Congratulations! You have a million dollar idea. Now, it's time to turn it into a business.
Starting a business is a multifaceted process, and it all starts with a solid business plan. The business plan itself will not only be used to help you secure funding and share your vision with key stakeholders, but it will also help you identify processes and strategies that will be crucial to your success.
A smart business plan outlines the roadmap that you'll diligently follow (and undoubtedly evolve) for the first few years of your venture. From finance to marketing, it will be the single piece that you continuously refer back to.
Related Article: 7 Best Free Business Plan Templates
So, what are the steps to writing a great a business plan? Here are the steps that you'll follow in our free business plan template:
- Create an executive summary that defines your products and services, target audience, company goals, legal format and more.
- Define your products and services in detail, including technical specifications, pricing and more.
- Build a marketing plan that includes market research, competitors, target customer persona and stragegy.
- Outline an operational plan that details production, legalities, personnel/employees, etc.
- List your management team and their roles and responsibilities.
- Put together a personal financial statement for each owner/stakeholder in order to determine the personal funding for financing.
- Determine startup expenses that will affect your business and its operations.
- Develop a financial plan, including 12-month profit and loss projections, cash flow projections, projected balance sheet and break-even calculations.
Download the free template below to build your business plan today!