Traditionally, startup businesses draft a business plan for three specific reasons: to articulate their vision for the business, to document how they plan to solve key challenges, and to pitch their business idea to potential investors. But what if I told you that business plans for startup companies are usually not worth the effort? My many years of experience working with startups, entrepreneurs, and venture capitalists has led me to conclude that business plans are largely a waste of time for the following reasons:. So instead of wasting your valuable time preparing a business plan, I suggest that you do these five things instead when launching your startup:. Business plans for startup companies are usually not worth the effort. Learn what you should be
How to Create a Startup Business Plan in 8 Easy Steps
How to Create a Startup Business Plan in 8 Easy Steps | Examples
Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier. Entrepreneurs buzzing with excitement about their great new business ideas rarely want to sit down and spend weeks or months writing a business plan. As an impatient entrepreneur myself, I totally relate to this reluctance. You already know everything you need to know…right? But the real reasons to write a business plan have nothing to do with other people: They have to do with you. The business plan gives your startup a blueprint for success. By spotlighting possible obstacles, your business plan lets you plan how to work around them.
Do You Really Need A Business Plan For A Startup?
You're ready to start your small business and your're working on a great business plan to take to a bank or other lender. A key part of that plan is the financial statements. These statements will be looked at carefully by the lender, so here are some tips for making these documents SELL your business plan. You may need several different types of statements, depending on the requirements of your lender and your own technical expertise.
Many entrepreneurs still overlook the importance of a technology startup business plan. In a space as competitive as the tech industry, a lack of preparation will surely pave the way to disappointment. Instead of diving in without any concrete strategy, a plan provides a foundation for sustainable business growth.