I want to begin a business but am told I need to build a business plan. What is this and what is its purpose?
Before the business has started:
An overblown, convoluted document that really doesn’t really serve any purpose other than providing the Founder with a time suck and sense of reassurance they’re really thought about the business
But if it’s a business with huge capital cost. Then perhaps it’s different.
When the business has started:
A document/plan for the future that’s to be tweaked and adjusted as more discoveries about the market/business are made
Now it’s becoming more useful. And probably lots of it is wrong
When the business is raising money/generating revenue:
A document detailing where the business is going, how it’s going to get there, when it’s going to get there and who’s driving.
Shown after slides/summaries/pitch decks.
It’s finally useful
All business plans:
- Battle plan
- Key milestones
- Supplies needed and their cost
- Ongoing fuel costs
- The predicted outcome of battle
- Information upon the captains of this vessel
- An overview
transcribed from what is a business plan