Broadly, there are two types of business plans. Milestones are very important because they indicate the step by step achievements that you seek to complete for your company to be established and then to start business. Think of this as a corporate “resume” to potential lenders or investors and is the main documentation that will be used to calculate if your business could be a worthwhile investment.
The plan is only useful if you use it. Ninety percent of new businesses fail in the first two years. There are many good books on the market that will help you to understand what needs to go into a good business plan. If you are going to show your business plan to potential lenders and investors, make sure that the figures you use are accurate so your plan is credible.
In this situation, the potential licensee would take your work product and develop a plan that fits their internal organizational needs. Once you have raised the money to start or expand your business, your plan will serve as a road map for your business. So, financial planning in terms of regulating the costs and increasing the revenue is always a better option.
A marketing strategy refers to the means by which companies try to increase their sales and achieve a competitive advantage, focusing mainly on the satisfaction of their customers. Investors will expect a return which well exceeds return they could get from safer investments such as saving accounts, money markets or bonds.
While it is sometimes true that using yourself as the ideal customer is a smart idea, since you understand the value and availability of that product or service, you might misinterpret the size of the market and the traction that can be achieved beyond a select group of true believers.