how long should a business plan take

How Long Should a Business Plan Be?

3 min. read

Updated October 27, 2023

Don’t make your business plan longer than necessary, and think about the  reason you’re writing the plan in the first place . You’re probably going to want to revise your plan regularly, and the shorter your plan is, the more manageable that process will be. Using a  business plan template  to help you keep each section organized can help you  as you start writing .

Page count is not a good way to measure length. A 20-page business plan with dense text and no graphics is much longer than a 35-page plan broken up into readable bullet points, useful illustrations of locations or products, and business charts to illustrate important projections.

Your business plan shouldn’t take longer than 15 minutes to skim

Measure a plan by readability and summarization. A good business plan should leave a reader a good general idea of its main contents even after only a quick skimming, browsing the main points, in 15 minutes.  Format, headings , white space, and illustrations make a big difference. Summaries are very important. Main points should show up in a business plan as quickly as they do in a business presentation.

Your plan’s length should mirror its audience

Unfortunately, many people still use page count as measurement. And in that context, some of the more practical, internal-use-only business plans can be only 5 or 10 pages long. Corporate business plans for large companies can run into hundreds of pages. The more standard start-up and expansion plans developed for showing outsiders normally run 20-40 pages of text – easy to read, well-spaced text, formatted in bullets, illustrated by business charts and short financial tables – plus financial details in appendices.

The right length of the plan depends on the nature and  purpose of the plan . Will it include descriptions of the company and management team for outsiders to read? Does it need an executive summary good enough to stand alone? Does it include detailed research, plans, drawings, and blueprints? Is it worded to withstand legal scrutiny as part of an investment proposal? Does it have everything bank would look for in your business loan application; Form follows function.

• The right length for a business plan competition

Venture contests often limit a plan to 30 pages, sometimes 40, rarely 50 – and that includes detailed financials in the appendices. Unfortunately the page limitation leads some contestants to very bad choices, as they cram content into dense typefaces and thick texts, making their plans worse, not better.

Palo Alto Software’s business plan contest ran four years. Several hundred plans entered that competition. Finalists never had less than 20 pages or more than 50 pages. Most run 30-40 pages. These are all 20-30 pages of text, not counting useful graphic additions to show locations, designs, menus, etc., and not counting the appendices pages containing monthly financial projections, resumes of team leaders, etc. You’ll want to add some pages for the standard financials; usually that means appendices with monthly tables for sales, personnel, income statement, cash flow, and balance sheet. You also want to include the main annual numbers of those tables in the body of the plan.

• Use graphics wisely

Don’t ever shorten a plan by taking out useful graphics. Page count matters far less than readability. Use business charts to illustrate numbers so your projections are easier to absorb. Use photographs and drawings to show locations, products, sample menus, product pictures, and other illustrations as much as possible. However, don’t ever add extra graphics, like clip art, not directly relevant to the matter at hand, as if that would make a plan better.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

• Your business plan shouldn’t take longer than 15 minutes to skim
• Your plan’s length should mirror its audience

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How Long Does It Take to Write A Business Plan? Well, It Depends.

You've been thinking about this for a decade. You are going to open the perfect coffee shop. You've worked at three different cafés in the last nine years (four if you include the one where they didn't have a POS and you only lasted a week). Your list of what-not-to-do is as long as your list of to-dos. You even have your eye on a spot with great sidewalk seating. You bought some rad chairs last month and have them stored in your cousin’s garage.

But you know that starting a coffee shop is expensive, and you’re going to need more money than you have saved. So the first thing you think to do is call your bank, and the first thing they ask you is if you have a business plan. You pause, and for a split second, you think to reply, “Yeah, my plan is to open a café.” But you're smarter than that, and you know that can't be what she's asking. “Um,” you say, formulating your thoughts, “I’m still working on the formal plan. Will I need that ready for next month’s meeting?” The banker says yes, and you start to sweat.

So after hanging up, you Googled “how long does it take to write a business plan,” and that brought you here. And now you’re waiting for us to get to the point and finally tell you the answer. First, take a deep breath. You got this.

What Is a Business Plan?

Let’s start with a simple definition:

A business plan is a document that describes a company's objectives and its marketing, financial, and operational strategies for achieving them.

Depending on the needs of your business, the length of your plan (and the time needed to create it) will vary. But one thing is certain: your business plan should be written with the audience in mind, and the closer you are to opening your business, the more details and specifics they'll want to see.

A business plan should not only be a guide for you but also be a way for you to share your vision with others. And a business plan isn’t just for startups; it should be a living document that is flexible and can expand to meet your needs.

However, keep in mind that not every type of business plan is useful when it comes to obtaining a bank loan, but we'll get to that later. First, let's go over the four different kinds of business plans and what they're used for.

The Back-of-Napkin Business Plan

Time consideration.

30 minutes to 1/2 day

Key Elements

Ideation and initial thoughts.

This type of business plan is all about spontaneity and creativity. It's where the business owner jots down initial thoughts, market analysis, potential customers, and even a rough financial projection. It's a free-flowing brainstorming session that captures the essence of a business idea.

The Spontaneity of Ideas

The Back-of-Napkin Business Plan thrives on spontaneity. Whether you're an aspiring small business owner or an experienced entrepreneur, this plan allows you to explore your business goals, target market, and competitive advantage without the constraints of a formal business plan format.

Application and Use

Capturing inspiration.

Capturing inspiration is vital for crafting a good business plan. It's about recognizing a good idea when it strikes and having the foresight to jot it down. This plan is not about detailed industry analysis or a polished executive summary. It's about the raw, unfiltered vision that could become a success story.

Part of the Process

Writing a business plan is an iterative process. No one sits down the day they come up with a new business idea and just cranks out a full business plan. The Back-of-Napkin Business Plan is that beginning step. It may lead to a more solid business plan, complete with a company description, mission statement, business model, and company overview, or it may inform you what market research is necessary to pursue. But no matter what comes next, the Back-of-Napkin Business Plan is a stepping stone towards achieving your entrepreneurial dreams.

Audience: Yourself, Trusted Friends & Family

The audience for this plan is limited to yourself and perhaps a few trusted friends or family members. It's not meant for a potential investor or the Small Business Administration. It's a personal, intimate document that serves as a starting point for your business planning.

The Lean Business Plan

1/2 day to a week

The Lean Business Plan represents a significant step forward in the business planning process. It's more structured than the Back-of-Napkin Plan but retains a sense of flexibility and agility. This plan typically takes anywhere from half a day to a week to complete, depending on the complexity of the business idea.

Unique Value Proposition

At the heart of the Lean Business Plan is the Unique Value Proposition. This is where you define what your business is trying to accomplish, the problem it will solve, and who it will solve this problem for. It's a concise statement that encapsulates the essence of your business and sets it apart from competitors.

Goals, Timelines, and Metrics

The Lean Business Plan is about setting clear goals, timelines, and metrics. It's a roadmap that guides you from where you are to where you want to be. It includes considerations for finances, potential competition, and strategies for finding your first customers.

Flexibility

Unlike more detailed plans, the Lean Business Plan thrives on flexibility. Bullet points, simple charts, and concise language make it a living document that can adapt to changes and new insights.

Defining the Business

The Lean Business Plan helps you articulate your business idea in a more formal way. It's about getting the idea out on paper, exploring how much money you'll need, where you could get those resources, and how you'll find your target market.

Collaboration and Feedback

Share your plan with someone you trust, like a friend or family member, to gain perspectives and enhance collaboration. The more collaboration, the better the plan becomes.

A Tool for Vision Sharing

Once you have your Lean Business Plan, it becomes a perfect tool to share your vision with possible business partners. It gives you a sense of what you know, what you need to know, and the next steps to take.

Audience: Yourself, Potential Partners, Advisors, Internal Strategy

This plan is meant for a broader audience than the Back-of-Napkin Business Plan, including potential partners, advisors, and as an internal strategy document. It's a tool to share your vision and gain insights from others. 

The LeanPlus Business Plan

A week to 2 weeks

10-12 Pages

The LeanPlus Business Plan is a document that combines clarity and conciseness with a high-level overview of the business, including simple financials. This plan is designed to be presented to landlords, pre-seed investors, vendors, and partners. But how long does it take to write a business plan of this nature? The time consideration for the LeanPlus Business Plan ranges from a week to two weeks.

Clarity & Conciseness

The LeanPlus Business Plan emphasizes clarity and conciseness. It provides a high-level executive summary and includes a simple Profit & Loss Statement. Unlike the Lean Business Plan, the LeanPlus Business Plan should be a narrative document with key headers for organization. It's a document that's prepared for an outside party to read, offering a clear and concise overview of the business idea, target market, and financial projections.

High-Level Overview

This plan offers a high-level overview of the business, addressing key aspects such as the problem or opportunity, product or service features, marketplace, target customers, revenue model, and management team. It's a snapshot of the business that provides essential information without delving into excessive detail.

Simple Financials

The financial aspect of the LeanPlus Business Plan is simplified, focusing on expected revenue, Cost of Goods Sold, and key expenses like marketing, rent, and utilities. However, it's worth noting that for pre-revenue companies, especially those in a development phase like SaaS, the financial forecast may not include revenue forecasting at all. Instead, they may opt for a cash burn analysis, which measures the rate at which the company spends its cash reserves, or a burdened cash flow analysis, which provides a comprehensive view of how money will be spent over time, including all associated expenses.

Presenting to Outsiders

At some point during the business planning process, you will almost certainly need to present your vision to outsiders. The LeanPlus Business Plan serves this purpose, providing a more professional document that offers a general overview of the business. It's a tool for sharing your vision and securing support from key stakeholders.

A Professional Document

The creation of the LeanPlus Business Plan is a professional endeavor. It requires careful consideration of the content, structure, and presentation. The LeanPlus Business Plan bridges the gap between the initial ideation and the detailed Traditional Business Plan. It's a document that reflects the entrepreneur's evolving understanding of the business, the market, and the path to success. It's a tool for communication, collaboration, and progress, aligning with the goals of the business owner and the expectations of potential investors and partners.

Audience: Landlords, Pre-Seed Investors, Vendors & Partners

The LeanPlus Business Plan is tailored for landlords, pre-seed investors, vendors, and partners. It's a document that conveys the essence of the business without overwhelming the reader with complexity. It's suitable for presenting to stakeholders who have a vested interest in the company's success but don't require exhaustive detail.

Traditional Business Plan

1 month to 12 months

40 to 60 pages

The Traditional Business Plan is the most comprehensive and detailed of all business plans. It's the tool you need when you want to confidently convince someone to share their money with you, and it's also useful for setting key goals and tracking your progress as your business grows. 

Cited Market Research

The Traditional Business Plan is characterized by its thoroughness. It covers a lot of the same topics as the Lean and LeanPlus Business Plans but in much more detail. It requires meticulous market research and citation, adhering to an established business plan outline.

Pro Forma Financials

This plan includes a full financial projection, with a detailed five-year revenue forecast and key financial statements such as the Balance Sheet and Profit & Loss Statement. It's a comprehensive financial plan that provides potential investors, banks, and other stakeholders with a clear understanding of the business's financial forecast. A full financial model typically comprises 12-15 pages of the document.

Demonstrates Deep Understanding

The Traditional Business Plan is a comprehensive document that requires careful planning and consideration. It's not merely a written document but a strategic roadmap for the business. This plan demands a deep understanding of various aspects, including the industry, the target customer (and a marketing strategy for reaching them ), and a full competitive analysis that includes a profile of each key competitor and your competitive advantage.

Not Done In One Sitting

Creating a Traditional Business Plan is an iterative and time-consuming process. It's not something that can be done in one sitting. Instead, it requires continuous drafting, thinking, re-writing, researching, and re-thinking. 

Audience: Banks, Investors, Government Agencies, Board of Directors

The Traditional Business Plan is typically employed to solicit funding for startups from banks and investors. It also plays a crucial role in various government applications, such as petitioning the USCIS for entrepreneurship visas or applying for specific licensing, such as in the cannabis industry. While all Traditional Business Plans are well-researched and written in a professional manner, it's essential to recognize that each audience has distinct needs that must be addressed. This customization ensures that the plan resonates with the specific stakeholders, aligning with their expectations and requirements.

Crafting a Sustainable Business Through Planning

Planning is the backbone of a successful business, serving as a bridge that aligns vision with reality. It transforms ideas into actionable strategies, guiding entrepreneurs through the multifaceted journey of starting and growing a business. Whether a fleeting sketch or a comprehensive Traditional Business Plan, proper planning harmonizes all aspects of the business, defining competitive advantages, shaping marketing strategies, and forecasting financial needs.

Going Beyond the Clock

Creating a business plan transcends mere time constraints. It's not about plugging your information into a business plan template; it's about capturing the essence of the business idea, analyzing the market, and devising robust strategies. The emphasis is not on the hours and days but on the depth and breadth of understanding required to lay a solid foundation for the business.

The Role of Professional Guidance

Business plans are complex, and entrepreneurs don’t have to go it alone. Professional business planners like Masterplans provide expertise in aligning vision with reality and transforming ideas into actionable strategies. We serve as invaluable sounding boards, allowing entrepreneurs to refine their ideas with experienced insights.

A good business plan writer can take your ideas and tailor them to the specific needs of diverse audiences, whether investors, lenders, or government agencies like USCIS. It's a collaborative process that goes beyond mere document-creation.

A Living Document

A business plan is not a static document but a living guide that evolves with the business. It must be revisited and updated regularly to reflect changes in the market, goal-setting, and strategies to reach those goals. This continuous journey ensures alignment with the dynamic landscape of business, reinforcing the plan's role as an essential tool for sustained success.

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Business Plan Length: How Long Should a Business Plan Be?

Fifteen to 25 pages is enough room to explain your business’ vision and excite readers to support your company. Importantly, your business plan is not supposed to answer every question someone might possibly have about your business. Rather, it is to give the reader a solid understanding of your business, and allow them to make an informed decision as to whether they should meet with you to take next steps such as to fund or partner with your business.

Having written thousands of business plans over the past 20+ years, Growthink’s business plan consultants have found 15 to 25 pages of text to be the sweet spot. Any more and the time-constrained investor will be forced to skim certain sections of the plan, even if they are generally interested, which could lead them to miss essential information. Any less and the investor will think that the business has not been fully thought through, or will simply not have enough information to make an investment decision.

