What is a Business Plan? A business plan is an overview of the business idea, as

What is a Business Plan?
A business plan is an overview of the business idea, as well as a strategy for building and running it. It’s a formal, written document that answers important questions about your company.
A business plan includes your business’s:
Overview and objectives
Company description
Products and services
Employment opportunities
Marketing plan
Competitive analysis
Funding needs
Operational guidelines
Structure
Appendices
Why Do You Need a Business Plan?
A business plan serves both internal and external stakeholders, and is crucial to developing your budding company in multiple ways.
A business plan can help with:
Guidance: A business plan can act as a roadmap, helping you and your team stay focused on your goals.
Loans: Most banks need to review your business plan before they can approve a small business loan. Your business plan shows the loan officer you’re serious about your new venture and that you’ve considered the challenges and risks involved.
Lease: Similarly, a landlord may ask to see your business plan before confirming a rental agreement. Commercial leases are typically for three to five years, and landlords want tenants they believe will be in business for at least that long.
Investors: If you want to bring investors into your venture, you’ll need to prove the viability of your company. A well-developed business plan shows that you’ve done research on the market, your competition, and how to succeed.
Partners: Looking for a co-founder? In the same way a good business plan will help you draw in investors, it can also help to attract potential partners.
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Generating a business plan involves putting your ideas and research into writing.
Here’s how to create a business plan in three simple steps