I have a friend and business partner who is probably the world’s foremost expert on buying businesses.

Over the past 50 years he has bought somewhere around 200 (he’s lost count) businesses, and still going strong today.

And one of the jokes he likes to make goes something like this:

“There are three things people are afraid of in life: death, taxes and business plans.”

In fact, from his experience, he says the business plan is the most dreaded part of the whole business-buying process.

And yet, it doesn’t have to be.

Here’s why:

While it’s true you do need a business plan if you want to get money from a bank, an investor or any other financing source…writing a business plan really isn’t all that complicated.

In fact, a business plan basically just a sales document with three main components:

1.) How much money you need.

2.) What you need the money for.

3.) How you’re going to pay the money back.

And that’s it.

See?

That’s not so complicated, is it?

All you need to know besides the above is how to structure a business plan (there are books in your local library that can help you with this free), and you’re ready to go.

Bottom line?

Don’t put off buying a business just because you’re afraid to write a business plan or don’t think you can afford to hire someone to do it for you.

If you simply educate yourself on the topic (again, go to any library and learn it free), you will be up and running with your own business in no time.

If you’ve been wanting to buy a business, but are holding back because you’re freaked out about the idea of putting together a business plan, then this article should help put your mind at ease.

Years ago, I used to actually meet with people wanting to buy a business before they put together a business plan. And I found out after a couple of years that people are afraid of three things — death, taxes and business plans.

This is no joke. It’s a lot like public speaking — most people would rather die or pay their taxes than put together a business plan. Back when I used to teach about buying businesses at seminars, a LOT of people came to me wanting to buy a business with no business plan. And it’s no big mystery that not one of them ever got their financing — and are now telling their grandchildren how successful they would have been if they had gotten the financing.

Listen: Don’t let the idea of a business plan scare you or stop you from going after a good business to buy. A business plan is nothing more than a detailed description of what you’re doing. And that’s it. No big deal. There’s nothing to be afraid of. If the thing makes sense and everything falls into place, you’ll get your financing. If you seek investor financing and have a good business plan, you’ll have no problem at all getting all the money you need.

The main thing is to keep it simple. Don’t let the idea of doing a business plan freak you out. It’s not rocket science and if you can’t hire someone to do it for you, simply go to the library and read a couple books on how to do it, and you’ll be fine.