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Question posted by DeeJo7 (2 points) 3 years ago.
The length of time required to write a business plan will vary greatly. Some people do all of their research upfront and can complete their plan very quickly once they start writing. Others will write their plan as they conduct their research and analysis. While the amount of time spent actually writing may not change much, it seems as if it takes a lot longer.
Also, some business plans are easier to write than others. In some industries or in some local markets, for example, information may be more or less readily available. This will greatly impact the amount of time spent writing a business plan.
Also, some people just write faster than others! Not to mention that "life" often gets in the way. Entrepreneurs have families and commitments, and often they are employed full-time as they prepare to launch their business. These outside factors can have a tremendous impact on the amount of time required to complete a plan.
Writing a business plan does not have to be difficult and although it will require a time commitment, it is possible to write one reasonably quickly if you've done your homework. The success of any business plan is within the quality of the information provided. Once you determine the type of business you want to go into, the plan itself represents the operation on paper as if it already exists: How much revenue is expected, from where, the marketing plans that drive sales, the infrastructure needed to meet the needs of doing business, as well as other related actions and costs. Take your time and talk to as many people as possible for information. Please keep in mind doing your homework up front is like taking on an insurance policy. It increases your chances of succeeding by eliminating the unknowns. In the end there are always other variables.
Answer posted by mduncan (10,539 points) 3 years ago
If you are planning to write a good quality, meaningful, business plan then rather than posing this question, just turn it around and ask "How much time should I spend on writing a business plan?"
Some of the items in the business plan document are routine (name, address, contact number etc.). So if you so like, finish off this part first and have a sense of achievement. Then turn to the other parts.
The most important purpose of a business plan, according to me, is to face the inconvenient questions that one has been dodging or pushing under the carpet. By dismissing them as irrelevant, inconsequential etc. he tries to escape from the unpleasant task of collecting the facts, interpreting them, doing the research, cross-checking, etc. It is a hard work. That's one reason one tends to avoid it. The other reason is the lurking fear that if things don't fit together, one may have to modify or even abandon his business idea - an idea that he has been holding so close to his heart, has been deeply in love with and is desperate to implement as it is. This could be quite dangerous.
My suggestion: Just start compiling one. Download a template and start filling it up. You will get stuck. Leave it there, and go to the next section. Go on till you reach the end of the document. Then start over. This time select one of them and put your nose to the grind. Do it really well. Top quality stuff. Don't worry about the time you are spending on it. It is an investment. Be honest. Don't gloss over tough points.
That's the best way to go about it.
All the best.
Answer posted by ravindra kathale (141 points) 2 years ago
I agree with Mr. Kathale !
As Richard Branson says,
SCREW IT !
JUST DO IT,
AND GET ON WITH IT !
Answer posted by leseding (4,859 points) 2 years ago
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