These business plans are short—as short as one page—and have very little detail.
If a company uses this kind of plan, they should expect to provide more detail if an investor or lender requests it.
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.
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
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.