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there's a famous quote by benjamin franklin that says if you fail to plan you are planning to fail yet so many entrepreneurs leap into starting their businesses armed with nothing more than a good idea and some big dreams in today's video i'll be explaining why writing a business plan is an important step in your entrepreneurial journey and outlining the key sections that every good business plan should include and make sure you stick around because throughout this video i'll also be sharing our comprehensive beginner friendly business plan template as well as financial spreadsheet templates and a fully completed sample business plan so that you can get started with writing your own today [Music] now i know what you're thinking writing a business plan sounds kind of boring and frankly feels like a waste of time when you're a busy entrepreneur with so much else to do but for many businesses it's actually a make or break step that could save you a huge amount of time money and energy in the long run and if you still don't believe that starting with a plan is the best way to go these numbers might change your mind one harvard business review study found that entrepreneurs who write formal business plans are 16 percent more likely to achieve viability than otherwise identical non-planning entrepreneurs their study concluded that it pays to plan so let's get to it today i'll be sharing some of the top reasons why writing a business plan might be helpful for you no matter what kind of business you're creating we'll also be covering the eight key features of a solid business plan and why each one is a necessary component for you as the founder to consider not only that we've also created some helpful templates to guide you through every step of this process so be sure to download those using the links below my goal is that by the end of this video you'll understand why it's a good idea to start your business with a solid plan and have the tools you need to make it happen no matter how much excitement you might have about your business idea it's worth it to slow down and create a plan for your new venture here are some of the most valuable reasons that you may want to prioritize this step in your business journey first you can thoroughly evaluate your ideas business plans are typically associated with money pitching to investors or securing loans from a bank so if you're a business owner who is not currently looking for funding you might wonder whether it's worth your time to complete this process the answer is yes to quote jeff hayden in inc magazine first and foremost your business plan should convince you that your idea makes sense because your time your money and your effort are on the line writing out a plan allows you to evaluate your business ideas in...