For many entrepreneurs the creation of a business plan is the biggest hurdle in the development process of their fledgling enterprise. If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan. This is a regular business plan that includes your budget, timeline, marketing plan, bios of key players, and all the other stuff you’ll find in a typical business plan.
These plans can be very short (10 pages) and effective for the startup phase of the business. Of course, it is impossible to anticipate every detail simply by spending time thinking and writing; it is for this reason that plans are referred to and viewed as “dynamic”.
Given that more companies are now seeking bank financing than banks have money available, only those businesses that present the best case will receive funds. For example, if you are proposing an Internet marketing business plan, it would be necessary to include the details of your aim and why you are approaching the person.
Many people begin their business plans with a simple template. It will also help you plan for unexpected obstacles, such as if one method of acquiring business listing does not work, how you will modify the strategy to make it more effective. While the internal business plan will contain elements of what is in an external plan, the internal plan will be solely focused on trying to achieve the goals of the owners of the enterprise.
Viral marketing leads people to spread the marketing message. One of the reasons that having a business plan is essential is that it will help you to consider the details of your business and its’ future. These can be equated with business architecture and strategic planning.