article thumbnail

7 Scenarios Where A Business Plan Is Still An Asset

Startup Professionals Musings

As a startup mentor and investor, I am approached regularly by aspiring entrepreneurs who assert that business plans take too much time, are inaccurate, and rarely add value. They cite sources like Profitable Venture Magazine, “ Why Business Plans are a Waste of Time ” and this Forbes article.

article thumbnail

How to Write a Business Plan for a Service Business

Up and Running

If you’re starting a business that sells a service, writing a business plan is one of the first steps you need to take. Writing a business plan can seem complicated at first. There are multiple topics you have to cover and you want to impress your readers with a complete plan. Build your business strategy.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

A Perspective On When A Business Plan Adds Value

Startup Professionals Musings

As a startup mentor and investor, I am approached regularly by aspiring entrepreneurs who assert that business plans are a waste of time. They cite sources like the BusinessWeek story, “ Real Entrepreneurs Don’t Write Business Plans ” and this Forbes article. You need funding, and plan to get it from friends and family.

article thumbnail

Why Your Tiny Startup Needs A Business Plan

YoungUpstarts

You might be thinking that a business plan doesn’t make any sense for your small new enterprise. After all you are not planning on trying to get even a bank loan, let alone venture capital. Isn’t that what business plans are really for anyway: raising money? How are you going to be different than you competitors?

article thumbnail

This is How to Build Remote Work into Your Startup Business Plan

Up and Running

As such, it’s key that your remote team and working environment are now included as part of your business plan. In this article, we’ll be taking a look at whether or not you need a business plan and how to incorporate every aspect of remote working into it. First, do you need a business plan?

article thumbnail

How Many Entrepreneurs Really Need a Business Plan?

Startup Professionals Musings

On a regular basis, I am approached by entrepreneurs who assert that business plans are a waste of time. They cite sources like a recent BusinessWeek story, “ Real Entrepreneurs Don’t Write Business Plans ” and this NY Times article. With bootstrapping, no business plan is expected by anyone.

article thumbnail

Every New Venture Needs A Product And A Business Plan

Startup Professionals Musings

Serious investors, on the other hand, look for a professional business plan or summary first, and hardly ever look at the product plan. Just for clarification, I characterize a product plan as a formal description of your product or service, with a quick business description at the end for effect.