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How to create a business plan: examples & free template.
Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.
Table of Contents
How to Write a Business Plan
Executive summary.
It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.
Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.
Overview and Business Objectives
Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:
Company Description
Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.
Define Your Target Market
Market analysis.
The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.
Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.
SWOT Analysis
Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.
Competitive Analysis
Organization and management team.
Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.
Products and Services Offered
This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.
Marketing and Sales Strategy
Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.
Logistics and Operations Plan
Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.
We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.
Financial Projections Plan
This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.
Income Statement
Cash flow statement.
A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.
Section | Description | Example |
---|---|---|
Executive Summary | Brief overview of the business plan | Overview of EcoTech and its mission |
Overview & Objectives | Outline of company's goals and strategies | Market leadership in sustainable technology |
Company Description | Detailed explanation of the company and its unique selling proposition | EcoTech's history, mission, and vision |
Target Market | Description of ideal customers and their needs | Environmentally conscious consumers and businesses |
Market Analysis | Examination of industry trends, customer needs, and competitors | Trends in eco-friendly technology market |
SWOT Analysis | Evaluation of Strengths, Weaknesses, Opportunities, and Threats | Strengths and weaknesses of EcoTech |
Competitive Analysis | In-depth analysis of competitors and their strategies | Analysis of GreenTech and EarthSolutions |
Organization & Management | Overview of the company's structure and management team | Key roles and team members at EcoTech |
Products & Services | Description of offerings and their unique features | Energy-efficient lighting solutions, solar chargers |
Marketing & Sales | Outline of marketing channels and sales strategies | Digital advertising, content marketing, influencer partnerships |
Logistics & Operations | Details about daily operations, supply chain, inventory, and quality control | Partnerships with manufacturers, quality control |
Financial Projections | Forecast of revenue, expenses, and profit for the next 3-5 years | Projected growth in revenue and net profit |
Income Statement | Summary of company's revenues and expenses over a specified period | Revenue, Cost of Goods Sold, Gross Profit, Net Income |
Cash Flow Statement | Overview of cash inflows and outflows within the business | Net Cash from Operating Activities, Investing Activities, Financing Activities |
Tips on Writing a Business Plan
4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.
FREE Business Plan Template
To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.
What is a Business Plan?
Why you should write a business plan.
Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:
What are the Different Types of Business Plans?
Type of Business Plan | Purpose | Key Components | Target Audience |
---|---|---|---|
Startup Business Plan | Outlines the company's mission, objectives, target market, competition, marketing strategies, and financial projections. | Mission Statement, Company Description, Market Analysis, Competitive Analysis, Organizational Structure, Marketing and Sales Strategy, Financial Projections. | Entrepreneurs, Investors |
Internal Business Plan | Serves as a management tool for guiding the company's growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. | Strategies, Milestones, Deadlines, Resource Allocation. | Internal Team Members |
Strategic Business Plan | Outlines long-term goals and the steps to achieve them. | SWOT Analysis, Market Research, Competitive Analysis, Long-Term Goals. | Executives, Managers, Investors |
Feasibility Business Plan | Assesses the viability of a business idea. | Market Demand, Competition, Financial Projections, Potential Obstacles. | Entrepreneurs, Investors |
Growth Business Plan | Focuses on strategies for scaling up an existing business. | Market Analysis, New Product/Service Offerings, Financial Projections. | Business Owners, Investors |
Operational Business Plan | Outlines the company's day-to-day operations. | Processes, Procedures, Organizational Structure. | Managers, Employees |
Lean Business Plan | A simplified, agile version of a traditional plan, focusing on key elements. | Value Proposition, Customer Segments, Revenue Streams, Cost Structure. | Entrepreneurs, Startups |
One-Page Business Plan | A concise summary of your company's key objectives, strategies, and milestones. | Key Objectives, Strategies, Milestones. | Entrepreneurs, Investors, Partners |
Nonprofit Business Plan | Outlines the mission, goals, target audience, fundraising strategies, and budget allocation for nonprofit organizations. | Mission Statement, Goals, Target Audience, Fundraising Strategies, Budget. | Nonprofit Leaders, Board Members, Donors |
Franchise Business Plan | Focuses on the franchisor's requirements, as well as the franchisee's goals, strategies, and financial projections. | Franchise Agreement, Brand Standards, Marketing Efforts, Operational Procedures, Financial Projections. | Franchisors, Franchisees, Investors |
Using Business Plan Software
Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.
Software | Key Features | User Interface | Additional Features |
---|---|---|---|
LivePlan | Over 500 sample plans, financial forecasting tools, progress tracking against KPIs | User-friendly, visually appealing | Allows creation of professional-looking business plans |
Upmetrics | Customizable templates, financial forecasting tools, collaboration capabilities | Simple and intuitive | Provides a resource library for business planning |
Bizplan | Drag-and-drop builder, modular sections, financial forecasting tools, progress tracking | Simple, visually engaging | Designed to simplify the business planning process |
Enloop | Industry-specific templates, financial forecasting tools, automatic business plan generation, unique performance score | Robust, user-friendly | Offers a free version, making it accessible for businesses on a budget |
Tarkenton GoSmallBiz | Guided business plan builder, customizable templates, financial projection tools | User-friendly | Offers CRM tools, legal document templates, and additional resources for small businesses |
Business Plan FAQs
What is a good business plan.
A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.
What are the 3 main purposes of a business plan?
Can i write a business plan by myself, is it possible to create a one-page business plan.
Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.
How long should a business plan be?
What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.
A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?
What’s the difference between a business plan and a strategic plan?
How is business planning for a nonprofit different.
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How to Write a Detailed Business Plan Step-by-Step [Free Template]
Posted july 17, 2024 by noah parsons.
![template to create a business plan Illustration of a stylized book connected to abstract lines and dots representing a network or circuitry on a green background. Representative of writing a detailed business plan.](https://web-cdn.liveplan.com/liveplan/content/uploads/2024/07/17151336/How-to-Write-a-Detailed-Business-Plan.png?format=auto)
Writing a business plan is one of the most valuable things you can do for your business.
Study after study proves that business planning significantly improves your chances of success by up to 30 percent 1 . That’s because the planning process helps you think about all aspects of your business and how it will operate and grow.
Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.
Before you write a detailed business plan, start with a one-page business plan
Despite the benefits of business planning , it’s easy to procrastinate writing a business plan.
Most people would prefer to work hands-on in their business rather than think about business strategy . That’s why, if you’re writing a business plan for the first time, we recommend you start with a simpler and shorter one-page business plan.
With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works.
A one-page plan should cover:
- Value proposition
- Market need
- Your solution
Competition
Target market.
- Sales and marketing
- Budget and sales goals
- Team summary
- Key partners
- Funding needs
A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.
Check out our guide to writing a simple one-page business plan for detailed instructions, examples, and a free downloadable template .
![template to create a business plan LivePlan Logo](https://web-cdn.paloalto.com/common/adbutler/EvergreenAboveAuthor/lp-logo.png?format=auto)
Create a professional business plan
Using ai and step-by-step instructions.
Secure funding
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Build a strategy
When do you need a more detailed business plan?
While I will always recommend starting with the one-page plan format, there are times when a more detailed plan is necessary:
- Flesh out sections of your plan: You need to better understand how your marketing, operations, or other business functions will operate.
- Build a more detailed financial forecast: A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement, balance sheet, and cash flow forecast to better measure performance.
- Prepare for lenders and investors: While they may not read the full plan, any investor will ask in-depth questions that you can only answer by spending time writing a detailed business plan.
- Sell your business: Use your business plan as part of your sales pitch, and show potential buyers all the details of how your business works.
How to write a detailed business plan
Let’s walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan looks like.
1. Executive summary
Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan.
It is just a summary of your full plan, so be careful not to be too repetitive—keep it between one or two pages and highlight:
- Your opportunity: This summarizes what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
- Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
- Financials: What are the highlights of your financial forecast ? Summarize your sales goals, when you plan to be profitable, and how much money you need to get your business off the ground.
For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know, and just hit the highlights.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2024/07/17152700/Detailed_Business_Plan_Executive_Summary.png?format=auto)
2. Opportunity
The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:
Problem & solution
Every successful business solves a problem for its customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace.
In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.
![template to create a business plan Problem Worth Solving section for Pools & Laps Club. It identifies issues such as limited capacity in local swim programs and lack of coaching expertise for higher-level competition. The club aims to address these problems for families and competitive swimmers.](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153019/Detailed_Business_Plan_Problem_and_Solution.png?format=auto)
In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors).
Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153010/Detailed_Business_Plan_Market_Research.png?format=auto)
Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving.
Explain how your approach is different and better than your competitors, whether it’s better features, pricing, or location. Explain why a customer would come to you instead of going to another company.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17152959/Detailed_Business_Plan_Competition.png?format=auto)
3. Execution
This section of your business plan dives into how you will accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you will do it.
Marketing & sales
What marketing tactics will you use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses with a sales force, explain how the sales team gets leads and what the process is like for closing a sale.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153013/Detailed_Business_Plan_Marketing_Sales_Plan.png?format=auto)
Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business, you’ll want to cover how you source your products and how fulfillment will work.
If you’re building a manufacturing business, explain the manufacturing process and the necessary facilities. This is where you’ll talk about how your business “works,” meaning you should explain what day-to-day functions and processes are needed to make your business successful.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153017/Detailed_Business_Plan_Operations.png?format=auto)
Milestones & metrics
So far, your business plan has mostly discussed what you’re doing and how you will do it.
The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.
