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These tend to be much longer and require a lot more work.Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.For example, Tesla Motors.'s electric car business essentially began only as a business plan.
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 good business plan should outline all the costs and the downfalls of each decision a company makes.
Business plans, even among competitors in the same industry, are rarely identical.
According to the Small Business Administration, the traditional business plan is the most common.
They are standard, with much more detail in each section.
Although they're especially useful for new companies, every company should have a business plan.
Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.
If there are crucial elements of the business plan that take up a lot of space—such as applications for patents—they should be referenced in the main plan and included as appendices.
If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing.