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Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.Having an up-to-date business plan gives you a much better chance of getting the money you need to keep operating or to expand.
Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.
Don’t do it unless you know why and what you are trying to achieve with it.
Simple - the business plan is the blueprint for your business.
You wouldn't walk over to an empty lot and just start nailing boards together if you wanted to build a house.
Whether you want to shop your business to venture capitalists or attract angel investors, you need to have a solid business plan.
A presentation may pique their interest, but they'll need a well-written document they can take away and study before they'll be prepared to make any investment commitment.Be prepared for your business plan to be scrutinized; both venture capitalists and angel investors will want to conduct extensive background checks and competitive analysis to be certain that what's written in your business plan is indeed the case.The company's original business plan needs to be revised as new goals are set.Reviewing the business plan can also help you see what goals have been accomplished, what changes need to be made, or what new directions your company's growth should take.Most new businesses need both startup and operating capital to get off the ground and without a well-developed business plan there is no chance of getting debt financing from established financial institutions such as banks or equity financing from angel investors (unless they happen to be family members or close friends).And established businesses often need money, too, to do things such as buy new equipment or property, or because of market downturns.Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.The more you know about your industry, your prospective customers, and the competition the greater the likely hood that your business will succeed.In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable.Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.Starting a business without a business plan is just as risky. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.Something to check off the to-do list and be done with.