You should also discuss key metrics : the numbers you will track to determine your success.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153015/Detailed_Business_Plan_Milestones.png?format=auto)
The Company section of your business plan should explain your business’s overall structure and the team behind it.
Organizational structure
Describe your location, facilities, and anything else about your physical location relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17152957/Detailed_Business_Plan_Company.png?format=auto)
Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build.
It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153023/Detailed_Business_Plan_Team.png?format=auto)
5. Financial plan and forecasts
Your business plan now covers the “what,” the “how,” and the “when” for your business. Now it’s time to talk about money.
Financial forecasts
What revenue do you plan on bringing in, and when? What kind of expenses will you have? How much cash will you need?
These are the types of questions you’ll answer by creating detailed forecasts. Don’t worry about getting it perfect, these are just educated guesses. Your goal is to get numbers down that seem reasonable so you can review and revise financial expectations as you run your business.
You’ll want to cover sales , expenses , personnel costs , asset purchases, cash , etc, for at least the first 12 months of your business. If you can, also create educated guesses for the following two years in annual totals.
If you intend to pursue funding, it’s worth noting that some investors and lenders might want to see a five-year forecast. For most other cases, three years is usually enough.
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153007/Detailed_Business_Plan_Forecast_Assumptions-756x1024.png?format=auto)
If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what and when you need it.
Ideally, you’ll also want to summarize the specific ways you’ll use the funding once you have it.
For more specifics, check out our write-up explaining what to include in your business plan for a bank loan .
![template to create a business plan](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153026/Detailed_Business_Plan_Use_of_Funds.png?format=auto)
Historical Financial statements
If your business is up and running, you should also include your profit and loss statement , balance sheet , and cash flow statement . These are the historical record of your business performance and will be required by lenders, investors, and anyone considering buying your business.
If you don’t want lengthy financial statements overwhelming this section of your business plan, you can just include the most recent statements and include the rest within your appendix.
![template to create a business plan Projected Profit and Loss table for FY2023 to FY2025 for Pools & Laps Club. It includes revenue, gross profit, gross margin, operating expenses, and operating income. Salaries, rent, insurance, travel, equipment, event expense, and other costs are detailed.](https://web-cdn.liveplan.com/liveplan/content/uploads/2022/11/17153003/Detailed_Business_Plan_Financial_Plan.png?format=auto)
6. Appendix
The final section of your business plan is the appendix . Include detailed financial forecasts here and any other key documentation for your business.
If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.
Tips to write a detailed business plan
Keep it brief.
You may not be limited to one page, but that doesn’t mean you need to write a novel. Keep your business plan focused using clear, plain language and avoiding jargon. Make your plan easier to skim by using short sentences, bulleted lists, and visuals. Remember, you can always come back and add more details.
Related Reading: 7 tips to make a high-quality business plan
Start with what you know
Don’t worry about following a strict top-to-bottom approach. Instead, build momentum by starting with sections you know well. This will help you get information down and ultimately make you more likely to complete your business plan.
Set time limits
You don’t have to write your business plan in one sitting. It may be more valuable to set a time limit, see how much you get done, and return to it again in another session. This will keep you focused and productive and help you fit plan writing into your other responsibilities.
Reference business plan examples
Real-world business plan examples from your industry can provide valuable insights into how others have successfully presented their ideas, strategies, and financials. Exploring these examples can inspire your own approach and offer practical guidance on what to include and how to tailor it to your specific needs.
Just be sure not to copy and paste anything.
Prioritize sections that really matter
When writing a detailed business plan, focus on the parts most important to you and your business.
If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.
Download a free business plan template
Are you ready to write your detailed business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.
If you want to improve your ability to build a healthy, growing business, consider LivePlan.
It’s a product that makes planning easy and features a guided business plan creator , drag-and-drop financial forecasting tools , and an AI-powered LivePlan Assistant to help you write, generate ideas, and analyze your business performance.
Use your detailed business plan to grow your business
Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process .
With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.
So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning.
Sources in this article
- Parsons, Noah. “Do You Need a Business Plan? This Study Says Yes” Bplans: Free Business Planning Resources and Templates , 10 May 2024, www.bplans.com/business-planning/basics/research .
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What is a business plan template?
A business plan template is a framework that helps you solidify your ideas in an organized format. Our free business plan template walks you through how to create a new business from scratch, or re-imagine your existing business in a new market.
What components are included in a business plan template?
Our business plan template covers what an organization wants to achieve within three to five years. By using our template, you’ll have a place to capture all of the major information you need in order to complete your business plan. That includes:
Company description : Information like your executive summary , your company’s mission statement and vision, and your founder’s bio.
Product and services: A high-level overview of what your company provides, including core products or services. This may also include how your product is developed, any potential screenshots or prototypes of your product, and pricing plans.
Marketing plan: How you plan to bring your product into market at a high level. You can add information like a SWOT analysis , target market research, and brand positioning in this section.
Financial plan: Important financial information such as balance sheets, a break-even analysis, and your cash flow projections.
Management and organization information: Information on your company’s founders, executive team, and the board of directors.
How to use our free business plan template
Using Asana’s free business plan template is simple. Start by creating a new project with our free template. From there, add relevant information for your specific business plan in the sections provided in our template. If there’s more information you want to include in your business plan, you’re free to add sections, custom fields, or additional tasks to make this template fit your needs.
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Instead of taking the time to create a business plan from scratch, start the process off with Asana’s free template.To further customize your template, add evergreen information about your specific business, such as your business model, company name, address, mission statement, value proposition, or target audience. Adding these details to your template lets you avoid documenting this information from scratch every time you create a new business plan.
What components should I include in a business plan template?
Business plan templates typically contain five main sections: a company description, products and services, a marketing plan, basic management and organization information, and your current financial plan.
How long should my business plan be?
Short answer—as long as you need it to be. The long answer is that your business plan should have the answers to specific questions on how your business is run, from the perspective of an investor. The goal of a business plan is to highlight your business strategy for the next three to five years. This means any important operational, financial, and strategic information should be included.
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Business Plan Templates
Free Download
![template to create a business plan business-plan-template](https://www.hubspot.com/hubfs/Image%20Hackathon%20%E2%80%93%20Horizontal%20(59).png)
2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.
With this business plan template, you'll be able to:
- Write a company description that sells your story
- Plan for the future: lay out goals and metrics for success
- Describe your product line in detail and plan for how to stand out from competitors
- Consider any legal formalities that require attention when starting your business
- Put together necessary financial projections to make a strong start
- Create your buyer persona and determine your product/marketing fit
![template to create a business plan business plan template](https://www.hubspot.com/hubfs/Screen%20Shot%202022-02-11%20at%202.42.23%20PM.png)
Build A Business Plan That Works
Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!
Whether you’re starting a business or drafting a formalized document with your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.
When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.
In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a plain text, designed , and completed example version of this template.
Frequently Asked Questions (FAQs)
How do you write a business plan.
A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.
Why do I need to fill out the information requested?
We will always keep your personal information safe..
We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .
Where can I get a free business plan template?
HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.
Is this really free?
Absolutely.
Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!
What are the basic format of a business plan?
A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.
What is the best business plan template?
A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.
What is needed to start a business?
If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!
Set yourself up for success with this business plan template
Download the free business plan template.
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How to Write a Business Plan in 9 Steps (+ Template and Examples)
Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.
If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.
Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.
You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.
Let’s get started.
What Do You Need A Business Plan For?
Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.
1. Secure Funds
One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.
For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.
A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.
Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.
2. Monitor Business Growth
A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:
- The business goals
- Methods to achieve the goals
- Time-frame for attaining those goals
A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.
You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.
3. Measure Business Success
A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.
Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.
You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.
4. Document Your Marketing Strategies
You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.
Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.
In your business plan, your marketing strategy must answer the questions:
- How do you want to reach your target audience?
- How do you plan to retain your customers?
- What is/are your pricing plans?
- What is your budget for marketing?
![template to create a business plan Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Plan-Infographic.jpg)
How to Write a Business Plan Step-by-Step
1. create your executive summary.
The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
![template to create a business plan Executive Summary of the business plan](https://www.founderjar.com/wp-content/uploads/2021/07/Executive-Summary-of-the-business-plan.jpg)
Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.
A good executive summary should do the following:
- A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
- Contain your Mission Statement which explains what the main objective or focus of your business is.
- Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
- The Team. Basic information about your company’s leadership team and employees
- Business Concept. A solid description of what your business does.
- Target Market. The customers you plan to sell to.
- Marketing Strategy. Your plans on reaching and selling to your customers
- Current Financial State. Brief information about what revenue your business currently generates.
- Projected Financial State. Brief information about what you foresee your business revenue to be in the future.
The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.
Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.
View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:
- Who is your target audience?
- What sector or industry are you in?
- What are your products and services?
- What is the future of your industry?
- Is your company scaleable?
- Who are the owners and leaders of your company? What are their backgrounds and experience levels?
- What is the motivation for starting your company?
- What are the next steps?
Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.
The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.
If you are writing your business plan for your planning purposes, you do not need to write the executive summary.
2. Add Your Company Overview
The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.
Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.
Your company overview should contain the following:
- What products and services you will provide
- Geographical markets and locations your company have a presence
- What you need to run your business
- Who your target audience or customers are
- Who will service your customers
- Your company’s purpose, mission, and vision
- Information about your company’s founders
- Who the founders are
- Notable achievements of your company so far
When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.
If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.
- Who are you targeting? (The answer is not everyone)
- What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
- How does your product or service overcome that pain point?
