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Small business owners, who often feel strapped for time, may ask: ?Is a business plan required by law?" No, it is not. A business plan is not a legal document. It is a tool that business owners use to increase the odds that their business will be a success.

Hiring a professional to write your business plan can help you give you time to focus on the tasks that are critical to getting your business off the ground. You want to make sure it is done right, the first time. You only get one chance to make a first impression.

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The financial section is composed of four financial statements: the income statement, the cash flow projection, the balance sheet, and the statement of shareholders' equity. It also should include a brief explanation and analysis of these four statements.

Team Qualifications ? You really want someone to write your professional business plan that has experience working for a big company doing exactly what you are hiring them to, so if you're looking to raise money, make sure the team has worked an investment group or investment bank.

A business plan is a document that highlights the goals of the company and how the business is going to achieve these goals. The financial section of a business plan is one of the most important parts of the plan.

However, writing your own business plan is the best idea. While there's nothing wrong with asking a consultant to review it and make suggestions for changes, the process of putting the first draft together yourself is especially beneficial to your new business.

The person or persons responsible for implementing the plan should be heavily involved in its development. Some people hire consultants or have employees draft the plan.