You can also use your completed business plan to discuss next steps with a mentor or counselor from an SBA resource partner such as SCORE, a Small Business Development Center (SBDC) or a Women's Business Center (WBC).
Complete each section of SBA's Business Plan Tool at your own pace.
Creating a business plan is one of the most important steps you will take because the plan serves as your road map for the early years of your business.
The business plan generally projects 3-5 years ahead and outlines the route a company intends to take to reach its yearly milestones, including revenue projections.
If things are going well, your plan will help you think about how you can re-invest in your business.
If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast.All of your information entered into this tool can only be viewed by accessing your account using the password you have specified.Not only can you save your plan as a PDF file, you can also update it at any time, making this a living plan to which you can often refer.If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business.It should also make it easier to share your vision and strategy so everyone on your team is on the same page.If you're looking for a tool to walk you through writing your own business plan step by step, we recommend Live Plan, especially if you're seeking a bank loan or outside investment and need to use an SBA-approved format.How do you know what elements need to be included in your business plan, especially if you've never written one before?You can also download our free business plan template, or get started right away with Live Plan.Think about business planning as something you do often, rather than a document you create once and never look at again.You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet.Looking at a sample plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt.