Business Plans are Essential for Running a Business
A Business Plan:
- Serves as a roadmap on how to structure, run, and grow your business
- Help you gain funding by showing forethought and proving your business is worth investing in
Generally Two Types of Business Plans:
- Traditional - This type of plan is very detailed, takes more time to write, and is comprehensive.
- More common
- Use a standard structure
- Require detail in each section.
- More work upfront and can be dozens of pages long
- Lenders and investors commonly request this plan
- Lean Startup Plan - This type of plan is high-level focus, fast to write, and contains key elements only.
- Less common
- Still use a standard structure
- Focus on summarizing the key elements of your plan
- Typically only one page
- Some lenders and investors may ask for more information.