What is a business plan good for? This is an important question to ask before you spend money and hire a professional to prepare a business plan for you.

First, you need to know that a business plan is NOT a business model; It is NOT a marketing plan, and it is NOT a feasibility study either! However, it has elements of all of them in it. A business plan documents your ideas for the business. It has a writeup part in which you describe briefly what you want to do and how you want to do it.

A business plan also includes a financial projection which documents your predictions for the future financial condition of the company. Usually for the first three to five years. Here are some examples of the reasons why you might need a business plan:

  • Documenting your ideas to make sure you have studied all aspects of the business before actually starting it.
  • Present it to a bank to get a business loan
  • Present it to a potential investor to convince them to invest in your business
  • To get certain approvals or business permits
  • Submitting it to the immigration office if you are applying for any of the investment-based immigration programs
What can I use a business plan for?

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