As described in Chapter 5, a business plan will have multiple uses during the early stages of a hedge fund's life. Initially, a business plan will likely serve as a planning document for the hedge fund founder. Later, during licensing or registering procedures, regulators will often ask for a business plan. The business plan that might be required by a regulator will likely focus on different aspects of the business and be more focused on demonstrating that regulatory requirements have been accounted for. Further, much of the information in a hedge fund's business plan will eventually find its way into a fund's PPM (see Appendix B) and due diligence questionnaire (see Appendix C). The outline below provides a menu of options for an aspiring hedge fund manager to consider, including when creating a business plan.