When starting a new business, the only thing you need to focus on is success. It can be difficult, but hard work pays off. A lot of people turn to easy options such as using a template when forming the business plan. Although this can sometimes be a good way to get an idea of what one looks like, they shouldn’t be used for the final result. You can easily see what business plan failures look like and a lot of them are down to these templates.
You may not be totally convinced about not using a business plan template. There are a lot of reasons why it’s a bad idea. Take it upon yourself to look at businesses with bad reviews, such as on reviewsbird.co.uk, and see what their business plans are like. It can be easy to tell if they’ve used a template. Below are some more reasons why you shouldn’t use one and how to avoid failure.
They Aren’t Specific to Your Business
When using a template, the layout is very basic. They do not show a good understanding of your business as they are made for anyone to use. The developer of the template doesn’t care about the success of your business, they just want to sell. Using one may help you write quicker, but you’ll be missing a lot of information specific to your business. They will not help you with the success of your business or gaining higher revenue. If you want to spend money on help, it’s better to use a business plan consultant than a template.
They Aren’t Unique
If you want your plan to look like every other one out there, then sure, use a template. These plans are used to convince investors and lenders to fund your business, so they want to see something different. You’re not going to be very persuasive with a template that they’ve seen a dozen times already. Your independent vision won’t come across and you’ll be unlikely to achieve your goal. Starting from scratch and putting the hard work in will pay off massively and impress the investors a lot more.
They Cost Money That Could Be Spent Elsewhere
As mentioned, most of these templates cost money or there’s a premium version offered by the developer. They don’t care about your business, unlike a consultant that you could spend your money on. Even better, you could put in more research and time by writing down your plan for free. This allows you to save the money and put it towards things that will be better for the success of your business. You’ll get a better-quality business plan this way and it’ll also be more unique.
After seeing the cons of using a business plan template, it may have opened your eyes for your venture. Gaining investors and lenders are incredibly important for the basis of your business and you don’t want to mess it up. Once you’ve put in the hard work and are running a successful business, you’ll be glad you didn’t use a template.