{"id":5584,"date":"2016-04-04T10:48:01","date_gmt":"2016-04-04T15:48:01","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/starting-a-business\/writing-a-business-plan-faq.html"},"modified":"2026-05-29T13:46:00","modified_gmt":"2026-05-29T18:46:00","slug":"writing-a-business-plan-faq","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/writing-a-business-plan-faq.html","title":{"rendered":"Writing a Business Plan FAQ"},"content":{"rendered":"\n<div class=\"fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30  wp-container-core-columns-is-layout-9d6595d7 fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30\">\n<div class=\"fl-section-main fl-page-articles fl-section-main fl-section-main-full-width\"><h1 class=\"fl-no-margin-top\">Writing a Business Plan FAQ<\/h1>\n\n<section class=\"fl-gutenberg-byline\">\n    <div class=\"fl-gutenberg-byline-content\">\n                    By <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/amber-sheppard-esq\/\">Amber Sheppard, Esq.<\/a> | Legally reviewed by <a\n                href=\"https:\/\/www.findlaw.com\/company\/our-team\/catherine-hodder-esq\/\">Catherine Hodder, Esq.<\/a>\n                | Last updated\n        <time>\n                            May 29, 2026\n                    <\/time>\n    <\/div>\n\n            <div class=\"fl-gutenberg-byline-editorial-note fl-text-sm\">\n            <p>Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n        <\/div>\n    \n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-legally-reviewed\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Legally Reviewed\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>This article has been written and reviewed for legal accuracy, clarity, and style by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\">FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with <a href=\"https:\/\/www.findlaw.com\/company\/company-history\/editorial-policy.html\">our editorial standards<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n\n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-fast-checked\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Fact-Checked\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>The last updated date refers to the last time this article was reviewed by FindLaw or one of our <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/contributing-authors.html\">contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please <a href=\"https:\/\/lawyers.findlaw.com\/?fli=bylinelink\" target=\"_blank\" rel=\"noopener\">contact an attorney in your area<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n<\/section>\n\n\n    <div class=\"fl-callout-text article-blockquote\">\n        <p>A business plan is a formal strategic document that outlines its operational goals and financial projections. Business plans are used to attract investors, secure bank loans, and manage growth of the business.<\/p>\n\n    <\/div>\n\n\n\n<div><p>Business plans are more than just a company description and a few financial statements. These self-made documents serve as the roadmap for your business and tell investors why you have a competitive advantage over other businesses.<\/p>\n<p>This article answers frequently asked questions (FAQ) entrepreneurs have about\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/how-to-write-a-business-plan.html\">how to write a business plan<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/before-you-start-your-business-try-starting-a-business-plan.html\">whether they even need one<\/a>.<\/p>\n<p><b><i>Form your LLC with confidence.\u202f<a href=\"https:\/\/legalzoomcominc.pxf.io\/c\/4851649\/2115288\/26746?subId1=writing-a-business-plan-faq-in-content\" target=\"_blank\" rel=\"noopener sponsored\" data-cta=\"Biz LZ - LATL Callout\" data-cta-url=\"legalzoom.com\">Our trusted partner LegalZoom has packages starting at $0 + filing fees.<\/a><\/i><\/b><\/p>\n<ul>\n<li><a href=\"#Need\">Why do I need a business plan?<\/a><\/li>\n<li><a href=\"#In\">What Is In a business plan?<\/a><\/li>\n<li><a href=\"#Myself\">Do I need to write a business plan if I&#8217;m funding the business myself?<\/a><\/li>\n<li><a href=\"#Types\">What are the types of business plans?<\/a><\/li>\n<li><a href=\"#Help\">Who can help me with my business plan?<\/a><\/li>\n<li><a href=\"#Write\">Can someone write my business plan for me?<\/a><\/li>\n<li><a href=\"#Document\">Is a business plan a legal document?<\/a><\/li>\n<li><a href=\"#Share\">Who should I share my business plan with?<\/a><\/li>\n<li><a href=\"#Template\">Can I use a business plan template?<\/a><\/li>\n<li><a href=\"#Attorney\">Do I need to meet with an attorney before writing my business plan?<\/a><\/li>\n<\/ul>\n<h2><a id=\"Need\"><\/a>Why Do I Need a Business Plan?<\/h2>\n<p>Writing a <span data-term-id=\"54202883\">business plan<\/span> is critical in launching a <span data-term-id=\"54202903\">new business<\/span> venture. It helps prospective <span data-term-id=\"54202884\">business owners<\/span> think objectively and critically about the chances of success for their <span data-term-id=\"54202924\">business idea<\/span>.