Lots of people have ideas—extraordinary ones, in fact—but also often worthless. Why? Because execution is everything, and most people are all talk. But not you.
To prove your company is capable, you’ll need a business plan that maps out how you’ll bring abstract concepts to fruition. This document will help you plan every step of the journey so you know exactly what to do with that promising business idea. It will also serve as evidence of your competence when you need a bank loan or other investment support. Extensive research organized into a professional business plan will make it easier for investors to make risk and reward decisions that can play a significant role in the future of your business.
The Essential Elements of a Business Plan
Let’s start with the business plan definition. There are two types: traditional business plans (or standard) and lean startup business plans.
A traditional business plan is composed of many pages that go into great detail to ensure investors are getting the full picture. A lean startup business plan is much shorter, often summarized into a single-page overview with an agile approach.
The section details below will help you get going on your own business plan outline, regardless of which format you choose. How much information you include will depend on whether you are providing a quick snapshot of your company or wooing an investor with a grand presentation.
