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If your business isn’t going to make any money, it won’t be successful so you need to be very clear on how you will make a profit.
When our company raised its initial $850,000 funding, no investor ever requested a business plan; sophisticated angel investors and VCs understand that in many cases, this document is just a formality and a big waste of time.
Still, a business plan is still a fantastic exercise to: TLDR; don't make one unless someone asks you for it.
The details will help you drill down into how you will actually deliver your plan.
A big part of knowing whether your business will be successful is understanding your audience.
It's usually made up of a general description of the organization, its function, and its objectives.
The vision, on the other hand, talks about what the company aspires to be in the future.
But, there's no reason why you can't start crafting your business plan today.
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan.
It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.