{"id":6828,"date":"2018-10-31T00:00:55","date_gmt":"2018-10-31T00:00:55","guid":{"rendered":"https:\/\/entrepreneursgateway.com\/?p=6828"},"modified":"2019-11-06T14:05:28","modified_gmt":"2019-11-06T14:05:28","slug":"what-is-a-business-plan","status":"publish","type":"post","link":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/","title":{"rendered":"What is a Business Plan and why do you need one?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6828\" class=\"elementor elementor-6828\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5dbbf645 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5dbbf645\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-744d8173\" data-id=\"744d8173\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-535f69d elementor-widget elementor-widget-heading\" data-id=\"535f69d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">What is a Business Plan and <br>why do you NEED one?<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2127df03 elementor-align-center elementor-widget elementor-widget-post-info\" data-id=\"2127df03\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-cc4bd02 elementor-inline-item\" itemprop=\"author\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-user-circle-o\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author\">\n\t\t\t\t\t\t\t\t\t\tEntrepreneursGateway.com Team\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-3e861b9 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/2018\/10\/31\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-calendar\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\tOctober 31, 2018\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cd0f39 elementor-widget elementor-widget-image\" data-id=\"1cd0f39\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"485\" height=\"372\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-68.png\" class=\"attachment-medium_large size-medium_large wp-image-6841\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-68.png 485w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-68-300x230.png 300w\" sizes=\"(max-width: 485px) 100vw, 485px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb7036f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb7036f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c08397e\" data-id=\"c08397e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c333fef elementor-widget elementor-widget-text-editor\" data-id=\"c333fef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<blockquote><p>If you want your business to be successful, you\u2019ll need to produce a business plan.<b><br \/><\/b><\/p><\/blockquote><div><p>In this article, we will explore why every company needs a business plan as well as how you can identify which business plan is right for you. We will cover:<\/p><ul class=\"ali-bulet-green list-height\"><li>What a business plan is<\/li><li>Why having one is so important<\/li><li>What components you should include in it<\/li><li>Different types of business plans you can have<\/li><\/ul><p>Whether\u00a0 you need a one-page business plan or something more in-depth, this ultimate business planning guide has you covered!<\/p><p>We will <b>walk you through all the steps<\/b> necessary to impress your investors and guarantee business success.<\/p><\/div><p>Ready? Let&#8217;s go.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-eca8d05 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eca8d05\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-220ac36\" data-id=\"220ac36\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-241ed6f elementor-widget elementor-widget-image\" data-id=\"241ed6f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"240\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training.jpg\" class=\"attachment-large size-large wp-image-12534\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training-300x72.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training-768x184.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-94adef8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"94adef8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7cdba16\" data-id=\"7cdba16\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-414efb4 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"414efb4\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-cda7c09\" data-id=\"cda7c09\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9497c85 elementor-widget elementor-widget-heading\" data-id=\"9497c85\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What you need to know before writing your plan<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-509bab7 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"509bab7\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e9be88f\" data-id=\"e9be88f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d8aa5eb elementor-widget elementor-widget-text-editor\" data-id=\"d8aa5eb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><span style=\"text-decoration: underline;\"><strong>It&#8217;s all about the 7 Ps!<\/strong><\/span><\/p><p><strong>P<\/strong>rior <strong>P<\/strong>reparation and <strong>P<\/strong>lanning <strong>P<\/strong>revents <strong>P<\/strong>i** <strong>P<\/strong>oor <strong>P<\/strong>erformance!!!<\/p><p><strong>Bottom Line:<\/strong><\/p><p>This article tells you exactly what you need to know before writing your business plan.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-62a6761\" data-id=\"62a6761\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e8838f5 elementor-widget elementor-widget-image\" data-id=\"e8838f5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"601\" height=\"301\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-04.jpg\" class=\"attachment-large size-large wp-image-6569\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-04.jpg 601w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-04-300x150.jpg 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2aaa4d0 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"2aaa4d0\" data-element_type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;shake&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd97e3a\" data-id=\"cd97e3a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2550d38 elementor-view-framed elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"2550d38\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i class=\"fa fa-hand-o-down\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c3b04b elementor-widget elementor-widget-text-editor\" data-id=\"8c3b04b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><i>This article is part of the <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-hub\/\"><strong><u><span style=\"color: #333399;\">Business Planning Hub<\/span><\/u><\/strong><\/a>, where you\u2019ll find lots of guides and resources to help you create the perfect business plan!