Download our Ultimate Business Plan Template here

These essential components, taken from our best business plan template , are as follows:

• Executive Summary
• Company Overview
• Industry Analysis
• Customer Analysis
• Competitive Analysis
• Marketing Plan
• Operations Plan
• Management Team
• Financial Plan

Business plans, like other marketing communications documents, should be visually appealing and easy-to-read. This can be accomplished by using charts and graphics and by formatting the plan for readability. Effectively using these techniques will enable the investor to more quickly and easily understand the company’s value proposition within fewer pages.

While a business plan writer should make the body of document between 15 and 25 pages, the Appendix can be used for supplemental information, thus potentially making your full plan longer.

The Appendix should include a full set of financial projections, and as appropriate, technical and/or operational drawings, partnership and/or customer agreements, expanded competitor reviews, and lists of key customers among others.

If the Appendix is long, if you a printing it out, a divider should be used to separate it from the body of the plan, or a separate Appendix document should be prepared. These techniques ensure that the investor is not handed a thick plan, which will make them queasy before even opening it up.

To summarize, the goal of your plan is to create interest – not to have an investor write you a check.

In creating interest, the full story of your company need not be told. Rather, the plan should include the essential elements regarding why an investor should invest and spend more time examining the business opportunity.

The shorter length does not mean that your plan should take less time to prepare. Rather, the entire process will take more time. As Mark Twain once said, “If I had more time, I would write a shorter story.”

So, in answering how long should a business plan be, you can keep it short, yet quite compelling and comprehensive. While condensing your plan to a concise, strong document is challenging and time consuming, fortunately the rewards are significant.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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How long should a business plan be? Mistakes and tips

Table of contents, how long should a business plan be, #1. correctly format your plan, #2. create different size versions, #3. adapt the business plan to the reader, #4. use graphics wisely, #5. ask for feedback, mistakes of a business plan length, the business plan for you.

If you are wondering “ how long should a business plan be?” , you must know that it would depend on your short-, medium- and long-term objectives. Asking strategic questions as: “what is your main goal?” and “how to achieve it?” will help you to clarify your business idea and will determine the length of your business plan .

Remember the main purpose of a business plan is to correctly scale or grow a business , meaning to efficiently prepare a plan for future business growth , where it becomes both economically and operationally optimal.

Creating a business plan is one of the most arduous parts of starting a company and has to be done with the utmost diligence. This, of course, presents many challenges that if not taken into consideration can create many missed opportunities for a company . n this article you’ll be able to understand which mistakes to avoid and you’ll learn some tips for creating the correct Business Action Plan (BAP).

There is no precise answer to this question. The correct standard length of a business plan does not exist ; it all depends on your company's planned objectives; whether it is a big company, startup, etc. The length of your business plan is up to you, however, it is important for a business plan to contain the following:

• cover page,
• table of contents,
• executive summary,
• company description,
• market analysis,
• balance sheets,
• financial projections.

Tips for an adequate length business plan:

Formatting your action plan allows you to be organized and not include useless information, which only makes the document busy and not reader-friendly. Including precise information in a uniform way:

• enables readers a more pleasant experience ,
• allows them to easily localize precise information .
• increases audience engagement and the possibilities of a more positive outcome .

Because a BAP serves as the company's introduction, it is imperative to hold different length versions of the business plan in order to supply it when the occasion arises:

• a long (25 to 35 pages),
• medium (15 to 25 pages),
• version (5 to 15 pages). of the plan.

An example of this is, if a company wants to get a venture capitalist , it should primarily show him/her an executive summary of the plan, in order to not overwhelm him/her with information, but rapidly captivate his/her attention. Once this happens, the company should send the long version for a detailed action plan.

Going hand in hand with the previous tip, if you want to effectively captivate the reader , and not have them just briefly skimming through it, it’s important to adapt your plan for the type of audience you have . Whether you are demonstrating it to a financial institution, a marketing specialist, or a potential customer for your product and service .

For example , if trying to get the first attention of a potential investor, they typically only need a summary of your product offer, and a detailed description of your cash flow projections , (sales, budget, etc.). This allows you to hold their attention and interest them in what they specifically have a passion for.

Because business plans are so precise and tend to contain copious amounts of information, it is important to utilize graphics wisely . Graphics are good tools for explaining data and summarising information. However, the excessive use of this tool can be harmful to particular types of readers.

Not everyone is comfortable with pages full of data and no explanation and so for a successful BAP, it is imperative to have the correct balance between graphics and images.

The most recommended tip for an adequate length is to get feedback from reliable sources . It is always a good practice to understand other people's perception of a person's work. Feedback allows people a trial of how targeted readers can react to reading your business plan , it helps you understand the different points of view, new ideas, and opens a space for improvement.

According to the feedback, you’ll understand how engaging your BAP is, whether you have to shorten it, add information, or be more precise. These are key suggestions that can lead you towards a successful action plan.

An effective business plan takes more into account than the overall proposition of the company. If a plan is not well established, doesn’t contain the essential elements, and doesn’t offer captivating information, the audience won’t continue to read it , will get bored, and won’t effectuate any initiatives .

Some common mistakes to avoid of a BAP are:

• not giving enough precision ,
• excessive or minimal use of words ,
• wrong targeted audience ,
• being non-realistic about financial projections ,
• excessive use of graphics ,
• not being adapted for skimming ,
• being out of order .

Remember: an effective business plan must be appealing , easy to read , available to skim , and captivating, in order for the audience to be engaged with your action plan, thus getting positive results from your business.

It’s normal for companies to have an extensive business action plan . After all, it details a company's business model based on amp research, thus defending its value proposition in light of the global context data. However, it is imperative to exercise different versions of the same plan in order for the reading parties to be instantly and easily engaged .

This will allow the company a versatile and straight to the point proposition for their audience, captivating different types of readers and adapting their plan towards their main areas of interests. Furthermost, positioning itself as an efficient company that does their homework and research for optimal delivery.

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Business Plan Length: How Long Should a Business Plan be?

Business Plan Template

• April 17, 2024

What should be my business plan length? It is a common question for entrepreneurs who are new to business planning.

Certain people hold the opinion that a business plan should be one page long, while some believe a business plan should be extensive and filled with minute details.

Every business plan and business is different. While some may be heavily text-based and include extensive market research, others may rely on graphics to make their points.

If your business plan is too brief, you’re probably not offering potential investors enough details about your operation. In contrast, if it goes on for too long, you will bore them, and they will lose interest since you are giving them too much information.

Confused about the length of a business plan? Make sure your business plan is detailed enough to show that investing in or getting involved with your business is a good idea.

In light of this, a business plan length should typically be between 15-30 pages . Let’s see the detailed guide on how long should a business plan be

Length Depends on the Purpose of Your Business Plan

Don’t overlook the main mission of your plan while you determine the ideal length of your business plan. The goal of your plan is to persuade readers to support your business, financially or by being an active part of your business.

Certain questions to answer to know your purpose are:

• Who is the target audience, first, for whom you are creating a business plan? (E.g., banks, investors, potential partners, etc.)
• Will it have details of the business and the management team that everyone can read?
• Do you require showing the whole business plan or only the executive summary to your readers?
• Does it contain thorough research, plans, designs, and charts?

Length Also Depends on the Type of Business Plan

The page count of a business plan also depends on its type. There are three types of business plans, let’s deep dive into them, and then you can decide the ideal length of your business plan.

One-Page Business Plan

A business owner prefers a one-page business plan to introduce their business to investors. A one-page startup business plan encompasses the key elements of the company into just one page, much like an executive summary.

One of the advantages is that investors can read it quickly because it is simply one page long and has just enough details to pique their interest.

Mini Business Plan

A mini business plan contains 1 to 10 pages and has every component that is in a normal traditional business plan, but all are synchronized.

A short plan has all the essential elements of your business in bullet points to make it concise. Even though it contains some of the same details, a detailed business plan is still necessary.

If an investor asks for further details, after reading a one-page business plan, then this mini-business plan can come in handy.

This version will contain more detailed information, such as the problem, the solution, the marketing plan, the expected financial results, the target market, the company and management team, short financial tables, business charts, and the details to secure funding.

The Comprehensive Business Plan

Comprehensive business plans can range in length from 15 to 35 pages and beyond.

This business plan provides readers with a complete overview of the company, including the market problem, the proposed solution, company description, objectives, and goals, as well as its marketing plan, competitive analysis, operational plan, financial projections, management team, and funding request.

A comprehensive plan starts with an executive summary and then expands on it with supporting data. This plan includes essential research to validate the overall business idea.

These business plans should only be provided upon request and following the delivery of a one-page or mini-business plan. An extensive business plan gives investors a complete picture of the company while raising the starting capital.

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Elements to Include in a Business Plan

Now that you know the types of businesses and the average length of a plan, let’s move ahead with what to actually include in a plan. By exploring these essential components, you will be able to create a solid plan.

Executive summary

It is an overview of the whole business plan. Generally, entrepreneurs prefer to write it at the last, after having the clarity of each section of the business plan.

Company description

There is a detailed introduction to your business in this section, including the structure, name of your business, location, history, etc.

Market analysis

This is the section where you provide information about the market, like market size, market trends, target market, industry trends, regulatory environment, etc.

Products or services

Mention the products or services you will provide in this section, including the competitive advantage, unique value proposition, and benefits of the product or service.

Sales and marketing strategy

Here should be your marketing plan on how will attract new and retain old customers.

Management team

Here, mention the names, roles, and experience of key members, managers, and owners.

Financial projections

Attach financial forecasts of at least 3 years to 5 years in this section, including income statement, balance sheet, and cash flow statement.

Additional information that supports the main sections of the business plan, such as resumes, market research data, legal documents, and any other relevant materials.

Tips for Writing a Concise Business Plan

Writing a concise business plan is essential for capturing the attention of potential investors and partners. Here are some tips to help you write a concise business plan:

1. The Length of an Executive Summary is Crucial

The executive summary is typically the whole overview of the business plan, so it is one of the essential components. Therefore, make sure your summary is well-presented and brief with all the details.

The executive summary’s opening paragraph, in particular, is of utmost significance, since if you don’t grab the reader’s attention right away, they won’t continue reading.

It should normally be one to two pages long to get the reader’s interest in your plan.

A good executive summary should be 5-10% of the whole business plan, so write all the information in a synchronized yet clear manner.

Your business plan has six essential components after the executive summary. These sections should each be between one and two pages long.

2. Correctly Format Your Plan

By organizing your plan, you can avoid including information that would make the plan too cluttered, long, and difficult to read.

Formatting will:

• Give readers a more enjoyable experience
• Make it simple for them to locate the exact information
• Help you fit in the ideal length of the business plan
• Increases engagement and your chances of getting results
• Will also help you understand key elements of your business

3. No One Wants a Novel

When it comes to your business plan length, no one would be interested in reading 100 long pages.

If you include every minute detail of your business, then the plan will be excessively lengthy, and the majority of readers will become bored. Keep in mind that no one will read a 100-page business plan.

Instead, include the most significant information in the executive summary, and then in the other sections of your plan, validate what you mentioned in the executive summary.

4. Move Supporting Documents to the Appendix

While an executive summary gives a quick overview of your whole plan, the appendix supports the data presented in the plan, making it simple to read with all the evidence.

For instance, the primary component of your plan includes revenue projections for years 1 and 5. You can include the specifics of how those forecasts were made in your appendix, rather than putting all pertinent information in the main text.

Therefore, to make your plan clutter-free, move all the supporting documents to the appendix.

5. The 15 Minutes Readability

The 15-minute readability is an actual answer to the question; how long should a business plan be? After quickly scanning the main points of a strong business plan for 15 minutes, the reader should have a good understanding of its main components.

Format, headlines, white space, and graphics all significantly impact readability. The main ideas of a business strategy should be presented as rapidly as they are in a business proposal or business presentation.

If you are still confused about how to write a business plan, then you can also use free business plan samples to make your plan perfect.

6. Use Graphics Wisely

Never reduce a plan by removing helpful graphics. Readability and understanding of the plan are much more important with the help of graphics.

Make your financial projections easier to understand by using business charts to illustrate the numbers. As much as possible, use pictures and drawings to illustrate locations, items, sample menus, product images, and other things.

Are You Ready for Your Business Plan?

In final words, a business plan’s length depends on various factors, like the type & complexity of your plan, the audience of your plan, the purpose of the plan, and many more.

The thing that only matters is your plan should reflect all the main elements of your business, whether it is 15 pages or 30 pages with clarity.

Don’t worry if the ideal length of your business plan is still confusing, because you can always rely on a good business plan software like Upmetrics for writing a business plan. So, start writing, and all the best!

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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When Should Entrepreneurs Write Their Business Plans?

• Francis J. Greene
• Christian Hopp

Don’t write a plan before you understand your customer.

It pays to plan. Entrepreneurs who write business plans are more likely to succeed, according to research. But while this might tempt some entrepreneurs to make writing a plan their very first task, a subsequent study shows that writing a plan first is a really bad idea. It is much better to wait, not to devote too much time to writing the plan, and, crucially, to synchronize the plan with other key startup activities.

It pays to plan. Entrepreneurs who write business plans are more likely to succeed, according to our research, described in an earlier piece for Harvard Business Review . But while this might tempt some entrepreneurs to make writing a plan their very first task, our subsequent study shows that writing a plan first is a really bad idea. It is much better to wait, not to devote too much time to writing the plan, and, crucially, to synchronize the plan with other key startup activities.

• FG Francis J. Greene is Chair in Entrepreneurship in the University of Edinburgh Business School.
• CH Christian Hopp is Chair in Technology Entrepreneurship in the TIME Research Area, the Faculty of Business and Economics, RWTH Aachen University.

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• Business Planning

Ask The Experts: How Long Should A Business Plan Be?

Business planning can be confusing, and one of the questions that entrepreneurs often ponder is, “how long should a business plan be?”

Asking around doesn’t seem to help much. One camp of people believes that a business plan should be a single page, while the other camp believes that a business plan should be comprehensive and extremely detailed.

