Benjamin Franklin has been quoted as saying, “If you fail to plan, you plan to fail.” Whether or not he actually said it, the idea behind it still holds true. Your business stands a better chance of succeeding when you plan carefully and consider every factor that may impact it.
This doesn’t just mean jotting down your thoughts and ideas. You need to take the time to actually sit down and create a well-crafted business plan. Just as a cake is the sweet reward for following the recipe, a successful business is the reward for creating a well-thought-out business plan.
Many new business owners are intimidated by the thought of developing a business plan. Many parts of it require some research and dedicated study on your part, in order for you to be able to discuss those components in the plan, and then implement them when you’re ready for action. Your lack of knowledge may be scary at first, but it is also enlightening: It is better to identify what you need to know now, than later, when your lack of knowledge might adversely affect your success.
But where to begin? Free business plan templates can help. They provide guidance by outlining the different parts of a business plan. You can choose a simple business plan template that you can finish in a few minutes, or a more comprehensive template that covers funding, market analysis, financial projections and other minutiae of running a business.