<\/i><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e66a0f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e66a0f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b762e7b\" data-id=\"b762e7b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15312c9 elementor-widget elementor-widget-shortcode\" data-id=\"15312c9\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_45_2 counter-flat ez-toc-counter ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-644d427a8e27c\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-644d427a8e27c\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#1_What_is_a_Business_Plan\" title=\"#1 What is a Business Plan?\">#1 What is a Business Plan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#2_How_should_you_present_your_business_plan\" title=\"#2 How should you present your business plan?\">#2 How should you present your business plan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#3_What_should_be_included_in_a_formal_business_plan\" title=\"#3 What should be included in a formal business plan?\">#3 What should be included in a formal business plan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#4_Who_needs_a_Business_Plan\" title=\"#4 Who needs a Business Plan?\">#4 Who needs a Business Plan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#5_Choosing_the_Right_Business_Plan_for_your_Requirements\" title=\"#5 Choosing the Right Business Plan for your Requirements\">#5 Choosing the Right Business Plan for your Requirements<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#6_The_most_common_types_of_business_plans\" title=\"#6 The most common types of business plans:\">#6 The most common types of business plans:<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#7_What_you_should_include_in_your_Formal_Business_Plan\" title=\"#7 What you should include in your Formal Business Plan\">#7 What you should include in your Formal Business Plan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#8_Your_Business_Plan_is_a_Management_Tool\" title=\"#8 Your Business Plan is a Management Tool\">#8 Your Business Plan is a Management Tool<\/a><\/li><\/ul><\/nav><\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6194598 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6194598\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cb2aac8\" data-id=\"cb2aac8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d2682b0 elementor-widget elementor-widget-text-editor\" data-id=\"d2682b0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h4><b>Keep in mind:<\/b><\/h4><blockquote><div>It is a MUST for all businesses to have a business plan <b>\u2013<\/b> no matter if you are looking for investment, if you\u2019re a one-person business, or a multi-national million-dollar company.<\/div><\/blockquote>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-138e721 elementor-widget elementor-widget-image\" data-id=\"138e721\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"822\" height=\"352\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img07.jpg\" class=\"attachment-large size-large wp-image-7923\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img07.jpg 822w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img07-300x128.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img07-768x329.jpg 768w\" sizes=\"(max-width: 822px) 100vw, 822px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77f6372 elementor-widget elementor-widget-text-editor\" data-id=\"77f6372\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>It has been proven in studies that<strong>\u00a0<\/strong>companies that have a business plan grow 30% faster than those that don\u2019t <strong>\u2013<\/strong> while 3 in 5 business go bust in their first 2 years of trading.<\/p><p>As the adage goes, if you fail to plan, you\u2019re planning to fail\u2026<\/p><p><b>Let&#8217;s get started.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c8d8de elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"6c8d8de\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tBusinesses who have a #businessplan grow 30% faster than those who don't have one.\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=Businesses+who+have+a+%23businessplan+grow+30%25+faster+than+those+who+don%27t+have+one.&amp;url=https%3A%2F%2Fentrepreneursgateway.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6828\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-381f2e9 elementor-widget elementor-widget-heading\" data-id=\"381f2e9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"1_What_is_a_Business_Plan\"><\/span>#1 What is a Business Plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3b8075 elementor-widget elementor-widget-text-editor\" data-id=\"e3b8075\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>To put it simply, a business plan is\u00a0a <strong>written document<\/strong> that outlines your core business objectives and how you are planning to achieve them\u00a0over a period of time.<\/p><p><strong>Think of it as a roadmap.<\/strong><\/p><p>It explains\u00a0the nature of a business, sales, goals, marketing technique, strategy and also financial history, as well as consisting of a forecast revenue and loss declaration.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69ea906 elementor-widget elementor-widget-text-editor\" data-id=\"69ea906\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Your business plan ought to comply with the standards pertaining to form and content. There are important\u00a0areas that\u00a0should include certain components and address appropriate concerns that individuals who\u00a0review your plan are most likely to\u00a0ask.<\/p><p>So, <b>if you\u2019ve ever had that business idea\u00a0but are\u00a0short for ways on how to realize\u00a0it<\/b>\u2026 this section is for you.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4ea5a61 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ea5a61\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-06da3b8\" data-id=\"06da3b8\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bc6cd69 elementor-widget elementor-widget-text-editor\" data-id=\"bc6cd69\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>How long should my business plan be?