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If you are thinking of starting your own business and you tell anyone about it, the first piece of advice is usually “write a business plan.” At this point, you run out and buy a book on writing a business plan or get a piece of planning software and start writing. It will be the key document that sets out exactly how your business is run. It covers all major aspects of your business, including your financial plan, operations plan, marketing plan, and more. In general, count on 6 months to a year from the time you start writing the plan until the time the money is in the bank.

And you don’t have to start with the full, detailed business plan that I’m going to describe here. You may want to consider the following key questions to help determine if you are ready to start writing your business plan. Second, your business plan should be a tool you use to run and grow your business, something you continue to use and refine over time.

A well-written business plan can help convince investors or lenders to finance your business. Appendices – these should include supporting material, such as licences and permits, agreements, contracts and other documentation that support your business plan. No matter how great your idea, no matter how passionate you feel about the business, you must still take the time to create a working business plan.

Company and Management: Provide the basic facts about your company – where and when you incorporated, where you are located, and brief biographies of your core team. You don’t need any payment details to sign up to Wix’s free plan – all you do is create an account with your email address, and you can start building your site.

When I started my payments company, I set out to conquer the world. If done properly you should basically be able to hand this document over to somebody when they buy your business and they can take over with very little of your time needed to explain things to them.