- Where is the location of your business?
- What products, equipment, and services do you need to run your business?
- How is your company’s product or service different from your competition in the eyes of your customers?
- How many employees do you need and what skills do you require them to have?
After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.
![template to create a business plan It describes what your business does](https://www.founderjar.com/wp-content/uploads/2021/07/Company-Description-describes-what-your-business-does.jpg)
The company description or overview section contains three elements: mission statement, history, and objectives.
- Mission Statement
The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.
Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”
When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:
- Founding Date
- Major Milestones
- Location(s)
- Flagship Products or Services
- Number of Employees
- Executive Leadership Roles
When you fill in this information, you use it to write one or two paragraphs about your company’s history.
Business Objectives
Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.
3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity
The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.
Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.
This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.
Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?
You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.
Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?
Illustrate the competitive landscape as well. What are your competitors doing well and not so well?
Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.
Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.
Market Analysis
Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.
![template to create a business plan Market Analysis for Online Business](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-for-Online-Business.jpg)
The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.
A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.
- Market Research
To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.
- Your target market’s needs or pain points
- The existing solutions for their pain points
- Geographic Location
- Demographics
The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.
Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.
You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.
How to Quantify Your Target Market
One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:
- Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
- Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
- Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
- Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.
What Does a Good Market Analysis Entail?
Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.
![template to create a business plan Market Analysis Steps](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-Steps.jpg)
You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:
- Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
- Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
- Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
- Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
- Market Share Potential: Does your business stand a good chance of taking a good share of the market?
- Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
- Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
- Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.
The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.
Here are some questions you can answer that can help you position your product or service in a positive light to your readers.
- Is your product or service of superior quality?
- What additional features do you offer that your competitors do not offer?
- Are you targeting a ‘new’ market?
Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.
Competitive Analysis
In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.
![template to create a business plan Four Steps to Create a Competitive Marketing Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/Four-Steps-to-Create-a-Competitive-Marketing-Analysis.jpg)
Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.
Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.
The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.
Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.
When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.
Find answers to the following questions after you have identified who your competitors are.
- What are your successful competitors doing?
- Why is what they are doing working?
- Can your business do it better?
- What are the weaknesses of your successful competitors?
- What are they not doing well?
- Can your business turn its weaknesses into strengths?
- How good is your competitors’ customer service?
- Where do your competitors invest in advertising?
- What sales and pricing strategies are they using?
- What marketing strategies are they using?
- What kind of press coverage do they get?
- What are their customers saying about your competitors (both the positive and negative)?
If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.
![template to create a business plan How to Perform Competitive Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/How-to-Perform-Competitive-Analysis.jpg)
If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.
Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.
The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.
Direct vs Indirect Competition
You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.
There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.
If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.
In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.
For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.
There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.
Factors that Differentiate Your Business from the Competition
There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.
1. Cost Leadership
A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.
A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.
2. Product Differentiation
Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.
Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.
3. Market Segmentation
As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.
If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.
4. Define Your Business and Management Structure
The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.
Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.
If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.
Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.
The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.
Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.
Management Team
The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.
Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.
![template to create a business plan Create Management Team For Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/Create-Management-Team-For-Business-Plan.jpg)
A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.
Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.
Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.
If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.
Key Questions to Answer When Structuring Your Management Team
- Who are the key leaders?
- What experiences, skills, and educational backgrounds do you expect your key leaders to have?
- Do your key leaders have industry experience?
- What positions will they fill and what duties will they perform in those positions?
- What level of authority do the key leaders have and what are their responsibilities?
- What is the salary for the various management positions that will attract the ideal candidates?
Additional Tips for Writing the Management Structure Section
1. Avoid Adding ‘Ghost’ Names to Your Management Team
There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.
Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.
2. Focus on Credentials But Pay Extra Attention to the Roles
Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.
While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.
Organizational Chart
![template to create a business plan Organizational chart Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/An-organizational-chart-helps-to-identify-how-best-to-structure-your-management-team.jpg)
Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.
If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.
An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.
You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.
5. Describe Your Product and Service Offering
In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.
Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.
The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.
If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”
Your product and service section in your business plan should include the following:
- A detailed explanation that clearly shows how your product or service works.
- The pricing model for your product or service.
- Your business’ sales and distribution strategy.
- The ideal customers that want your product or service.
- The benefits of your products and services.
- Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
- Plans for filling the orders you receive
- If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.
What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services
In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.
When describing the benefits of your products or services, here are some key factors to focus on.
- Unique features
- Translating the unique features into benefits
- The emotional, psychological, and practical payoffs to attract customers
- Intellectual property rights or any patents
When describing the product life cycle of your products or services, here are some key factors to focus on.
- Upsells, cross-sells, and down-sells
- Time between purchases
- Plans for research and development.
When describing the production process for your products or services, you need to think about the following:
- The creation of new or existing products and services.
- The sources for the raw materials or components you need for production.
- Assembling the products
- Maintaining quality control
- Supply-chain logistics (receiving the raw materials and delivering the finished products)
- The day-to-day management of the production processes, bookkeeping, and inventory.
Tips for Writing the Products or Services Section of Your Business Plan
1. Avoid Technical Descriptions and Industry Buzzwords
The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.
A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.
2. Describe How Your Products or Services Differ from Your Competitors
When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.
If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.
For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.
3. Long or Short Products or Services Section
Should your products or services section be short? Does the long products or services section attract more investors?
There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.
If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.
Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.
The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.
If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.
A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.
4. Describe Your Relationships with Vendors or Suppliers
Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.
Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.
5. Your Primary Goal Is to Convince Your Readers
The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.
When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.
While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.
Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.
Key Questions to Answer When Writing your Products and Services Section
Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.
- Are your products existing on the market or are they still in the development stage?
- What is your timeline for adding new products and services to the market?
- What are the positives that make your products and services different from your competitors?
- Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
- Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
- How much does it cost to produce your products or services? How much do you plan to sell it for?
- What is the price for your products and services compared to your competitors? Is pricing an issue?
- What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
- What is your plan for acquiring your products? Are you involved in the production of your products or services?
- Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
- Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
- How do you plan to distribute your products or services to the market?
You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.
6. Show and Explain Your Marketing and Sales Plan
Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.
The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.
There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.
In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.
Outline Your Business’ Unique Selling Proposition (USP)
![template to create a business plan Unique Selling Proposition (USP)](https://www.founderjar.com/wp-content/uploads/2021/07/Unique-Selling-Proposition-USP.jpg)
The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).
Target Market and Target Audience
Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.
![template to create a business plan Target Market Vs Target Audience](https://www.founderjar.com/wp-content/uploads/2021/07/Target-Market-Vs-Target-Audience.jpg)
Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.
Creating a Smart Marketing and Sales Plan
Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.
Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.
Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.
Your Positioning Statement
Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.
Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?
Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market
- What are the unique features or benefits that you offer that your competitors lack?
- What are your customers’ primary needs and wants?
- Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
- How does your company’s solution compare with other solutions in the market?
After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.
All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.
Here is a simple template you can use to develop a positioning statement.
For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].
For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.
“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”
You can edit this positioning statement sample and fill it with your business details.
After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.
Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.
You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.
Basic Rules to Follow When Pricing Your Offering
Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.
- Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
- Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
- Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.
Pricing Strategy
Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.
![template to create a business plan Pricing strategy influences the price of offering](https://www.founderjar.com/wp-content/uploads/2021/07/Pricing-strategy-influences-the-price-of-offering.jpg)
- Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
- Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
- Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.
After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.
As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.
There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.
Advertising
Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.
Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.
Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.
A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.
Public Relations
A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.
Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.
Content Marketing
Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,
![template to create a business plan The Benefits of Content Marketing](https://www.founderjar.com/wp-content/uploads/2021/07/The-Benefits-of-Content-Marketing.jpg)
Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.
Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.
If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.
Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.
When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.
- Is your choice of packaging consistent with your positioning strategy?
- What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
- How does your packaging compare to that of your competitors?
Social Media
Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.
You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.
![template to create a business plan Most popular social media platforms](https://www.founderjar.com/wp-content/uploads/2021/07/Most-popular-social-media-platforms.jpg)
Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.
Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.
You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.
![template to create a business plan Choosing the right social media platform](https://www.founderjar.com/wp-content/uploads/2021/07/Choosing-the-right-social-media-platform.jpg)
Strategic Alliances
If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.
Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.
The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.
Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.
Steps Involved in Creating a Marketing and Sales Plan
1. Focus on Your Target Market
Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.
2. Evaluate Your Competition
One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.
You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.
These questions can help you know your competition.
- What makes your competition successful?
- What are their weaknesses?
- What are customers saying about your competition?
3. Consider Your Brand
Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.
4. Focus on Benefits
The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.
Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.
5. Focus on Differentiation
Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.
Key Questions to Answer When Writing Your Marketing and Sales Plan
- What is your company’s budget for sales and marketing campaigns?
- What key metrics will you use to determine if your marketing plans are successful?
- What are your alternatives if your initial marketing efforts do not succeed?
- Who are the sales representatives you need to promote your products or services?
- What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
- Where will you sell your products?
You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.
The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.
7. Clearly Show Your Funding Request
If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’
A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.
Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.
In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.
Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.
If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.
Funding Request: Debt or Equity?
When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.
Case for Equity
If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.
Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.
Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.
Case for Debt
You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.
When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.
Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.
Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.
You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.
Additional Tips for Writing the Funding Request Section of your Business Plan
The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.
If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.
You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.
If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .
Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.
8. Detail Your Financial Plan, Metrics, and Projections
If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.
The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.
If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.
Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.
If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.
When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.
The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.
Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.
Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.
Use Graphs and Charts
The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.
Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.
Address the Risk Factors and Show Realistic Financial Projections
Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.