<\/strong><\/h3><p>A business plan can vary <b>from a few pages to hundreds pages <\/b>(usually for large businesses).<\/p><p>If you have a fairly small\u00a0business (like a cosmetic or bakery one, for example), you should keep your plan as brief and concise as possible \u2013 ideally under 30 pages. Even more so if you are planning to submit it to investors or bankers to secure funding!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b10c053\" data-id=\"b10c053\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-300b303 elementor-widget elementor-widget-image\" data-id=\"300b303\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"396\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-Time.jpg\" class=\"attachment-large size-large wp-image-7926\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-Time.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-Time-300x238.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb07ca2 elementor-widget elementor-widget-text-editor\" data-id=\"bb07ca2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The business plan that most of us need is what is known as the \u201c<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\"><strong>Lean Business Plan<\/strong><\/a>\u201d.<\/p><p>This is something created only\u00a0<span style=\"font-size: 1em;\">for internal use within the organization, and has bullet points and projections. It\u2019s essential to keep this up to date.<\/span><\/p><p>Compiling a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">Lean Business Plan<\/a> is a much less daunting task, because it makes the planning process a lot easier.\u00a0<\/p><p><strong>Just keep it simple and let it grow organically.<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dfc2da3 elementor-widget elementor-widget-image\" data-id=\"dfc2da3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"680\" height=\"344\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img-06.jpg\" class=\"attachment-large size-large wp-image-7921\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img-06.jpg 680w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/TheBPHub-img-06-300x152.jpg 300w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-967d4ac elementor-widget elementor-widget-heading\" data-id=\"967d4ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"2_How_should_you_present_your_business_plan\"><\/span>#2 How should you present your business plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca3b4bb elementor-widget elementor-widget-text-editor\" data-id=\"ca3b4bb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>You don\u2019t necessarily have to print out your business plan (unless on special occasions such as sharing with third parties).<\/p><p>K<b>eep in mind:<\/b><\/p><p>A business plan is never a finished document.<\/p><p>If you are using it correctly, you are going to keep tweaking it while checking the health of your business.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-011fc27 elementor-widget elementor-widget-heading\" data-id=\"011fc27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"3_What_should_be_included_in_a_formal_business_plan\"><\/span>#3 What should be included in a formal business plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77b4d66 elementor-widget elementor-widget-text-editor\" data-id=\"77b4d66\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>If it is funding or investment that you are looking for<\/b>, then you will need to do a more formal business plan.<\/p><p>In a formal business plan, you need to include:<\/p><ul class=\"ali-bulet-green list-height\"><li>The Executive Summary<\/li><li>Company Overview<\/li><li>Information about your Management Team and what they bring to the Company<\/li><li>Information about your products and\/or services<\/li><li>Marketing Plan<\/li><li>Your Company Milestones<\/li><li>A\u00a0Financial Plan with graphs and charts to illustrate your financial information.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c733013 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c733013\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d53e293\" data-id=\"d53e293\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a80e512 elementor-widget elementor-widget-text-editor\" data-id=\"a80e512\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>How frequently should you update your business plan?<\/strong><\/h3><p><b>Updating your business plan is key<\/b> if you want to grow your business successfully.<\/p><p>Studies show that people who write business plans <b>not only grow their companies faster<\/b>, but also have a greater chance of getting the resources they need and reach their sale targets more quickly. They are also more likely to deal with product development successfully, and are less likely to see their business fail.<\/p><p>According to William Gartner, Clemson University Entrepreneurship Professor: &#8220;Business plans are all about walking the walk.&#8221;<\/p><p><b>PRO TIP<\/b>: Why not schedule <b>a repeat event on your calendar app?<\/b> This can be, say, the last Wednesday of every month.<\/p><p>Whatever you choose,<b> be sure to set aside a day each month <\/b>to have your monthly plan review meeting.<\/p><p>By reviewing your actual financial health compared to your financial projections,\u00a0you will be sure to have an <b>overview of your business growth and make sure it&#8217;s always on track<\/b>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-473d1bb\" data-id=\"473d1bb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10c8fcc elementor-widget elementor-widget-image\" data-id=\"10c8fcc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"420\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-revise.jpg\" class=\"attachment-large size-large wp-image-7927\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-revise.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BP-revise-300x252.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7eea00 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"b7eea00\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tA #businessplan is never a finished document. It\u2019s always going to need tweaking to support the #health of your business.\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=A+%23businessplan+is+never+a+finished+document.+It%E2%80%99s+always+going+to+need+tweaking+to+support+the+%23health+of+your+business.&amp;url=https%3A%2F%2Fentrepreneursgateway.