<\/p>\n<p>A\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/contents-of-a-written-business-plan.html\">good <span data-term-id=\"54202883\">business plan<\/span><\/a>\u00a0is essential for communication, <span data-term-id=\"54202926\">sales strategy<\/span>, management, and planning.<\/p>\n<ul>\n<li>\n<p>A <span data-term-id=\"54202883\">business plan<\/span> aims to attract investment capital, loans, and business partners. Investors or <span data-term-id=\"54202892\">lenders<\/span> tend to provide money to businesses when they know the owner has put research and thought into them.<\/p>\n<\/li>\n<li>\n<p>As a management tool, the plan helps monitor and evaluate your business\u2019s progress. It serves as a guide to keep the company on the right track as you grow.<\/p>\n<\/li>\n<li>\n<p>As a planning tool, it guides you through the different phases of the business lifecycle.<\/p>\n<\/li>\n<\/ul>\n<p>The main point of a <span data-term-id=\"54202883\">business plan<\/span> is to show your <span data-term-id=\"54202894\">business goals<\/span> and how you plan to achieve these goals.<\/p>\n<h2><a id=\"In\"><\/a>What Is In a Business Plan?<\/h2>\n<p>The\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/contents-of-a-written-business-plan.html\">contents of a <span data-term-id=\"54202883\">business plan<\/span><\/a>\u00a0are typically:<\/p>\n<ul>\n<li>\n<p><span data-term-id=\"54202921\">Competitive analysis<\/span><\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202891\">Executive summary<\/span><\/p>\n<\/li>\n<li>\n<p>Financial documents, like <span data-term-id=\"54202918\">balance sheets<\/span>, <span data-term-id=\"54202920\">cash flow<\/span><span data-term-id=\"54202920\"> statements<\/span>, and profit and loss statements<\/p>\n<\/li>\n<li>\n<p>Funding strategy<\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202912\">Legal structure<\/span> of the business, like <span data-term-id=\"54202909\">sole proprietorship<\/span>, limited liability company, or nonprofit<\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202911\">Management team<\/span> list<\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202901\">Market analysis<\/span> and <span data-term-id=\"54202889\">target market<\/span><\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202904\">Marketing strategy<\/span>, like advertising and <span data-term-id=\"54202922\">social media<\/span><\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202900\">Mission statement<\/span><\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54202887\">Pricing<\/span> of your new products or services<\/p>\n<\/li>\n<\/ul>\n<p>Now that you know what is in a <span data-term-id=\"54202883\">business plan<\/span>, decide whether to write it yourself or hire someone to do it for you.<\/p>\n<h2><a id=\"Myself\"><\/a>Do I Need to Write a Business Plan If I&#8217;m Funding the Business Myself?<\/h2>\n<p>Yes, every <span data-term-id=\"54202903\">new <\/span><span data-term-id=\"54202884\">business<\/span><span data-term-id=\"54202884\"> owner<\/span> benefits from writing a <span data-term-id=\"54202883\">business plan<\/span>, even if they a self-funding the business.<\/p>\n<p>If you were building a home, you would start with a blueprint before you poured even a drop of cement and refer to it during construction. A <span data-term-id=\"54202883\">business plan<\/span> is a blueprint for a <span data-term-id=\"54202899\">successful business<\/span>.<\/p>\n<p>Give the <span data-term-id=\"54202883\">business plan<\/span> as much time as necessary so you have a business blueprint. It is helpful even if you intend to provide all capital for your business.<\/p>\n<p>You can use the <span data-term-id=\"54202883\">business plan<\/span> as a guide and a goal. If you\u2019ve done your <span data-term-id=\"54202898\">market research<\/span>, you can set goals and milestones to reach those goals. You can set targets to measure your success if you have a <span data-term-id=\"54202913\">financial plan<\/span> and solid <span data-term-id=\"54202890\">financial projections<\/span>. These targets provide a <span data-term-id=\"54202910\">roadmap<\/span> to keep your business on track.<\/p>\n<h2><a id=\"Types\"><\/a>What Are the Types of Business Plans?<\/h2>\n<p>There are two types of <span data-term-id=\"54202883\">business plans<\/span>. These plans have many similarities but vary in length.<\/p>\n<ul>\n<li>\n<p>Traditional <span data-term-id=\"54202883\">business plan<\/span><\/p>\n<\/li>\n<li>\n<p>Lean <span data-term-id=\"54202885\">startup<\/span> plan<\/p>\n<\/li>\n<\/ul>\n<p>The lean <span data-term-id=\"54202885\">startup<\/span> plan is very short, and the traditional <span data-term-id=\"54202883\">business plan<\/span> is detailed.<\/p>\n<h2><a id=\"Help\"><\/a>Who Can Help Me With My Business Plan?<\/h2>\n<p>Many people can give you advice or help you write your plan.