Types of Business Plans: Learn about different types of business plans and see which is appropriate for different circumstances.
Types of Business Plans
If you are applying for a bank loan, seeking venture capital, or
working with investors you may want to create what’s called a “complete
Another alternative is a “quick” or “one-day” business plan. One-day
business plans are becoming more popular as business owners and
investors alike begin to realize that getting down to brass tacks and
summarizing a venture’s vision and structure succinctly is often more
important than lengthy, perhaps redundant explanations. By opting for a
short business plan, you force yourself to fully know and understand
what your business is about and be able to communicate that in just a
But a quick plan is not haphazard: The business owner still must take
into account all of the factors that would be included in typical,
long-form business plan.
Still another option is to prepare both a traditional, complete
business plan and a one-day plan, and present whichever one is most
appropriate depending on the circumstances.
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