How Long Should A Business Plan Take?

A business plan is an important document that can help you in many ways. It does not need to be very long, but it should take enough time to address all of the key components of your business!

Most people begin writing their business plans when they have already made the decision to start their company. At this stage, they may want to know what kind of business model they will use, how big their market area is, and whether there are similar companies out there.

Many entrepreneurs also add details about the products or services their company will offer at this stage.

But once the business has received its initial funding, it is often put off to come up with the next step-the business plan. This makes sense because businesses that have a plan usually succeed, whereas those that do not typically don’t.

However, even if you are just starting out, you shouldn’t wait until you have funded the business to write down everything about it. That could be too late!

A good place to start writing your business plan is by thinking about why you started your current business and what you hope to achieve with your new one. Then, organize these thoughts into major topics and subtopics.

This article will talk more about some of the things that can go into a business plan, such as the introduction, goals, strategies, and projections.

Establish your company's mission and vision

Now that you have determined what your business will be, it is time to establish its purpose or goal. What do you want your business to accomplish? This is its ultimate aim, or what it should strive to achieve. Your business’s mission statement should clearly state this goal, as well as emphasize of how it will get there.

It is important to note that while your business may at first seem focused only on making money, the true purpose of most businesses is actually creating an experience for their customers. For example, a restaurant wants to make sure it can always satisfy hungry people, so it adds advertisements about eating food to help gain attention. A jewelry store hopes to attract new customers by offering beautiful pieces, etc.

By having these experiences for your audience, they will come back and spend their money here! Most importantly, though, they will keep coming back because of the fun experiences they find here.

Develop your company's strategy

how long should a business plan take

The second part of developing a business plan is defining your organization’s strategic direction or mission. This is what potential investors, partners, and employees look at first when they meet with you, so make sure to have a clear vision for your company!

It is very important that you know who your company is trying to reach and how it will achieve this. What are its strengths? What weaknesses does it need to address?

You do not necessarily have to have all the answers now, but you should be able to describe the goals clearly and succinctly. Try writing a few paragraphs based on the following topic and bullet point.

Bullet point: Mission/purpose

Your company should always be looking to add more value to the world, which is why it needs to define its goal clearly. It can be short and sweet -- something like “We want to make money” would probably work well.

However, the better your company’s purpose, the longer your mission statement, the better. Your audience won’t feel engaged if you don’t seem dedicated to helping them help themselves and their own teams succeed.

Create your company's marketing plan

how long should a business plan take

After you have done some research and determined what type of business you want to run, next is creating your company’s marketing plan or mission statement. This will be your guide for how to market your business!

Your marketing strategy should include both internal and external components. Internal components are those that exist within your organization, such as producing quality content people are willing to share, developing relationships with influencers, etc.

External components refer to things outside your organization, such as finding ways to advertise on social media, creating good bios and profiles for yourself and your product/service, responding to comments and questions about your business, and keeping up-to-date on industry trends.

Business plans typically take around one week to two weeks to write depending on the length of the document. It is not too long nor too short, so choose a time frame that works best for you.

General tips: remember it is your legacy (what you leave behind) that matters most, so make sure to allocate enough time to ensure everything is perfect. You may also want to consider getting help writing at least part of the plan.

Write your business plan

how long should a business plan take

Now that you have determined what your business is, someone else has already done the hard work for you! Hire a good writer or get some help yourself to write out the business plan.

Business plans are usually two pages long, but do not make it longer than three pages unless you have proof that it is needed. The extra page can be used as an appendix to show past success of the business or other products like the mission statement or value proposition.

The first page should include: company profile, management team biographies, contact information, website links, and any supporting documents (like licenses). It is best if this all comes from factual sources instead of self-written ones, so check those out carefully.

On the second page, the main components of the business plan should be covered. These parts may include: goal/mission statement, position paper, key strategies, market analysis, financials, and evaluation. Make sure to organize these well and clearly describe each one.

Your readers will need to refer back to these bits throughout the planning process, so make them easy to find and understand.

Examine your company's financials

how long should a business plan take

As we discussed before, even if you have no plan at this stage, you can still begin to prepare for the business launch by looking into your current state and establishing what you need to do next.

The first step in doing that is examining your company's financials!

You should be using these documents to check how much money you have left after paying bills, investing in equipment or marketing tools, and other running costs such as rent or fees.

But aside from those expenses, you also want to make sure that you've got enough money to run your business for at least six months. This is called the cushion of savings.

If you don't have one yet, it's time to create one! You can use our free budget planner to help you sort out your spending, income, and saving strategies.

Start with exploring how to build a 6-month savings cushion.

Prepare for marketing -​##

how long should a business plan take

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About The Author

Tiara Ogabang
Tiara Joan Ogabang is a talented content writer and marketing expert, currently working for the innovative company With a passion for writing and a keen eye for detail, Tiara has quickly become an integral part of the team, helping to drive engagement and build brand awareness through her creative and engaging content.
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