A start-up business plan is a cohesive document that demonstrates how a business or an organization has decided or strategized to achieve the set goals! But are all business plans the same? Does one kind of business plan suffice all kinds of business requirements in this world? NO! Just like a suit is tailor-made especially to fit your body, the same way a plan should be made exclusively to meet the needs of the respective businesses.
There is no denying the fact that just like an individual goes through several phases of life, a business also experiences several changes. With constant evolution and necessary developments, the needs of a business change and to fulfil those needs, different plans might be required. With the help of this article, we will try and divide business plans broadly into 4 categories.
The One-Page Business Plan
Do you have a mind-blowing idea but despise making complicated and boring business plans? If yes, then this one-page business plan is your go-to option. This kind of business plan would be enough to put things in order and cover all the ideas that you might have to run your business. A short/one-page business plan is not only easy on you to make but also helps the potential investors or partners go through the strategies easily and quickly.
Traditional Business Plan
A traditional business plan is more or less a detailed account or cohesive document that covers all aspects of how one plans on running a business. This section includes the official name of your business, its legal structure, and the location where you plan to operate. It is highly recommended by the experts to include a chart showcasing the authority accountable to accomplish various tasks such as sales and marketing, finance, operations, etc. In the long run, a Business plan holds the potential to save money as it carefully presents the present and future financial projections.
Business Model Canvas
A business Model Canvas is basically nothing but a visual alternative to a normal business plan. In layman terms, it is all about your business ideas on a piece of paper. When you draw a business canvas model, you will be able to visualize your business, find out the weak points, and assess the viability as well. The business canvas model is not necessarily designed for presenting new business ideas, one can make the most out of it by using it to analyze the current business situation to make improvements if need be. A business model canvas is used by many businesses as it helps them break down the entire process into key segments that are easily understood with the help of charts and figures.
Business Pitch
A business pitch is nothing but a systematic and interesting way to present your vision and idea to an investor or a group of people in order to secure the necessary resources to run a business and/or to bag the much-needed funding. This pitch is generally prepared to take a business plan forward or to improve an already existing business. A business pitch is supposed to put the message, mission, and vision across pretty clearly. It is important to get to the main point and save investors from losing interest.
Choose wisely which kind of plan is the need of the hour and go about it. Highlight all the aspects of running the business of your dreams, mention all the information that is required, and make that business plan so irresistible that no investor could afford to turn a blind eye to that masterpiece. Always remember, a carefully crafted business plan could prove to be the deal maker for your business if presented the right way.