Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.
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.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
This is especially true for those considering funding that involves commercial real estate or a SBA loan.
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.Yet, some may also think that pitch decks and clever presentations may he displaced them.Every entrepreneur and startup company needs a plan.There are plenty of great freelancers available online who can help handle time intensive parts of the process like research and formatting, and interactive pro-formas.There are even templates you can plug in and print so you don’t waste time figuring out what to include.You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.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.Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.Just because it is the status quo should never be a line in the vocabulary of a startup founder today.Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.