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6828\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5b4f6bf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b4f6bf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-a1b073c\" data-id=\"a1b073c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eeed7ca elementor-widget elementor-widget-image\" data-id=\"eeed7ca\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"238\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP.jpg\" class=\"attachment-large size-large wp-image-12535\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP-300x71.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP-768x183.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-673cfb0 elementor-widget elementor-widget-heading\" data-id=\"673cfb0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"4_Who_needs_a_Business_Plan\"><\/span>#4 Who needs a Business Plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48e8238 elementor-widget elementor-widget-text-editor\" data-id=\"48e8238\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Do I need a business plan?<\/strong><\/h3><p>The short answer is:<b><br \/><\/b><\/p><p><b>Yes. <\/b><\/p><p>The long anwer is&#8230;<\/p><p>It might depend on your situation. If you\u2019re simply looking to pick up the odd bit of freelance work to boost your monthly earnings, then you can do without a business plan.<\/p><p><strong>BUT\u2026<\/strong><\/p><p>If this is a venture that is going to take a lot of time, resources, <i>and<\/i> money, then you will need a business plan.<\/p><p>\u00a0This will be<b> <\/b>critical to your success.<\/p><p><b>ALL businesses should have a business plan<\/b>, regardless of the stage they are in.<\/p><p>If you\u2019re already an established business, how can you keep track of ever-changing market conditions and any new opportunities that are out there without a plan? A business plan is just as important to a company that\u2019s over 10 years old and looking to grow, as it is to a start-up that\u2019s looking to raise funds.<\/p><p>All businesses should have both <b>long and short term goals<\/b> and <b>Sales &amp; Marketing budgets<\/b>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c7c482b elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c7c482b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-14b0bdf\" data-id=\"14b0bdf\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a731b17 elementor-widget elementor-widget-text-editor\" data-id=\"a731b17\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h4><strong>1. Business Plan for Start-ups<\/strong><\/h4><p>If you\u2019re a start-up business, having a business plan will help you <b>break uncertainty down into meaningful pieces<\/b> \u2013 such as your projected sales, your milestones, budget expenses and tasks.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-8808ebf\" data-id=\"8808ebf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2a2fae elementor-widget elementor-widget-image\" data-id=\"a2a2fae\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"433\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/start-up.jpg\" class=\"attachment-large size-large wp-image-7931\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/start-up.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/start-up-300x260.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-7889b8a elementor-widget elementor-widget-text-editor\" data-id=\"7889b8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>With this kind of plan, you can explain what your company is looking to do, how it plans to accomplish its goals, what amount of money it needs to start with, as well as what people are qualified to do the job.<\/p><p>With this kind of plan, you can explain what your company is looking to do, how it plans to accomplish its goals, what amount of money it needs to start with, as well as what people are qualified to do the job.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5401994 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5401994\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-86f7822\" data-id=\"86f7822\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f7c21ab elementor-widget elementor-widget-image\" data-id=\"f7c21ab\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"324\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/existing-business.jpg\" class=\"attachment-large size-large wp-image-7929\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/existing-business.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/existing-business-300x194.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d8e7952\" data-id=\"d8e7952\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d240d7d elementor-widget elementor-widget-text-editor\" data-id=\"d240d7d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h4><strong>2. Business Plan for Existing Businesses<\/strong><\/h4><p>If you\u2019re already in business, having a business plan will help you to <b>steer your company <\/b>and<b> take advantage of any new opportunities in the market<\/b>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f05361 elementor-widget elementor-widget-text-editor\" data-id=\"1f05361\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Existing businesses will use their plan to track their results, reinforce their strategy, manage their resources and responsibilities. <\/p><p>Having a business plan can also be a great competitive advantage and help you spot any potential problems.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-538e398 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"538e398\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tPeople investing in a business plan see their business grow 30% faster. #ultimatebusinessplanguide\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=People+investing+in+a+business+plan+see+their+business+grow+30%25+faster.+%23ultimatebusinessplanguide&amp;url=https%3A%2F%2Fentrepreneursgateway.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6828\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62af86c elementor-widget elementor-widget-heading\" data-id=\"62af86c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"5_Choosing_the_Right_Business_Plan_for_your_Requirements\"><\/span>#5 Choosing the Right Business Plan for your Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-761b50a elementor-widget elementor-widget-text-editor\" data-id=\"761b50a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Before even starting to write\u00a0 your business plan, it&#8217;s vital that you think about the following:<\/p><ul class=\"ali-bulet-green\"><li>What are your <b>goals<\/b> for your plan?