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That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible.The simple business plan template presented here will get you started.
For a one-person, home-based consulting business the operating plan will be short and simple, but for a business such as a restaurant or a manufacturer that requires custom facilities, supply chains, specialized equipment, and multiple employees, the operating plan needs to be very detailed.
The Operating Plan Section of the Business Plan will provide you with additional information about your operating plan.
See The Marketing Plan Section of the Business Plan for a detailed description.
Product or Service Offerings This section describes the legal structure, ownership, and (if applicable) the management, and staffing requirements of your business.
The business plan template below is broken into sections as described in the table of contents.
Each section of the template can be copied into a Word, Excel or similar office document by selecting the text and using copy/paste.A standard business plan consists of a single document divided into several sections including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.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.If using Windows, outline the text to be selected with the mouse and hit CTRL C to copy and CTRL V to paste.For a detailed description of each section of the plan, you'll want to refer to the Guide to Writing a Business Plan Step By Step.See How to Write The Management Plan Section of the Business Plan before addressing this section.Ownership Structure The operating plan outlines the physical requirements of your business, such as office, warehouse, retail space, equipment, inventory and supplies, labor, etc.Capping your plan at 30 pages should be sufficient unless you need to include photos of products, equipment, logos, business premises or site plans, etc.Potential money lenders and investors want solid research and analysis, not long, wordy descriptions.Pros of using a business plan template: A good business plan template can help you get your thoughts organized.It can provide a guideline so you’re not stuck looking at a blank page trying to figure out where to start.