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More important than the actual document itself, however, is the actual process of writing it.
Getting your ideas down on paper helps you evaluate your business strategy, check it for weaknesses, and refine your concept until it’s ready for launch.
The length and contents of your business plan largely depends on what you need it for.
An investor-ready business plan will look different from a business plan that is for internal use only.
It normally contains information about your company, your products and services, a marketing plan, and financial projections. You can use it to help with your day-to-day operations.
Many people use it to pitch to venture capitalists and banks for additional funding.
Writing a business plan can seem like a daunting task, especially if you don’t have a background in finance or business.
It gets even more complicated when you realize that there isn’t just one format to follow.
A business plan is a carefully worded statement of business goals.
Whether written on behalf of an established business or a startup, it includes reasons the goals are attainable, along with plans for achieving them.