If you’re starting a business or looking for money to grow your company, you’ve probably heard the terms “business plan” and “pitch deck.” But what do they really mean? And which one do you need, especially if you’re applying for an SBA loan or talking to investors? Don’t worry. We’ll explain everything in simple terms so you can move forward with confidence.
What Is a Business Plan?
A business plan is like a map that shows how your business will work, make money, and grow over time. It’s a detailed document that covers everything from what your business does, who your customers are, how you’ll sell to them, how much money you’ll need, and how you’ll spend it.
If you’re applying for an SBA loan, this is one of the first things the bank will ask for. The Small Business Administration (SBA) wants to make sure your business is real, well-planned, and worth investing in.
Your SBA business plan should include:
- A summary of your business
- What problem you’re solving
- Who your customers are
- Your product or service
- Your marketing and sales plans
- Who’s on your team
- How much money you need
- Financial projections (like how much you’ll earn and spend)
When to use an SBA business plan:
- Applying for an SBA loan
- Getting a traditional bank loan
- Planning your business for the long term
- Sharing with partners or co-founders
- Running a business day-to-day
What Is a Pitch Deck?
A pitch deck is a short slideshow (usually 10 to 15 slides) used to quickly tell your story to investors. Think of it like the trailer to a movie. It doesn’t go into deep detail, but it shows the best parts to get people excited.
Most people use pitch decks when they’re trying to raise money from investors like venture capitalists or angel investors.
Your pitch deck should include:
- Who you are
- What your business does
- The problem and your solution
- How big the market is
- How your business makes money
- Your progress or success so far
- Your team
- How much money you’re asking for
When to use a pitch deck:
- Meeting with investors
- Doing a quick presentation at a business event
- Explaining your idea to partners
- Creating interest before sharing the full business plan
Which One Do You Need?
If you want an SBA loan, you’ll need a strong, detailed SBA business plan. The SBA and lenders want to see that you’ve done your homework and that your business is likely to succeed.
If you’re meeting with investors, start with a pitch deck to grab their attention. If they’re interested, you can follow up with a full business plan.
If you’re not sure what you need, we can help you figure it out.
Let Us Help You Build Your SBA Business Plan or Investor Pitch Deck
At Legacy Business Plans, we specialize in creating custom, professional business plans and pitch decks for new and growing businesses. Whether you’re applying for an SBA loan or meeting with investors, we’ll help you tell your story clearly and confidently.
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