Six types of business plans

| Jan 18, 2021 | Uncategorized |

Entrepreneurs of the Detroit metro area as well as other parts of Michigan may want to know more about the different business plans available to them. Business plans set the stage for growth and success and are often important in attracting investment capital. The plan may guide management as it describes objectives and sets forth a strategy for growth.

What are the different types of business plans?

According to Small Business Chron, among the various types of business plans, there are six that stand out. They are the following:

  • Startup
  • Internal
  • Strategic
  • Feasibility
  • Operations
  • Growth

You will want to establish your business plan as a map to your success. You may also need an attorney to help with business law in the formation of your company.

Startup

This plan will describe your company as well as have sections that highlight the product or service of your business. It will also feature market evaluations and your projected management team. Possible investors may want to see a spreadsheet detailing income, profit and cash flow projections as well as other financial areas.

Internal

This plan may target a specific sector within the business, such as marketing. Repayment of capital is a consideration as well as project marketing, hiring and tech costs.

Strategic

This provides a high-level view of goals of the company. It will also lay out how your business will achieve them.

Growth

This supplies an in-depth proposal for growth that targets both internal and external needs. The growth plan also has a goal of satisfying potential investors.

Feasibility

This plan answers the questions of who will buy the product. It also addresses whether the business can become profitable.

Operations

These are internal plans that describe operations and deadlines involved. The plan may also detail the responsibilities of employees.

If you have a business or are starting one, it may be wise to consult an attorney with experience in business law to help guide you through the process. A legal professional might address important issues along the way to protect the interests of your company.