Last time we talked about the importance of a business plan. This time we're going to do away with some of the myths surrounding it and provide you with a guide to help you get started.

If you went to school when I did, you were taught if your business plan was not at least 24 pages, then you did not do enough work. 25 years ago, people were not launching businesses to the magnitude they are today and flexible work options were unheard of. The only guide they had to follow was handed down from corporations and everyone knows corporations generate lots of paperwork. Here is the format of a business plan from back in the day:

Cover sheet bearing the name of your company and full address
Blank sheet
Table of contents
Blank sheet
Introduction
Blank sheet
Executive Summary
Resumes of each person mentioned in the Executive Summary (each resume only counted as one page)
Full briefing on your Product/Service
Complete Market Analysis
Marketing Plan
Two - five years Financial Projections
Blank page
Letter thanking the person for reading your business plan
Ending blank sheet

Don't laugh. If this is familiar to you then more than likely it is the same reason why you have not written your plan.

Myth #1 Dispelled - Your business plan should only be one page. The 'plan' mentioned above is actually an internal document better known as your Operations & Procedures Manual. Your internal document should only be viewed by members of your staff and potential investors only after the terms sheet has been signed.

Myth #2 Dispelled – In school, we were led to believe there were bank employees whose sole responsibility were to read business plans and make loan recommendations. This is not true. Loan officers and equity investors only want to know two things: what line of business you are in and how much you are asking for. They usually glance over your business summary then flip directly to the last page for the financials which leads us to

Myth #3 Dispelled – If you noticed, how much you are asking for is not included on the above list of items. This was because it was once thought improper as the loan officer/investor would determine how much you were to receive after reading your business plan. Not including how much you are seeking is a quick way to have your plan dismissed. Investors have no desire to read your mind nor the time to try to figure out how much you want. Make it plain and simple.

*So what to include? * Clicking here will lead you to a template not only suitable for writing your one-page business plan but also includes the items investors look for when you seek funding. The information will provide a well-informed overview of your business without releasing too much information. You can also use this as a guide to expand upon as you create your more extensive internal document. Uploading your entire business plan and other related documents poses a serious threat and can be detrimental to your company. It would also lead to a costly legal battle provided you could prove the idea someone else stole and profited from (using your business plan) was actually yours in the first place. Such documents should only be viewed by qualified individuals having a serious interest in your business and on a strictly as-needed basis.