The truth is, there is no perfect answer to this question. A plan should be as long as is needed to fulfill its purpose – and not everyone has the same objective when developing a business plan.

Each business plan is unique. While some plans may be text-heavy and go into deep detail with research about its market, others may use graphics to get their points across. The way a business plan writer presents their information can drastically affect the overall length of their business plan.

Does business plan length matter? Yes, but the length of your business plan is highly dependent upon your business, your audience, your writing style, and the type of plan you are developing.

The One-Page Business Plan

Over the last several years, the one-page business plan has become more and more popular as an introduction tool. Very similar to a standard executive summary, a one-page business plan summarizes the important points of the business into a single page. This  business plan format  is extremely digestible but isn’t acceptable for all situations.  

The most applicable scenario for a one-page business plan is for introducing an investor (or another party) to a business that they are unfamiliar with. With only one page, it isn’t too time-consuming for them to read, and provides just enough information to spark their curiosity.

When building your one-page business plan, it is important to realize that a single page does not leave much room for extreme detail. With a one-pager, you will have to choose the elements that are most important and the information that will best describe your business to drive the interest of readers.

However, for an investor who is already curious about your business and seeking to learn about it in detail, a one-page business plan is often not enough. Unfortunately, a business plan of this length does not provide enough context to get into the fine details of your overall strategy.

Is a one-page business plan right for you? Consider the following pros and cons.

• Easy to put together quickly when in a pinch.
• Provides just enough content for readers to easily digest.
• Allows entrepreneurs to explain the market problem, their solution and their strategy for reaching the market.
• Often does not provide enough context for readers to fully understand your business.
• If investors are interested after reading the one-pager, they will likely request a more comprehensive business plan.
• A one-page business plan doesn’t provide enough research and won’t prove the feasibility of a company.

The Mini Business Plan

A “mini business plan” is typically around 1-10 pages and provides much of the same information as a comprehensive business plan. However, the information is condensed and minimizes all fine details and explanations.

A mini business plan cuts to the chase, often using bullet points to fulfill the section. While it includes some of the same information, it doesn’t replace a comprehensive plan. It is perfect in a situation where more detail is required to prove the feasibility of the business but immense detail is not yet necessary.

For example, if an entrepreneur has already shared their one-page plan, but the investor requests more information, a mini business plan can be sent. This version will include more extensive information including the problem, solution, marketing strategy, financial projections, and financial requirements.

Is a mini business plan right for you? Consider the following pros and cons.

• Much more inclusive than a one-pager, but easier to digest than a comprehensive business plan.
• Provides a better balance between document length and business information.
• Can be written within several days.
• Meant for brevity. Does not give enough room to thoroughly explain the major points within the plan.
• Typically excludes certain information such as an operational strategy, exit strategy, and etc.
• Provides a strong introduction to the business, but does not typically include enough research or background information to prove feasibility.

The Comprehensive Business Plan

Comprehensive business plans are full-scale plans that can be anywhere from 15-35 pages and beyond. This business plan gives readers a full view of the business including the market problem, the solution, company mission, objectives and goals, marketing strategy, competitive analysis, operational strategy, financial projections, management team, financial ask, and more.

A comprehensive plan begins with an executive summary (similar to the one-page business plan) and then expands on the summary with details and supporting information. This plan tells the story of the business, connects the entire strategy together, and provides the necessary research to validate the entire idea.

However, comprehensive business plans have their place. Virtually no one will read a 35-page document with no prior knowledge of the business. Instead, these business plans are best given on request, and after a one-page or mini-business plan has already been sent. When  raising seed funding , a comprehensive business plan provides investors with a full scope of the business.

Is writing a comprehensive business plan right for you? Consider the following pros and cons.

• Provides the most detail and information with supporting research and data using text, pie charts , and other visual aids.
• Examines every aspect of the business with a solid go-to-market strategy.
• Gives the most context and answers reader’s questions with full detail.
• Readers may not read through the entire plan and flip directly to specific sections.
• Comprehensive plans require thorough research and preparation and may take weeks to fully complete.
• Plans must be extremely informative and be presented in a way that captures the reader’s attention. If they get bored while reading, they may miss important points.

What Type of Plan Do You Need?

Many entrepreneurs only complete one business plan, and they send that one business plan out for every situation. Unfortunately, this is not an effective method. Instead, entrepreneurs should have all three types of business plans in their arsenal and be able to supply the right business plan when needed. The length of your plan isn’t what’s most important – knowing what type of plan to use, and when, is what will give you an advantage when seeking funding.

Whether you need a one-pager, a mini-plan, or a full-scale comprehensive business plan, we can help. Our experts have written hundreds of winning business plans for startups around the world. We’d love to help you, too.  Contact us  today and let’s write your investor-ready business plan!

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Home » Business Plan Tips

How Long Does It Take to Write a Business Plan?

Ideally, a traditional business plan can take just a few hours or maybe days to put together. And although there’s nothing wrong with taking as much time as possible, it is better if you already know what you are doing and have the data you need. Notably, it is possible to write your initial business plan in under an hour; however, it depends on how quickly you can answer the most pressing questions, and access some data to back up your assumptions.

If you have a perfect understanding of the business you want to venture into, then it should not take you more than 2–3 hours to get your initial and basic business plan done. From there, it can take you extra 2 hours every month to review and readjust it. You keep a basic plan at the core and as you have to present to outsiders – such as investors or bankers – you inculcate fresh summaries and text descriptions that are extra to your core basic plan.

Have it in mind that a Business Plan is a constantly evolving document so in reality it is never finished. It is your guide to doing business and since every Business Plan is different, it is better not to be tempted to use those many online programs that promise to make writing your business plan as simple as nursery rhythms.

Putting together your business plan should involve a deep reflection of every part and detail of your idea. Sometimes, it even takes seasoned professionals between 3 and 6 months to write a plan after collecting all the information necessary. In short, with most answers and data sorted, working full time, 10 days sounds right. However, business owners wear many hats, so setting aside 10 whole days is a big request, so, safely a month.

Dedicating a little time to research and planning before starting your business reduces the risk that you will lose money and make business mistakes. Your plan will help you find out if your business can indeed generate revenue and various other things that you really need to make it successful. Indeed, you could jump right in and start your business without a plan, but it is much more likely that you’ll waste time, money, and resources—unless you have a plan.

Components of a Good and Workable Business Plan

First and foremost, note that a plan is mainly measured by its readability and summarization. A good business plan is meant to leave a reader with a good general idea of its primary contents even after only a quick glance. Format, headings, white space, and illustrations all tend to make a huge difference. Summaries are very critical and the main points should show up in a business plan as quickly as they do in a business presentation. Nonetheless, here are the basic components of a good business plan .

Executive Summary

When putting together a workable business, note that your executive summary is expected to appear first. This is the section that summarizes everything you expect your business to accomplish. Since it is meant to express what you intend to discuss in the rest of the plan, experts suggest that you write this section last.

Also, note that a good executive summary is enticing. It extensively tells the company’s mission statement, along with a short description of its products and services.

Market Analysis

Note that this is where you are expected to show that you have a concrete understanding of your business industry and the specific market you intend to enter. This is the section where you have to substantiate the strengths that you highlighted in your company description with data and statistics that extensively explain your industry trends and themes.

You will also have to show what other businesses are doing and whether they are succeeding or failing. Note that your market analysis should also help visualize your target customers — how much money they make, what their buying habits look like, which services you think they want and need, etc. In addition, the numbers should help answer why your business can do it better.

Company Description

This section includes all vital information about your business, goals, and the target customers that you intend to serve. Also note that this is where you describe why your company stands out from other competitors in the industry and break down its strengths, including the services or solutions you offer customers, and the competitive advantages that will offer your business an edge to succeed.

Description of Management and Organization

Your business plan is expected to outline how your organization is set up. You will have to introduce your company managers here and summarize their skills and main job responsibilities. Note that a simple way could be to use a diagram that maps out your chain of command.

Also remember to indicate whether your business will operate as a partnership, a sole proprietorship or a business with a different ownership structure. If you have a board of directors, this is where you have to identify the members.

Competitive Analysis

Every good business plan needs to showcase a clear comparison of your business vs. your direct and indirect competitors. Note that this section is where you show your knowledge of the industry by breaking down their strengths and weaknesses.

Always remember that the end goal is to show how your business will meet up in the market. And if there are any issues that could limit you from venturing into the market, like high upfront costs, this is where you will have to be plain. Your competitive analysis will go in your market analysis section.

Breakdown of Your Products and Services

Although your company description is an overview, a detailed breakdown of your products and services is meant to provide a direct but extensive description of the products that you are creating and selling, how long they could last and how you intend them to meet existing demand.

Note that this section is where you are expected to mention your suppliers, as well as other key information about how much it will cost to make your products and how much money you intend to generate also. Ensure to also list all relevant information pertaining to patents and copyright concerns here as well.

Sales Strategy

This is where you are expected to answer how you intend to sell the products that you are producing or offer the services that you intend to bring to the market. Note that your sales strategy is expected to be specific. Ensure to carefully break down how many sales reps you will need to employ and how you intend to recruit them and bring them on board. Also, make sure to include your sales targets as well.

Marketing Plan

Have it in mind that this is where you explain how you intend to get your products and services into the market and also reach your target customers . In this section, break down the steps that you will take to promote your products and the budget that you will need to implement your strategies.

Request for Funding

If you also need external funding, this section is where you have to focus on the amount of money you need to build your business and how you intend to leverage the capital that you are looking for. You should consider including a timeline here for additional funding that you require to complete other crucial projects.

Financial Projections

Note that this is the final section and where you explain the financial goals and expectations that you have set based on market research. This is the section where you report your anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business. However, if you intend on applying for a personal loan or a small business loan, you can always add an appendix or another section that offers extra financial or background information.

More on Business Plan Tips

How Long Should a Business Plan Be?

The short answer is “as long as it needs to be”.  The length of your business plan depends on several factors such as who your audience is, the complexity of your product or service, and how long it takes to prove your mastery of the market.

In similar articles, you’ll hear things like this: “Your business plan should be as long as it takes to convince the reader that your company is worth investing in.”  This is true if your only objective is to secure an investment, but research shows that people use business plans for so much more than that.

In this article, I’ll answer the general question of, “How long should a business plan be?” based on who your audience is, and what their requirements are.

Internal Audience

An internal audience like yourself, a small team, or even a medium to a large group can benefit from a lean business plan, standard business plan or a comprehensive business plan.

A lean business plan may only be a page or two in length but can be incredibly helpful in developing the leadership qualities of your management team.

Business Plan, not an Operations Manual

It’s fascinating when it comes to standard or comprehensive business plans.  Most people believe that startups only write long business plans when they’re writing for an outside audience.  This is completely inaccurate, especially for startups with a complex product, or service.

What happens is the founders write word for word how their technology or intellectual property works.  Remember, a business plan requires a summarization of operations, not a focus on the actual operational plan.

Your business plan should dial in on the strategic direction of the company.  Any detailed explanations of IP, or specific processes should be done separately.

External Audience With Criteria

Some audiences will require your business plan to be a certain length.  It’s important to review these criteria to ensure you’re meeting all of their requirements.  Here are a few examples:

• The U.S. Small Business Administration (SBA) requests basic business plans to be 38 to 50 pages in length, and complex plans to be 80 to 100 pages.

https://www.sba.gov/offices/district/az/phoenix/resources/sba-recommended-business-plans-length#:~:text=This%20is%20one%20of%20the,on%20their%20own%20personal%20perspective.

• The Ontario Ministry of Agriculture, Food and Rural Affairs requires a business plan to be 10-30 pages in length, typed and double spaced, with adequate margins for adding notes or questions

https://www.omafra.gov.on.ca/english/busdev/facts/08-051.htm

• The DECA International Business Plan requirements are that the body of the written entry must be limited to 30 numbered pages, including the appendix

https://www.deca.org/wp-content/uploads/2014/08/HS_IBP_Guidelines1.pdf

• Alberta Immigrant Nominee Program encourages candidates to provide business plans not exceeding 10 pages plus required appendices.

https://www.alberta.ca/assets/documents/lbr-ainp-business-plan-guidelines.pdf

●        Yahoo Small Business suggests a business plan can range from 20 to 50 pages in total.

https://smallbusiness.yahoo.com/advisor/resource-center/does-business-plan-140000974/

As you can see every audience is drastically different.  That is why your business plan’s length should mirror the audience it’s going in front of.

External Audience With No Criteria

In the situation that your business plan is for an external audience that hasn’t set forth any criteria, simply follow this procedure:

• Do all the research you can to ensure that your business plan answers every question it should.  Ensure your content is based on evidence.
• Once completed, revise your business plan for readability.  Is your business plan easy to read?
• Get your business plan in front of people you know: small business owners, friends, family, people with English degrees.  Get the advice you need, not just what you want to hear.
• Next, you can contact our team.  We’ll peer-review your business plan and offer our thoughts based on your goals and objectives.

Every business plan should be written with a consideration of who the audience is.  A bank may focus on financial projections, while an investor might be more focused on the life-cycle of the market.  A great business plan starts with a clear understanding of the audience, their requirements and criteria.

Use Charts and Graphs

That’s right.  Business plans with strictly text are boring, and rarely ever get the point across.  By using charts, graphs, and other visuals you can illustrate your concept while keeping your audience engaged.

The Average Length of a Business Plan

A standard business plan is usually 2,600 to 4,000 words in length, which is around 10-15 pages of text.

A comprehensive business plan can be anywhere from 4,000 to 26,000 words, which is equivalent to anywhere from 15-100 words in length.

“Our best approximation of the average length of a business plan is 3,200 words throughout 12-15 pages.”

Our main takeaways are to:

Excite your readers, and keep them focused on your idea.  Speak to your audience. Figure out what will be most compelling to them, while ensuring your content is evidence-based.

More important to length is the content inside your business plan.  Some long plans may communicate very little, while some short plans will communicate the essence of the business more effectively and with fewer words.

Most audiences skim business plans.  This means you never know where your audience’s eyes will land; therefore, every sentence must be your best sentence.  To help your audience with their skim you should:

Use Headers To Help Them Navigate

Headers will give your audience an idea of the business plan’s structure, so they can dial in on their areas of interest.

