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Business plans help you run your business

A business plan can guide you through each step of establishing and running your business. You'll use your business plan as a roadmap to help you structure, run, and grow your new business. It assists you in identifying the most important elements of your company.

A business plan can assist you to obtain funding or find new business partners. Investors want to know that they will see an ROI on their investment. The business plan you create is the instrument you'll use to convince others to work with you or investing in your company -- is a smart decision.

Choose a format for your business plan that works for you

There's no single correct or incorrect method of writing a business plan. The most important thing is that your plan will meet your needs.

The majority of business plans fall into one of these two categories that is traditional or lean startup.

The traditional business plans are standard, use a standard structure, and encourage you to go into detail in each section. They typically take more time to prepare and can run into dozens of pages long.

Lean business plans for startups are not as common but still use a standard design. They are focused on presenting only the most essential aspects of your plan. These can be completed in less than an hour and usually only take one page.

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