Types of Business Plans

If you are applying for a bank loan, seeking venture capital, or working with investors you may want to create what’s called a “complete business plan.”

Another alternative is a “quick” or “one-day” business plan. One-day business plans are becoming more popular as business owners and investors alike begin to realize that getting down to brass tacks and summarizing a venture’s vision and structure succinctly is often more important than lengthy, perhaps redundant explanations. By opting for a short business plan, you force yourself to fully know and understand what your business is about and be able to communicate that in just a few pages.

But a quick plan is not haphazard: The business owner still must take into account all of the factors that would be included in typical, long-form business plan.

Still another option is to prepare both a traditional, complete business plan and a one-day plan, and present whichever one is most appropriate depending on the circumstances.

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