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Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows.
Some funders are going to want to see a lot of detail, but you can provide that in appendices.
The $100 Startup, the website for the best-selling book of the same name, has a ton of stripped-down resources for entrepreneurs, including this super simplified business plan template.
A lot of those mistakes (most of them, in fact) are the result of poor planning.
Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.
Lenders and investors will require you to provide more in-depth information in the plan such as: Step-by-step guidance on how to write a business plan can lead you through each section of a full-sized plan.
Keep in mind that a business plan is a living document and you can always start with a one-page plan and enlarge it with additional detail as required.
For example, do you plan to hire employees, open up a second restaurant or manufacturing plant, purchase new equipment and machinery to increase productivity, or go public and sell shares on a stock exchange?
Larry Kim is the CEO of Mobile Monkey, a chatbot building platform for marketers that enables mobile messaging between businesses and customers via Facebook Messenger.
You can go back in and edit it as needed, so don't worry about having everything ready the first time you sit down to tackle it.
Even broken into sections, it's a long document and a bit of a slog to get through, but it produces a professional-looking and useful business plan.