A business plan is one of the best investments that a startup needs to have and is one of the building blocks for a success online venture. Having to write down the strategy also creates an opportunity to make sure all of the founders are literally on the same page about what they intend to do. If they are not, fruitful discussions can be started which are better to get out of the way at this early stage while plans are still much more flexible.
You can see how the superior plan is clearly the best in most situations in that it allows for flexibility, plans for the expected and the unexpected, and allows you to spend more time enjoying the trip, knowing that you have all of your bases covered.
If you have an innovative product or service, you might need to get copyrights, patents or trademarks for it. Provide the information if you need it, and what the stage of these documents is. Many businesses also use non-disclosure agreements to keep some secrets within only team members, so if you are planning to go for it, list what you would like to keep as your trade secrets.
A marketing plan then covers what is generally called the 4 Ps of Marketing: Product (description of the products or services offered), Promotion (the promotional tactics to be used), Pricing (the pricing strategy for the business), and Place (the location for a retail facility or other means of distribution for the product or service).
Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.