One option is to write your plan at a length you’re confident with, provide it to your audience, and allow them to suggest areas that can be expanded upon.

So, how long should a business plan really be?  A winning business plan is not based on its length, but rather on what’s inside.  A good rule is do not make your business plan longer than it needs to be.

How can we help you?

Get in touch with us or visit our office

Business Plan Length: How long should a business plan be?

• December 23, 2022
• Uncategorized

When it comes to business plans, how long should they be? Well, the answer to that question really depends on what you’re trying to accomplish with your business plan. Generally speaking, a business plan should be around 10-15 pages long, but there are definitely exceptions to that rule.

If you’re looking for funding or trying to attract investors, then your business plan length will need to be much more detailed and longer. On the other hand, if you’re just trying to get a better understanding of your business and what you need to do to make it successful, then a shorter and more concise plan may work best for you.

1. A business plan should be long enough to cover all the important aspects of your business

A traditional business plan should be long enough to cover all the important aspects of your business, including its purpose and goals, business structure and operations, management team, market analysis, competitive landscape and financial projections.

It should also include a detailed business model outlining how the business will generate revenue and sustain itself. Additionally, it should go into detail about management and personnel requirements, marketing strategies, growth plans and contingency plans.

When crafting a business plan, make sure you include all the necessary information needed to run the business successfully . Your plan should be comprehensive while still being concise – it doesn’t need to be overly lengthy or convoluted but detailed enough to provide a clear picture of how your business will operate.

2. The length of a business plan will vary depending on the type of business and its complexity

A business plan length will vary depending on the type of business and its complexity. A business plan for a startup business, for example, will likely be longer than one for an existing business looking to expand or make changes.

In general, traditional business plans should include all of the essential elements necessary to operate a business successfully. That said, it’s important to take into consideration the audience you are presenting your business plan too – if you are pitching your business model to investors, then it may need to be more in-depth than if you were simply submitting it as part of a loan application.

When determining how long your business plan should be, consider these points:

• What do you need to include to achieve your business goals?
• What do you need to convince investors or lenders of the potential success of your business?

3. Generally, a business plan should be around 10-15 pages long

Once you’ve identified all the important elements for a successful business plan , determine how many pages are necessary to convey that information effectively. Depending on what you’re trying to accomplish with your business plan, an ideal length might be 10-15 pages long up to 30+ pages.

Ultimately, there is no fixed rule for how long a well written business plan should be – it really depends on what you’re trying to accomplish with it and who its intended audience is. As long as your business plan includes all of the essential elements needed for success and provides enough detail to convey those elements clearly, you should be in good shape.

4. You can go into more detail if needed, but make sure you cover the essentials

When crafting a business plan, make sure you are being thorough in covering the essentials. Your business plan should include all of the important elements that will be essential to running your business successfully.

You can go into more detail if needed, but make sure to focus on providing enough information to give an accurate picture of how your business will operate. That includes outlining its purpose and goals, business structure and operations, market analysis, competitive landscape and financial projections.

At the end of the day, how long your business plan should depend ultimately on what you’re trying to accomplish with it and who its intended audience is. Make sure you cover all the necessary information needed for success while still being concise – that way, your business plan can be as effective as possible.

5. Make sure your business plan is updated regularly as your business changes

Finally, remember that business plans should not be static documents – they should be updated regularly as your business evolves and changes. Include a timeline for when you plan to review and update the business plan so you can ensure it remains current.

How often should business plans be updated?

Business plans should be updated regularly to ensure that all the important information related to the business remains current. The frequency of review will depend on how quickly the business changes or evolves, but it’s recommended that business plans are reviewed at least once per year.

Additionally, whenever significant changes or developments occur within the business, it’s important to update your business plan accordingly. This will help keep the business plan in line with where the business is heading and make sure that all stakeholders have access to accurate information.

Don’t forget about the executive summary!

When creating business plans, make sure to include an executive summary at the beginning of the plan.

The executive summary should only be 1-2 pages. This should be a concise overview of all the key points that will be discussed within the business plan. It should give readers a clear and succinct understanding of what lies within and motivate them to read more.

An effective business plan should have an engaging executive summary that is able to capture people’s attention and provide them with enough information so they can understand why your business is worth investing in or partnering with. A well-crafted executive summary can go a long way in making your business plan stand out from the crowd and increasing its chances of success.

There’s no doubt that it’s important to have a business , and now that you know how long a business plan should be, it’s time to start writing! The best way to get started is by focusing on the essentials – make sure to outline your business purpose and goals, business structure and operations, market analysis, competitive landscape and financial projections. You can go into more detail if needed, but make sure to provide enough information so an accurate picture of your business can be painted.

Remember that business plans should not be static documents – they should be updated regularly as your business changes.

If you’re looking for help writing an effective business plan that can help your business succeed, look no further! I’m here to provide you with the support and guidance you need. I understand the complexities of business planning and will work with you to ensure your business plan is comprehensive, insightful and reflects your business goals. Get in touch for more details.

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• Starting a business

How long does it take to write a business plan?

Even if you’re a seasoned pro at crafting business plans, the process can be daunting. There are many different types of business plans, such as external, internal , strategic, and growth, just to name a few. Every kind of business plan requires different levels of research and analysis and varies in length.

How long is a typical business plan?

Final thoughts.

Since every business within every industry is different, there’s no defined length to a business plan. The most critical thing is that the plan achieves the goal that it sets out to accomplish. Since we all work at different paces, there’s no real way to know precisely how long it will take. If you’re thinking about tackling a business plan for the first time and wonder what you’re in for, some considerations can help you get an idea.

A resume for your business

When it comes to business plan length, a good way to put it in perspective is to look at it as a resume for your business. In the past, experts say your resume should never be longer than a page. However, now that it’s more acceptable to change jobs more frequently and a more competitive workforce requires more experience, longer resumes are more acceptable.

A resume’s main objective is to get attention, be skimmable, and spotlight essential information. The same is true for a business plan. To be able to do all of these things, you must consider who will be reading it.

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Consider your audience

Although each type of business plan has certain content requirements, there isn’t a strict guideline you must follow. For instance, if you’re presenting your business plan to a bank to secure a loan, they will likely want to see a standardized plan with a lot of financial forecasting backed by research. On the other hand, if you’re presenting a strategic business plan to a board of directors at a design firm, they might be wowed by a more visually stunning presentation.

Whoever is reviewing your business plan will affect its contents, which will affect how much time and effort you need to put into it.

Once you have a firm grasp of your business plan’s purpose, audience, and how you want to present the information, you’ll naturally start to get an idea of how long it might take to complete. Although we can’t tell you how long it will take, we can give you a timeframe in which it should take.

Information can become irrelevant

Most business plans utilize market data to develop financial projections. Since markets are constantly changing, so will the data in your business plan. This means a business plan that takes a year to create might have inaccuracies when it comes time to present it. Experts say that crafting and delivering a business plan within one quarter ( three months) is best to avoid this.

Cut down on text with infographics

No one, regardless of industry, gets excited to sit down and read a business plan that’s full of dense text. Infographics such as charts, graphs, maps, and other visual tools that can convey information are excellent for breaking up text and making a business plan more readable. They also cut down on the amount of text you need to write to convey information. However, a business plan with all infographics and no text is no good either. Striking a balance between text and images within your business plan is crucial for an effective business plan.

Get help with editorial design

Keeping with the theme of an attention-grabbing business plan, a business plan printed straight out of Google Docs won’t do a great job—even with infographics. Adding a little flare with some editorial design goes a long way. This could include placements of your company logo, color scheme, or other aspects that tie into the business. Unless you’re skilled at design, this can eat up a lot of your time. Purchasing business plan templates offline or hiring a graphic designer can help with this aspect of your business plan and make it stand out.

You’ve probably noticed by now that we haven’t told you how long it takes to write a business plan. That’s because we can’t. Just as we can’t tell you exactly how long one should be. As we mentioned before, it should take as long (and be as long) as it needs to accomplish its objectives.

So that your projections in your business plan remain accurate and relevant to investors, it’s a good idea to wrap it up with three months. But if it takes you longer than that, don’t stress. You can always go back and adjust the data if need be, which will take a fraction of the time of the entire business plan.

As for the length of your business plan, you should plan to include enough information to cover at least 10-15 pages. That’s including a cover page and appendix. If you’re to err on the side of caution on the length of a business plan, it’s better it’s too long than too short. A very short business plan may give lenders and investors pause at first sight. However, if your business plan is going over 50 to 60 pages, you may want to consider scaling back. A good rule of thumb for page limitations is that if it takes longer than 15 to 20 minutes to skim, it’s probably too long.

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Does your business plan need a push?

Writting a business plan can be a springboard exercise for your business, and it's not as difficult as people think. All it takes is a bit of method, and some efficient tools. The good news our free articles and paid course have you covered!

Resources on Business Plan Writing :

An article of the Accelerated MBA written by:

Antoine Martin (Ph.D) | Business coach

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In this article:

How long does it take to write a business plan.

Writing a business plan is usually a time-consuming process, and many business owners and entrepreneurs get quickly put off by it. As a result, we often receive questions from small business owners who wonder how much time they should spend writing their business plans. How long does it take to write a business plan? How much time should I spend on it? What parts should I really focus on? Should I write it myself or have someone else write it for me? So forth and so on.

In this article, we not only answer those questions.

We also give you tips on approaching business plan writing efficiently and effectively. We bust a myth or two since we’re at it. And we put you on tracks to get things started, easy as 1, 2, 3.

Long story short? Writing a business plan takes time, especially when you don’t have a clear framework to follow and tools to use to facilitate the process. And, no, having it written by someone else makes no real sense. Why? Because the point of business plan writing is not to get a damn pdf (Excuse our French). It is to conduct an impactful business planning exercise that’ll give you some perspective on how to get your business to its next level.

Before we dig into the topic, though, please keep three essential points in mind!

First, in this article, we will not explain what a business plan is and why it is important to your business . As we’ve said before, a business plan is a storytelling tool that you should use to show your interlocutors that you have a business AND a strategic plan for that business . If that concept doesn’t sound very clear to you, please follow the link and read the other article before moving on. It’s fundamental.

Second, this article is part of a comprehensive series of blog posts on business plan writing that we’ve made available on Impactified for free. We’re trying to make your life easier with these, so give them a look!

Third, if you wonder how to write your business plan in no time and without breaking the bank, our best-selling Business Plan Builder module was designed for you.

That module includes a complete business plan template, two designer-made decks, a work tool to get you started and tell you what to write (and how), the automated financial tables you’ve been dreaming of, and over two hours of video designed to take you by the hand! So, if writing a business plan is a serious issue for you, you have no excuse!

Now, back to our topic: how long does it take to write a business plan? And is it worth having it written by someone else? Let’s dig.

Why does writing a business plan take time?

Before we elaborate on how long it takes to write a business plan, we first want to clarify ‘why’ business plan writing takes time. There are several factors and variables to take into account here.

Format vs. Substance

One of the critical factors you have to consider here is that people often confuse format and substance.

we know. Let us explain.

For instance, those who think that a business plan is a matter of getting a pdf document written, quick and dirty, to make the bankers happy typically see the exercise as a matter of formatting. Put the information into boxes, format the boxes, and you are done.

However, the essential keyword in the previous paragraph is not “getting a pdf document written”. Instead, it relates to the importance of gathering information. Not generic information, though, the correct information for the right interlocutor.

Said differently, business plan writing is a time-consuming exercise because it involves a very significant amount of work on the information-gathering side of things. In contrast, formatting is very straightforward and doesn’t create any specific issue – especially if you follow the right section structure and have access to a proper template. We’ll get back to that later

Alone vs. By someone else

Another critical factor to consider is ‘who’ writes the document.

On the one hand, working on your business plan yourself will take time and is very likely to slow you down. Depending on how well you know your business and on how deep you have pushed your strategic thinking, the exercise could take between a couple of days and a couple of months.

A couple of days, if your ideas are clear and all you have to do is format your information. A couple of months, if you can’t explain clearly what makes you different. Or what your business model is and what traction you have.

Not to forget the financial projections you have in mind , so forth, and so on. Then, of course, add the work you need to do alongside your writing, and you quickly get a couple of months of work.

On the other hand, having someone to work on your plan will also take time, but for different reasons. Whoever does the writing will need to know your business as precisely as possible before they can come up with anything serious.

Hence they will require you to spend time on data compilation and clarification. Perhaps more importantly, you will have to go through all the work and trust that their research reflects your market and positioning. Of course, you will also lose a fantastic opportunity to develop your thinking on your own business.

Think about time-saving twice.

Timewise, business plan writers will promise to deliver results within a few weeks. Still, of course, they won’t come up with miracles if you have no clue about your own business. More on business plan consultants and writers here by the way.

That being said, one clever exception to that logic could be to delegate the brainstorming and writing exercise to someone close to you.

For instance, someone from your team. Someone who knows the business well enough to develop sharp insights and relevant ideas. In that case, though, you will still need to spend some time on collaboration, clarification, questioning. Needless to say, you will also need to digest and assimilate the plan well enough to defend it when the time comes.

Deep plan vs. Surface scratching

Of course, the time you will need to spend on your business plan writing exercise also depends on how deep you want to go into your thinking.

Please stop smiling. we’m trying to be serious here!

Suppose your goal is to write a one-page business plan , quick and dirty style, without going into the details? You could probably come up with results you’ll like after a couple of days. However, the issue is that nobody cares if you like the result you obtain. What matters is not what YOU think, but what THEY think about your business proposal and whether you give them the type of information THEY want to hear. That’s a very different story.

In contrast, conducting a deep business planning exercise will take you a lot more time. Still, you will develop genuine insights regarding your business and your industry. In addition, you will gain some forecast on your earning potential to help you communicate with stakeholders. And all these will equip you to formulate storytelling your interlocutors will want to listen and remember.

The choice is yours here. But we’re sure you understand what we’d do if we were in your seat right now.

Don’t forget the pitching preparation

One last thing, before we move on to the next point. Another critical factor to consider when assessing how long you’ll need to write your business plan is the preparation time you’ll have to put into the exercise.

