Family & Friends Seed Funding: You are pitching to people who already know and trust you, so you need a simple document that explains your business concept and explains the risks (namely, that your investors can lose their investment). A short, simple business plan or pitch deck is often sufficient in this case.

Angel Investor and Venture Capital Funding: You are pitching to wealthier, more sophisticated investors – either individuals, groups, or funds. They don’t know you, and there are many other entrepreneurs competing for their investment dollars. Your pitch deck and/or executive summary is often the first thing they look at. While they may not request a business plan until getting into due diligence, every detail of your business plan should be committed to memory whenever you have a conversation with these investors.

Bank Funding: You are seeking a loan – typically one guaranteed by the SBA – from a local bank to finance asset purchases for a brick-and-mortar business. Most banks will ask for a basic business plan and financial forecast if you haven’t been in business for at least a few years.

Landlords: Many commercial landlords want to see a business plan so that they can see how a new tenant in a retail location plans to become a success. They don’t want to invest in a lot of tenant improvements, only to have the space vacant again in a year or two.

Franchisee Business Plan: Many franchisors require prospective franchisees to submit a business plan to prove that they understand the business concept and the local market.

Immigration Visa Business Plans: The U.S. Citizenship and Immigration Services (USCIS) department requires a business plan from applicants for the E-2 Treaty Investor Visa, the EB-5 Immigrant Investor Program Visa, the L-1 Intracompany Transferee Visa, the B-1 Business Visitor Visa, and the E-1 Treaty Trader Visa. In addition to the content found in a traditional plan, the business plan must explain how the applicant intends to fulfill the requirements of the relevant visa program.

Partnership Business Plan: When an early-stage venture seeks a partnership with a more established business, it will need to produce a business plan or partnership proposal explaining how the relationship will work: the objectives, the opportunity, the roles and responsibilities of the parties, the implementation plan, potential risks and rewards, and a general argument for why the more established company is better off partnering with you than not.

Enterprise Level Plans: Large, established firms often develop business plans as they consider new initiatives.