BUSINESS PLANNING
One of the 4 most common reasons a small business fails is ineffective business planning. ​Someone says "business plan" and we roll our eyes and think about thick notebooks of papers no one has read in years... much less used to benefit their actual business. But! A business plan is such an important stepping stone to provide structure, direction, and some clarity on how your business works and what to do next.
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If you need to secure funding, either from a bank or investors, a well-written business plan is required to let those parties know why they should invest in you, and how you are going to make money.
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For most startups and single-owner operations, a Lean Startup plan is a quick and effective way to put ink on paper and get the ball rolling.
LEAN STARTUP
I recommend the lean startup format if you want to explain or start your business quickly, your business is relatively simple, or you plan to regularly change and refine your business plan as you scale. Lean startup plans contain only a handful of elements to describe your company’s value proposition, infrastructure, customers, and finances. They are typically 1-2 pages, and contain charts useful for visualizing fundamental facts about your company.
TRADITIONAL PLAN
You might prefer a traditional business plan format if you are very detail-oriented, want a comprehensive plan, or plan to request financing from traditional lenders or investors. Traditional business plans are typically 10+ pages in length, depending on the business size, the needed capital to run the operation, and the industry in which you operate.
Are you ready to turn your entrepreneurial dream into reality?
Let's start planning!