Write the Correct Business Plan for Your Start-up

Written by on October 24, 2012 in Career - No comments | Print this page

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Before starting the operations of a business, every start-up should have a business plan of some sort, no matter the size or objection of the business. All business plans have elements in common, like cash flow projections and marketing strategies, however just like businesses are varied, so are business plans.

Some business plans need to attract external investors and need to be highly specified and polished, whilst others act as a more simple business plan outline for owners. Choosing the correct business plan template is important for the launch and operation of your business, and your selection should emphasise the most important elements of your business. This article outlines four of the most common types of business plans and when they should be used.

The Mini Business Plan

As the name suggests, the mini business plan is a short version that outlines the most pertinent business matters, such as business concept, marketing and financing (including cash flow and income projection). It’s a quick and efficient way of determining whether a business concept is viable, and helps stimulate interest from business partners and small investors.

It will also act as a quick reference for business operations and will help with the writing of a full working business plan at a later stage. Although a simple mini business plan is useful, it is not a substitute for a full one and should not be used to attract corporate investors.

The Working Business Plan

The working business plan elaborates on the mini plan and acts as an essential tool in the running of your business. When writing this business plan, detail is important. On the other hand, the presentation of a working business plan does not have to be formal, and it should merely represent your business matter in an easy to read structure that you can refer to. It’s important to remember that it is for internal use only, and not for executives or investors, and thus the business plan structure should not include appendixes for key executives or resumes.

The Presentation Business Plan

This business plan is used to present your ideas to investors and thus it is imperative that you represent your business plan accurately, comprehensively and in a neat and polished package. The end product must be suitable to impress bankers, investors and other external parties.

Shorthand and informal jargon should never be used, and business ides must be expressed using formal business terminology. Important aspects that must be considered when writing a business plan include risk assessment and competitor analysis. For efficiency and availability, make sure that your presentation business plan comes as a printed and electronic version.

This is a guest post.  Penny Munroe is an avid writer in business related news and tips. Articles include sourcing the best Miami office space for your business, to business plan writing tips.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

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