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While my business coaching company, Maui Mastermind, primarily focuses on helping existing businesses in the $1-25 million sales per year range successfully and increase owner independence, I do get asked about the best way to structure a startup’s business plan.
So I wanted to share with you what I think is a rock-solid free business plan outline.
Whether you’re a business owner in the initial stages of creating a startup company, or you already have an established idea in mind, it’s important to have a clear business plan and model. While this can change overtime, it’s great to have a general outline and idea to help achieve your vision. The timeline for your plan can vary from a 6-month plan, 1 year plan, 3 year plan, or even 5 year plan and beyond. Having a cohesive plan can also help you determine your competitors, assess what’s currently in the market, determine what your business is helping to solve, and so much more.
The benefits of creating a business plan are infinite. Creating this strategic plan can help with:
Note, this business plan template is designed to help a startup think through the key questions to help them launch successfully. It is not the format we use with our established business coaching clients because their needs are different from a startup business. An established company needs to find a simple path to focus on those fewer, better places in their business that have been proven to provide huge returns. An established company needs to focus on optimizing the places in their business that have provided high revenue streams and create a strategy plan to promote higher cash flow projection. On the other hand, a startup doesn’t have that stockpile of marketing experience to help them accelerate like an established company. Therefore, they need a much more comprehensive business plan template to help them ask those early and important questions to get the ball rolling.
As Priceline.com cofounder Jeff Hoffman, co-author of, SCALE: 7 Proven Principles to Grow Your Business and Get Your Life Back, likes to say, “Your business plan is more about the questions you ask and get yourself to struggle with than it is about finding the ‘right’ answer.”
One more thing a good startup business plan does for a startup, it helps to increase confidence of the other stakeholders – whether that be conventional banks or private capital, or even key executives you want to early bring on board.
Trying to figure out where to start when it comes to putting together a startup business plan can be one of the most overwhelming steps. This startup business template will help alleviate the stress, so you can just focus on the plan itself. The simple business plan template goes into great detail about each section of the business plan you’ll need in order to have a successful new business.
Here is the startup business plan template for any entrepreneur looking to bring their business idea to life:
Business planning is never a simple task, but is very worthwhile once you get it going. Good luck with your business plan and when you get off to a strong launch and need help scaling, reach out to us about business coaching.
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