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If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
The big problem with business plans is that entrepreneurs often get bogged down in them.
Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.
Things have changed., a business plan is still a must for some scenarios and some reasons.
Yet, some may also think that pitch decks and clever presentations may he displaced them.
Just because it is the status quo should never be a line in the vocabulary of a startup founder today.
What You Need For A Business Plan
Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.Every entrepreneur and startup company needs a plan.Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.Because of these realities, business plans written at the start end up nothing more than a fable.” Fortunately, crafting a business plan has become much simpler today.A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.Even your friends and family, or the most aggressive angel investors.There are plenty of data sources to back up assumptions and to complete research.There are plenty of great freelancers available online who can help handle time intensive parts of the process like research and formatting, and interactive pro-formas.It is a smart tool and essential one to have as a cover for your business plan.This is especially true for those considering funding that involves commercial real estate or a SBA loan.