Free Business Plan Template with Examples (PDF) | LawDistrict

A business plan is a detailed document that explains the key features of a new or current company. It contains critical information about how the business is to be structured, financed, and how it will run operationally.

Business plans are often expected by banks and investors when owners wish to gain loans and finance capital to start a business. These will help the financer to see that your company is a serious venture and that you have planned out all the necessary details for its running.

However, there’s more to business plans than just getting banks and investors to back your new organization. These essential planning documents can also help companies see the bigger picture of their strategy. Enterprises and entrepreneurs will often also create detailed business plans for the following reasons:

• Studying the market to find strengths and weaknesses with your strategy

• Finding new opportunities to pursue within your startup or business

• Getting a better, in-depth idea of the competition and sector

• Planning strategies for any potential issues that could arise

• Working out when your business will reach profitability

• Learning more about your target market

• Having a full 360º view of your business and its goals

• Convincing new investors to finance your business

Most entrepreneurs follow a standardized template, however, there’s more than one way to organize your final document. There are two main types of business plans, these are:

• Traditional business plans: These are the most in-depth and detailed forms of business plans. They will normally span over 10 pages and each section will provide essential information about a feature of the enterprise.

• Lean business plans: This type of business plan, on the other hand, is a much more concise document. They can be as little as one-page long and can provide a quick introduction to the company and its plans to investors or other interested parties. Whilst serious investors will often expect to see a more expansive proposal before they part with their cash, a lean business plan can help pique their interest in your organization.