Whether you write your plan or whether someone does that for you, you will have no choice but learn to defend it yourself in front of investors if you write an investor proposal for funding purposes . Or in front of a banker if you write a business plan to obtain a loan .

From there, the work thus becomes a matter of working on your pitch. Then a matter of working on your pitch again. Then a question of actually pitching it, pitching it again, and revising that pitch until someone bites. But, again, that takes a lot of time – specifically when someone else wrote the damn thing for you.

Either way, having your document ready is only the beginning, and you have no choice but to think thoughtfully about what to do AFTER creating your business plan .

Four time-consuming variables when writing a business plan

• Focusing on substance vs. just working on formatting
• Writing the business plan yourself vs. paying someone to do it
• Going deep into the topic vs. scratching the surface
• Pitching preparation, pitching, and pitching revision

Four typical time-wasters that systematically ruin a business plan

Now that we’ve explained why the exercise typically takes time, let me explain what entrepreneurs and business owners usually waste their time on. Spoiler alert: the following paragraphs are strategic business killers (or savers, it depends), so don’t just skim through them.

Time waster #1: Figuring out what’s expected from you

First, business owners typically get into their business plan writing exercise fast to get the thing done once and for all. However, they forget to start with the basics by doing this, i.e., understanding what their final reader or interlocutor expects from the pitch and wants to hear.

That’s a business killer because, by building their pitch around what makes sense for themselves, these business owners shoot themselves in the foot.

For instance? If you ask us a million dollars to boost your business because you think that your idea is excellent and you are convinced that it is the next unicorn, then think twice. Your point needs to be a lot better than that, and it’d better be built around something more reasonable than “trust me!” or “I can feel it in my bones”.

Please don’t roll your eyes here; that’s typical.

As investors, we expect some persuasive arguments! First, say, on market research and the traction you have obtained so far. Then, some numbers showing how viable the business is. More numbers and insights as to how you’ll spend our million. And something to show me how you estimate the company’s valuation a few years from now.

Let us provoke you here: we won’t explain why we wrote the previous paragraph like this. If you understand our point, then keep reading. If you don’t, then do yourself a favor and watch our videos on the business plan logic. You have no chance whatsoever if you can’t master that kind of discussion.

The expectations, by the way, are also super important as far as the structure of your business plan is concerned. Business plan writing is a codified exercise, remember? Hence your interlocutors will expect a few points to be treated one by one, in a specific order.

We explain all these points in our Business Plan Builder module, so go for it if you need clarification.

If you’d rather try and find some free information first, our articles on what a business plan outline should look like and how long a business plan should be will give you some food for thought.

Time waster #2: Clarifying what creates a viable opportunity worth betting on

Second time-waster and business plan killer: business owners typically focus on obtaining what they want. However, they usually fail to explain what viable opportunity they create for the partners and why it is worth the investment.

There are a few critical points in what we just said.

One, the point is not to explain what YOU want. It is to explain what you want AND why that makes sense from an investment perspective.

Two, the point is not to say that you are producing the next unicorn.

Seriously, that’s how it looks.

No. The point is It is to show that you are giving investors an opportunity to put money into a viable and promising new venture that mainly needs capital to grow exponentially.

And if you are talking to a banker? Don’t waste your time on the promising side of the business. Instead, show that your finances and sales projections are viable enough to repay the loan asap. Period.

Three, the point is not to convince your interlocutor to give you money. Instead, it is to show them that their money will provide them with access to a successful business that will pay back – money in their pocket – down the road.

Said differently, what matters is not you. It’s them. And writing a business plan without having this clearly in mind will waste your time (and theirs) without the slightest doubt.

Time waster #3: Coming up with numbers that make no sense in the medium and long term

Third-time-waster and business-killer: business owners typically struggle with building and writing their business plan’s financial statements.

The complexity, indeed, is not simply to find a comprehensive template. That’s pretty easy these days. However, that template needs to tell you what needs to be done. It should tell you why things have to be done this or that way. And it has to explain how understanding the logic can help you from a storytelling perspective!

In plain English? Can you tell me, right now, without thinking more than five seconds, how much your business is worth? And no, not now. Five years from now.

Again, this question is fundamental, and you have no choice but to have a clear answer for it. If you can’t give me that answer, or if the logic isn’t clear, you need to clarify quickly.

We have some good news, though: the Impactified Business Plan Builder tool and videos can help! It will provide you with video explanations, and with the automated financial tables you’ll need to get to a result you’ll be able to use – you have no excuse.

Okay. You sound fantastic, so here’s a hint. The money you can raise relates directly to the amount of shareholding you’ll have to give away. And both depend on the valorization of your business, not now but in three to five years. As to how to get those numbers, everything is in the module; give it a try!

Time waster #4: Building some storytelling with real sex-appeal

Fourth time-waster and business killer: storytelling is super, duper, important. And you have to prepare it sharp, sharp, sharp.

We heard a guy once who thought that he would get people in his pocket by being natural. In plain English? He refused pitch training because he had a natural talent and thought people wanted authenticity rather than a fake, prepared pitch.

Well, guess what? That guy was an ass.

Excuse our French (again), but he really was.

He spoke so much that his point wasn’t clear. Worse, his pitching was boring because it was all about him and him again, so people lost interest after a couple of minutes. We won’t tell you the feedback we had on that guy: if the previous paragraph was rude, the next would be indecent.

The lesson here is simple: the point is not you, and it’s not to build a pitch based on boring facts and numbers either. No, the point is to use your business plan as an excuse to develop some strong business planning skills and to build storytelling with so much sex appeal that people will want to hear more and get on board.

The four biggest time waster with business plan writing

• Not knowing what you are expected to provide
• Failing to show that you are creating a viable business opportunity worth investing in
• Coming up with numbers that make no sense
• Going to war when your storytelling sucks (and you have no clue)

Is there a format I can use to save on preparation time?

Still with me? Great.

If you wonder how long it takes to write a business plan, the next question on the list often relates to formatting. And there, the answer is easy: yes, you can use template formats to save a lot (lot, lot) on preparation time. You just have to opt for the proper one, however.

Again, we’ve explained what your business plan outline should look like in another article, so we’re not coming back on this here. Still, there are two routes to consider here as far as short formats are concerned.

Is the one-pager a good idea?

First route: from a pure formatting perspective, business owners often look to write a one-page business plan . In their mind, this is a time-saver because one page is more accessible to write than a complete plan; hence the idea is smart.

Okay. But not okay.

Like it or not, the only way your one-pager can make sense is if it is built as an innovative and highly visual executive summary . However, getting there implies that you have gone through the whole process of business planning. Otherwise, what can you summarize?

That’s not what you wanted to read, but we’re a business coaches, not a candy seller. Oopsie but no sorrrieees!

Using a pitch deck template makes a lot more sense

Second route: relying on a business plan writing framework and using a predefined template will save you tons of time.

Shameless plug here again, but really, as business coaches and entrepreneurs, we know that writing a business plan is complicated when you don’t know where to start. So, we built a package tool:

One is a preparation template. It gives you all the points you need to deal with in the correct order and with a world limit—no way to go crazy with the number of words.

Then, two design-made templates to put your work into a visually appealing shape. One gives you a comprehensive format to give people a clean document with your storytelling, eight pages max. And the other gives you a slides-shaped structure, ideal if you prefer presenting your business plan on a screen.

Of course, we also provide you with a dummy case you can use for educative purposes. And finally, we added a complementary set of videos (two hours, guys!) to ensure that you get all the logic right.

Look, it’s simple. Business plan writing can kill your business because focusing on the wrong things and is a waste of time from A to Z !

We built this tool to make sure that doesn’t happen to you – there isn’t much we can add to that – except perhaps that the rest depends on you.

Wrap up: How long does it take to write a business plan? Depends on your goal…

To wrap things up? Writing your business plan is likely to require two days if your mind and storytelling are crystal clear, up to a couple of months if you have to build things from scratch.

Some do it themselves or with a team. Others just leave this with a consultant, so you have several options. The latter typically makes no sense and won’t make you save on costs for sure , so we would advise against it.

However, going through the exercise is important whether you are a Palo Alto startup or a small business. And doing the exercise yourself or with your team will give you a real opportunity to put some vital business planning into place. Beyond writing a stupid pdf, that’s one of the best ways available to get your business to its next step.

And just in case you wondered – no, we won’t write your business plan for you because that makes no sense (and you can read our opinion about business plan consultants here ). However, our Business Plan Builder with its framework, templates, and videos was made to get you started, so give it a look.

Alternatively, a business coach will also guide you through the exercise ( you can book a business coach here ). And they will also be at best to facilitate dedicated workshops if you want to build your business plan while involving your team. Get in touch!

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Topics related to How long does it take to write a business plan?:

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• Ideal business plan
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More Insights on Business Plan Writing

Financial Projections: How to write the financial plan in business plan

Hey coach! I’m writing a business plan and I’m wondering how to build the financial projections part of the document. What’s the importance of financial projections exactly – I mean, isn’t it absolute BS? How do I write the financial plan in business plan, and even more importantly, how can I make sense of all those messy tables? Can you help me understand this? Thanks in advance!

Do I Need a Business Plan Consultant? No, You Don’t!

Hey there Coach! I’m a small business owner and I need to find some support with my business plan. People suggested that I find a business plan consultant near me, but that’s a big cost and I’m not too sure about what to expect from that. What’s your opinion about business plan consultants in general? Is there any alternative you would highly recommend? Thanks!

How Much Does a Business Plan Cost? Just Under $100!

Hey coach! I was wondering – how much does a business plan cost? I need one, and I’m thinking about having it written for me, so I’d love your insights. Also, I’ve heard business plan writers cost a lot of money, so I’m interested if you have tips for writing a low-cost business plan! Thanks!

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Business Plan Length: How Long Should Your Plan Be?

Your business plan should be as long as is required to convince the reader that your business plan is worth investing in or taking an interest in., that being said, the average length of a business plan to accomplish that goal is 15 to 25 pages., the ultimate mission of your business plan.

Importantly, to determine the ideal length of your plan, remember the ultimate mission of your plan. That mission is to convince the reader to get involved in and or fund your business. If your business plan is too short, you’re probably not giving them enough information on your business. Conversely, if it’s too long, you’re providing too much information and you’re going to bore them, with the result being that they’ll lose interest.

Because length matters, the most important part of your business plan is clearly the first page or pages of your business plan. The first page is usually the cover page, followed by the table of contents. And then, the first real page of content is your Executive Summary. This is why the Executive Summary is so important. Because if you don’t capture the interest of the reader here, on these first pages, they’re just not going to read on.

In particularly, the very first paragraph of the Executive Summary is of critical importance because if you don’t excite somebody right away, they are not going to keep reading.

I typically want the Executive Summary to be one to two pages to get the reader interested in your business. Then, the rest of your plan supports the Executive Summary and goes into more detail about what your business is about, what products and or services you will offer, what is your marketing plan, what are the highlights of your financial plan, etc.

After the Executive Summary, there are 9 other key sections of your business plan. Each of these sections should be one to two pages each. And so, if we take an average of 1.5 pages per section times 10 sections (including the Executive Summary), we now have our 15-page business plan.

Importantly, the final section of your plan is your Appendix. Your Appendix could be longer than other sections because here you’ll include your full financial statements — your income statement, balance sheet, and cash flow statement – and any other supporting documentation. But once again, the core of your business plan should be only 15 to 25 pages, or whatever amount of text and or pages is required to convince the reader that this is an opportunity worth pursuing.

Your Plan Supports Your Executive Summary

Let’s revisit your Executive Summary since it’s so important to the success of your plan. Importantly, in your Executive Summary, you must convey why your business is exciting and why it’s going to be successful.

Then, the rest of the document, that is, in the rest of your business plan, you will support this. For example, you might say in the Executive Summary that “our business is poised for success because we are competing in this market. This market currently enjoys sales of $845 million per year and is growing at a rate of 9% per year.”

This is enough research to include in the Executive Summary to get the reader or investor interested. Then, in the body of your plan, particularly in the Industry Analysis section, you must include whatever supporting information to prove this fact and go into more depth.

Specifically, in the Industry Analysis section, you would not only repeat that “the market size is $845 million and is growing by 9% per year” but you’ll cite different sources proving these figures. You’ll discuss different segments of the market. You’ll mention different geographic regions of the market, and so on. In summary, in the Industry Analysis section of your plan, you’ll go into as much detail as is required to further prove that the market opportunity is sound.

Likewise, in your Marketing section, you’ll go into as much detail as is required to prove your marketing plan is sound. For example, if one of your promotional strategies is PR or public relations, you’ll detail what specific newspapers, magazines, and websites you will target backed up by research on the customer demographics of those media sources. You’ll also discuss your PR strategy, such as whether you’re going to hold events or create stories.

Nobody’s Going to Read a 100 Page Business Plan

A final and important point on the ideal length of your business plan is that you want to make sure to include enough information to answer the reader’s most important questions, but not every question.

If you answer every question, your plan will be too long and you will bore most readers. Remember, nobody’s going to read a 100-page business plan. Rather, include the critical, concise information upfront in your Executive Summary and then, in the other sections of your plan, provide enough information to prove what you’ve said in the Executive Summary, add additional detail, and answer core questions that investors or readers will have when reading your plan.

Business Plan Length Infographic

Below is an infographic of this article for quick reference.

Recommended Slideshare

We put together the slide presentation below entitled “How Your Business Plan Should Look” to give you additional pointers on creating a great business plan. These pointers allow you to keep your business plan short in length, but still very impactful.

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How Long Does It Take To Write A Business Plan?

Table of Contents

Owning a good business plan comes with a lot of advantages for the entrepreneur. It’s more of a strategic tool that allows business owners to focus on specific steps, which are much needed to make business ideas succeed. That’s not all; a good business plan will also enable entrepreneurs to achieve their short- and long-term business objectives.

Depending on the amount of information you have at your disposal, writing an excellent traditional business plan to completion could take several hours or even days. For a basic business plan, since you’re still pretty much likely to adjust it over time, it shouldn’t take more than 3 hours to write.