<\/p>\n<ul>\n<li>\n<p>An accountant who understands business loans<\/p>\n<\/li>\n<li>\n<p>Business counselor at the\u00a0<a href=\"http:\/\/www.sba.gov\/sbdc\/\" target=\"_blank\" rel=\"noopener\"><span data-term-id=\"54202915\">Small <\/span><span data-term-id=\"54202915\">Business Development<\/span><span data-term-id=\"54202915\"> Center<\/span> (SBDC)<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/lawyers.findlaw.com\/business-commercial-law\/?fli=dcta\" target=\"_blank\" rel=\"noopener\">Business lawyer<\/a><\/p>\n<\/li>\n<li>\n<p>Experienced small business mentor<\/p>\n<\/li>\n<li>\n<p>Your local\u00a0<a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/write-your-business-plan\" target=\"_blank\" rel=\"noopener\"><span data-term-id=\"54202897\">U.S. Small Business Administration<\/span> (<span data-term-id=\"54202895\">SBA<\/span>)<\/a><\/p>\n<\/li>\n<\/ul>\n<p>Whoever you choose, ask them to help you understand a plan and how to make decisions that prevent future obstacles.<\/p>\n<h2><a id=\"Write\"><\/a>Can Someone Write My Business Plan for Me?<\/h2>\n<p>Yes, some consultants and businesses specialize in writing <span data-term-id=\"54202883\">business plans<\/span>. Be cautious. The person you pick will need to understand your business intricately. Look for someone with real industry experience, ideally in your type of business.<\/p>\n<p>Even if you hire someone to write a <span data-term-id=\"54202883\">business plan<\/span>, it helps if you have begun the process yourself. No one knows the details better than the <span data-term-id=\"54202914\">small <\/span><span data-term-id=\"54202884\">business owner<\/span>. Giving the writer a starting point will help the process go faster, especially if you are an <span data-term-id=\"54202907\">existing business<\/span>.<\/p>\n<h2><a id=\"Document\"><\/a>Is a Business Plan a Legal Document?<\/h2>\n<p>A <span data-term-id=\"54202883\">business plan<\/span> is not a legal document in the United States.<\/p>\n<p>But, <span data-term-id=\"54202892\">lenders<\/span> and investors rely on your <span data-term-id=\"54202883\">business plan<\/span> to make loan or investment decisions. They expect the baseline facts to be truthful. Intentionally altering financial data, graphs, or loss statements is fraud. Those <span data-term-id=\"54202892\">lenders<\/span> and investors could sue you over it.<\/p>\n<p>But if you are projecting to break even by a specific time and it doesn\u2019t happen, that is not fraud. That was a projection and not a promise.<\/p>\n<h2><a id=\"Share\"><\/a>Who Should I Share My Business Plan With?<\/h2>\n<p>A <span data-term-id=\"54202883\">business plan<\/span> is meant to be shared. You don\u2019t want it used to undermine your <span data-term-id=\"54202903\">new business<\/span>. Ask potential business partners or those who will learn about your <span data-term-id=\"54202925\">intellectual property<\/span> to sign a\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/what-is-a-non-disclosure-agreement-.html\">non-disclosure agreement<\/a>. This prevents them from sharing the information they have seen and allows you to sue them if they do.<\/p>\n<p>Banks and investors review many <span data-term-id=\"54202883\">business plans<\/span>. They may not agree to sign a non-disclosure agreement. Before you send them an entire plan, contact them first to determine their interest.<\/p>\n<h2><a id=\"Template\"><\/a>Can I Use a Business Plan Template?<\/h2>\n<p>You can use <span data-term-id=\"54202888\">templates<\/span> to fill in the information you want to share in your <span data-term-id=\"54202883\">business plan<\/span>. You can also use\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/contents-of-a-written-business-plan.html\">FindLaw\u2019s <span data-term-id=\"54202919\">business plan<\/span><span data-term-id=\"54202919\"> outline<\/span><\/a>. The exact details of your plan are unique to your business.<\/p>\n<h2><a id=\"Attorney\"><\/a>Do I Need to Meet With an Attorney Before Writing My Business Plan?<\/h2>\n<p>It\u2019s up to you. Meeting with a business <span data-term-id=\"54202885\">startup<\/span> attorney well-versed in the legal issues and challenges affecting small businesses could prove valuable. Even if you don\u2019t have specific questions, an attorney can review your <span data-term-id=\"54202883\">business plan<\/span> to ensure it adequately reflects legal realities, such as the costs associated with regulations.<\/p>\n<p>Call a\u00a0<a href=\"https:\/\/lawyers.findlaw.com\/business-commercial-law\/?fli=dcta\" target=\"_blank\" rel=\"noopener\">business and commercial law attorney<\/a>\u00a0in your area to get started. If you are ready to form your business, check out FindLaw\u2019s easy-to-use\u00a0<a href=\"https:\/\/www.findlaw.com\/forms\/business-formation.html\">DIY business formation services.<\/a><\/p><\/div>\n\n\n<div class=\"was-this-helpful\">\n    <div\n            class=\"was-this-helpful__question-container\"\n            aria-labelledby=\"was-this-helpful__question\"\n            role=\"group\"\n    >\n        <span\n                id=\"was-this-helpful__question\"\n                class=\"was-this-helpful__question fl-text-lg-bold\"\n        >Was this helpful?<\/span>\n        <button\n                class=\"was-this-helpful__button fl-text-sm\"\n                aria-label=\"Yes\"\n                value=\"yes\"\n        >\n            <span class=\"was-this-helpful__button-text fl-text-bold\">Yes<\/span>\n            <i class=\"was-this-helpful__button-icon\">\n                <svg width=\"22\" height=\"22\" viewBox=\"0 0 22 22\" fill=\"none\" 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