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Developing and sharing a business plan can help ensure that you're sprinting down the right path.2.
If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one.
And you may notice that not all of these require the formal document for outsiders.
doesn't mean you have to hole away in a library for months compiling 40-plus pages of text.
You can create a plan in under a month, working part time.
That document you dread doing is output, not the plan.
And the pitch deck, summary memo, and elevator speech, for that matter, are also output from the plan, but not the plan.
For example, if you are writing code in your dorm room, you can experiment to find out what consumers will latch onto before thinking about implementation or financing. To avoid big mistakes: The last thing you want to do is work on your start-up for a year, only to realize you were doomed to fail from the start.
Many founders learn the hard way that they didn't set aside enough capital to reach their goals, took on partners with the wrong skills and resources, or don't have a viable way to make money.
You'll want to plan in more detail if you're raising capital or taking on a lot of risk—like investing your savings, leaving a job, or supporting a family.
Less detail is fine if you aren't raising money or taking on much risk.