Business Plan Example: Using a Business Plan Template
Even if you've heard it before, it bears repeating that creating a business plan can be a long process. It involves a great deal of research, strategizing, and financial projections even before the business plan writing can begin. Having a template to work off of will mean you will not have to worry about structure and can focus entirely on the content of the plan.
The financial model included in the business plan template will be the biggest timesaver. With just a few adjustments, you should have a full set of financial statements specific to your situation. If the template is specific to your business sector the time savings will be even greater. Creating a financial model from scratch involves both accounting and Excel knowledge which goes beyond what the average entrepreneur has. You are probably starting a business because of an idea for or expertise in a specific industry, not because you are an expert business manager. A template is one of the tools which lets entrepreneurs who are not expert managers get a leg up as they start out.
A template should provide guidance which will better direct your writing. Also, a good template will include sample text to show you how each section should be laid out. This should make it easier to focus in on the goals of each section.
Furthermore, as long as the source of the template is from a reputable expert or company, you can expect that using it will increase the chances that funders will read your plan. You will likely need not just one but many sources of funding to launch, and therefore will need a plan that can stand up to the examination of savvy investors or lenders as well as your Uncle Jim.
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