A well-crafted business plan serves as a roadmap for startup businesses, outlining the strategic vision and direction of their business. It is crucial to write a business plan when starting a business for several reasons.
Firstly, a business plan helps to clarify the business concept, target market, and competitive landscape, ensuring that entrepreneurs have a solid understanding of their business model and the market they are entering.
Secondly, a business plan serves as a tool for securing financing, as it provides potential investors or lenders with a comprehensive overview of the business, including financial projections and risk assessments.
A good business plan also helps entrepreneurs set realistic goals, establish a timeline, and track progress, providing a framework for managing and growing their business. Overall, a well-prepared business plan is an indispensable tool that helps entrepreneurs navigate the complexities of starting and running a successful business.
Download our free business plan template
Compare Business Loans can assist your business put together a free business plan template for your business loan application to help make it a successful one. A business plan can mean the difference in a business loan approval or a decline so needs to be put together well, with all relevant information regarding your business.
We have a free business plan template form you can complete online and receive a pdf version by email. We also have a free business plan template word doc, you can download your business plan template here.
What to include in your business plan
Some key points of information to include in your business plan are:
- Vision Statement:
- Unique Selling Proposition:
- Target marketing identification:
- Explanation of products and services:
- Key Goals:
- Capital Requirements:
- Background Experience:
- Goals and Milestones:
- SWOT Analysis: