The more important question should be, “what type of business plan do I need?”  A business plan should be designed to meet your current business needs.  For example, if you plan on starting a part-time seasonal business a simple 2-3 page proposal format along with a cash flow analysis will do.  If you do not plan on getting a loan from a bank anytime soon, but need to write out your strategy for operating your business, maybe a Working Business Plan would be better.  If you plan on bringing in investors or partners into your business a full business plan with financial spreadsheets might be necessary and of course, if you plan on borrowing money from most banking institutions, you’ll need a full business plan.

Many businesswomen have found it quite challenging to write their own business plans.  However, even if you should choose to hire a business plan writer, you should always write your own a draft plan or business summary.  It’s important that your business plan reflects you and your vision.

Below, please find descriptions of various business plan types that will assist you in determining your business plan needs:

Feasibility Plan
This format is great for start-ups or when you’re in the beginning stages of concept development.  It can help you to determine if a larger plan and more analysis is needed and if it’s the right business for you! 

I.   Summary
II.  Mission
III. Keys to Success
IV. Marketing Analysis
V.  Cost and Pricing Analysis

Working Business Plan™
This format is great for first time business owners.  The objective of the Working Business Plan is to focus on a one-year period.  Sections that you would not normally see in a 3-5 year plan include: business networking, development of your contact management system, and knowledge and skills required for your business industry.  All of which are important for start-ups.

Click Here for the Working Business Plan Outline

1-Page Business Strategy
Many business experts agree that when a company is seeking internal improvements and additions a one page plan or strategy can provide a great deal of structure and create all of the tasks associated with getting your plan implemented.  However, it doesn’t mean that market research, competitive research and financial analysis shouldn’t be done.  The 1-Page basically provides an overview or outline as to how the business or new division will operate.  On that one-page are tasks and deadlines and larger reports that will need to be done in order for the company to reach it success goal.  This is a good start when you need to quickly get going and don’t have the time to stop and write a larger plan.  It can also serve as a foundation for a larger plan in the future.  This type of plan is normally not used for a bank loan.

I.   Vision
II.  Mission
III. Objective
IV. Approach
V.  Tasks & Deadlines

3-10 Page Business Overview
This format provides a detailed summary along with 1-3 year financials.  The standard business plan format is followed, but sections are summarized rather than expanded upon. Normally this type of plan is needed when you are seeking potential investors or partners.
 
I.   Mission
II.  Objective
III. Company History
IV. Management
V.  Marketing
VI. Competitive Analysis
VII.Financial History or Projections

Executive Business Plan
This is the full business plan format, which is normally used when seeking financing. It also includes financial projections with a 3-5 year forecast.  The Executive Business Plan goes above where the business actually is and looks into the future with assumptions based on market research, competition, owners experience, target customers, and sales goals.  Most banks and the SBA require the full Executive Plan, because they want detailed information to make a more informed decision.  Remember, you are asking for a sum of money to start or grow your company and your business plan must do the job in getting the lenders to believe that it will be a successful venture.