What is a business plan, and why is it essential for you to have one? How long does it take to write a business plan? When is the ideal time to write your business plan? What are the components of a good business plan? These and more are the questions that you’ll find answers to as you read through the rest of this article.

Understanding What A Business Plan Means

There’s no denying that many of us have seen business plans before or understand what they mean. However, if you don’t know, a business plan is a formal written document containing the details of business objectives.

A business plan is usually standard for startups. Of course, that’s so because one of the very first steps of starting up a new business from scratch is to craft a business plan.

Why Is It Important To Have A Business Plan?

As earlier mentioned, owning a business plan comes with tons of excellent benefits for people. Let’s have a quick look at some of them below:

• See the entire business

A business plan, as previously defined, is a type of document that contains the goal and objectives of your business. One of the benefits of crafting this type of document is that it will offer you a clearer picture of the whole industry. Furthermore, owning a clearly and effectively crafted business plan will allow you to quickly connect the dots in your business.

• Business plans will help you create a marketing roadmap

A marketing roadmap is more of a specific plan and timeline that allows business owners to finish their projects at the right time frame. It will enable you to develop a long-term view of how you will promote your business and achieve success.

Apart from seeing your entire business, crafting a good business plan will provide you with a good marketing roadmap. With that, you’ll be able to highlight your key projects and set priorities for your company’s marketing department.

• Accountability

The importance of accountability in business can’t be overstressed, and this factor is essential as it helps entrepreneurs eliminate the time and effort often spent on unnecessary activities. That said, with a well-crafted business plan, you will undoubtedly develop accountability for your business.

Having a good business plan will help you set expectations for yourself, and it’ll also enable you to understand what to do and exactly when to do it.

• Recruit top talents

As a business owner or someone interested in turning an idea into a business, I’m sure you’ll agree with me that having top talents in your company is one of the critical factors for business success. It’s one of the few factors that venture capitalists look for before deciding to fund businesses .

Since capital is essential for every business, owning a solid team is also crucial. One of the best ways to attract top talents to your business is by crafting a good business plan. Here’s the thing; every employee looking to make a shift to a new company wants to understand the vision and objectives of the business . Interestingly, that’s exactly what having a business plan will do for you.

• Secure funds

As you know, securing funds for your business is pretty much essential. You can always get capital for your business using several different approaches. However, in most cases, you’ll need a good business plan for you to do that.

So, one of the benefits attached to owning a standard and well-written business plan is that it’ll boost your chances of getting funds for your business.

What Are The Different Types Of Business Plans?

There are several different types of business plans. Some of them are internal business plan, strategic business plan, feasibility business plan, operation business plan, and start-up business plan.

Furthermore, business plans are grouped into two main categories; traditional business plan and lean startup business plan .

The traditional business plan is usually very detailed and requires a longer time to craft. It’s the type that you need to own to attract venture capitalists to your company .

On the other hand, lean startup business plans are pretty quick and easy to draft, and they usually contain the necessary details needed to keep a new business growing fast. To many investors, however, having this type of business plan isn’t always enough.

Compared to lean startup plans, traditional business plans often take more time to be drafted. Well, that is because the document needs to be detailed, including several different things.

A properly written traditional business plan should have about nine different sections, including an executive summary, market analysis, company’s description, management , service line or product line, funding requests, marketing & sales, and a few others.

That said, it could take several working hours or even days to draft an excellent traditional business plan. Yes, it’s not a day job as it requires a lot of readjustment before reaching completion.

Don’t get it twisted; writing your initial or basic business plan is different from writing an excellent traditional business plan. Unlike the latter that could take several days, the former can be concluded within 2 to 3 hours. Again, this is only possible if you already have the necessary data to create the document.

As for a lean startup plan, this shouldn’t take you much time to write. This type of document is pretty much easy to come by because it doesn’t always contain all the long-form writing of a traditional business plan. It’s usually short and precise, containing only superficial descriptions of business strategies and tactics. You can always write this type of document in a couple of hours.

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How Long Should Your Business Plan Be?

It varies and depends on the type of plan you’re looking to create.

You can always measure your business plan using readability as a yardstick. When I say “a good business plan,” I mean a type of document that has enough information regarding your business goals and objectives.

That’s not all; the formal document should also leave anybody reading it a pretty good general idea of what it contains. This also extends to when the reader is only having a quick skimming of the document.

That said, in terms of readability, a good business plan provides a good general idea of its contents and shouldn’t take longer than fifteen minutes to read quickly or skim.

When Is The Ideal Time To Write Your Business Plan?

When is the best time to start writing a business plan?  According to Harvard Business Review , writing a good business plan makes a startup business more likely to succeed. However, the probability of that happening also depends on the timing of writing the program.

First, you need to understand that there’s no exact time to write your business plan.

However, according to a study carried out by Francis J. Greene and Christian Hopp of the hbr.org, it was revealed that, on average, the most successful entrepreneurs out of 1,000 of them (which the study was based on), were those that drafted their business plan between 6 and 12 months after deciding to start a business.

That said, the bottom line is that there’s no ideal time to write your business plan. However, based on past success, writing your plan between six months and a year after considering starting a business is okay.

What Are The Components Of A Good Business Plan?

As you now know, there are two main types of business plans. There’s the traditional business plan, which usually takes a long time to draft. There’s also a lean startup plan, which takes little time to create. Below, we’ll be looking at the components of an excellent traditional business plan.

Here Are The Components Of A Traditional Business Plan

A traditional business plan should contain an executive summary, market analysis, company description, and many more. You can check below to see each of them and how they should be drafted:

• Executive summary

An executive summary is one of the nine sections that an excellent traditional business plan should contain. This part should address everything a reader needs to know about your company. That’s not all; an executive summary should also tell people why the business will be successful.

Furthermore, other vital elements often included in an executive summary of a business plan are your company’s mission statement, information regarding its leaders and staff, where it’s located, what you offer (product or service), and your growth plan.

• Company description

The second part that shouldn’t miss out on a traditional business plan is the description of your company. This section needs to provide the readers with detailed information regarding your company . Here’s where you’ll need to state the target consumers and other businesses your company is looking to serve.

It doesn’t end there; you also need to include the advantages your business has over its competitors that’ll make it successful.

• Market analysis 

The third section, market analysis, is the part where you’ll talk about your target market . Let your readers understand how you’ll stand out from other corporations in your target market.

What structure will be used to develop your company? Who will be the CEO and the head of departments in your company? Here are the questions you’ll need to provide answers to in this section.

So, for this section, you need to describe in detail your business’ legal structure. What type of business will you be choosing for your business? Is it a limited liability company (LLC), an S corporation, or a C corporation?

• Product- or service-line

What type of product or service are you looking to offer your target audience? In this section, you’ll need to describe in detail what you’re going to be selling and how it will benefit your consumers.

• Marketing and sales

The ” marketing and sales ” section is another element you need to include in your traditional business plan is the “marketing and sales” section. For this part, you need to describe your marketing strategy, including how you will attract and retain potential customers to your company.

Here’s a quick question, how will your company provide sales to your customers? This is another factor to consider when writing the marketing and sales section of your traditional business plan. The strategies you will most likely use for your marketing and sales campaign are much. So, ensure you list all of them in detail in this section.

• Funding request

Capital is an essential factor for every successful business. Since you won’t be funding the company by yourself every time, it’s necessary to write how you’ll go about sourcing funds in your business plan.

So, for this section, you need to highlight all your funding requirements for your readers to see. In addition to that, you also need to outline how you’ll be utilizing the funds raised for the business.

• Financial projection

The financial projection section of your business plan has to focus on the cash flow of your business. Let the reader understand that your business is stable and will be successful financially over time.

Your business plan isn’t complete without the appendix . This is the section where you need to back up all the information written so far with credit histories, CVs of your members, reference letters, licenses, and legal documents.

Writing a good business plan can take some time, and it’s essential to understand the components of a good one and how long it takes to complete them all to make an educated decision about whether or not you have enough time for this process.

Whether you are starting a new business or looking to grow your existing one, you must have a good blueprint for what the future holds.

In this blog post, we’ve covered the essentials of a business plan. We hope you feel more confident about creating your own and that it will be an essential tool for getting started on launching your new small business, startup, or expanding upon an existing one!

A marketing plan is a business plan, and it tells you how to get customers and potential investors. The business plan writer may use a template to create a marketing plan, including the business idea, business planning, and details of a small business loan.

Marketing Lean plan is the process of planning and executing everything related to strategic marketing. It’s a business discipline that focuses on effectively using limited resources so that campaigns are in harmony with one another.

A balance sheet summarizes the company’s assets, liabilities, and shareholder equity at a point in time (usually near the end of its accounting period).

A business proposal is a written document that outlines the plan for a type of business and communicates it to potential investors. They provide all the details about what you aim to do, how you’ll do it, and what you need from them to make this happen.

A cash flow statement gives a complete picture of a company’s financial health. Unlike a traditional income statement which looks at revenues, expenses, and net profits throughout an accounting period, the cash flow statement deals with actual cash inflows and outflows.

A company’s income statement is a financial statement that provides detailed information about how the company made money, where it spent money. It’s worth it as of the end of its fiscal year.

Industry analysis is the process of examining a particular industry on many levels and using the info to create a strategy that will help improve your company’s position.

Competitor analysis or competitive analysis is the process of studying the strengths and weaknesses of your competitors, typically as a means to identify market opportunities. Businesses need to check their competition because it can lead to better decisions about pricing, marketing, product development, and more.

A business model is a plan of how the business will make money, focusing on the inputs needed to operate and produce goods or services and the outputs that it can sell.

A financial forecast is an estimate of future expenditures and revenues. It’s a way for you to plan to know how much money will likely come in, over what period, and how much money will probably have to be spent to make ends meet.

A competitive advantage can be used to distinguish a company in the marketplace from a competitor. It comes down to understanding what a potential customer seeks and how that is communicated effectively , so customers know it is available for them.

Strategic planning involves many processes that lead to an organization maximizing time, resources, and opportunities.

A financial plan consists of the steps one can take to reach a specific financial goal. The three essential elements are income, expenses, and a savings plan.

A financial statement is a document by the management team that shows the financial information for a particular company.

A business structure , in a nutshell, is the form under which your business operates for tax purposes (often incorporating as a limited company) and what percentage of your profit the government invokes rates on.

A swot analysis is an evaluation of the strengths, weaknesses, opportunities, and threats a person or organization intends to succeed in achieving a goal.

A one page business plan is just a summary of your primary objectives. It should be no more than one page and ideally should include the following information: What is the business name , what does it do, who are we targeting (demographic), competitors, address/location, contact information, how will your startup. How much does it cost to start? How much money will you need to reach your goal? What’s the long-term growth plan after project initiation?

An operations plan in the business world is a blueprint for handling an operation, what resources will be needed, and who will handle it. The operational plan can also be put as a template for new or existing processes that need to be taken on.

A strategic plan is a blueprint for all areas of your company to make sure they are working together well. The program typically outlines the goals and what will be done to meet those goals.

A target customer is a specific type of customer a company proposal hopes to reach, typically because they have the most potential as being profitable (i.e., business-wise). A target customer is usually based on demographics like age and gender, or they are chosen to buy products at higher rates or just in general. Target customers are often determined through market research data so that marketing can be more effective over time and space.

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• How long does it take to get a business loan

Last reviewed on April 17, 2024

Reading time: 13 min

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Page written by Ashlyn Brooks . Last reviewed on April 17, 2024 . Next review due October 1, 2025.

When you’re planning to boost your business with some extra funds, one of the first questions you might have is, “How long does it take to get a business loan?”

Understanding the timeline can help you plan better and set realistic expectations for your financial strategy. Here at Swoop, our experts wanted to provide a detailed explanation of this topic to guide you smoothly through your funding options.

How long does getting a business loan take?

A business loan can take anywhere from 24 hours to several months to secure, depending on various factors.

• The type of lender you choose: Different lenders have different processing times. Online lenders might offer quicker approvals compared to traditional banks.
• The complexity of your loan application: More detailed and complex applications might take longer to review and process.
• How prepared you are with the necessary documents: Having all your documentation ready can significantly speed up the process.

Step 1: Applying

Initially, you’ll start with the application itself, which can be a straightforward process, especially with online lenders. Depending on the lender, this step could take less than 30 minutes if you’re well-prepared. The key here is to gather all necessary information beforehand to ensure a smooth and swift application process.

Information you need to supply:

When you’re applying for a business loan , you’ll need to provide a mix of both personal and professional information to your lender. Here’s what you should have on hand:

Personal Information:

• Full name and contact details
• Social security number
• Personal income and financial history
• Personal credit score
• History of any previous business ventures

Business Information:

• Business name and contact information
• Business tax ID
• Time in business
• Annual revenue
• Business plan
• Profit and loss statements
• Business credit score
• Bank statements

Step 2: Underwriting

After you’ve submitted your application, the next phase in obtaining a business loan is the underwriting process. This critical step is where lenders assess your financial health and determine the risk involved in lending to your business. The goal for the lender is to ensure that you can repay the loan according to the terms agreed upon.

What is underwriting and what is it for?

Underwriting is the process by which a lender evaluates the risk of lending money to a borrower. In this phase, underwriters will review your application, credit history, financial statements, and any other relevant information to decide on your loan application. This scrutiny helps the lender mitigate risk and decide on the loan terms, such as interest rate, loan amount, and repayment period.

How long does it take?

The duration of the underwriting process can vary significantly depending on the lender and the complexity of your loan application. It can take anywhere from a few days to several weeks. Online lenders might expedite this process through automated systems, potentially giving you a decision in as little as a few hours or days. Traditional banks, however, may take longer due to a more detailed review process.

What happens from a lender’s standpoint?

From a lender’s standpoint, the underwriting process involves several key steps:

• Credit analysis: Evaluating your credit score and history to determine your reliability as a borrower.
• Financial review: Assessing your financial statements, including profit and loss statements and balance sheets, to understand your business’s financial health.
• Collateral assessment: If your loan is secured, the lender will evaluate the value and adequacy of the collateral you’re offering.

Step 3: Funding

Once your loan application has successfully passed the underwriting stage and you’ve been approved, the next and final step in the business loan process is the funding stage. This is when you actually receive the money you’ve applied for, and it marks the beginning of your repayment period.

