The Pros and Cons. Helpful, When Used Correctly. Creating a Business Plan: Landscaping Business Plan Template. Food Truck Business Plan Template. Laundromat Business Plan Template. Microbrewery Business Plan Template. How to Start a Hotel. How to Open a Bar. How to Start a Restaurant: First Steps in Starting a Restaurant.
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Cost and revenue estimates are central to any business plan for deciding the viability of the planned venture.
But costs are often underestimated and revenues overestimated resulting in later cost overruns, revenue shortfalls, and possibly non-viability. During the dot-com bubble this was a problem for many technology start-ups.
Reference class forecasting has been developed to reduce the risks of cost overruns and revenue shortfalls and thus generate more accurate business plans. An externally targeted business plan should list all legal concerns and financial liabilities that might negatively affect investors.
Depending on the amount of funds being raised and the audience to whom the plan is presented, failure to do this may have severe legal consequences. Alternatively, they may require each party receiving the business plan to sign a contract accepting special clauses and conditions.
This situation is complicated by the fact that many venture capitalists will refuse to sign an NDA before looking at a business plan, lest it put them in the untenable position of looking at two independently developed look-alike business plans, both claiming originality. In such situations one may need to develop two versions of the business plan: Traditionally business plans have been highly confidential and quite limited in audience.
The business plan itself is generally regarded as secret. An open business plan is a business plan with unlimited audience. The business plan is typically web published and made available to all. In the free software and open source business model, trade secrets, copyright and patents can no longer be used as effective locking mechanisms to provide sustainable advantages to a particular business and therefore a secret business plan is less relevant in those models.
The business goals may be defined both for non-profit or for-profit organizations. For-profit business plans typically focus on financial goals, such as profit or creation of wealth. Non-profit, as well as government agency business plans tend to focus on the "organizational mission" which is the basis for their governmental status or their non-profit, tax-exempt status, respectively—although non-profits may also focus on optimizing revenue.
The primary difference between profit and non-profit organizations is that "for-profit" organizations look to maximize wealth versus non-profit organizations, which look to provide a greater good to society.
In non-profit organizations, creative tensions may develop in the effort to balance mission with "margin" or revenue. The business plan is the subject of many satires. Satires are used both to express cynicism about business plans and as an educational tool to improve the quality of business plans.
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Please help improve it by replacing them with more appropriate citations to reliable, independent, third-party sources. This section needs additional citations for verification. This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Anatomy of a Business Plan:
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A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a .
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