.
Your business plan highlights measurable objectives like sales, new product or service launches, customer satisfaction goals, marketing efforts, etc. All of these will look good if you’re trying to entice investors.
A business plan helps you keep track of realistic milestones along with deadlines you plan to achieve, like how many customers you’d like to reach each month, quarter, or year.
A business plan allows you to research and analyze your competition to see what they’re doing. This way, you can brainstorm to set yourself apart and become a worthy competitor.
A business plan will help you stay focused. Running a business can be a very distracting responsibility where you focus on multiple things at one. A business plan helps you stay on your strategy.
When drafting a business plan, you’ll have to include specific information that will apply to the elements we highlighted in the previous section.
These are only a few considerations to add to your business plan. Learn what else you should add.
Although mostly known as business plans, these documents can also be known as:
If you’re searching for business plan examples because you’ve never drafted one before, then thinking of how to format it and how long it should be can leave you feeling a bit lost. We have an in-depth guide to help you.
Free Business Plan Resources
Find more answers to your questions about creating a business plan in our free library of articles and resources
Creating a business plan is just one of the many responsibilities you’ll have as an up-and-coming entrepreneur and business owner. Luckily, we offer many services to start your business while providing help to run and grow it as well. Take the first step in making your dream business a reality with us!
Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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