A business plan is a crucial tool for any business owner. It can help you get started, keep you on track, and make decisions as your business grows.
Business Plan Basics
Watch this video to learn how answering five key questions can help you start your business plan. Turn your answers into a winning blueprint that you can use to build your business, access funding, and more.
What is a business plan?
A business plan defines your goals, and how you will achieve them. It covers all major aspects of your business, including your financial plan, operations plan, marketing plan, and more.  A business plan has 2 main purposes: it’s both your roadmap and your pitch.
Your business plan is your roadmap
Your business plan establishes goals that will guide your decisions as your business grows. You can return to it and update it to ensure that your choices align with your strategy and goals.
Your business plan is your pitch
Your business plan is also for the benefit of others. It tells the story of your company to help potential investors and lenders understand how you intend to use their funds. It should persuade them that you are well-prepared and should demonstrate to them that you have the experience and commitment to develop a detailed plan as well as the communication skills to write and present it.
Your business plan is invaluable, no matter how new or established your business. Use your business plan to:
- Guide your business activities
- Get financing or investors
- Plan for future growth
- Identify your strengths, weaknesses, opportunities, and threats
- Track your performance
- Plan your exit or succession from your business
When should I create a business plan?
Start as early as possible. Your final plan might be quite different from the first draft—your business plan will change and grow as you learn. To avoid being caught off guard later, make sure you’ve researched and planned for all the important aspects of starting a business.
How do I create a business plan?
Our FREE Interactive Business Plan Builder makes writing a business plan easier. This online tool helps you write a full business plan and make updates and changes easily. It includes samples and short help videos throughout. In addition, our team of in-house experts can help you research, plan, and review your business plan.
