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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.Once you complete your simple business plan be sure to format it attractively, print it and get it professionally bound.
Plus, it shows you the general layout of a standard business plan so you know what goes where and that you're not leaving out anything.
A great business plan template will also provide instructions for each step of your plan and show you what an investor-ready and SBA-approved business plan should look like.
The executive summary should be no more than two pages long, with brief summaries of other sections of the plan.
See How to Write the Executive Summary of the Business Plan to get you started.
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.It’s not easy to keep everything completely up-to-date as you make changes to your numbers, and integrating the right charts and graphs into your business plan is harder than it looks.However, if you’re new to business planning and just want to get a sense of what a plan looks like and want to get the process started quickly and cheaply, then downloading a free template is the best way to get started.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.The executive summary goes near the beginning of the plan but is written last.It provides a short, concise, and optimistic overview of your business that captures the reader's attention and creates a need to learn more.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.