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There are 15 references cited in this article, which can be found at the bottom of the page.A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there.This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.
Can you scale customer acquisition cheaply and measurably?
”An executive summary is a different document again.
If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
It is a smart tool and essential one to have as a cover for your business plan.
This is especially true for those considering funding that involves commercial real estate or a SBA loan.
The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
Just because it is the status quo should never be a line in the vocabulary of a startup founder today.
Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.