A well-drafted business plan gives you the instructions on how to formulate and run your business for years to come. If you have a solid business plan your business could be more attractive to partners and investors. It is important, though, to choose the best business plan that meets your needs.
Traditional versus lean startup business plans
Two of the most common types of business plans are known as the traditional plan and the lean startup plan.
Traditional business plans are very detailed. They can take days to develop and can be many pages long. Oftentimes investors require a traditional business plan to be in place before they will finance the enterprise. A traditional business plan may include:
- An executive summary
- A description of the business
- An analysis of the applicable markets
- Details on how the business will be organized and managed
- Details on the service or product the business will sell
- Marketing and sales strategies, and
- Financial projections
These are only some clauses that may be included in a traditional business plan.
Lean startup business plans focus only on the main aspects of your business. They can take mere hours to develop and can be as little as one page long. Lean startup plans can include:
- The business’ proposed value
- A description of the business’ infrastructure
- A description of the business’ customers, and
- A description of the business’ finances
These are only some clauses that may be included in a lean startup business plan.
Starting a new business is exciting, but do not rush
Starting a new business in Texas is exciting but it is important not to rush the process. By having a well-thought-out business plan in place, you can help your business grow and secure investors for many years to come.
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