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You should put together a decent one-pager first, as this will be important for initial partnership and investment pitches anyway. - Andy Karuza, Fen Sens Uber-focus on building a perfect business plan can doom a business before it's even off the ground.
- Leyda Hernandez, C'est Du Luxe Planning is an incredibly important part of a business, and not just at the beginning.
The biggest difference between your first plan and your ongoing (annual) plans is your initial business plan should state with conviction what the opportunity is and why you're in a good position to pursue it.
This starts with a core idea in the center, with tangential ideas branching off to form a web.
The result is a messy but comprehensive visual representation of common thought patterns relating to that core idea.
It's also particularly beneficial to rookies because it goes through the process step by step.
It can help create financial calculations and forecasts, and you can import data from other software titles, as well.
Having an actionable business plan as an entrepreneur is one of the best ways to secure investors and give some direction to your new organization.
However, developing a thorough business plan that makes sense for your company can be a significant challenge — especially if you have never been through the process before.
Since you're just starting out, you probably don't know all the details yet and that's OK — focus instead of what makes your team well suited to solve this problem.
By keeping the plan simple, your idea will spread to the right people faster.