Once you’ve validated your Business Product or Service and completed some basic Market Research, it’s time to start documenting things.
Documentation provides a number of benefits:
- Helps organize your thoughts and ideas.
- Creates a plan that you can work to.
- Provides a common platform for collaboration.
- Most importantly, allows you to share your business concept with others (a fundamental requirement if you’re seeking 3rd party financing).
There are many different Business Documents, any or all of which may apply to your business. Some of the fundamental ones include:
- The Business Plan
- The Financial Projections
- Policies & Procedures
In developing your Business Plan, we recommend you start with a Business Model Canvas.
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