How Long Should a Business Plan Be? (Depends on the Audience)

There's No Universal Answer — But There Are Clear Guidelines

The question "how long should a business plan be?" gets asked constantly, and the answer is always the same: it depends on who's reading it. A business plan for an SBA loan has different requirements than one for a Y Combinator application, which is different from one for your own strategic planning.

Here's the breakdown by audience, based on what actually gets funded and approved.

For SBA and Bank Loans: 15-25 Pages + Appendices

SBA lenders need comprehensive documentation. They're evaluating your ability to repay a loan, and they need enough detail to make a credit decision. The core plan should be 15-25 pages, with an appendix that can run another 10-30 pages (financial statements, tax returns, personal financial statements, permits).

Why this length works: Shorter plans lack the financial detail lenders need. The 3-year financial projections alone typically take 3-5 pages when done properly with monthly breakdowns.

For Angel Investors and VCs: 10-15 Pages

Investors see hundreds of plans and pitches. They want substance without padding. A 10-15 page plan should cover: executive summary (1-2 pages), problem/solution (1 page), market size (1-2 pages), business model (1-2 pages), competitive landscape (1 page), team (1 page), financial projections (2-3 pages), and ask/use of funds (1 page).

Key insight: Many VC-backed companies lead with a pitch deck (10-15 slides) and have the business plan as a follow-up document for investors who want to go deeper. The plan supports the pitch — it doesn't replace it.

For Accelerator Applications: 3-5 Pages

Y Combinator, Techstars, and most accelerators don't want long business plans. They want concise answers to specific questions. Most applications are form-based with word limits. If they do ask for a business plan, keep it to 3-5 pages hitting: problem, solution, market, traction, team, and what you'll do with the accelerator's resources.

Why short works here: Accelerators are betting on teams and ideas at early stages. There's not enough data to fill 20 pages honestly. Padding it out signals you don't understand what stage you're at.

For E-2/EB-5 Immigration Visas: 20-30 Pages + Extensive Appendix

USCIS requires the most comprehensive business plans. The plan itself should be 20-30 pages with detailed 5-year projections, job creation plans, and source-of-funds narratives. The appendix with supporting documents often doubles the total page count.

Why it's longer: Immigration adjudicators need evidence that the business is "real and operating" and not marginal. Every claim needs supporting data.

For Internal Planning: 5-10 Pages

If the business plan is for your own strategic clarity — to align co-founders, plan quarterly goals, or think through your business model — keep it to 5-10 pages. Focus on the market opportunity, your business model, key metrics, and a 12-month action plan. Skip the formal executive summary and lengthy company description.

The Real Rule: No Filler

Regardless of length, every paragraph should earn its place. The biggest mistake in business plans isn't being too short — it's being long without substance. A 25-page plan where every page contains actionable information beats a 40-page plan padded with generic industry background.

• Cut generic statements like "the market is growing rapidly" — use specific numbers instead
• Cut company history that doesn't support your thesis
• Cut technical details your audience won't understand
• Keep financial projections with assumptions clearly stated
• Keep specific market data with sources
• Keep competitive analysis that shows your actual differentiation

The best business plan is the shortest one that gives your specific audience everything they need to say yes. Whether that's 5 pages or 25, match the depth to the decision being made.