A good business plan guides you through every step of starting and running a business. Use your business plan as a roadmap for building, managing, and growing your new business. This is a way to reflect on the essence of your business.

A business plan can help you raise funds and attract new business partners. Investors want to be sure that their investment will pay off. Your business plan is the tool you use to convince people that working with you or investing in a company is a wise decision. Choose an appropriate format for your business plan. There is no right or wrong way to write a business plan. The most important thing is that your plan suits your needs.

Most business plans can be divided into two main categories: traditional startups or lean startups. Traditional business plans are more general in nature and are best discussed using a standard structure.

It usually requires more foreground work and can span several dozen pages. Effective business plans for startups are less common but still have a standard structure. Focus on summarizing only the most important key elements of your plan. It only takes an hour and usually only contains one page.

Traditional Business Plan

This type of plan is very detailed, time-consuming and comprehensive. These plans are often asked by lenders and investors.

Lean Startup Plans

This type of plan is intensive, can be created quickly, and contains only the essentials. Some lenders and investors may ask for more information. Traditional business plan format. A traditional business plan format is recommended if you need a very detailed and comprehensive plan, or if you want to apply for funding from a traditional funding source.

You don’t have to stick to the outline of your business plan. Instead, use whichever section best suits your business and needs.