Anyone can have a great idea. But turning an idea into a viable business is a different ballgame. You may think you’re ready to launch a start-up company. Before you start seeking legal advice, renting office space, or forming an LLC, you need to put your thoughts on paper. This will help you stay organized and focused. You’ll also be able to share this plan with others to help you get valuable feedback. A business plan will act as a guide to the business in its direction and growth. It will also be able to help the business achieve its objectives in a structured and controlled manner.
Business Plan Formats:
There are two formats for making a business plan. You can choose to do it either ways as there is nothing like a wrong format for a business plan. As long as it suits your needs, you can choose either one. The two formats are:
- Traditional business plan
- Lean start-up plan
- Traditional Business Plan
A traditional business plan is the most common format used when making a business plan. This format uses a standard structure for a business plan and requires that the prospector put in a lot of work and time into preparing it. The following are the steps to creating a business plan using the traditional format:
- Executive summary
- Company description
- Management and organisation
- Market/competitive analysis
- Products and services
- Funding
- Financial projections
- Lean Start-up Plan
A lean start-up plan, on the other hand, is a shortened version of a traditional business plan. It follows a similar structure, but unlike the traditional format, it does not go too much into the details. It gives the gist of the important factors of the business in the business plan.
Do you need help? Do you want to create a business plan for you start-up?
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