You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.
What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan
The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.
A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.
Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.
1. Sales Forecast
Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.
One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.
For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.
![template to create a business plan Benefits of Sales Forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Benefits-of-Sales-Forecasting.jpg)
Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.
Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.
For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.
![template to create a business plan Factors that affect sales forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Factors-that-affect-sales-forecasting.jpg)
2. Personnel Plan
The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.
However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.
The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.
![template to create a business plan True HR Cost Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/True-HR-Cost.jpg)
3. Income Statement
The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.
![template to create a business plan The income statement section](https://www.founderjar.com/wp-content/uploads/2021/07/The-income-statement-section.jpg)
Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.
The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.
- Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
- Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
- Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
- Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
- Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
- Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
- Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
- Net profit shows whether your business has made a profit or taken a loss during a given timeframe.
4. Cash Flow Statement
The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.
![template to create a business plan Cash Flow Statement Example](https://www.founderjar.com/wp-content/uploads/2021/07/Cash-Flow-Statement-Example.jpg)
5. Balance Sheet
The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.
You can get the net worth of your company by subtracting your company’s liabilities from its assets.
![template to create a business plan Balance sheet Formula](https://www.founderjar.com/wp-content/uploads/2021/07/Balance-sheet-Formula.jpg)
6. Exit Strategy
The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.
You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.
Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.
Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.
![template to create a business plan Exit Strategy Section of Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Exit-Strategy-Section-of-Business-Plan-Infographic.jpg)
Key Questions to Answer with Your Financial Plan, Metrics, and Projection
Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.
You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.
Here are some key questions to answer to help you develop this section.
- What is your sales forecast for the next year?
- When will your company achieve a positive cash flow?
- What are the core expenses you need to operate?
- How much money do you need upfront to operate or grow your company?
- How will you use the loans or investments?
9. Add an Appendix to Your Business Plan
Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.
The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.
When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.
Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.
You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.
If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.
A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.
The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.
People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.
Common Items to Include in the Appendix Section of Your Business Plan
The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:
- Additional data about the process of manufacturing or creation
- Additional description of products or services such as product schematics
- Additional financial documents or projections
- Articles of incorporation and status
- Backup for market research or competitive analysis
- Bank statements
- Business registries
- Client testimonials (if your business is already running)
- Copies of insurances
- Credit histories (personal or/and business)
- Deeds and permits
- Equipment leases
- Examples of marketing and advertising collateral
- Industry associations and memberships
- Images of product
- Intellectual property
- Key customer contracts
- Legal documents and other contracts
- Letters of reference
- Links to references
- Market research data
- Organizational charts
- Photographs of potential facilities
- Professional licenses pertaining to your legal structure or type of business
- Purchase orders
- Resumes of the founder(s) and key managers
- State and federal identification numbers or codes
- Trademarks or patents’ registrations
Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.
Tips and Strategies for Writing a Convincing Business Plan
To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.
1. Know Your Audience
When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.
The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.
Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.
- A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
- A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
- A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.
2. Get Inspiration from People
Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.
To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.
When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.
3. Avoid Being Over Optimistic
Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.
The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.
In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.
The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.
To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.
4. Keep it Simple and Short
When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.
One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.
Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.
You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.
To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.
5. Make an Outline and Follow Through
A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.
For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.
To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.
This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:
- Table of contents
- Introduction
- Product or service description
- Target audience
- Market size
- Competition analysis
- Financial projections
Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.
6. Ask a Professional to Proofread
When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.
You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.
In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.
Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.
Business Plan Examples and Templates That’ll Save You Tons of Time
1. hubspot's one-page business plan.
![template to create a business plan HubSpot's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-One-Page-Business-Plan.jpg)
The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.
Hubspot’s one-page business plan template is divided into nine fields:
- Business opportunity
- Company description
- Industry analysis
- Target market
- Implementation timeline
- Marketing plan
- Financial summary
- Funding required
2. Bplan’s Free Business Plan Template
![template to create a business plan Bplan’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Bplans-Free-Business-Plan-Template.jpg)
Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.
The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.
3. HubSpot's Downloadable Business Plan Template
![template to create a business plan HubSpot's Downloadable Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-Downloadable-Business-Plan-Template.jpg)
HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.
The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.
There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.
4. Business Plan by My Own Business Institute
![template to create a business plan The Business Profile](https://www.founderjar.com/wp-content/uploads/2021/07/The-Business-Profile.jpg)
My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.
The comprehensive template consists of a whopping 15 sections.
- The Business Profile
- The Vision and the People
- Home-Based Business and Freelance Business Opportunities
- Organization
- Licenses and Permits
- Business Insurance
- Communication Tools
- Acquisitions
- Location and Leasing
- Accounting and Cash Flow
- Opening and Marketing
- Managing Employees
- Expanding and Handling Problems
There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.
5. Score's Business Plan Template for Startups
![template to create a business plan Score's Business Plan Template for Startups](https://www.founderjar.com/wp-content/uploads/2021/07/Scores-Business-Plan-Template-for-Startups.jpg)
Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.
The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.
There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.
The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.
6. Minimalist Architecture Business Plan Template by Venngage
![template to create a business plan Minimalist Architecture Business Plan Template by Venngage](https://www.founderjar.com/wp-content/uploads/2021/07/Minimalist-Architecture-Business-Plan-Template-by-Venngage.jpg)
The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .
There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.
7. Small Business Administration Free Business Plan Template
![template to create a business plan Small Business Administration Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Small-Business-Administration-Free-Business-Plan-Template.jpg)
The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.
There are five sections in the two SBA’s free business plan templates.
- Executive Summary
- Company Description
- Service Line
- Marketing and Sales
8. The $100 Startup's One-Page Business Plan
![template to create a business plan The $100 Startup's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/The-100-Startups-One-Page-Business-Plan.jpg)
The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.
There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.
9. PandaDoc’s Free Business Plan Template
![template to create a business plan PandaDoc’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/PandaDocs-Free-Business-Plan-Template.jpg)
The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.
There are 11 sections in PandaDoc’s free business plan template.
- Executive summary
- Business description
- Products and services
- Operations plan
- Management organization
- Financial plan
- Conclusion / Call to action
- Confidentiality statement
You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)
PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.
10. Invoiceberry Templates for Word, Open Office, Excel, or PPT
![template to create a business plan Invoiceberry Templates Business Concept](https://www.founderjar.com/wp-content/uploads/2021/07/Invoiceberry-Templates-Business-Concept.jpg)
InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.
Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.
Alternatives to the Traditional Business Plan
A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.
Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.
Business Model Canvas (BMC)
The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.
![template to create a business plan Business Model Canvas (BMC) Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Model-Canvas-BMC.jpg)
The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.
Segments of the Business Model Canvas
The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.
![template to create a business plan Segments of the Business Model Canvas](https://www.founderjar.com/wp-content/uploads/2021/07/Segments-of-the-Business-Model-Canvas.jpg)
- Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
- Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
- The Product’s Value Propositions: What does your product do? How will it be different from other products?
- Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
- Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
- Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
- Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
- Cost Structure: What is the estimated cost of production? How much will distribution cost?
- Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?
Lean Canvas
The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.
![template to create a business plan The lean canvas is a problem oriented alternative to the standard business model canvas](https://www.founderjar.com/wp-content/uploads/2021/07/The-lean-canvas-is-a-problem-oriented-alternative-to-the-standard-business-model-canvas.jpg)
Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:
- Problem: Simple and straightforward number of problems you have identified, ideally three.
- Solution: The solutions to each problem.
- Unfair Advantage: Something you possess that can't be easily bought or replicated.
- Key Metrics: Important numbers that will tell how your business is doing.
Startup Pitch Deck
While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.
Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.
![template to create a business plan Startup Pitch Deck Presentation](https://www.founderjar.com/wp-content/uploads/2021/07/Startup-Pitch-Deck-Presentation.jpg)
Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.
Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.
![template to create a business plan Airbnb Pitch Deck](https://www.founderjar.com/wp-content/uploads/2021/07/Airbnb-Pitch-Deck.jpg)
Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.
- Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
- Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
- Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
- Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
- Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
- Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
- Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
- Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
- Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
- Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
- Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
- Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.
It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.
Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.
Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan
- Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
- Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
- Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
- Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.
Business Plan FAQ
Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time. They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.
Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans. A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.
A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs. Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.
The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.
A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.
Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.
Exlore Further
- 12 Key Elements of a Business Plan (Top Components Explained)
- 13 Sources of Business Finance For Companies & Sole Traders
- 5 Common Types of Business Structures (+ Pros & Cons)
- How to Buy a Business in 8 Steps (+ Due Diligence Checklist)
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Martin luenendonk.
Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.
This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.
8 Business Plan Templates You Can Get for Free
![Author: Kody Wirth Author: Kody Wirth](https://secure.gravatar.com/avatar/70b6a1d7e07963670549571593c476d4?s=32&d=https%3A%2F%2Fweb-cdn.paloalto.com%2Fbplans%2Fauthors%2Fdefault-author.png&r=g)
8 min. read
Updated July 3, 2024
A business plan template can be an excellent tool to simplify the creation of your business plan.
The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.
The only issue? There are SO many free business plan templates out there.
So, which ones are actually worth using?
To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now.
These are listed in no particular order, and each has its benefits and drawbacks.
What to look for in a business plan template
Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:
- Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
- Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections.
- Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
- Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum.
1. Bplans — A plan with expert guidance
![template to create a business plan Preview of Bplans' free business plan template download asset.](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10092643/Bplans-Business-Plan-Template-Preview.png?format=auto)
Since you’re already on Bplans, I have to first mention the templates that we have available.
Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.
The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources.
Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.
Download: Traditional lender-ready business plan template or a simple one-page plan template .
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2. SBA — Introduction to business plans
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The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide.
While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.
The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.
Explore: The SBA’s planning guide and free templates
3. SCORE — Planning workbook
![template to create a business plan template to create a business plan](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10111455/Score-Business-Plan-Template-Preview.png?format=auto)
SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.
The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.
You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.
Download: SCORE’s business plan template
4. PandaDoc — A template with fillable forms
![template to create a business plan template to create a business plan](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10111902/PandaDoc-Business-Plan-Templates.png?format=auto)
PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions.
These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.
But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options.
Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.
Explore: PandaDoc’s business plan template library
5. Canva — Pitch with your plan
![template to create a business plan A sample of the 696 free business plan templates available from Canva. The templates represented here are for a restaurant and two options designed around a minimalist beige aesthetic.](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10112626/Canva-Business-Plan-Template-Gallery.png?format=auto)
Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.
You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan.
You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.
Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used.
To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva.
Explore: Canva’s business plan gallery
6. ClickUp — The collaborative template
![template to create a business plan Preview of ClickUp's business plan template within the project management platform. It includes a number of fillable cells to help guide the creation process.](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10113031/ClickUp-Business-Plan-Template.png?format=auto)
Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.
Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool.
There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team.
These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors.
But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.
Sign Up: Get a free trial of ClickUp and explore their template library
7. Smartsheet — A wide variety of templates
![template to create a business plan A preview of the Smartsheet business plan template. It provides a preview of the cover page, directory, and small views of the remaining template pages.](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10113708/Smartsheet-Business-Plan-Template-Gallery.png?format=auto)
I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide.
They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.
Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.
At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.
8. ReferralRock affiliate marketing business plan
![template to create a business plan Preview of the ReferralRock affiliate marketing business plan template. It just represents the cover page of the full template.](https://web-cdn.bplans.com/bplans/content/uploads/2024/04/10113944/Referral-Rock-Business-Plan-Template.png?format=auto)
I’m adding ReferralRock’s template to this list due to its specificity.
It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business.
Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.
So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.
Download: ReferralRock affiliate marketing business plan template
Does it matter what business plan template you use?
The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work.
What it ultimately comes down to, is what sort of value you hope to get from the template.
- Do you need more guidance?
- A simple way to structure your plan?
- An option that works with a specific tool?
- A way to make your plan more visually interesting?
Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit.
And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running.
If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool .
If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.
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Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.
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Table of Contents
- Qualities of a good template
- ReferralRock
- Does the template matter?
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BUSINESS STRATEGIES
Free business plan template for small businesses
- Amanda Bellucco Chatham
- Dec 7, 2023
![template to create a business plan Free business plan template for your new business](https://static.wixstatic.com/media/1f6616_4f9ca8ede74442ee8cbb6796460290b8~mv2.png/v1/fill/w_46,h_30,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/1f6616_4f9ca8ede74442ee8cbb6796460290b8~mv2.png)
Creating a successful business is about more than launching a business website or hanging a shingle on your front door. It requires a well-crafted plan that keeps you on track, anticipates obstacles and acts as a concrete roadmap for launching or improving your small business.
Business planning allows you to clarify your vision while providing information to both intrigue and reassure potential investors. The process may seem daunting, but creating a business plan isn’t difficult—and templates like the one below can help simplify the process even further.
Ready to launch your business? Create a website today.
What is a business plan?
A business plan is used by small business owners and entrepreneurs when starting a new business venture. It’s a strategic document that outlines the goals, objectives and strategies of your new or expanding business, including the company's vision, target market, financial projections and operational plans.
A business plan can attract potential partners, convince investors and banks to help you raise capital, and serve as a resource for future growth. Most importantly, you’ll be able to use your business plan as a roadmap for how to structure, operate and manage your new venture, whether it’s a sole proprietorship, a partnership or something larger.
Who needs a business plan?
Every business owner needs a business plan. They’re an essential tool for any person or entity interested in starting a business . There are many benefits, including:
Defining your business idea
Clarifying the market and competitive landscape
Outlining your marketing strategy
Stating your value proposition
Identifying/anticipating potential risks
Seeking investments from banks and other sources
Setting benchmarks, goals and key performance indicators (KPIs)
A business plan also gives you a way to assess the viability of a business before investing too much time or money into it. While all business involves risk, taking the time to create a plan can help mitigate fallout and avoid potentially costly mistakes.
When creating a business plan, it's important to establish your business goals up front and be prepared to spend time researching the market, performing a competitor analysis and understanding your target market .
Download Wix’s free business plan template
Creating a successful business plan is no easy feat. That’s why we’ve put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.
![template to create a business plan Download your free Wix business plan template](https://static.wixstatic.com/media/6542d9_ad35fe6bfcf9456aa2ee1e93db4ea719~mv2.jpg/v1/fill/w_139,h_11,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/6542d9_ad35fe6bfcf9456aa2ee1e93db4ea719~mv2.jpg)
Lean startup versus traditional business plan formats
In terms of types of business plans , there are two main formats to choose from: traditional and lean.
Traditional business plan format
A traditional business plan includes every detail and component that defines a business and contributes to its success. It's typically a sizable document of about 30 to 50 pages that includes:
Executive summary: The executive summary contains a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch ). Many authors like to write this section last after fleshing out the sections below.
Company description: A company description should include essential details like your business name, the names of your founders, your locations and your company’s mission statement . Briefly describe your core services (or products if you’re writing an eCommerce business plan ), but don't go into too much detail since you’ll elaborate on this in the service/product section. Wix offers some helpful mission statement examples if you get stuck. It’s also a good idea to create a vision statement . While your mission statement clarifies your company’s purpose, a vision statement outlines what you want your company to achieve over time.
Market analysis: One of the most extensive sections of the business plan, this section requires that you conduct market research and write your conclusions. Include findings for the following: industry background, a SWOT analysis , barriers/obstacles, target market and your business differentiators.
Organization and management: This is where you outline how your business is structured and who's in charge, including founders, executive team members, board members, employees and key stakeholders. To this end, it can be helpful to create a visual layout (e.g., org chart) to illustrate your company structure.
Service or product line: Create a detailed list of your current and future products and services. If you’re still working on your idea, create a concept statement to describe your idea or product. You should also include a proof of concept (POC), which demonstrates the feasibility of your idea. Wherever applicable, include diagrams, product images and other visual components to illustrate the product life cycle.
Marketing and sales: Detail how your business idea translates into selling and delivering your offerings to potential customers. You can start by outlining your brand identity, which includes the colors and fonts you plan to use, your marketing and advertising strategy, and details about planned consumer touchpoints (like your website, mobile app or physical storefront).
Financial projections and funding requests: Include financial statements, such as a balance sheet, profit-and-loss statement (P&L), cash flow statement and break-even analysis. It's not uncommon for a business plan to include multiple pages of financial projections and information. You’ll also want to mention how much funding you seek and what you plan to do with it. If you’ve already secured funding, provide details about your investments.
![template to create a business plan essential parts of a business plan](https://static.wixstatic.com/media/1f6616_7fb418f888974a9a8d8a43218c04ae79~mv2.png/v1/fill/w_46,h_27,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/1f6616_7fb418f888974a9a8d8a43218c04ae79~mv2.png)
Lean startup business plan format
A lean startup business plan—also referred to as a “lean canvas”—is presented as a problem/solution framework that provides a high-level description of your business idea. A lean plan is a single-page document that provides a basic overview of the most essential aspects of your business. It’s a good way to dip a toe into business planning since it doesn't require the same level of detail as a traditional plan. This includes:
Problem: What problem does your product or service solve, or what need does it fulfill?
Solution: How do you intend to solve it?
Unique value proposition (UVP): Why should people use your product or service versus someone else’s?
Unfair advantage: What do you have that other companies don’t?
Customers: Who are your ideal customers?
Channels: How will those customers find you?
Key metrics: How do you define success? How will you track and measure it?
Revenue streams: How will your business make money?
Cost structure: What will you spend money on (fixed and variable costs)?
Benefits of a business plan template
Business plan templates offer numerous benefits for entrepreneurs and aspiring business owners. Here are some key advantages:
1. Save time and effort: Templates provide a pre-defined structure, eliminating the need to start from scratch. This frees up valuable time and effort that can be invested in other crucial aspects of business development.
2. Improve structure: Templates ensure a consistent and organized approach to presenting your business plan. This makes it easier for potential investors, lenders and advisors to understand your vision and evaluate the feasibility of your business. 3. Enhance professionalism: Using a well-designed template demonstrates professionalism and seriousness to external stakeholders. This can significantly impact their perception of your business and increase their confidence in your venture. 4. Guide your thought process: Templates act as a helpful framework, prompting you to consider all the key elements of your business plan and ensuring you haven't overlooked any critical areas. 5. Ensure completeness: Templates often include checklists and prompts to ensure you cover all essential information, minimizing the risk of missing crucial details. 6. Standardize formatting: Templates ensure a consistent and uniform appearance throughout your business plan, contributing to a more polished and professional presentation. 7. Access to expert knowledge: Many templates are developed by experienced business professionals or organizations, incorporating best practices and insights gained from successful ventures. 8. Adaptability and customization: While templates offer a basic structure, they can be easily customized to reflect the unique characteristics and needs of your specific business. 9. Cost-effectiveness: Templates are generally available for free or at a low cost, making them an accessible and budget-friendly option for entrepreneurs. 10. Increased success rate: Studies have shown that businesses with well-developed plans are more likely to succeed. Templates can help you create a comprehensive and persuasive plan, increasing your chances of securing funding and achieving your business goals.
