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If there are crucial elements of the business plan that take up a lot of space—such as applications for patents—they should be referenced in the main plan and included as appendices.If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing.
A complete business plan must include a set of financial projections for the business.
These forward-looking projected financial statements are often called pro-forma financial statements or simply the "pro-formas." They include the overall budget, current and projected financing, a market analysis, and its marketing strategy approach.
The length of the business plan varies greatly from business-to-business.
All of the information should fit into a 15- to 20-page document.
In fact, very few companies are able to last without one.
There are definitely more benefits to creating and sticking to a business plan including being able to think through ideas without putting too much money into them—and, ultimately, losing in the end.Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.Even though it may work, operating without a business plan is not a good idea.According to the Small Business Administration, the traditional business plan is the most common.They are standard, with much more detail in each section.They also act as a means to get people to work with and invest in the business.Although there are no right or wrong business plans, they can fall into two different categories—traditional or lean startup.These tend to be much longer and require a lot more work.Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.For example, Tesla Motors.'s electric car business essentially began only as a business plan.A business plan is not meant to be a static document.