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By J.P. Finet, J.D. | Reviewed by Tim Kelly, J.D. | Last updated September 23, 2021
Your business plan should document your strategy and steps to achieve business goals. A good business plan will contain your market strategy, market research, business purpose, and financial protections. In addition to the inherent value a good business plan brings, it will help attract financing and investors.
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A business plan should provide an overview of your business and step-by-step guidance on managing each step of starting, structuring, and growing your operations. Additionally, many lenders and venture capital firms want to see a viable business plan that provides a realistic overview of its chances for success in the market before providing loans or investing in your company.
Generally, there are four types of business plans:
There is no standard business plan template that can be used for every business because the plan should be narrowly tailored to your business model, financial situation, and legal structure. However, most experts agree that good business plans should contain sections that provide the following:
The U.S. Small Business Administration says there is no recommended length for business plans but adds that a basic plan can run from 38 to 50 pages, with complex plans running from 80 to 100 pages. It adds that each plan should contain a shorter executive summary that provides a concise overview of the plan and your company's history that is no more than four pages long and encourages the target audience to keep reading.
A local business lawyer will have experience drawing up business plans and identifying the key questions they should answer. A skilled attorney will assist you in developing a plan that provides an appropriate assessment of the legal and financial risks your business is facing and drawing up a plan to minimize them. Additionally, a lawyer can help write a plan that provides the information that lenders and venture capitalists are looking for and ensure that it accurately represents your finances and operations.
Contact a qualified business attorney to help you navigate the process of starting a business.
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