Free Business Plan Templates

What Is a Business Plan?

A Business Plan is a document that contains certain information about the current state of the business and its foreseeable future. This includes the nature of the business, the strategies that will be implied while accomplishing its plans, and the financial background for those plans. The purpose of the document is to set in written form the goals of the business, describe the ways those goals will be achieved, and set the approximate time period for achieving those goals.

The financial background of a Business Plan is supposed to project the possible profit and loss of the business during the processes described in the document. It also includes the financial requirements which need to be accomplished.

A typical Business Plan outline provides directions for the future development of the business. With a well-developed document, a company is more likely to achieve its goals and avoid potential difficulties on its way to its end result. Another type of plan that a business should develop is a Business Continuity Plan. It will provide instructions, as well as preventive and recovering measures for situations when a company is under threat or in an emergency situation.

How to Write a Business Plan?

Writing a Business Plan is a complicated process, however, it is easier to accomplish it with guidance from a specialist that has comprehensive knowledge on the topic. A document should contain the following section:

  1. Executive Summary. In the first part of the document, the filer should give a brief description of the business and the purpose(s) it will serve.
  2. Market Analysis. The document should include information on the market, its demands, offers, and main competitors.
  3. Products and Services. Individuals use this part to clearly describe what kind of products or services they are going to produce.
  4. Marketing Plan. In this part of the document, the filer must prove how they are going to make it happen, designating who will conduct the distribution, advertising, and sales strategy.
  5. Competitive Analysis. The analysis is presented as a result of thorough research of potential business competitors and how to compete against them.
  6. Management Organization. The filer should present an organization system that they have developed for the company;
  7. Financial Analysis. In the last part of the document, the filer should state the financial forecast for the business.

Depending on the business idea that is going to be executed, the filer can change the structure of the document to form a better picture of their business.

What Are the Three Main Purposes of a Business Plan?

In addition to all of the things mentioned above, a thorough Business Plan is supposed to serve three main purposes:

  1. Creating a roadmap for the future of the business. For successful development, it is necessary to establish goals and the way they will be carried on. The plan should also include milestones, steps on the way to achieving success, and a detailed description of how to get there.
  2. Attracting investors. Regardless of whether the business has just begun or has been around for a while, steady financing will always be a major concern. Before making a decision, investors will want to see the business plan, to understand if the business is worth investing in.
  3. Finding likewise management. For any business, it is important to find executives that will share the same picture as the business owner. Before hiring a top management team, they should research the business plan to understand whether they are ready to work with the same goals and strategies as the owner does.

Other than that, a good Business Plan is supposed to reduce the risk of following the wrong direction, push the research of the market where the business will operate, help realize the company’s staff needs, etc. Its role cannot be underestimated since it is the backbone of the business.

Why do Business Plans Fail?

Even though no business owner wants to think about it, there is always a risk that their business plan will fail. It is tied up with common mistakes that they make while writing a business plan, such as:

  • Unpopular ideas. Being unique does not always mean it is profitable. Even if an idea looks good on paper, it does not mean that there is a market for it. Before investing in it, it is better to do research and make sure there is a demand for a product or a service the business is going to produce;
  • Internal conflicts. Conflicts are unavoidable in every situation where there is more than one person making decisions. To solve this, a document should contain instructions on how to handle potential internal conflicts;
  • Well-defined finances. Numbers are considered to be the most important part of a Business Plan. Everything should be accountable, including prospective profits, losses, investment, etc.

There can be many more reasons for a business’s failure, depending on the nature of the product they are trying to market. Each situation is different in its own way, however, with all of these ideas taken into account, a business has a chance to succeed.


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Documents:

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This proposal describes and advertises the products or services of the business to a prospective customer.

This type of template is used by a supplier and is distributed to potential clients with the aim of interesting the client and securing a contract with them.

This form is used by each certified SBA 8(a) Participant. It is a comprehensive business plan that contains 52 questions about the product or service with a detailed description and plans for future development.

This document is a spreadsheet that helps calculate the projected profit for a business over a four-year period. It provides a visual representation of expected revenue and expenses, allowing business owners to make informed financial decisions.

This document provides a template for creating a goal or vision chart. It helps individuals or organizations define their goals and vision in a clear and structured format. The chart allows for setting specific objectives, outlining strategies, and tracking progress towards achieving the desired outcome.

This document is used for submitting a formal business proposal to a company or organization. It includes details on the proposed business idea, benefits, and financial aspects.

This type of document is a template that outlines the details of an investment proposal. It provides a format to present a proposal for a potential investment opportunity.

This guide provides essential information and tips for starting a small business in Northern California. Learn about local regulations, permits, and resources to help you navigate the start-up process.

This form is used for creating a comprehensive business plan for a farm. It helps farmers analyze their current financial situation and make informed decisions about their future operations.

This Form is used for small businesses to provide a disclosure statement under Chapter 11 bankruptcy. It helps provide information about the business's financial condition and proposed repayment plan to creditors.

This type of document provides important information for investors in California. It outlines the things to consider and check before making any investment. It helps ensure that investors are educated and aware of potential risks and benefits.

This document is a checklist to help businesses in California develop an operational plan. It outlines key areas to consider and tasks to complete for effective planning and management.

This document describes the SWOT analysis, which is a tool used to make better business decisions. It helps evaluate a business's strengths, weaknesses, opportunities, and threats.

This report provides information on the annual performance of a restaurant in New York. It includes details such as sales figures, customer reviews, and financial metrics.

This document outlines the operational details for a restaurant in Arizona. It covers aspects such as menu planning, staffing, marketing strategies, and financial projections.

This Form is used for submitting an Enhanced Industrial Machinery Credit Business Plan in the state of Tennessee.

This document is for individuals or businesses who want to operate a mobile food service in Rhode Island. It is used to apply for a license to sell food from a mobile food truck or trailer.

This document is an application for the Beginning Farmer Bond Program in South Dakota. This program offers financial assistance to new farmers to help them start their agricultural business.

This checklist is used for creating a business plan for a new water system in South Dakota. It provides a step-by-step guide to ensure all necessary aspects are addressed.

This document is used to apply for the formation of a state-chartered credit union in the state of Tennessee.

This form is used to create a business operation plan for property tax lenders in Texas. It outlines the details and strategies for operating a property tax lending business in the state.

This Form is used for applying to the Child Care Financial Assistance Program in Vermont as a self-employed child care provider.

This document is a cash flow projection form used in the state of Washington. It helps individuals or businesses plan and estimate their future cash flow.

This document is a development plan for an elk farm in Manitoba, Canada. It outlines the details and steps involved in establishing and operating an elk farm in the region.

This form is used for applying for a Best Interest of the State Determination Brownfield Tax Credit Business Plan in Tennessee.

This document is a way for a startup business to assess all of the costs necessary to open their business based on income and expenses.

This kind of market analysis allows entrepreneurs to determine their competitors' strengths and weaknesses in a marketplace and perform effective strategies to improve their competitive advantage.

The purpose of this document is to set goals that a business is supposed to reach, mark the time period that it will take to reach them, and describe the processes the business is going to use to achieve those goals.

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