By using a free business plan template you can prepare the plan yourself and save your new company a lot of money. Although you can certainly hire a professional to prepare a business plan for your new business, consider this less expensive alternative.
One of the most intimidating aspects of starting any new business is developing a business plan.
A business plan is necessary for many reasons including management and finding the funding you need to get your venture off the ground.
There are many different free sample business plan templates online. It’s important to search for one that is reflective of the business you are starting. Obviously if you are launching a new craft business, a business plan template for a daycare business just wouldn’t work. You need a template that will work for you particular business focus.
If you are using a computer that runs on the Microsoft interface you’ll want a business plan template download that works in either MS Word or Excel. Excel can be somewhat tricky for someone unfamiliar with the program. However, it’s often the suggested program for spreadsheets so it’s very likely that you’ll have to adopt it at some point.
Once you’ve downloaded the template you’ll need to take a few moments to acquaint yourself with it. Although every program is different, you would do well to have all the business’s information close at hand so you aren’t wasting time searching for the relevant facts and figures.
There are several different parts to a standard plan that you’ll need to prepare. All of this can be done with the aid of a sample template. The parts are typically a strategy and marketing plan, profit and loss account, a balance sheet, a cash flow statement, cash balance graph, and operating ratios. An executive summary is probably the most important part. This may seem impossible to someone who has never prepared a business plan in the past, but the software walks you through each and every document.
Most programs will allow you to make adjustments as necessary. It’s a very good idea to start using the template soon after you decide to start the business as it allows you the chance to not only have ample time to prepare it, but also to get a feel for the program itself. Obviously as your business ideas change, that it will be reflected in the program.
Once you have completed the business plan it’s now ready to present to potential investors. It’s a good idea to have a trusted friend or relative who is savvy in business have a look over it first. This way they’ll be able to point out any inconsistencies or problems they see. Remember that any business plan can be adjusted and should be adjusted as the business grows and changes.