Back to top Forms of business New ventures can be sole proprietorships, partnerships, or corporations. This is a complex question about which you should seek counsel from a skilled corporate attorney and tax accountant. In the long-term, most businesses incorporate. While there are some disadvantages, most of the time the advantages of incorporation outweigh the drawbacks. I n general, the purpose of a business plan is to guide you like a road map to help you manage your business, or as a selling tool for raising capital or borrowing money.
Most entrepreneurs make their business plans far too long, often hundreds of pages.
A good business plan should not be any longer than 30 to 40 pages as it is more likely to be read and will invariably serve you better. Do not be tempted to delegate the preparation of the plan to a lawyer, accountant, or outside consultant. The only person who should prepare the business plan for a new venture is the entrepreneur, not a surrogate. Unfortunately, most entrepreneurs have very little experience in dealing with them. Some advice in picking these professionals is to shop a bit before you choose.