You should also practice an elaborated version of your pitch which should take approximately five minutes.
Planning a business means planning to succeed in business.
A business plan helps you define what you do so that you can explain this clearly and succinctly to customers.
Your first business plan will be for your own use, so it doesn’t need to be a thing of beauty which has been professionally polished. You can save that long, polished business plan for the day that you want to use the plan to secure investment in your business or to help you guide your employees in the right direction. And, perhaps, you would like some time for vacation as well?
It should take a maximum of one day to create your first business plan. You should make a simple SWOT analysis where you define the opportunities and the threats in your market as well as your business’s strengths and weaknesses: nothing too complex—just enough detail to be sure that you understand the market you are working in. What milestones will you use to show progress in your plan? The summary is often called the “executive summary”, of the whole plan.