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Lesson 3 

 It is possible to use business plans to help you run your business

It is possible to use business plans to help you run your business

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    A business plan can guide you through each step of establishing and running your business. You'll use your business plan as a guideline for how you can organize, manage and expand your new business. It helps you to identify the most important elements of your business.

    A business plan will help you secure funding or find new business partners. Investors want to feel confident they'll earn a profit from their investment. The business plan you create is the instrument you'll use to convince people to work with you- or investing in your business -- is a smart choice.

    Pick a business plan format that is suitable for your needs

    There is no one right or wrong way of making a business plan. It's crucial that your plan is in line with the needs of your business.

    The majority of business plans fall under one of these two categories: lean startup or traditional.

    Traditional business plans are much more than popular. They follow a standard format and urge you to be specific in every section. They can take longer to prepare and could include many pages.

    Although lean startup strategies aren't as popular but they still adhere to the same structure. They are focused on summarizing the most essential aspects of your plan. They could take as little as one hour to complete and typically are just one page.

    Traditional business plan

    This type of plan is extremely specific and takes longer to write, and is comprehensive. The plan is frequently demanded by lenders and investors.

    Business plans that are lean are not only more efficient but higher-quality.

    Create a strategy for a slim start-up

    The type of plan you choose to use is a high-level plan, quick to draft, and includes the most important elements. Some lenders and investors may need more details.

    Traditional business plan format

    You may prefer a more traditional format for your business plan for those who are extremely detailed and require a thorough plan, or plan to seek financing from traditional sources.

    It is not necessary to follow an outline for writing your business plan. Select the sections that are most relevant to your business and your specific needs. The nine sections listed above are part of traditional business plans.

    Executive Summary

    Inform your reader about the name of your business and why it will be successful. Include your mission statement, your product or service and the basic details about your business's management team, employees and their your location. Include financial information and high-level growth plans in case you are planning to solicit financing.

    Description of the company

    For more detailed information about your company, use the description of your business. Then, describe the problems your business is able to solve. Be specific and list out the consumers organizations, businesses, or individuals your company plans to serve.

    Discuss the competitive advantages that can make your business a success. Are there professionals on your team? Are you able to find the ideal location for your business? Your business description is the best place to showcase your strengths.

    Market analysis

    An knowledge of your market and industry outlook is vital. Competitive research will help you understand what other businesses are doing and what their strengths are. Seek out patterns and patterns in your market research. What are the most successful competitors doing? What makes it successful? Do you have the ability to make better? These are the questions you have to ask.

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