Entrepreneurs with a business plan have a 129% increased likelihood of growing beyond the startup phase and a 260% increased likelihood of growing from “idea” to “new business.”.

Owners with business plans are twice as likely to grow, get investments, or secure loans than those without.

Businesses with a business plan grow 30% faster than those without.

In 2018, entrepreneurial resource center Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning. Not only does a business plan help you focus on concrete objectives, but it gives outside parties reassurance that you’ve thought ahead.

You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan.

Scalability: Can you grow sales volume without proportional growth in headcount and fixed costs?Ī templated business plan gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.

A solid team in place: Do you have the people you need to support your goals and objectives?.

Product-market fit: Have you done the research to determine the demand for your product or service?.

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