<\/li><\/ul><ul class=\"ali-bulet-green\"><li>What&#8217;s your <b>audience<\/b>?<\/li><\/ul><p>It&#8217;s important to explain that <b>the format of your business plan can vary depending upon the business type and the audience<\/b>.<\/p><p>For example:<\/p><p>If you are writing a <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-bar-restaurant\/\">Restaurant business plan<\/a>, you might want to include the location of the restaurant and any renovation work that needs doing.<\/p><p><strong>Or&#8230;<\/strong><\/p><p>If you are writing a <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-medical-center\/\">Medical Center business plan<\/a>, you may well need to go into details regarding government approval processes, etc.<\/p><p>Of course the language that you would use for the medical centre would be a lot more technical than that for the restaurant.<\/p><p>Business Plans also differ in:<\/p><ul class=\"ali-bulet-green\"><li><strong>Length<\/strong><\/li><\/ul><ul class=\"ali-bulet-green\"><li><strong>Detail<\/strong><\/li><\/ul><ul class=\"ali-bulet-green\"><li><strong>Presentation\u00a0<\/strong><\/li><\/ul><p>Business Plans that are created solely for internal use would use much more causal language and wouldn&#8217;t need a polished finish.<\/p><p><b>If you are looking for investment, your business plan will need to be of the highest spec.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aafdba5 elementor-widget elementor-widget-heading\" data-id=\"aafdba5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"6_The_most_common_types_of_business_plans\"><\/span>#6 The most common types of business plans:<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f64caee elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f64caee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e6d0816\" data-id=\"e6d0816\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-84d015d elementor-widget elementor-widget-text-editor\" data-id=\"84d015d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>1. One-Page Business Plan<\/strong><\/h3><p>The purpose of a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">one-page business plan<\/a> is simply to be a great \u2018introductory\u2019 tool<b> <\/b>for you to use with outsiders, for example potential investors.\u00a0<\/p><p>It is simply a <b>short, quick business summary that fits on one page<\/b>. It\u2019s very concise and to the point.<\/p><p>You will need a much more detailed plan later, but initially, this is a great way to get that \u2018first meeting\u2019 and your foot in the door.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f247def\" data-id=\"f247def\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69bcf6c elementor-widget elementor-widget-image\" data-id=\"69bcf6c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"422\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Business-Plan-Simple.jpg\" class=\"attachment-large size-large wp-image-7874\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Business-Plan-Simple.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Business-Plan-Simple-300x253.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-803c3de elementor-widget elementor-widget-text-editor\" data-id=\"803c3de\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Having your summary on one page is also a great way to be able to see your company concept at a quick glance, so that it\u2019s easy to refine.<\/p><p>Learn more about creating a\u00a0<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\" target=\"_blank\" rel=\"noopener\">One Page Business Plan<\/a><a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-one-page-plan\/\">.<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e0a943f elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0a943f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-045a134\" data-id=\"045a134\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b5044d elementor-widget elementor-widget-text-editor\" data-id=\"2b5044d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h4><strong>2.\u00a0The Lean Business Plan<\/strong><\/h4><p>\u00a0<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">A Lean Business Plan<\/a> is <b>slightly more detailed<\/b> than the one-page business plan, as it includes some financial information; but it\u2019s nowhere near as in depth as a traditional business plan.<\/p><p>The main purpose of having a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">Lean Plan<\/a> would be for <b>internal <\/b>use, such as using it as a strategic planning tool.<\/p><p>The main aspects a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">Lean Business Plan<\/a> focuses on are:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4671ea8\" data-id=\"4671ea8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3d9187 elementor-widget elementor-widget-image\" data-id=\"c3d9187\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/LeanBPG.jpg\" class=\"attachment-large size-large wp-image-7934\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/LeanBPG.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/LeanBPG-150x150.jpg 150w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/LeanBPG-300x300.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7fede0 elementor-widget elementor-widget-text-editor\" data-id=\"a7fede0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<ul class=\"ali-bulet-green list-height\"><li><strong>Business Strategy<\/strong><\/li><li><strong>Tactics<\/strong><\/li><li><strong>Milestones<\/strong><\/li><li><strong>Metrics<\/strong><\/li><li><strong>Budgets<\/strong><\/li><\/ul><p>With a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">Lean Plan<\/a>, you tend to skip out sections such as the history of the company and your management team. (If its main purpose is for internal use, you don\u2019t need this information.)<\/p><p>We recommend you review your <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">lean plan<\/a> at least every month. If you do this regularly, you would only need an hour or two every month to revise it.<\/p><p><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\">Lean Business Plans<\/a> are a great management tool that can guide both start-up companies and existing businesses. They help you direct your business growth, make you think about your business strategically, and measure your progress.<\/p><h4><strong>3. The Standard Business Plan (External Business Plan)<\/strong><\/h4><p>In this section, you can find the more <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-definitive-guide\/\">formal of business plans<\/a>, which are meant for outsiders to read. This is primarily for businesses who are looking for investment.