Tips for filling out your business plan template
The hardest part of a journey is always the first step, or so the saying goes. Filling out your business plan template can be daunting, but the template itself is meant to get you over that crucial first hurdle—getting started. We’ve provided some tips aimed at helping you get the most from our template.
These are best practices—they’re not rules. Do what works for you. The main thing to remember is that these tips can help you move more easily through the planning process, so that you can advance onto the next (exciting) step, which is launching your business.
Consider your goals: What is the purpose of your business? Are you looking to expand, launch a new product line or fund a specific project? Identifying your goals helps you prioritize important information in your business plan.
Fill out what you can: You may already have a vague—or specific—idea of what you want your business to achieve. Go through each section of the template and fill out what you can. We suggest leaving the executive summary blank for now, since it'll be the last thing you write.
Be realistic: Even though this document is meant to serve as a marketing tool for potential investors, don't exaggerate any numbers or make any false promises.
Dig into the research: Nothing's more motivating than getting some intel about your competitors and your market. If you're truly stuck, a little research can help motivate you and provide valuable insight about what direction to take your business. For example, if you plan to start a landscaping business, learn about the specific pricing offered in your area so that you can differentiate your services and potentially offer better options.
Get help from others: Bouncing your ideas off a friend, mentor or advisor is a great way to get feedback and discover approaches or products to incorporate into your plan. Your network can also give you valuable insight about the industry or even about potential customers. Plus, it's nice to be able to talk through the challenges with someone who understands you and your vision.
Revise and review: Once complete, step back from your plan and let it "cook." In a day or two, review your plan and make sure that everything is current. Have other people review it too, since having another set of eyes can help identify areas that may be lacking detail or need further explanation.
Once you’ve completed your business plan template, it can become a meaningful resource for developing your mission statement, writing business proposals and planning how to move forward with the marketing, distribution and growth of your products and services.
After launch, you can also analyze your value chain to identify key factors that create value for your customers and maximum profitability for you. This can help you develop a more effective business plan that considers the entire value chain, from research and development to sales and customer support.
Business plan template FAQ
What is the easiest way to write a business plan.
The easiest way to write a business plan is to utilize a template. Templates provide a structured format and guide you through each section, simplifying the process of creating a comprehensive plan.
Is there a template for how to write a business plan?
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Professional Business Plan Template to Customize
Create Your Business Plan
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- Create a comprehensive business plan.
- Easily customize your slides to fit your needs.
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Chosen by brands large and small
Our business plan maker is used by over 27,500,000 marketers, communicators, executives and educators from over 133 countries that include:
![template to create a business plan Penske Truck Leasing](https://www.visme.co/wp-content/uploads/2020/05/v_penske.png)
Powerful Presentation Features That Help You Shine
Professional business plan templates.
Create a presentation or document business plan quickly and easily with Visme's template options. Customize each page or slide to fit your vision and information to pitch to cofounders or investors. Get started today.
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Data visualization made easy
Tell your story with the data to match using easy-to-customize charts and graphs. Select from 40+ chart and graph visualizations and find the one that proves your point clearly. Upload static data or connect to Google sheets for live data.
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Customize every aspect of your presentation with your own images and text
Convey the exact mood you desire for your business plan with over a million images, thousands of icons, dozens of charts and data widgets to visualize information in an engaging way. Apply a color scheme to all your slides with one click. Add animation effects, transitions, interactivity, pop-ups, rollovers and third-party content to support your business case.
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Speed things up with Visme AI Designer
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Apply our simple business plan template to give you a head start.
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Funding Needed
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Share Your Business Plan
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LEARN ABOUT BUSINESS PLANS
What is a Business Plan ?
A business plan is a written document or presentation that allows business leaders to share the business potential and goals, as well as your plans for the future. The business plan is a key step in working towards getting investors looking at your product.
If you're looking to flesh out a new business idea or venture in order to get cofounders or investors on board, you need a business plan. Get started with one of our templates to give you a starting point and framework for your own plan.
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Why do I need a business plan?
Writing a business plan is a key step in securing funding and convincing high level executives that your business is worth their time. A well-executed business plan is crucial to the success of a business and it’s one of the first steps you should take.
EVERYTHING YOU NEED + MORE
Make Your Business Plan Stand Out
Take your business to new heights with a beautifully designed business plan. Our tools put the power of visual communication in the hands of entrepreneurs and business owners, no matter their level of design skills.
MAKE IT ENGAGING
Highlight your business’ unique selling point with interactive hotspots and rollover effects. Capture the attention of investors and stakeholders with interactive content.
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VISUALIZE YOUR DATA
Charts & Graphs
Showcase in-depth data, statistics, and financial projections in a unique way. Harness the power of data visualization with Visme’s professional infographics, charts and graphs.
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MEASURE THE IMPACT
Gain insight into the impact of your business plan with an analytics report. Track how many people have viewed your business plan and gauge its effectiveness.
HOW IT WORKS
How to Make a Business Plan in 5 Steps
If you are wondering how to write a business plan, you’ve come to the right place. Instead of starting your business plan from scratch, use our business plan templates to get you going in no time.
Learn more about creating your own business plan presentation or document by going through our step-by-step tutorial below or watching this quick video.
- Log into your Visme dashboard or create a new account, then click Create New Project.
- Access our business plan templates by searching for “Business Plan” in the search box.
- Select the template, then customize the content for your business.
- Update any charts and graphs to reflect your business goals.
- Once all your content is added, customize colors, logos, icons and more.
Questions About the Business Plan Template
How much does it cost to create a business plan with the business plan template, what types of charts and graphs are available in visme, can i use my brand kit to create my business plan with visme, is the business plan template completely customizable, can i use any photo in the image library in my business plan.
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Your business plans deserve to be beautiful and so does the rest of your content
How to make a business plan
![template to create a business plan Strategic planning in Miro](https://images.ctfassets.net/w6r2i5d8q73s/5f0zMfClHfBoPCrTQDBCQT/ec9c9d2ab0401534afac5540d3e3e744/businessmodel.png)
Table of Contents
How to make a good business plan: step-by-step guide.
A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.
A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.
But where do you start? How do you create a business plan that sets you up for success?
This article will explore the step-by-step process of creating a comprehensive business plan.
What is a business plan?
A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:
Products or services
Target market
Competitors
Marketing and sales strategies
Financial plan
Management team
A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.
As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.
Business plan vs. business model canvas
A business plan may seem similar to a business model canvas, but each document serves a different purpose.
A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:
Key partnerships
Key activities
Key propositions
Customer relationships
Customer segments
Key resources
Cost structure
Revenue streams
On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.
A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.
A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.
Why is a business plan important?
A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.
Here are some of the many benefits of having a thorough business plan.
Helps to define the business goals and objectives
A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.
A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.
Guides decision-making
A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.
With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.
Attracts investors and secures funding
Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.
A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.
Identifies potential challenges and risks
A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:
Is there enough demand for my product or service?
Will I have enough capital to start my business?
Is the market oversaturated with too many competitors?
What will happen if my marketing strategy is ineffective?
By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.
Provides a basis for measuring success
A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:
Are we where we want to be at this point?
Did we achieve our goals?
If not, why not, and what do we need to do?
After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.
How to make a business plan step by step
The steps below will guide you through the process of creating a business plan and what key components you need to include.
1. Create an executive summary
Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.
2. Write your company description
Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.
Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.
3. Conduct a market analysis
Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.
Use the Competitive Analysis Template to brainstorm answers to simple questions like:
What does the current market look like?
Who are your competitors?
What are they offering?
What will give you a competitive advantage?
Who is your target market?
What are they looking for and why?
How will your product or service satisfy a need?
These questions should give you valuable insights into the current market and where your business stands.
4. Describe your products and services
Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.
Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.
5. Design a marketing and sales strategy
Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:
Pricing strategy
Advertising and promotional tactics
Sales channels
The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.
6. Determine budget and financial projections
Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.
Some details to include in this section are:
Startup costs
Revenue projections
Profit and loss statement
Funding you have received or plan to receive
Strategy for raising funds
7. Set the organization and management structure
Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.
As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.
8. Make an action plan
At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.
Types of business plans
Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.
Startup business plan
A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.
Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.
Strategic business plan
A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.
The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.
Operational business plan
An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:
Organizational structure
Staffing plan
Production plan
Quality control
Inventory management
Supply chain
The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.
Growth-business plan
A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.
The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).
One-page business plan
A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.
A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.
Best practices for how to make a good business plan
Here are some additional tips for creating a business plan:
Use a template
A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.
Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.
Be practical
Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.
Be specific
Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.
Be thorough with your research
Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.
Get input from others
It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.
Review and revise regularly
A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.
Create a winning business plan to chart your path to success
Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.
The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.
Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.
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How to Write a Business Plan (Plus Examples & Templates)
![template to create a business plan template to create a business plan](https://www.upflip.com/wp-content/uploads/2024/06/1554309957717-150x150.jpeg)
Have you ever wondered how to write a business plan step by step? Mike Andes, told us:
This guide will help you write a business plan to impress investors.
Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses. He knows a thing or two about writing business plans!
We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!
What Is a Business Plan?
A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including:
- Finding customers
- Plans for developing a team
- Competition
- Legal structures
- Key milestones you are pursuing
If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .
Get a Business Idea
Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills.
Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:
- What am I good at?
- What would I enjoy doing?
- What can I get paid for?”
