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Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.Even though it may work, operating without a business plan is not a good idea.Business plans help companies identify their objectives and remain on track.
The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas.
It also allows owners to project what type of financing is required to get their businesses up and running.
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
If there are crucial elements of the business plan that take up a lot of space—such as applications for patents—they should be referenced in the main plan and included as appendices.
If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing.
These tend to be much longer and require a lot more work.
Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.
The length of the business plan varies greatly from business-to-business.
All of the information should fit into a 15- to 20-page document.