Types of Business Plans
When starting an online business, planning depends on both the type of business you operate and the stage of your business lifecycle.
There are many type of plans: start-up business plan, internal business project plan, strategic plan, feasibility plan, operational plan, financial plan, and growth plan - just to name a few!
We will focus on an online startup business plan which involves a two step process:
Step 1: Business Model Canvas - many online entrepreneurs start with the business model canvas to develop their roadmap. Initially proposed by Alexander Osterwalder, co-founder of Strategyzer, the business model canvas is a visual summary of how you strategically think about your business. Consider it as your one page business plan to keep on your wall to help you stay on track.
Step 2: The business plan - expands the business model canvas into a full business plan. This is useful if you want to obtain funding from a financial institution, gain investors, or external contribution to structural areas of your business.
Over the next few steps, we will detail the difference between the Business Model Canvas and the business plan.
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