Business Plan Template | Tory Burch Foundation
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Create Your Company with our Business Plan Builder Templates
Why you need a business plan and how to get started.
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Though entrepreneurs should always be flexible, a Harvard Business Review study found it pays to have a plan when starting your business–literally. Founders who created a business plan before launching their company were 16% more likely to succeed. But more importantly, the entrepreneurs in the HBR study who had a business plan were able to define what success actually looked like for their companies.
While it can be daunting to write your plan, remember that it’s a living document that’s meant to act as a guide to the first three to five years of your new venture. This is a chance to think about your milestones and get excited about what you’re building! If your business develops in a different direction after you’ve launched, you can revisit the plan. Having an up-to-date business plan is also essential when trying to secure funding from either a bank or an investor. They’ll want to see that you have long-term goals and the processes in place to meet those goals.
When creating your business plan, avoid gimmicks and don’t make definitive claims you aren’t able to back up with data. Be sure to be conservative with your financial projections and pad your estimated timelines (experts recommend adding 15% more time to account for delays).
Visit the business plan builder hub to see our three business plan templates, which you can edit in Microsoft Word, Google Docs and Adobe Acrobat on your desktop computer. You’ll see sample plans that show how the templates come to life. Save the one that best fits your needs. Good luck!