<\/p><p>The <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-definitive-guide\/\">Standard Business Plan<\/a> should be considered an extension of the<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-lean\/\"> Lean Business Plan<\/a>, but it should be much better presented with a lot more attention to detail.\u00a0 <em><strong><br \/><\/strong><\/em><\/p><p><strong>See our example standard business plans<\/strong><\/p><p>If you\u2019re looking for a more detailed plan, why not take a look at our business plan examples:<\/p><ol><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-ecommerce\/\">Ecommerce Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-bar-restaurant\/\">Bar &amp; Restaurant Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-medical-center\/\">Medical Center Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-outdoor-activity\/\">Outdoor Activity Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-advertising-agency\/\">Advertising Agency Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-real-estate\/\">Real Estate Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-boutique\/\">Boutique Business Plan sample<\/a><\/li><li><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-bakery\/\">Baker Business Plan sample<\/a><\/li><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6817122 elementor-widget elementor-widget-heading\" data-id=\"6817122\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"7_What_you_should_include_in_your_Formal_Business_Plan\"><\/span>#7 What you should include in your Formal Business Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4269fc7 elementor-widget elementor-widget-text-editor\" data-id=\"4269fc7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>What are the components of a business plan? Well, this will vary from plan to plan. However, when writing a <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-definitive-guide\/\"><b>formal business plan<\/b><\/a>, there are some elements that definitely need to be included.<\/p><h3><strong>1. Executive Summary<\/strong><\/h3><p>The Executive Summary section of your business plan usually goes <b>at the beginning of your business plan<\/b> and outlines what your business does.<\/p><p>It\u2019s an overview.<\/p><p>It summarizes your key points and prepares the rest of the business plan content.<\/p><p>It\u2019s vital that you provide a solid case for your business idea, which is <b>why your executive summary is so important<\/b>. Many potential investors may never read more than this section.<\/p><p>Be sure to include the problem your business is going to solve, the target market, any key financial highlights, and an overview of the key management team members.<\/p><p><strong>Remember: The key is to hook the reader.<\/strong><\/p><h3><strong>2. The opportunity<\/strong><\/h3><p>This section of the plan describes the following:<\/p><ul class=\"ali-bulet-green list-height\"><li>Target Market<\/li><li>Market Analysis<\/li><li>Data<\/li><li>Projections<\/li><li>Competition<\/li><\/ul><div>Let&#8217;s see them in detail.<\/div><div>\u00a0<\/div><h4><strong>Your Target Market<\/strong><\/h4><p>You need to define who you are going to sell to, and especially: <b>you need to understand who your target market is<\/b>, so that you can market to them.\u00a0<\/p><h4><strong>Market Trends<\/strong><\/h4><p>You need to be able to know if there are any changes happening in your target market, and explain if these trends will go in your favour.<\/p><h4><strong>Market Growth<\/strong><\/h4><p>You need to be able to show whether your target market has grown or shrunk over the past few years. Do your research: you can use the Internet, as well as trade associations and any journalists and articles to gauge the market growth.<\/p><p>It\u2019s encouraging to show there is a growing market, which in turn shows there is a stronger demand for your products\/services.<\/p><h4><strong>Competition<\/strong><\/h4><p>It\u2019s good to research your competition.What other options are out there that address your customers\u2019 needs? Why is your solution a better choice? What makes you stand out?<\/p><h3><strong>3. Execution<\/strong><\/h3><h4><strong>Products and Services<\/strong><\/h4><p>This section outlines the core of your achievements. You detail the actual problem you want to solve, how you plan to solve it, your competitive landscape and competitive edge.<\/p><h4><strong>Marketing and Sales<\/strong><\/h4><p>This informs the reader how you plan to reach your target market. How you plan to price your products\/services, what methods you will use to promote your products\/services as well as the sales processes you have put in place.<\/p><h4><strong>Operations<\/strong><\/h4><p>You can include how you plan to operate the business. This can mean your office locations, any technology such as software systems etc, and any regulatory issues.<\/p><h4><strong>Milestones and Metrics<\/strong><\/h4><p>Having milestones lays out specific tasks which you plan to achieve. Set realistic dates for when they need to be complete and assign a person to these tasks to make them accountable.<\/p><p>You should also give details of key metrics which will help track your business growth. This includes:<\/p><ul class=\"ali-bulet-green list-height\"><li>Generated Sales Leads<\/li><li>Visitors to your website<\/li><\/ul><p>This all helps in determining your business health.<\/p><h4><strong>Company overview<\/strong><\/h4><p>For an external business plan, your company overview gives a brief summary of the following:<\/p><ul class=\"ali-bulet-green list-height\"><li>Ownership<\/li><li>History<\/li><li>Legal structure<\/li><li>Location<\/li><li>Mission Statement.<\/li><\/ul><p>For Internal plans, this is not required.<\/p><h3><strong>4. Management Team<\/strong><\/h3><p>This section should show all key management team players and include a biography of them to show it is made up of the right type of people.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce21cfa elementor-widget elementor-widget-text-editor\" data-id=\"ce21cfa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Business plans not only help identify the strengths of a business, but also any areas that need to be improved. If you identify any gaps within the management team, it shows not only knowledge, but also foresight.