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For this reason, entrepreneurs, investors, financial analysts, Chief Executive Officers, and managers are now turning to financial modeling.
Financial modeling allows you to examine your business’s current and past financial figures so that you can accurately come up with future projections.
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Recently, I shared 18 Mistakes That Kill Startups, an infographic created by Mark Vital over at Funders and Founders.
A lot of those mistakes (most of them, in fact) are the result of poor planning.Larry Kim is the CEO of Mobile Monkey, a chatbot building platform for marketers that enables mobile messaging between businesses and customers via Facebook Messenger.He’s also the founder of Word Stream, the World’s top PPC marketing software company. It's definitely not the most exciting part of starting a business.That doesn't mean you have to bust out Word and start the plan from scratch.A template is great--you probably aren't doing anything that hasn't been done before, so it provides a proven structure for your plan. Check out these comprehensive business plan templates you can download for free to get you started: Score is an American nonprofit dedicated to helping entrepreneurs get their companies off the ground.Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.Creating your business plan is more than just getting your ideas down on paper for potential funders to see.Reporters and editors don't add those links, nor will they manage them.This advertising model, like others you see on Inc, supports the independent journalism you find on this site.The 0 Startup, the website for the best-selling book of the same name, has a ton of stripped-down resources for entrepreneurs, including this super simplified business plan template.This one says you just have to answer a few simple questions and will be "done before you know it! A business plan should take time and a lot of homework, but if you've already done that, Law Depot's template is a decent choice.