Tasks, to-do lists, meetings, and more. Amidst that rush, the idea of writing a good business plan—much less following a business plan template—often feels time-consuming and intimidating. After all, when done right, business plans have enormous payoffs. And yet, more than 1 in 10 prospective business owners said they do not intend to write a business plan. Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning.
When Should Entrepreneurs Write Their Business Plans?
How to Write a Business Plan: Step by Step Guide | BusinessKrafts
Careful academic research on the business start-up process reveals that many entrepreneurs never write a business plan. These studies also show that writing a business plan helps entrepreneurs in a number of ways, including improving their odds of successfully developing a new product, organizing a company, accessing external capital, obtaining raw materials, generating sales and surviving over time. Regardless of what measure of performance academics have looked at, research shows that writing a business plan has a positive impact. I am not a fan of writing business plans! Roughly 30 of my close friends have taken some sort of venture capital or private equity financing. And none of them raised that money by writing a business plan. If potential investors happen to request a business plan from you, ask them if they are actually going to take the time to read carefully through it.
How to write a business plan: Free template, tips, and examples
Entrepreneurs who are starting a new business often wonder, "Do I really need a business plan? Is writing a business plan really the best use of my time? Plus, not everyone is sold on the usefulness of a business plan. So why not arm yourself with one of the best tools a small business owner can have?
Are you starting up a new company, hoping to expand your current business or looking for ways to be more competitive? Here are some of the most important ways a business plan could help your venture succeed. Regardless of what your specific business goals may be, writing a business plan is an essential first step, because it requires you to research every aspect of your venture and be realistic about both the challenges and opportunities.