<\/p><h3><strong>5. Financial plan<\/strong><\/h3><p>This is a crucial part of your business plan. To be successful in your business, you need to pay close attention to how much money you are bringing in and how much money is going out.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56f5865 elementor-widget elementor-widget-image\" data-id=\"56f5865\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06.jpg\" class=\"attachment-large size-large wp-image-6837\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06.jpg 800w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06-300x188.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06-768x480.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cde64a0 elementor-widget elementor-widget-text-editor\" data-id=\"cde64a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>If you\u2019re starting a business, having a financial plan enables you to know how much you need to get your business up and running, and then know what to ask a bank or investor.<\/p><p><strong>A financial plan typically includes:<\/strong><\/p><ul class=\"ali-bulet-green\"><li>Sales Forecast<\/li><\/ul><ul class=\"ali-bulet-green\"><li>Personnel Plan<\/li><\/ul><ul class=\"ali-bulet-green\"><li>Profit and Loss Statement<\/li><\/ul><ul class=\"ali-bulet-green\"><li>Cash Flow Statement<\/li><\/ul><ul class=\"ali-bulet-green\"><li>Balance Sheet.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2c977a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c977a9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-cea7eb6\" data-id=\"cea7eb6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0445a13 elementor-widget elementor-widget-image\" data-id=\"0445a13\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"351\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5.jpg\" class=\"attachment-large size-large wp-image-12532\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5-300x105.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5-768x270.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7065d0 elementor-widget elementor-widget-heading\" data-id=\"e7065d0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"8_Your_Business_Plan_is_a_Management_Tool\"><\/span>#8 Your Business Plan is a Management Tool<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-908c3ce elementor-widget elementor-widget-text-editor\" data-id=\"908c3ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Having a business plan doesn\u2019t guarantee success.<\/p><p>Think of it as your ongoing management tool.<\/p><p><strong>Ensure you constantly review it.<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07be4d5 elementor-widget elementor-widget-text-editor\" data-id=\"07be4d5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Additional Resources<\/strong><\/h3><p>To help you even further in creating your business plan, why not check out the following articles to help you in writing the perfect plan to impress:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c0b4af elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5c0b4af\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-common-mistakes-to-avoid\/\">40 Common Business Plan Mistakes <\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-business-proposal\/\">How to Write a Business Proposal in 5 Easy Steps<\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-name-generator-tools\/\">10 FREE Business Name Generator Tools to find your perfect business name<\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-business-model\/\">Understanding your Business Model<\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-business-proposal\/\">How to write a One Page business plan FAST<\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-chevron-circle-right\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><a href=\"https:\/\/entrepreneursgateway.com\/business-plan-type-of\/\">Which type of Business Plan is best for you?<\/a><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-582280de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"582280de\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3d7f6dc3\" data-id=\"3d7f6dc3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6f25b9e9 elementor-view-framed elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"6f25b9e9\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i class=\"fa fa-hand-o-down\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54bbab1a elementor-widget elementor-widget-heading\" data-id=\"54bbab1a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Now, over to you...<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fa4641 elementor-widget elementor-widget-text-editor\" data-id=\"4fa4641\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Now I&#8217;d love to hear from you:<\/p><p>Are you still unsure of which business plan you need?<\/p><p>Maybe you have written a business plan and would like us to review it?<\/p><p>Leave any comments below and I will be sure to answer as soon as they come in!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><strong>A business plan is a document that provides a description of your business&#8217;s future \u2013 the essential details to its success!<\/strong><\/p>\n<p>Think of it as a roadmap&#8230; <strong>It&#8217;s a management tool to keep your business on TRACK!<\/strong><\/p>\n<p>Check out this review to understand the importance of having a business plan to <strong>realise your Goals&#8230;<\/strong><\/p>\n","protected":false},"author":9,"featured_media":6840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[2],"tags":[25],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.2.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Business Plan and why do you need one? - Entrepreneurs Gateway<\/title>\n<meta name=\"description\" content=\"What is a Business Plan? Discover why it&#039;s important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Business Plan and why do you need one? - Entrepreneurs Gateway\" \/>\n<meta property=\"og:description\" content=\"What is a Business Plan? Discover why it&#039;s important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Entrepreneurs Gateway\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/entrepreneursgateway1\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-31T00:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-06T14:05:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-67.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"EntrepreneursGateway.com Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:site\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"EntrepreneursGateway.com Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\"},\"author\":{\"name\":\"EntrepreneursGateway.com Team\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d\"},\"headline\":\"What is a Business Plan and why do you need one?