A solid business plan serves as a guide through every step of starting and managing your small business. It acts as a roadmap for structuring, running, and growing your company. A well-crafted business plan helps you think through critical aspects of your business and is an essential tool in validating that partnering with or investing in your business is a smart decision.
While there’s no one-size-fits-all approach to creating a business plan, the key is that it addresses your specific needs. Most plans fall into one of two main categories: traditional or lean startup.
Traditional business plans are more common, offering a standardized structure that encourages detailed exploration of each section. These plans often require more upfront effort and can span dozens of pages.
The U.S. Small Business Administration (SBA) provides a comprehensive, free template for traditional business plans, ideal for those seeking to secure funding or attract business partners. This detailed version is often requested by lenders and investors.
On the other hand, lean startup business plans are more streamlined, focusing on summarizing only the most important aspects of your business. They follow a standard structure but can typically be completed in an hour and often fit on a single page. The SBA also offers a free downloadable template for this type of plan — fast to write, and includes only key elements. However, some lenders or investors may require additional details.
For more guidance and resources, be sure to reach out to the Kaysville, UT SBDC for small business support.