What Is It?
A business plan is a guide for how you will fund and operate your business. A business plan is an important document as it gives your company a clear goal and can be used to attract investors. While business plans have traditionally been over fifty pages, they are becoming shorter in the modern era. Being to the point is more important than rambling on in the business.
Who Needs a Business Plan?
In short, anyone starting a company will need a business plan. The companies who will find a business plan most importantly, however, are new startup companies. Creating a plan will help you make important decisions with your new company such as sales projections, milestones, and tasks. Not only will you convince yourself how your business will be run, but your investors.
What Does a Business Plan Explain?
While not all business plans will be the same, it is important to include:
- An Executive Summary
- A Business Description
- A Market Strategy
- Development Plan
- Management Plan
- Financial Plan
This page will supply templates with a more detailed summary of what to include and how to fill out what they are.
How Long Should It Be?
Traditionally, business plans have been anywhere from 50-100 pages. In the modern era, business plans can be as short as 20-30 pages. What matters is that you include all the data you need to include. Some companies use what is called a one-page business plan. As a class, we will go over there and give you the opportunity to create one. For your major project, however, you must create a business plan on one of the following templates.
Am I In This Alone?
Only if you want to be. Your business may be a solo project or done in pairs. It will be easier to do a project of this size in pairs so it is recommended you do so. If you already have a business you can use that to start this assignment, if not you can create one.