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Your business plan should present what a banker or venture capitalist expects to see, in the order they expect to see it in.Following a standard business plan outline will keep you on track, and save you from botching your best chance at getting your business funded.A business plan is a guide which outlines the goals of the business and roadmap of how to achieve them.
So don’t include outline points just because they are on a big list somewhere, or on this list, unless you’re developing a standard business plan that you’ll be showing to someone who expects to see a standard business plan.
While it is fairly easy to answer it theoretically, a business plan is a lot more than just a write-up which tells about the business’s goals when you get into the practical aspect of running a startup.
The business plan is an important guide which forces you into discipline thinking.
It gives you a direction to move to and explains to the world what you are here for.
Almost all of the prospective investors and banks require the entrepreneurs to prepare a business plan for their startups.
The stats, facts, and figures in the business plan make it easy for them to decide whether the team and their business have the potential to earn a profit in the long run or not.
That being said, a business plan is almost a necessity for startups as it helps entrepreneurs break the uncertainty into meaningful pieces and projections.
It helps them to present their vision in a language investors and the world understand – which includes sales forecasts, marketing strategies, competitive strategies, milestones, expense budget, partners and employees, and the short-term and long-term goals.
It should describe the organization of your business, and the key members of the management team, but it should also ground the reader with the nuts and bolts: when your company was founded, who is/are the owner(s), what state your company is registered in and where you do business, and when/if your company was incorporated.
Be sure to include summaries of your managers’ backgrounds and experience—these should act like brief resumes—and describe their functions with the company.