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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.Simply stated, a business plan is a guide that conveys your business goals (both long-term and short-term), the business strategies you’ll use to achieve them, the problems and competition that you’ll face and the ways to solve and overcome them, the people you’ll involve in your business, the organisational structure, the marketing and the positioning strategies, and the amount of funds you’ll require for the same. There are no exceptions to the type or an age of the business and unlike what many people say, business plans are not limited to startups.
Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. All too often, what the business owner desires is buried on page eight.
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.
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.