The traditional format is appropriate if you want to have a comprehensive, detail-oriented plan, or if you are requesting financing.
The lean startup format is best for those who have a relatively simple business and want to start it quickly, or as a starting point for those who plan to refine and change the plan regularly.
“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years.
[Back to top] This section provides a snapshot of your small business.
You can also discuss current or pending trademarks and patents associated with your product or service.
[Back to top] This is simply an explanation of what your marketing strategy is and how you will execute it.
XYZ Consulting is a new company that provides expertise in search marketing solutions for businesses worldwide, including website promotion, online advertising, and search engine optimization techniques to improve its clients' positioning in search engines.
We cater to the higher education market, including colleges, universities, and professional educational institutions.
Your goals may be aggressive, but they should also be realistic.
“It’s OK to be optimistic if you can justify it,” Allen says.