Most business owners know that running a business with no plan is like riding a motorcycle through a mountain without a helmet. However, according to a variety of studies over half of all businesses don’t have an official plan in place.

It takes time and effort to write a business plan. It is also important to consider the needs of your intended audience when you write the plan (for example, you will require more discipline if you are looking for investors versus those who only wish to use it as a template for yourself). A well-crafted business plan will aid you in avoiding common mistakes and make the most of opportunities. It also provides a framework for success, even if you don’t follow it precisely.

A good business plan begins with a brief introduction to your company, which should include the reason you’re starting the company and how it can fill a market need. It should also cover any intellectual property that you own that gives published here your business an edge. This section can also include a mission statement, a list with the essential team members who are responsible for their responsibilities, and the business’s goals.

The next section will explain the products and services you’ll offer as well as your pricing strategy and how you intend to deliver these. Include a comprehensive financial report that details your initial costs and revenue generation strategies and the estimated timeframe for the growth of your business.