![How to Write a Business Plan (Plus Examples & Templates) 1 Three adjoining circles about business opportunity](https://www.upflip.com/wp-content/uploads/2021/05/business-opportunity-for-business-plan-writing.jpg)
If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it.
As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”
If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video
Conduct Market Analysis
Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.
Product and Service Demand
![How to Write a Business Plan (Plus Examples & Templates) 2 An image showing product service and demand](https://www.upflip.com/wp-content/uploads/2021/05/product-service-and-demand.jpg)
A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.
With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services.
If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.
You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.
I ran a quick test of how many people between 18-65 you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.
Identify Demographics of Target Market
Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:
- Other Interests
- Marital Status
- Do they have kids?
Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,
“It helps you quickly evaluate what the best areas are for your business to be located.”
How to Write a Business Plan
![How to Write a Business Plan (Plus Examples & Templates) 3 Business plan development](https://www.upflip.com/wp-content/uploads/2021/04/business-plan-development.jpg)
Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan.
Each of the following should be a section of your business plan:
- Business Plan Cover Page
- Table of Contents
- Executive Summary
- Company Description
- Description of Products and Services
SWOT Analysis
- Competitor Data
- Competitive Analysis
- Marketing Expenses Strategy
Pricing Strategy
- Distribution Channel Assessment
- Operational Plan
- Management and Organizational Strategy
- Financial Statements and/or Financial Projections
We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go.
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How to Write a Business Plan Step 1. Create a Cover Page
The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.
A good business plan should have the following elements on a cover page:
- Professionally designed logo
- Company name
- Mission or Vision Statement
- Contact Info
Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.
How to Write a Business Plan Step 2. Create a Table of Contents
Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.
A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.
Check out Canva’s article about creating a table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.
How to Write a Business Plan Step 3. Write an Executive Summary
![How to Write a Business Plan (Plus Examples & Templates) 4 A notepad with a written executive summary for business plan writing](https://www.upflip.com/wp-content/uploads/2021/05/executive-summary-for-business-plan-writing.jpg)
An executive summary is where your business plan should catch the readers interest. It doesn’t need to be long, but should be quick and easy to read.
Mike told us,
How long should an executive summary bein an informal business plan?
For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches . This can also be used for the content of emails to get readers’ attention.
It consists of three basic parts:
- An introduction to you and your business.
- What your business is about.
- A call to action
Example of an informal executive summary
One of the best elevator pitches I’ve used is:
So far that pitch has achieved a 100% success rate in getting partnerships for the business.
What should I include in an executive summary for investors?
Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:
- Introduction of yourself and company.
- An origin story (Recognition of a problem and how you came to solution)
- An introduction to your products or services.
- Your unique value proposition. Make sure to include intellectual property.
- Where you are in the business life cycle
- Request and why you need it.
Successful business plan examples
The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.
Here’s the interview with the owner of Urbanity:
When to write an executive summary?
Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.
What mistakes do people make when writing an executive summary?
Business owners commonly go into too much detail about the following items in an executive summary:
- Marketing and sales processes
- Financial statements
- Organizational structure
- Market analysis
These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.
How to Write a Business Plan Step 4. Company Description
Every business plan should include a company description. A great business plan will include the following elements while describing the company:
- Mission statement
- Philosophy and vision
- Company goals
Target market
- Legal structure
Let’s take a look at what each section includes in a good business plan.
Mission Statement
A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements.
Company Philosophy and Vision
![How to Write a Business Plan (Plus Examples & Templates) 5 Writing the company philosophy and vision](https://www.upflip.com/wp-content/uploads/2021/05/company-vision-for-business-plan-writing.jpg)
The company philosophy is what drives your company. You’ll normally hear them called core values. These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.
What makes your company different?
Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity.
Examples of core values
One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:
- Prioritize communication.
- Never stop learning.
- Be transparent.
- Start small and grow incrementally.
These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .
What is a vision statement?
A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.
Example vision statements
The Alzheimer’s Association is a great example of a vision statement:
A world without Alzheimer’s Disease and other dementia.
It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.
Business Goals
You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.
Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.
How far in advance should a business plan?
Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.
Example of great business goals
My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.
If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).
![How to Write a Business Plan (Plus Examples & Templates) 6 A man holding an iPad with a cup of coffee on his desk](https://www.upflip.com/wp-content/uploads/2021/04/target-market-for-charter-boat-business.jpg)
You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources.
Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.
A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:
- What is the industry outlook long-term and short-term?
- How will your business take advantage of projected industry changes and trends?
- What might happen to your competitors and how will your business successfully compete?
Industry resources
Some helpful resources to help you establish more about your industry are:
- Trade Associations
- Federal Reserve
- Bureau of Labor Statistics
Legal Structure
There are five basic types of legal structures that most people will utilize:
- Sole proprietorships
- Limited Liability Companies (LLC)
Partnerships
Corporations.
- Franchises.
Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.
You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.
Sole Proprietorship
A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.
To start a sole proprietorship, fill out a special tax form called a Schedule C . Sole proprietors can also join the American Independent Business Alliance .
Limited Liability Company (LLC)
An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.
Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.
Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.
Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .
![How to Write a Business Plan (Plus Examples & Templates) 7 An iPad with colored pens on a desk](https://www.upflip.com/wp-content/uploads/2020/12/franchise-for-car-rental-business.jpg)
There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.
How to Write a Business Plan Step 5. Products and Services
This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:
- Unique features that differentiate your business products from competitors
- Intellectual property
- Your supply chain
- Cost and pricing structure
Questions to answer about your products and services
Mike gave us a list of the most important questions to answer about your product and services:
- How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
- How do you let them know they need a product?
- How do you communicate the message?
- How will you do transactions?
- How much will you be selling it for?
- How many do you think you’ll sell and why?
Make sure to use the worksheet on our business plan template .
How to Write a Business Plan Step 6. Sales and Marketing Plan
The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer. It should contain the following sections:
SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.
Business owners need to do a thorough job documenting how their service or product stacks up against the competition.
If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .
SWOT Examples
![How to Write a Business Plan (Plus Examples & Templates) 8 Business plan SWOT analysis](https://www.upflip.com/wp-content/uploads/2021/05/SWOT-analysis-for-writing-a-business-plan-1.jpg)
Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.
Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:
- Adding offerings that fit with your current small business
- Increase sales to current customers
- Reducing costs through bulk ordering
- Finding ways to reduce inventory
- And other areas you can improve
Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.
The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing.
Include Competitor Data in Your Business Plan
When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.
For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .
What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.
Marketing Strategy
The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.
If you haven’t already included it, Mike recommends:
“They’ll want to know about Demographics, ages, and wealth of your target market.”
Make sure to include the Total addressable market . The term refers to the value if you captured 100% of the market.
Advertising Strategy
You’ll explain what formats of advertising you’ll be using. Some possibilities are:
- Online: Facebook and Google are the big names to work with here.
- Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
- Radio : iHeartMedia is one of the best ways to advertise on the radio
- Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
- Billboards: Attracting customers with billboards can be beneficial in high traffic areas.
You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.
Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”
Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .
![How to Write a Business Plan (Plus Examples & Templates) 9 An iPad with graph about pricing strategy](https://www.upflip.com/wp-content/uploads/2021/05/pricing-strategy-for-business-plan-writing-1.jpg)
This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.
Some common pricing strategies are:
- Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
- Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
- Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
- Freemium services – Commonly used for software, where there is a free plan, then purchase options for more functionality.
HubSpot has a great calculator and blog on pricing strategies.
Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.
Distribution Plan
This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.
Supply Chain Examples
For instance, lawn care companies would need to cover aspects such as:
- Suppliers for lawn care equipment and tools
- Any chemicals or treatments needed
- Repair parts for sprinkler systems
- Vehicles to transport equipment and employees
- Insurance to protect the company vehicles and people.
Examples of Supply Chains
These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:
- Raw materials
- Shipping of raw materials
- Converting of raw materials to thread
- Shipping thread to produce garments
- Garment producer
- Shipping to company
- Company storage
- Shipping to retail stores
There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.
The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.
According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.
How to Write a Business Plan Step 7. Company Organization and Operational Plan
This part of the business plan is focused on how the business model will function while serving customers. The business plan should provide an overview of how the team will manage the following aspects:
Quality Control
- Legal environment
Let’s look at each for some insight.
Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.
If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.
![How to Write a Business Plan (Plus Examples & Templates) 10 A wooden stamp with the words "quality control"](https://www.upflip.com/wp-content/uploads/2021/05/quality-control-for-business-plan-writing-1.jpg)
Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.
Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.
There are a variety of organizations that help define quality control including:
- International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
- AICPA – Standard defined for accounting.
- The Joint Commission – Healthcare
- ASHRAE – HVAC best practices
You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.
For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.
- The size of your location
- The type of building (retail, industrial, commercial, etc.)
- Zoning restrictions – Urban Wire has a good map on how zoning works in each state
- Accessibility – Does it meet ADA requirements?
- Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
- Utilities – b.e.f. has a good energy calculator .
Legal Environment
The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:
- Any licenses and/or permits that are needed and whether you’ve obtained them
- Any trademarks, copyrights, or patents that you have or are in the process of applying for
- The insurance coverage your business requires and how much it costs
- Any environmental, health, or workplace regulations affecting your business
- Any special regulations affecting your industry
- Bonding requirements, if applicable
Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.
Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:
- What is the current leadership structure and what will it look like in the future?
- What types of employees will you have? Are there any licensing or educational requirements?
- How many employees will you need?
- Will you ever hire freelancers or independent contractors?
