Streetwise complete business plan writing a business plan has never been easier
Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. A business plan is a document that describes a business, its products or services, how it earns or will earn money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan. Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor. We'll also send you updates on new educational guides and success stories from the Shopify newsletter.
Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. Writing a business plan is difficult, but it is necessary. A business plan is used for various tasks like establishing your business's focus, securing funding and acquiring new investors.
Turning around a business will typically, at first and perhaps for quite a while longer, seem like an insurmountable challenge. Virtually all small businesses experience some really, really awful times and brutal challenges. Why am I telling you this? Because I am urging you to fight back against panicking and feeling terrible when you run into huge business problems. If you think, as entrepreneurs tend to do, that if the business is failing, then you are failing, it is going to be a lot harder to think positively, to think creatively, and to find great alternatives to turn around your struggling business!
The business plan is a document that outlines what your business is about and what it intends to achieve. However, few business owners understand how to really write a good business plan. They only think about writing a business plan when the time has come to acquire funding for their business. And next, they write the business plans with the sole aim of getting money from banks or potential investors.