Your business plan is a formal document that will act as the foundation of your business. Whether you use it as an internal guide for starting and growing your business, or you use it to attract potential investors, creating a business plan is a must.

Your business plan should meet the needs of your business. Beyond that, there’s no right or wrong way to write it. Generally, there are two types of business plans: traditional and lean startup. The traditional plan is more comprehensive, digging into the details. The lean startup plan is more of a high-level summary of key elements. The Small Business Administration recommends this format for your traditional plan:

1. Executive Summary: An overview of your business
2. Company Description: Describes the what, where, when, how and why of your business
3. Market Analysis: Research on your industry, market and competitors
4. Organization and Management: How you structure your business
5. Service or Product: The products or services you offer
6. Marketing and Sales: Your sales strategy and how you market your business
7. Funding Request: An outline of your funding requirements for the next 5 years
8. Financial Projections: Supply financial projections and supplemental information
9. Appendix: An optional section to provide additional supporting documents such as permits, resumes, credit histories, contracts, pictures and more.

Visit the Small Business Administration to learn more about writing your own business plan.