A business plan outlines managerial objectives and promotes businesses at any given time. When you draft a business plan, you must clarify each step and position the business in all directions, thereby preparing for growth and possible expansion.
There is, however, an argument that has arisen on whether it is possible to sell a business plan. While many think it’s unnecessary to sell off a plan that could be considered intellectual property, we must view this topic from the entrepreneur’s angle.
Business plans differ, so it’s necessary to know the different types of plans because not all business plans can be relevant when sold. Types of business plans include:
Startup business plan
Startup business plans are written for new startups. They include detailed and structured operations for the smooth running of the business. They also describe products and services, financial implications, management team and market evaluation.
Startup business plans are the target of every investor, and whenever they find one of interest, they may offer a fortune for it because ideas rule the world.
These business plans are the most sold because most investors would rather put their money into getting assets than funding liabilities. They always want the ideas fresh, and a start-up plan should suit this purpose.
Strategic business plan
Strategic business plans describe in detail the enterprise’s mission and vision statements, the company’s short- and long-term goals, objectives, and strategies to be used to achieve them, and the overall success of the venture.
Certain investors do not have the time or energy to run analysis and research on new strategies. They may be willing to pay for such services; this has made it possible to sell strategic business plans. You can package good business strategies on a manuscript and get paid for your hard work.
Internal business plan
An internal business plan provides information for departments. It describes their functions to achieve a certain goal. Though it may not be of high demand because circumstances existing between two businesses are not the same, it can still boost administration.
Effective communication is a skill that some business administrators may not possess, but with plans like these, they understand how to pass information to their workers. Every business challenge has a peculiar solution, so there is little potential or guarantee for a particular company’s internal plan to work for another company.
Operations business plan
Operations business plans outline employees’ responsibility for the long run and calculate the company’s deadlines on assignments.
Entrepreneurs may not quickly sell these plans because they specifically solve internal issues in the organization. Still, on a closer look, managerial skills in organizations are always the same, so investors are willing to exchange money to learn proper operations and office management.
If you understand office operations, you can sell an idea to a particular organization, and if the managers carry out these functions, it’ll indeed affect their business model.
Feasibility business plan
Feasibility business plans describe the need for the product or service, the price they may be willing to pay, and the enterprise’s profitability. They can also contain recommendations and solutions to any challenge that may arise from the product or service.
Feasibility plans are in high demand by potential investors who may have experienced hitches in different aspects of their business and crave a way out. Entrepreneurs who are business savvy can generate income by drafting possible feasibility studies after researching the organization and selling the outcome.
Growth business plan
Growth business plans are also known as the pension plan. It gives a detailed description of financial implications, investment plans and a complete description of the new company. Investors who would like to pay for such plans would be more satisfied when their company’s description is well detailed.
Since growth is universal, it becomes imperative for a single formula to work for various organizations. Investors may choose to apply specific purchased plans to grow their organization, too. This is another plan that entrepreneurs can sell to potential investors in real time.
Since there are different types of business plans addressing various aspects of a business, it can be conventional for prospective entrepreneurs to trade a business plan for money and thereby venture into another business of their choice. It poses as a trade of its own, where the current proposed business is capital intensive.
To answer the big question, entrepreneurs can sell business plans depending on the type of plan, the current state of the prospective entrepreneur, and their future desires for their business.