Instead, to help build a complete and effective plan, lean on time-tested structures created by entrepreneurs who have come before you.
Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor.
Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (There are many variations of business plans today.
This holds key information that all financiers and potential investors are going to want to know.
Even if you hope to just get away with using a pitch deck to raise the capital you need.That’s why we put together a free business plan template to help you get started.Get the template It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a business plan and get your thoughts on paper allows you to do a number of beneficial things: A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or template.Even if you’ll never use it in this format for attracting investors and raising capital, it can be vital for helping all entrepreneurs to ask and think through essential questions.Nowadays business plans are used as an internal roadmap for the execution of the company since pitch decks have taken over when it comes to fundraising required materials. ) that I recently covered.The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan.If you’re looking for funding, especially through venture capital, this example won’t be a complete or formal look at a business plan, but it will give you a great place to start and ideas about which sections to expand.The following is adapted from the Executive Summary This is the most critical part of your business planning.If you never flesh out a full business plan, make sure you create a fantastic executive summary.This brings together all of the key elements of your plan and will often be the make or break document which decides whether commercial lenders or investors will have any interest in seeing the rest of your documentation or pursuing a relationship with you.For additional guidance, you may want to review the Executive Summary Template that I recently covered on Forbes as well.