Comprehensive Guide to Crafting a Winning Business Plan

By

Adam Hayes

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the University of Lucerne in Switzerland.Adam's new book, "Irrational Together: The Social Forces That Invisibly Shape Our Economic Behavior" (University of Chicago Press) is a must-read at the intersection of behavioral economics and sociology that reshapes how we think about the social underpinnings of our financial choices.

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Updated August 19, 2025

Reviewed by

Khadija Khartit

Reviewed by Khadija Khartit

Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder.

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Fact checked by

Vikki Velasquez

Fact checked by Vikki Velasquez

Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area.

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Part of the Series

How to Start a Business: A Comprehensive Guide and Essential Steps

How to Start a Business: A Comprehensive Guide and Essential Steps

Researching a Market

How to Do Market Research, Types, and Example

Marketing Strategy: What It Is, How It Works, How To Create One

Marketing in Business: Strategies and Types Explained

What Is a Marketing Plan? Types and How to Write One

Planning and Developing Your Business

Business Development: Definition, Strategies, Steps & Skills

Business Plan: What It Is, What's Included, and How to Write One

CURRENT ARTICLE

Small Business Development Center (SBDC): Meaning, Types, Impact

How to Write a Business Plan for a Loan

Funding Options

Business Startup Costs: It’s in the Details

Startup Capital Definition, Types, and Risks

Bootstrapping Definition, Strategies, and Pros/Cons

Crowdfunding: What It Is, How It Works, and Popular Websites

How To Start A Successful Business With No Money

A Comprehensive Guide to Establishing Business Credit

Equity Financing: What It Is, How It Works, Pros and Cons

Business Structures

Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC

Partnership: Definition, How It Works, Taxation, and Types

What is an LLC? Limited Liability Company Structure and Benefits Defined

Corporation: What It Is and How to Form One

Starting Specific Businesses

Starting a Small Business: Your Complete How-to Guide

Starting an Online Business: A Step-by-Step Guide

Starting a Bookkeeping Business? Here’s What You Need to Know

How To Start a Successful Dropshipping Business: A Comprehensive Guide