How Long Does It Take to Write a Business Plan on Average?
There are countless advantages of starting your own company, but how long does it take to write a business plan? This is what you can expect.
More and more Americans are dropping out of the nine-to-five to start their own companies and truly be their own bosses.
The numbers bear this out: more than 5 million new businesses were launched in America last year - a record number that points to a resurgence in entrepreneurialism in this country.
If you wish to join them and build your own business from scratch, you'll need a business plan. But how long does it take to write a business plan, and why do you even need one when starting a business? Read on to find out.
What is a Business Plan?
In a nutshell, your business plan is your game plan. It's a written document that details what your business will do, how it will do it, and where it will go in the future. It will also highlight why you are capable of running a business.
It will outline your funding requirements and whatever existing capital or collateral you have access to. It is an often lengthy document designed to inform all current and potential stakeholders about your plans for starting and growing a business.
More importantly, your business plan should convince those stakeholders to invest. Nearly all successful companies will have had a business plan at some point, usually in the early startup stage.
What Do You Need to Include?
There is no standard format for a business plan, but the best business plan should always include several key elements.
You should begin with your executive summary, which outlines your company's goals, mission, market niche, and essential data such as location, size, and financing. You'll need a market analysis to show that your company is genuinely addressing some kind of gap in the market.
You'll need to outline your management key personnel and any remaining talent gaps that need to be filled.
Don't forget to give a full run-down on your product or service, including estimates of any overheads involved in the provision of production of these. You'll also want to include a solid marketing plan that makes it clear how you plan to engage your target audience and convert those leads into sales.
How Long Does It Take To Write a Business Plan?
Your business plan can be as detailed or as light as you want it to be, but more detail is usually better.
If you include all of the above, as well as all the right information about your accounts and financials, you will need to set aside a couple of days to write it out from start to finish. Alternatively, many funders these days are happy with a "light" business plan, which can be read in less than 15 minutes.
These can often be presented as a PowerPoint deck and can easily be written in a couple of hours, as long as you have all of the necessary information to hand.
We Can Help You Get Started
When asking "how long does it take to write a business plan?", remember that the answer depends on your audience and the level of depth required. Keeping this in mind can help you plan ahead and make sure that you convince your stakeholders to invest. When it's time to market your promising business, we have got you covered.
At BEGO, we will build you a website or e-commerce store that has all of the ingredients essential to success. Consult our full list of features to find out what we can do for you.