Creating Business Plans

Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?

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If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.

Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.

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Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.

There are 15 references cited in this article, which can be found at the bottom of the page.

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. Get detailed information about how to write a business plan on the Start Up Donut website.

You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.

If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.

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