A condo conversion is a true business, so you need a traditional business plan to make it go smoothly. A business plan helps you know what course you are working to be on, and it helps you to stay on that course. It forces you to think about, decide, and commit to paper what you are trying to do, why, how, when, with what. It forces you to get specific. It forces you to make goals and break them up into smaller steps. It forces you to be accountable and actually take those steps. It helps you know what values you stand for and how to put those values into practice.
Completing a condo conversion is more than just real estate investing, it is a business. For that matter, every kind of real estate investing should be thought of as a business. Running a business without a formal business plan is financial suicide. That would be akin to flying an airliner without a flight plan. Flying without one is very dangerous and you'll be asking for trouble, so take the time to write a business plan. Not only should you write one for you conversion project, you write one for any other investing you do and any other business you create.
You need to have two business plans for your condo conversion from the very beginning. The first is for you, and possibly for your investors or partners. This is a regular business plan that includes your budget, timeline, marketing plan, bios of key players, and all the other stuff you'll find in a typical business plan. The regular business plan is a forward-looking, long-term, living document. You do not just create it and forget it. You revisit and rewrite it often. You look at it at least once a month. It grows and changes as your goals, key players, and market do.
The second business plan is a more specific plan for the banks and investors from what you hope to get money. This version of the business plan is more of a sales presentation, a well-designed snapshot of how great you and your project are. You'll create this once at the beginning of each conversion project, and use it to show bankers or potential investors that A. You and your team know what you're doing, and B. The project will be very profitable. The idea is that after seeing it they'll want to lend you money or invest in your venture.