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The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.

Your business plan should provide certain details about your idea, including your intended market and the industry in general. Using a business plan template will ensure that you don’t overlook any important information.

That does not mean you have to bust out Word and start the plan from scratch. A template is great--you probably are not doing anything that has not been done before, so it provides a proven structure for your plan. Pretty much everything on it can be customized.

Know your market. A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?

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