Question 1

How many pages should my business plan be?

Accepted Answer

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

 

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

 

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

 

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Question 2

Who needs a business plan?

Accepted Answer

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

 

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

 

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

Question 3

What is the best business plan template?

Accepted Answer

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

 

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

 

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Question 4

Should I hire someone to write my business plan for me?

Accepted Answer

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee.  These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

 

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

 

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

 

Those ideas and guiding principles aren’t something you can outsource.

Question 5

Should I use business planning software?

Accepted Answer

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

 

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Business plan templates