Business plans are required by every type of business, whether it is a small company or a very large conglomerate. Starting a new business or expanding operations of already running business is not an easy thing to do in this modern globalized business world. It requires a lot of resources such as funds, human energy and time. Hence, it is wise to take some time out of your schedule to write a custom business plan before starting a new business. 

Custom business plan, as already mentioned above, is required by both new and existing businesses, but writing approach becomes different for both types of business.

Following are the two types of custom business plans:

Custom Business Plan for Startups:

This type of business plan is normally used by small businesses, and is intended to attract investors to raise initial capital required to start business. This is perhaps the most widely used business plan that helps new entrepreneurs to get investment from banks or financial institutions. But that’s not the only use of it. Any mistake in business plan that is big enough to hinder the inflow of funds, leads to re-work on proposed strategies right from the beginning.

Custom Business Plan for Establishment:

This type of business plan is normally used by medium to large size organizations that are already running, but the purpose of plan varies for different businesses depending on their success and failures, such as:

• Restructuring or downsizing
• Raising fund for covering losses
• Revaluating strategy for better ROI
• Raising fund for business expansion
• Presenting snapshot of business operations to stakeholders