Business plan templates are designed to walk you through each step of putting together an effective, comprehensive business plan. They go much further than simply telling you what sections you must include within the plan and what order they should be arranged into at the end. A good template will help you determine what information should be included in each section so investors find exactly what they are interested in seeing when they look in any given section.
Determining whether you want to use a template or just jump into the business planning process on your own is difficult, but you should keep some things in mind:
- Understanding the basic structure of a business plan is only scratching the surface of knowledge needed to complete one effectively. You cannot just read the heading of a section and know exactly what you should write in that section. Specific, well researched information must go into each section, and that requires more in-depth knowledge before you start writing.
- Writing a business plan is really not a writing project. Technically you are writing words in each section, but those words have to be carefully chosen and well arranged. If you don’t have the right information or the information is not accurate, then it doesn’t matter how beautiful your words may be on the page. It is about more than just writing.
- If you leave one piece of critical information out of your business plan, it could cost you an investor. The stakes are high when it comes to the business plan, and every section is there for a reason. If you miss one small detail you are holding your business back.
- Many entrepreneurs hire lawyers and coaches to help them put together their business plans. These experts charge a lot of money for these services, but the business plan is so important that many entrepreneurs are willing to pay.
Now that you have considered these facts regarding the business plan writing process, it may be easier to understand why so many new business owners choose to use templates. A template is much cheaper than paying a lawyer or coach, but you get a lot of the same advice that you would get from a professional. Many entrepreneurs actually use templates and then still pay to have a professional look over their plan.
If you have written many business plans in the past, you may be comfortable writing at least the first draft without any guidance. If you do not have that experience, then you will definitely need some guidance to ensure you get all required information into the appropriate section of your plan. Once you get the first or second draft on paper, then it is always a good idea to have someone knowledgeable look it over before you finalize the plan.
The most affordable type of guidance is the business plan template. Whether you decide to hire someone to look over your final plan after following the template will depend on how confident you are with the plan. If you know someone who has written a business plan before, then they may be willing to help you along free of charge.