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Although there are no right or wrong business plans, they can fall into two different categories—traditional or lean startup.According to the Small Business Administration, the traditional business plan is the most common.Financial planning: In order to attract the party reading the business plan, the company should include any financial planning and/or projections.
Business plans, even among competitors in the same industry, are rarely identical.
But they all tend to have the same elements, including an executive summary of the business and a detailed description of the business, its services and/or products.
If a company uses this kind of plan, they should expect to provide more detail if an investor or lender requests it.
A complete business plan must include a set of financial projections for the business.
Other factors that may go into this section include production and manufacturing processes, any patents the company may have, as well as proprietary technology.
Sample Business Plan For A New Business
Any information about research and development (R&D) can also be included here.
Related: 7 Steps to a Perfectly Written Business Plan You can visit our small business encyclopedia to learn more about business plans or our Form Net area to get the necessary forms to get started.
Video: What Investors Really Think About Your Business Plan.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
Although they're especially useful for new companies, every company should have a business plan.