How do you receive the funds?

The method by which you receive the funds can vary based on the type of loan you’ve secured and the lender’s practices. Generally, the funds are transferred directly to your business bank account. This transfer usually happens electronically, ensuring a swift and secure passage of funds.

Is It dispersed all at once or in stages?

• Lump sum: For many traditional business loans, the entire loan amount is typically disbursed as a lump sum. This means you receive the full approved amount all at once, right after the loan closing process is complete. This is common for loans intended for specific, large investments, such as purchasing equipment or real estate.
• In stages: In contrast, some types of loans, particularly those meant for ongoing projects or operational expenses, may be disbursed in stages. This is often seen with lines of credit or construction loans, where you draw down the funds as needed up to the maximum approved amount. This approach allows you to manage cash flow more effectively and potentially save on interest, as you typically only pay interest on the amount you’ve drawn down, not on the total loan amount approved.

How to get a small business loan fast

If you’re needing money for your small business fast, you can use a lender that offers fast business loans with funding in as little as 24 hours.

Loans that can provide funding quickly

Some loan types and lenders specialize in expedited approval and funding processes, catering to small business owners who need access to capital without delay. Here’s what to consider:

Online lenders

Online lenders are typically able to process applications and disburse funds faster than traditional banks. They utilize advanced technology and algorithms to assess applications, which can significantly shorten the approval time. Some online lending platforms offer decisions in as little as 24 hours, with funds available shortly after approval.

Short-term loans

Short-term loans are designed for quick funding and repayment over a short period. These loans often have less stringent application requirements, which can speed up the approval process. However, they may come with higher interest rates due to the convenience and speed of access to capital.

Lines of credit

Business lines of credit offer flexible borrowing options, allowing you to draw funds as needed up to a set limit. While the initial approval process might take some time, once you’re approved, you can access funds quickly, often with the ability to draw from the line of credit multiple times as you repay it.

SBA patriot express loans

The SBA Patriot Express program is part of the Small Business Administration’s offering, designed to provide quicker turnaround times for loan approvals. While not as fast as some online lenders, SBA Express loans can offer a decision within 36 hours. This can be a great option for businesses looking for a balance between speed and more favorable loan terms offered by SBA-backed loans .

Merchant Cash Advances

For businesses with a high volume of credit card sales, merchant cash advances offer an advance on future sales. This option can provide funds quickly, sometimes within a day of approval. 

It’s important to note, though, that this convenience comes at a cost, often resulting in higher fees and interest rates .

When looking for loans that can provide funding quickly always read the terms carefully and consider how the repayment schedule and interest rates fit into your business’s budget. Choosing the right loan product can provide the quick financial boost your business needs while maintaining its long-term financial health.

How fast can you get approved for a business loan?

Business loans can be approved and funded on the same day . However other loan types, like SBA loans, can take one to three months.

The timeline depends on the loan type and the institution you choose for your funding. If you’re pressed for time, ask up-front what the average time to fund is for your loan type. Have a discussion with your lender about your timeline and business needs to see if they can offer an expedited process to move your application through underwriting quickly. 

Swoop offers expedited business loan types that can get you approved faster.

How to speed up the loan processing time

Here’s what you can do on your end to help quicken the application and ultimately the funding timeline. 

Apply before the last minute

One of the key strategies to ensure a swift loan process is to apply well before you’re in dire need of the funds. Waiting until the last minute can not only add pressure but may also limit your options. 

Lenders may take more time to approve loans under rushed conditions, and you might not have the luxury of shopping around for the best terms. Starting the loan application process early gives you the breathing room to handle any unexpected delays or requests for additional information.

Have all your information and documentation ready

Having all necessary documents and information ready to go is perhaps the most effective way to speed up the loan application process. Lenders will require a variety of documents to process your loan application, including but not limited to:

• Business financial statements
• Tax returns (both business and personal)
• Proof of ownership and business licenses

Do your due diligence with the requirements

Before applying, take the time to understand the lender’s requirements. Each lender has different criteria for credit scores , annual revenue, and time in business. By ensuring your business meets these requirements before applying, you can avoid the frustration of rejections that prolong your search for funding.

• Research lenders: Look for lenders known for quick funding times. Many online lenders can process loans faster than traditional banks.
• Understand the loan type: Different types of loans have different processing times. Identify which loan type suits your needs and offers the quickest turnaround.
• Prepare a solid business case: A well-prepared business plan and financial forecast can expedite the underwriting process. It shows lenders that you have a clear plan for the funds and a strong likelihood of repayment.

Which factors can affect loan processing time?

The lender you choose, the type of loan, its purpose for your business and outstanding financial issues are some of the few factors that can have a major effect on your loan processing timeline.

The choice of lender is a significant factor in the duration of the loan processing time. Different lenders have varying processing speeds:

• Traditional banks: Often have more rigorous application and approval processes, which can take weeks or even months.
• Online lenders: Typically provide faster processing times due to technology-driven assessment methods, sometimes approving loans within a day or two.
• Credit unions: While generally offering favorable rates, credit unions may have processing times that are similar to traditional banks, depending on the internal capacities and technologies they use.

Type of loan

The type of loan you apply for can also affect how long it takes to get processed:

• Long-term loans: These are typically larger and may require more extensive credit and risk assessments, leading to longer processing times.
• Short-term loans and lines of credit: These options may have quicker processing times due to their typically smaller sizes and shorter repayment terms.
• SBA loans: Have a reputation for lengthy processing times due to the government backing and the detailed review required, although SBA Express loans can offer quicker decisions.

Loan purpose

The purpose of the loan also plays a crucial role in the approval process:

• Working capital: Loans intended for operational purposes might be processed quicker than those for more complex uses.
• Equipment financing: Loans for purchasing equipment may require appraisals and additional documentation, potentially extending the processing time.
• Real estate: Loans for purchasing real estate are typically larger and involve property appraisals and legal documentation, which can significantly delay the approval process.

Undisclosed financial issues

Lastly, any undisclosed financial issues can cause delays in the loan processing time. These might include:

• Credit score problems: Low credit scores or unexplained dips in your credit history may require additional scrutiny.
• Outstanding debts: High levels of existing debt or issues like liens and judgments can complicate the approval process.
• Past bankruptcies: While not always a deal-breaker, bankruptcies need to be disclosed and can require additional documentation and explanations.
• New accounts: You may want to avoid attempting to open additional accounts, credit cards, or anything that could trigger your credit while you’re in underwriting. 

How Swoop can help

Don’t let the process of getting a business loan slow down your business growth. Visit Swoop to explore your potential funding options and see how easy it is to find reliable loans tailored to your business needs. Whether you’re just starting out or looking to expand, Swoop is here to help you get the financing you need efficiently and effectively.

Check available funding options with Swoop and take a significant step towards securing your business’s financial future today.

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Ashlyn is a personal finance writer with experience in business and consumer taxes, retirement, and financial services to name a few. She has been published in USA Today, Kiplinger and Investopedia.

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How will Israel respond to Iran’s attack and could it cope with a war?

A red line has been crossed from an Israeli security standpoint but none of the options for retaliation are without risk

Israel’s war cabinet – Benjamin Netanyahu, the prime minister; Yoav Gallant, the defence minister; and Benny Gantz, a former defence minister and centrist Netanyahu rival – have spent the last two days deliberating how to respond to Iran’s first ever direct attack on the Jewish state.

The salvo involved more than 300 missiles and drones, the majority of which were intercepted with the help of the US, the UK, France and Jordan.

It is widely expected that Israel’s next steps will have to be calibrated along two axes: the country must take some sort of action to demonstrate to Iran that such an unprecedented show of force cannot pass without consequences, but at the same time must take into account Tehran’s threat that it will strike again “with greater force” if Israel retaliates. None of the options are without risk.

Will Israel respond?

While the destructiveness of the Iranian strikes could have been much worse , with just one casualty reported, a seven-year-old girl, a major red line has still been crossed from an Israeli security and deterrence standpoint.

The important questions on a response are how and when: while statements from Gallant and Gantz have implied that a direct Israeli response to Tehran is not imminent, Netanyahu is yet to make a formal decision.

The chief military spokesperson, R Adm Daniel Hagari, has made it clear that Israel is keeping its options open. “Over the last few hours we approved operational plans for both offensive and defensive action,” he told reporters on Sunday.

What are the issues Israel needs to consider before it responds to Iran?

There are three main factors Israel must weigh up before it responds, according to Raz Zimmit, a research fellow at Israel’s Institute for National Security Studies who focuses on Iran.

“One, how Iran will respond, since they have made it very clear that Israeli retaliation will be met with an even harsher reaction,” he said. “Secondly, the US position. Biden is not interested in escalation and wants to close this round of fighting. And third, ever since [7 October], Israel has been trying to avoid opening new fronts so it can focus on fighting Hamas in Gaza.”

What kind of action will Israel take?

Any direct attack on military or infrastructure targets inside Iran would almost certainly trigger all-out war, although some hardline Israeli security establishment figures may view this weekend’s developments as a window of opportunity to go after Iran’s nuclear facilities.

Covert actions that Israel has already used against Iran many times – cyber-attacks, hitting Iranian assets in third countries such as Syria, or not claiming responsibility for an attack on, say, a drone manufacturing site – are also on the cards.

It would be difficult for Tehran to directly blame Tel Aviv for such an attack as it would mean admitting that the country is vulnerable to Israeli operations on its soil.

Could Israel cope with a war with Iran, given it is already fighting in Gaza?

Analysts and former military officers are confident that Israel would emerge better off than Iran if the two sides do go to war: the country has prepared for a multi-front scenario for years.

That said, a wider conflict in which Lebanon’s powerful Iran-backed militia, Hezbollah, would certainly also be involved would be the most serious threat facing Israel since the 1973 Yom Kippur war.

A regional war would require huge amounts of weaponry, ammunition and air defence missiles, with some reports surfacing that there have already been munition shortages in the war in Gaza. Without the advance warning given for this weekend’s strikes, it is much more likely that Israel’s sophisticated multilayered air defence system could be overwhelmed.

Normal life in Israel would also come to a halt: 75% of the military is made up of reservists. Major infrastructure such as power stations, water supplies and transportation are likely to be affected and the impact on the strong economy would be immense.

What about Iran?

Iran is one of the most militarised states in the region, with a standing army of at least 580,000 and a stockpile of 3,000 ballistic missiles, according to western estimates.

However, the supreme leader, Ayatollah Ali Khamenei, has made it very clear over the last six months of war in Gaza that Iran does not wish to be dragged into a wider conflict. Iran’s economy and people are already suffering under extensive UN, EU and US sanctions.

Iran attacked Israel after the 1 April strike on an Iranian diplomatic compound in Damascus that hit a diplomatic building and took out the highest-ranking Iranian commander to be killed since the US assassinated the Quds force leader Qassem Suleimani in Iraq in 2020.

“The Iranians decided they had had enough. They took a risk but they calculated that if they did nothing vis-a-vis Israel after that attack then Iran’s deterrence would be compromised,” Zimmit said.

Would the US get involved in an Israel-Iran war?

The outcome of a war would greatly depend on how much support the US, Israel’s most important ally, would be willing to give.

Its resources have already been strained by the war in Ukraine, to the point where Israeli officials have complained that they are not receiving requested weaponry from the US, and Biden is loth to wade into a Middle East conflict, particularly in an election year. The US has said it would not join Israel in any direct attack on Iran.

The UK foreign minister, David Cameron, said on Monday that western countries were mulling extra sanctions against Iran.

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Middle East crisis: Israel will ‘make its own decision’ on Iran after UK and Germany call for restraint – as it happened

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Middle East conflict risks sharp rise in oil prices, says IMF

IDF chief of staff says Israel will respond to Iran missile attack

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Haven't filed your taxes yet? Here's how to get an extension from the IRS.

By Aimee Picchi

Edited By Anne Marie Lee , Alain Sherter

Updated on: April 15, 2024 / 11:18 AM EDT / CBS News

If you're one of the millions of Americans who have procrastinated filing their taxes ahead of the April 15 deadline, there is a way to get some breathing room: File for an extension. 

The step gives taxpayers until October 15 to file their federal tax returns, and the process is fairly quick — and also free. About 90 million people have filed their 1040s with the IRS as of March 29, the tax agency says . But as it  expects about 128.7 million tax returns this year, that means almost 40 million people have pushed off filing until the last two weeks of the regular tax season.

Almost half of Americans delay working on their taxes, a new survey from tax prep company TaxAct found. Many are stressed by the task, but more than 1 in 4 is worried about owing money to the IRS, the study found.

"Some people don't want to pay the balance due, and say, 'I'll let the government come after me,'" Mark Jaeger, vice president of Tax Operations, at TaxAct, told CBS MoneyWatch. 

But other taxpayers may have had a major life event, like the birth of a child, that prompted them to put off their taxes, he noted. Sometimes an individual's tax forms can be delayed, which then causes the taxpayer to scramble, once the forms arrive, to get their 1040s filed by April 15. 

The good news is that getting an extension "is actually pretty simple," Jaeger said.

What time are taxes due on April 15? 

The regular deadline to file a 2023 tax return with the IRS is 11:59 p.m., in your time zone, on Monday, April 15. 

However, there are some exceptions. For instance, taxpayers in Massachusetts and Maine have until April 17 to file and pay taxes because of the Patriots' Day and Emancipation Day holidays. 

Taxpayers living in some areas affected by extreme weather have  extensions  to file, while individuals and businesses impacted by the Oct. 7  attack on Israel  have also been given more time. Certain active-duty military members and citizens living abroad are also eligible for an extension.

How to request a tax extension

The IRS will give taxpayers an automatic extension if they file  Form 4868 . This one-page document asks for basic information such as your name, address and Social Security number. 

There's another way to request an extension that's even easier, Jaeger said. 

"The simplest way is to go through a do-it-yourself tax software or go to the IRS website and make a payment," he said. "Simply by making a payment, you are filing an extension."

Indeed, the IRS says it automatically counts payments made by the April 15 deadline as an extension, and by taking that step, you won't even need to file a separate Form 4868. 