\",\"datePublished\":\"2018-10-31T00:00:55+00:00\",\"dateModified\":\"2019-11-06T14:05:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\"},\"wordCount\":2707,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\"},\"keywords\":[\"Starting a Business\"],\"articleSection\":[\"STARTING A BUSINESS\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\",\"url\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\",\"name\":\"What is a Business Plan and why do you need one? - Entrepreneurs Gateway\",\"isPartOf\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#website\"},\"datePublished\":\"2018-10-31T00:00:55+00:00\",\"dateModified\":\"2019-11-06T14:05:28+00:00\",\"description\":\"What is a Business Plan? Discover why it's important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More\",\"breadcrumb\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/entrepreneursgateway.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is a Business Plan and why do you need one?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#website\",\"url\":\"https:\/\/entrepreneursgateway.com\/\",\"name\":\"Entrepreneurs Gateway\",\"description\":\"Starting, Growing and Exiting Businesses plus Entrepreneurship\",\"publisher\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/entrepreneursgateway.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\",\"name\":\"Entrepreneurs Gateway\",\"url\":\"https:\/\/entrepreneursgateway.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png\",\"contentUrl\":\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png\",\"width\":232,\"height\":71,\"caption\":\"Entrepreneurs Gateway\"},\"image\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/entrepreneursgateway1\/\",\"https:\/\/twitter.com\/EGMEMBERS\",\"https:\/\/www.linkedin.com\/in\/shane-stamford-03207014b\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d\",\"name\":\"EntrepreneursGateway.com Team\",\"url\":\"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is a Business Plan and why do you need one? - Entrepreneurs Gateway","description":"What is a Business Plan? Discover why it's important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/","og_locale":"en_GB","og_type":"article","og_title":"What is a Business Plan and why do you need one? - Entrepreneurs Gateway","og_description":"What is a Business Plan? Discover why it's important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More","og_url":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/","og_site_name":"Entrepreneurs Gateway","article_publisher":"https:\/\/www.facebook.com\/entrepreneursgateway1\/","article_published_time":"2018-10-31T00:00:55+00:00","article_modified_time":"2019-11-06T14:05:28+00:00","og_image":[{"width":800,"height":531,"url":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-67.jpg","type":"image\/jpeg"}],"author":"EntrepreneursGateway.com Team","twitter_card":"summary_large_image","twitter_creator":"@EGMEMBERS","twitter_site":"@EGMEMBERS","twitter_misc":{"Written by":"EntrepreneursGateway.com Team","Estimated reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#article","isPartOf":{"@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/"},"author":{"name":"EntrepreneursGateway.com Team","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d"},"headline":"What is a Business Plan and why do you need one?","datePublished":"2018-10-31T00:00:55+00:00","dateModified":"2019-11-06T14:05:28+00:00","mainEntityOfPage":{"@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/"},"wordCount":2707,"commentCount":0,"publisher":{"@id":"https:\/\/entrepreneursgateway.com\/#organization"},"keywords":["Starting a Business"],"articleSection":["STARTING A BUSINESS"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/","url":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/","name":"What is a Business Plan and why do you need one? - Entrepreneurs Gateway","isPartOf":{"@id":"https:\/\/entrepreneursgateway.com\/#website"},"datePublished":"2018-10-31T00:00:55+00:00","dateModified":"2019-11-06T14:05:28+00:00","description":"What is a Business Plan? Discover why it's important and how it can help with Business Growth and Funding | The Key Elements of a Business Plan | Read More","breadcrumb":{"@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/entrepreneursgateway.com\/what-is-a-business-plan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/entrepreneursgateway.com\/"},{"@type":"ListItem","position":2,"name":"What is a Business Plan and why do you need one?"}]},{"@type":"WebSite","@id":"https:\/\/entrepreneursgateway.com\/#website","url":"https:\/\/entrepreneursgateway.com\/","name":"Entrepreneurs Gateway","description":"Starting, Growing and Exiting Businesses plus Entrepreneurship","publisher":{"@id":"https:\/\/entrepreneursgateway.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/entrepreneursgateway.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/entrepreneursgateway.com\/#organization","name":"Entrepreneurs Gateway","url":"https:\/\/entrepreneursgateway.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/","url":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png","contentUrl":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png","width":232,"height":71,"caption":"Entrepreneurs Gateway"},"image":{"@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/entrepreneursgateway1\/","https:\/\/twitter.com\/EGMEMBERS","https:\/\/www.linkedin.com\/in\/shane-stamford-03207014b\/"]},{"@type":"Person","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d","name":"EntrepreneursGateway.com Team","url":"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/"}]}},"_links":{"self":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6828"}],"collection":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/comments?post=6828"}],"version-history":[{"count":11,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6828\/revisions"}],"predecessor-version":[{"id":12538,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6828\/revisions\/12538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/media\/6840"}],"wp:attachment":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/media?parent=6828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/categories?post=6828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/tags?post=6828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}