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The Facts About Business Plans.

Every entrepreneur should have a business plan before starting a company, particularly if you're seeking start-up capital. But if you're like most first-time entrepreneurs, you're probably still learning about what a business plan entails and how it can help you launch a business. Here are some basic facts about business planning that may help answer some of your questions.

Here are some basic facts about business planning that may help answer some of your questions.

Do I need a business plan?

Every business needs a business plans. No matter if you're seeking investment, or just intend to use your business plan as a guide to operating your start-up, it's a key factor driving the success of many companies. Here are a few reasons why you may need a business plan:

Secure funding from a lender or investor.
Ensure that your business remains on track and that you're reaching goals.
Learn more about your competition and your market.
Use it to retool any strategies that aren't working.
What is a business plan?

A business plan is a document that sets forth your goals for your business, and outlines how you intend to achieve them. Business plans are primarily used by entrepreneurs who are seeking funding for a start-up business, but they're also used as a roadmap for operating a company. A business plan typically includes the following sections:

An executive summary, or a one-page summary of the entire document.
A description of your company's services or products.
Market research.
An analysis of the competition.
Financial projections.