You can make a payment via the IRS'  Direct Pay , the  Electronic Federal Tax Payment System  or with a  credit or debit card or digital wallet . 

If I get an extension, can I delay paying the IRS? 

Nope. That's because receiving an extension to file isn't an extension to pay what you owe the IRS. 

"Taxpayers who owe should pay their entire obligation, or as much as they can, by the April 15 deadline to avoid penalties and interest," the IRS said on Thursday.

Knowing how much to pay the IRS can be tricky for people who haven't yet filed their taxes, but Jaeger recommends looking at your federal tax payment in the prior year. If you paid, for example, $5,000 in the prior tax year, but have only paid $4,000 in the 2023 tax year, you should send the IRS a payment for the $1,000 difference, he noted.

What is the penalty for failing to pay?

The IRS charges a penalty if you don't pay what you owe the government, the amount if which is based on the percentage of the taxes you didn't pay. 

For instance, if you file an extension and owe the IRS but don't pay by April 15, you'll face the penalty. The IRS charges 0.5% of the unpaid taxes for each month, with a cap of 25% of the unpaid taxes. 

What is the fine for failing to file?

The IRS also levies a fine if you don't file or ask for an extension by April 15.

The failure-to-file penalty is 5% of unpaid taxes for each month or part of the month that the tax return is late. The fine is capped at 25% of your unpaid taxes. 

People who both neglect to file and fail to pay what they owe won't have to pay both fines, however. The IRS said it reduces the failure-to-file penalty by the amount of the failure-to-pay penalty for that month, so that the taxpayer will face a combined total penalty of 5% for each month their return is late. 

What if I can't pay what I owe the IRS?

The IRS will set up a payment plan with taxpayers who can't afford to pay the full amount they owe the tax agency. 

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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Trump's hush money trial could last six-to-eight weeks: What to know about the timeline

Donald Trump's hush money trial that begins Monday in Manhattan could last as long as eight weeks.

It is the first time a former president has been criminally charged, although Trump has now also been charged in three other criminal cases in other jurisdictions for attempting to overturn the 2020 election and hoarding classified documents after leaving office.

In New York, the presumptive Republican presidential nominee faces 34 felony counts of falsifying business records for allegedly disguising  hush money payments  issued to porn star Stormy Daniels. He has pleaded not guilty.

On his way into the Manhattan courthouse Monday morning, he said without evidence that the trial is “political persecution” and “an assault on America.”

While the lengthy proceedings could take him off the campaign trail, his campaign has already used the trial as a fundraising hook .

Prep for the polls: See who is running for president and compare where they stand on key issues in our Voter Guide

Trump trial live updates: Will we get 12 jurors on Day 3? Jury selection continues today.

How long will the Trump trial last?

The trial will last about six-to-eight weeks, according to a court media  advisory .

Trump trial timeline: What to expect

Jury selection is up first on Monday, which could be an especially lengthy process given many potential jurors will likely have opinions about Trump that both sides may want to explore. New York law requires unanimity from a 12-person jury to convict a criminal defendant in a felony case.

Normally, the trial then proceeds into opening arguments, which give both sides the chance to provide an outline to jurors of what they believe the evidence will show ,  followed by the prosecution calling witnesses to testify and introducing evidence.

The defense will then try to poke holes in the prosecution's case through cross-examination, followed by the opportunity to call its own witnesses and introduce its own evidence.

Finally, the parties will give closing arguments, and the jury will be tasked with rendering a verdict.

The proceedings are scheduled to take place weekly Monday, Tuesday, Thursday and Friday. The court may make some accommodations for the Passover holiday in April. Trump has asked for May 17 off for Barron Trump's high school graduation, but the judge has not yet issued a ruling on the request.

If Trump is convicted, Judge Juan Merchan will decide on a sentence that could range from probation to four years in prison , according to experts.

Contributing: Bart Jansen

Inside Donald Trump’s secret, long-shot plan to end the war in Ukraine

Foreign policy experts and some republicans warned that pressuring ukraine to cede land would reward putin.

Former president Donald Trump has privately said he could end Russia’s war in Ukraine by pressuring Ukraine to give up some territory, according to people familiar with the plan. Some foreign policy experts said Trump’s idea would reward Russian President Vladimir Putin and condone the violation of internationally recognized borders by force.

Trump’s proposal consists of pushing Ukraine to cede Crimea and the Donbas border region to Russia, according to people who discussed it with Trump or his advisers and spoke on the condition of anonymity because those conversations were confidential. That approach, which has not been previously reported, would dramatically reverse President Biden’s policy, which has emphasized curtailing Russian aggression and providing military aid to Ukraine.

As he seeks a return to power, the presumptive Republican nominee has frequently boasted that he could negotiate a peace deal between Russia and Ukraine within 24 hours if elected, even before taking office. But he has repeatedly declined to specify publicly how he would quickly settle a war that has raged for more than two years and killed tens of thousands of soldiers and civilians.

Trump-aligned foreign-policy thinkers have emphasized addressing threats to U.S. interests from China and seeking ways to reverse Russia’s increasing dependence on China for military, industrial and economic assistance. They have also embraced limiting NATO expansion.

Privately, Trump has said that he thinks both Russia and Ukraine “want to save face, they want a way out,” and that people in parts of Ukraine would be okay with being part of Russia, according to a person who has discussed the matter directly with Trump.

Accepting Russian control over parts of Ukraine would expand the reach of Putin’s dictatorship after what has been the biggest land war in Europe since World War II. Some of Trump’s supporters have been trying to persuade him against such an outcome.

“I’ve been spending 100 percent of my time talking to Trump about Ukraine,” said Sen. Lindsey Graham (R-S.C.), a onetime Trump critic turned ally. “He has to pay a price. He can’t win at the end of this,” Graham added, speaking of Putin.

Russia has previously declared it was annexing Ukrainian land beyond the Donbas region and Crimea, and Ukraine’s president, Volodymyr Zelensky, has said he would not accept surrendering any territory. Exchanging territory for a cease-fire would put Ukraine in a worse position without assurances that Russia would not rearm and resume hostilities, as it has in the past, said Emma Ashford, a senior fellow at the Stimson Center, a nonpartisan think tank. “That is a terrible deal,” she said of Trump’s proposal.

The Trump campaign declined to directly address questions for this article. “Any speculation about President Trump’s plan is coming from unnamed and uninformed sources who have no idea what is going on or what will happen,” campaign spokeswoman Karoline Leavitt said in a statement. “President Trump is the only one talking about stopping the killing.”

Biden said in his State of the Union address that Putin is “on the march, invading Ukraine and sowing chaos throughout Europe and beyond,” and that Ukraine is trying to defend itself. The president has outlined a long-term plan of support for Ukraine that would build up its military capabilities this year so that it is in a better place to go on the offensive next year. But U.S. aid is already in jeopardy as House Speaker Mike Johnson (R-La.) faces a revolt from Republican hard-liners who are digging in against any more funding and clamoring to oust him.

Out of office, Trump has pressured congressional Republicans to resist additional U.S. support for Ukraine’s war effort and a return to the White House would significantly expand his influence over the debate. Seeing the political dynamics in the United States, European allies have jump-started military industry to a point where they hope to supplant a significant portion of the current U.S. assistance to Kyiv. But analysts said that realistically, Ukraine’s capacity to keep fighting would be weakened if Trump succeeds in blocking further U.S. aid.

In many ways, Trump’s plan is in line with his approach as president. His preference for splashy summits over policy details, confidence in his own negotiating skills and impatience with conventional diplomatic protocols were all hallmarks of how he approached foreign affairs in his first term.

In his eight years as the GOP’s standard-bearer, Trump has led a stark shift in the party’s prevailing orientation to become more skeptical of foreign intervention such as military aid to Ukraine. Trump has consistently complimented Putin, expressed admiration for his dictatorial rule and gone out of his way to avoid criticizing him, most recently for the death in jail of political opponent Alexei Navalny. He has not called for the release of Evan Gershkovich, the Wall Street Journal reporter held in Russia for a year without charges or a trial.

Trump has refused to acknowledge Russia’s interference in the 2016 election and falsely blamed Ukraine for trying to help Democratic rival Hillary Clinton — a smear spread by Russian spy services. His attempt in 2019 to withhold aid to Ukraine unless Zelensky announced an investigation into Biden led to Trump’s first impeachment.

In a phone call with Zelensky that year that Trump said was “perfect,” the U.S. president pressured Zelensky to investigate Biden and the discredited theory that Ukraine and not Russia sought to interfere with the 2016 election. The GOP-controlled Senate later acquitted Trump.

“Former president Trump’s inexplicable and admiring relationship with Putin, along with his unprecedented hostility to NATO, cannot give Europe or Ukraine any confidence in his dealings with Russia,” said Tom Donilon, President Barack Obama’s national security adviser. “Trump’s comments encouraging Russia to do whatever it wants with our European allies are among the most unsettling and dangerous statements made by a major party candidate for president. His position represents a clear and present danger to U.S. and European security.”

Graham said he has warned against giving Russia desired land and wants Trump to embrace a pathway forward for Ukraine to join NATO.

“The way you end this war to me is you make sure Ukraine gets into NATO and the E.U.,” he said. “He doesn’t say much about that. I don’t know if he’s thought too much about it.”

In his public promises to end the war, Trump has pointedly withheld the specifics on how he would negotiate with Putin and Zelensky. “I will say certain things to each one of them that I wouldn’t say to the rest of the world, and that’s why I can’t tell you much more than that,” Trump said in a March interview with former aide Sebastian Gorka.

His public silence on his negotiating tack has left room for others to fill in the blanks. Hungarian Prime Minister Viktor Orban, who has antagonized European allies with his autocratic and pro-Russian tendencies, met with Trump last month and afterward claimed Trump told him he will force the war to end because “he will not give a penny” to help Ukraine. Orban’s statement was false, but the former president didn’t want to publicly contradict him after entertaining him all night at his Mar-a-Lago Club and admiring his toughness and anti-immigration positions, according to a person close to Trump, who spoke on the condition of anonymity to describe a private conversation.

During the meeting, Orban spoke at length about Soviet history, Russia’s desire for Ukrainian territory and the military challenges facing Ukraine, the person said. Trump listened but was noncommittal, the person said. An Orban spokesman did not respond to a request for comment.

Word of Trump’s plan for Ukraine circulated in Washington last November at a meeting at the Heritage Foundation between right-of-center foreign policy figures and a visiting delegation from the European Council on Foreign Relations. Former Trump White House aide Michael Anton described the expected contours of Trump’s peace plan as Ukraine ceding territory in Crimea and Donbas, limiting NATO expansion and enticing Putin to loosen his growing reliance on China, according to multiple people present for the meeting, who like others spoke on the condition of anonymity to describe a private discussion.

Reached by phone in March, Anton said he hadn’t spoken with Trump in 18 to 24 months and denied knowing anything about Trump’s plan for Ukraine. He did not respond to further questions.

James Carafano, a Heritage Foundation fellow who convened the meeting, declined to comment on the private discussion but criticized the idea of splitting Russia from China. “That is stupid idea 101,” he said. “Anything you could give Russia that they would really value would compromise all your other interests. The way to deal with the Russia-China relationship is to make Russia a weaker partner.”

Peeling Russia away from China would presumably involve sanctions relief, since the Kremlin has turned toward Beijing to try to offset broad-based Western sanctions on its energy, defense and financial sectors, said Jeremy Shapiro, head of the Washington office of the European Council on Foreign Relations, who brought the group’s delegation to the meeting in November. Shapiro declined to comment on the specifics of the conversation, citing ground rules of the November event that prohibited attributing anything that was said, but he said that Trump’s Ukraine peace plan did not appear to be detailed.

“Trump people feel as if one of the great sins of the Ukrainian war and the Russia policy, generally speaking, is to push Russia toward China and to make it all the more dependent on China,” he said. Trump’s “fundamental approach with all things is to get men in a room together to discuss,” without necessarily having detailed plans in advance, Shapiro said.

Russia experts doubted Trump’s peace efforts could succeed. Fiona Hill, a senior fellow at the Brookings Institution who was Trump’s top Russia adviser and has since emerged as a prominent critic, said it reminded her of 2017 — when unvetted foreigners and business executives approached Trump with various peace plans, and he thought he could sit down with Russia and Ukraine and mediate on the strength of his personal charisma.

Trump’s team “is thinking about this very much in silos, that this is just a Ukraine-Russia thing,” Hill said. “They think of it as a territorial dispute, rather than one about the whole future of European security and the world order by extension.”

Even drawing an armistice line might not be so straightforward. The Kremlin in September 2022 declared that it was annexing four southern and eastern Ukrainian provinces, including the Donbas region but extending well beyond it. Since Kyiv still controls much of the territory, any attempt to resolve the war with territorial concessions is likely to involve extensive haggling — unless both sides simply agree to freeze the front lines that are in place at the moment of a deal.

Ukraine and European allies would probably resist Trump’s efforts to strike a deal with Moscow, Hill said. She added that the United States has limited leverage for a unilateral deal because meaningful sanctions relief would rely on European cooperation.

“No amount of leverage the United States has is likely to compel Ukrainian leadership to engage in policies that would constitute domestic political suicide,” said Michael Kofman, an analyst of the Russia-Ukraine war at the Carnegie Endowment for International Peace, a nonpartisan research center. “And no amount of leverage the United States has can compel Ukraine to cede territory or engage in these types of concessions. This is a situation where if you’re willing to give a hand, the other side will very quickly want the rest of the arm.”

Election 2024

Get the latest news on the 2024 election from our reporters on the campaign trail and in Washington.

Who is running? President Biden and Donald Trump secured their parties’ nominations for the presidency , formalizing a general-election rematch.

Key dates and events: From January to June, voters in all states and U.S. territories will pick their party’s nominee for president ahead of the summer conventions. Here are key dates and events on the 2024 election calendar .

Abortion and the election: Voters in a dozen states in this pivotal election year could decide the fate of abortion rights with constitutional amendments on the ballot. Biden supports legal access to abortion , and he has encouraged Congress to pass a law that would codify abortion rights nationwide. After months of mixed signals about his position, Trump said the issue should be left to states . Here’s how Trump’s abortion stance has shifted over the years.

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