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Force you to calculate when your business will make a profit and how much money you need to reach that point, so you can be prepared with adequate startup capital.

Convince potential partners, customers, and key employees that you’re serious about your idea and persuade them to work with you.

Give you a chance to plan strategies for dealing with potential challenges so they don’t derail your startup.

Analyze the market and competition to strengthen your idea.

Identify business opportunities you may not have considered and plan how to take advantage of them.

Help you discover any weaknesses in your business idea so you can address them before you open for business.

While a thorough business plan is essential in the financing process, it's helpful even if you don’t need outside financing.

Writing a business plan gives you an opportunity to carefully think through every step of starting your company so you can better prepare and handle any challenges. Do you want to increase the odds that your business startup will be a success? Then download this step-by-step business plan template and use it to lay the groundwork for your new business.