- What is each position’s job description?
- What is the pay structure (hourly, salaried, base plus commission, etc.)?
- How do you plan to find qualified employees and contractors?
One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:
![How to Write a Business Plan (Plus Examples & Templates) 11 Organization chart](https://www.upflip.com/wp-content/uploads/2021/05/the-organization-chart.jpg)
Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.
How to Write a Business Plan Step 8. Financial Statements
No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.
Provide All Financial Income from an Existing Business
An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.
You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.
If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:
- Higher Revenue if expanding business
- Lower Cost of Goods Sold if purchasing inventory with bulk discounts
- Adding interest if utilizing financing (not equity deal)
- Changes in expenses
- Addition of financing information to the cash flow statement
- Changes in Earnings per Share on the balance sheet
Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.
Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.
Financial Projections For A Startup Business Plan
Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.
Mike gave the following advice in his interview:
Financial Forecasting Mistakes
One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.
Let’s use custom t-shirts as an example.
Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.
With that data, you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.
Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.
Here’s a table for easier viewing of that information.
![How to Write a Business Plan (Plus Examples & Templates) 12 A table showing yearly revenue of a business](https://www.upflip.com/wp-content/uploads/2021/05/projection-of-revenue-for-business-plan-writing.jpg)
The point here is to make sure your business proposal examples make sense.
You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.
Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.
How to Write a Business Plan Step 9. Business Plan Example of Funding Requests
What is a business plan without a plan on how to obtain funding?
The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.
In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.
Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.
Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.
Ways to get funding for a small business
There are a variety of ways to cover this. the most common are:
- Bootstrapping – Using your savings without external funding.
- Taking out debt – loans, credit cards
- Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
- Crowdsourcing – Promising a good for funding to create the product
Keep reading for more tips on how to write a business plan.
How funding will be used
When asking for business financing make sure to include:
- How much to get started?
- What is the minimum viable product and how soon can you make money?
- How will the money be spent?
Mike emphasized two aspects that should be included in every plan,
How to Write a Business Plan Resources
Here are some links to a business plan sample and business plan outline.
- Sample plan
It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:
- Wise Plans – Shares a lot of information on starting businesses and is a business plan writing company.
- Optimus Business Plans – Another business plan writing company.
- Venture Capital – A venture capital thread that can help give you ideas.
How to Write a Business Plan: What’s Next?
We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:
- The definition of a business plan
- Coming up with a business idea
- Performing market research
- The critical components of a business plan
- An example business plan
In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.
Don’t forget to check out the rest of our business hub .
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![template to create a business plan template to create a business plan](https://www.upflip.com/wp-content/cache/flying-press/gravatar-e98317643f06.png)
Brandon Boushy
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Business plan templates
From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.
![template to create a business plan Big Data Startup Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/5ab1eba6-610d-4bc7-911a-8cf3faa731832F4852Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Big Data Startup Business Plan Template
Create a professional Big Data Startup business plan with our customizable Startup Business Plan Template.
![template to create a business plan Virtual Assistant Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/b18cc659-3c5e-465f-85e6-d9b0d53d6fda2F4562Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Virtual Assistant Business Plan
Strategize your way to success with this customizable AI virtual assistant business plan template.
![template to create a business plan Virtual Reality (VR) Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/bdee3e8b-717d-41f3-8084-7ad4a86c88392F5522Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Virtual Reality (VR) Business Plan
Our free virtual reality (VR) business plan helps you customize your document and create a winning strategy to land investors.
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Laundromat Business Plan
Create your success roadmap with a laundromat business plan template, designed to arrange the essentials of the laundry business.
![template to create a business plan 5-Year Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/5ee4e490-def3-4ecb-98b9-3fb82ca2bddd2F7402Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
5-Year Business Plan Template
Empower your path to long-term success with our 5-year business plan template.
![template to create a business plan Car Wash Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/e17ec934-35bf-490d-aaf6-bfd883dc65922F3542Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-1-250x324.png)
Car Wash Business Plan Template
Launch and grow your car wash business with our customizable plan template.
![template to create a business plan Airbnb Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/be48dc37-a556-4e8f-a688-77c3651785c22F5482Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Airbnb Business Plan Template
Unlock your path to success with our Airbnb business plan template, made to guide you in structuring the fundamental aspects of your Airbnb business.
![template to create a business plan Clothing Line Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/e7f4383b-7d3c-4002-ae3f-d3f47188019f2F7042Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Clothing Line Business Plan
Use this free and customizable clothing line business plan to appeal to investors and set up your fashion brand.
![template to create a business plan Gym Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/a4685f04-787c-425b-b9d5-9c1fb893bc382F5172Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Gym Business Plan Template
The Panda tips in this gym business plan template guide you through the process of researching and presenting information necessary to secure funding and partners for your business.
![template to create a business plan Handyman Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/df1943ba-4cfd-4819-af8b-f19ecf3fee6f2F3972Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Handyman Business Plan Template
Start a new handyman business using a well-researched handyman business plan template to meet your goals faster.
![template to create a business plan Vending Machine Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/13e94ac2-5d0a-401e-ac82-9ae87e864dee2F5342Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Vending Machine Business Plan Template
If you’re starting a new vending machine business, a well-rounded vending machine business plan can improve your chances of success.
![template to create a business plan Bar Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/85f25824-198b-4a5f-9c44-182f9e29bd7a2F4832Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Bar Business Plan Template
Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business.
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Massage Therapy Business Plan
This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.
![template to create a business plan Bed and Breakfast Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/34f63d42-71ed-42d4-8d1a-8e636b6f5b6e2F7082Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Bed and Breakfast Business Plan Template
Use a complete bed and breakfast business plan template to set up your business for growth and success.
![template to create a business plan Catering Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/222420dc-b776-42ea-b547-8cbd2a2658bc2F7982Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Catering Business Plan
Chart your path to success with our catering business plan template designed to help entrepreneurs organize their catering business.
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Event Venue Business Plan Template
Launch and grow your event venue with our customizable business plan template.
![template to create a business plan Event Planning Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/055fbb01-9a88-40e2-bd0e-9513de9aca452F7342Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Event Planning Business Plan
Prepare your event planning business for success with our ready-to-fill and easily downloadable event planning business plan template.
![template to create a business plan Rental Property Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/833792a1-6c5c-4f09-870e-536447755ecb2F8232Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Rental Property Business Plan
Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.
![template to create a business plan Coaching Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/7fb3499b-e217-4bb6-9b67-f82353af28882F7722Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Coaching Business Plan Template
If you want to grow your new or existing coaching business, use our free coaching business plan template as a roadmap to success.
![template to create a business plan Lawn Care Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/b5eeb3b9-2af9-4e1f-8c27-e73595a1ee462F5542Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Lawn Care Business Plan
Use a comprehensive lawn care business plan template that includes guidance and all critical information.
![template to create a business plan T-shirt Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/7266e29b-9bd7-4f8c-b7d0-c15d762176202F4312Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
T-shirt Business Plan Template
Craft a winning T-shirt business plan in a structured business format that attracts investors and funding.
![template to create a business plan Candle-Making Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/f8ba8cad-ec4b-44cd-b254-33094236c5482F6822Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Candle-Making Business Plan Template
Use a candle-making business plan template to get together all of the information you need to ensure that your candle business succeeds.
![template to create a business plan SBA Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/bcd89148-3a9a-43ad-a730-055a4046e4bd2F10492Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
SBA Business Plan Template
Use our free and fully customizable SBA business plan template to get started when writing a successful proposal for an SBA loan.
![template to create a business plan Cleaning Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/5e8b2e1f-2b48-47b2-a21c-4daddf3f12bb2F3232Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Cleaning Business Plan Template
Discover a hassle-free way to document a roadmap for your cleaning business with this free business plan template.
![template to create a business plan Real Estate Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/c51d5cf3-13a7-46a0-a220-c7445602b2d82F9092Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-1-250x324.png)
Real Estate Business Plan Template
Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.
![template to create a business plan Trucking Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d75be894-0cfb-4493-b3e3-094f30a544b02F8112Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Trucking Business Plan Template
Empower your journey to success with our trucking business plan template, designed as a valuable tool to organize the essentials of your trucking business.
![template to create a business plan Food Truck Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/fdfa185b-ba55-4610-bfca-0d8ea9e2eeb12F9532Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Food Truck Business Plan Template
Find a fully customizable, free food truck business plan template that helps you create an effective proposal for interested investors.
![template to create a business plan Simple Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/cb953f2a-df21-493e-a955-a28e49c307452F5362Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Simple Business Plan Template
This simple business plan template walks you through the stages of establishing a successful business or seeking funding.
![template to create a business plan Solar Farm Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/a1ea902e-2ee3-4739-bf19-7550c455c00c2F9922Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Solar Farm Business Plan
Give your solar farm business the best start by creating a professional business plan to keep your company on the right track.
![template to create a business plan Ecommerce Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d9bc0eb7-ef9b-44ab-bade-e97691b6d2222F2812Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Ecommerce Business Plan Template
This Ecommerce Business Plan Template is tailored particularly to e-commerce companies, and all you require to do is add the elements related to your business.
![template to create a business plan Accounting Firm Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/d59d7832-c4a0-4e3f-a2cb-d3ead23f4c4e2F132Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Accounting Firm Business Plan
Use this Accounting Firm Business Plan to achieve your goals. Accounting firms are comparable to other industries and need the Business Plan to help their development.
![template to create a business plan Campground Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d016c2cd-5541-4ac8-b1d7-abca0b887df52F82Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Campground Business Plan Template
This PandaDoc Campground Business Plan Template has all the essential information to help you develop a successful business strategy.
![template to create a business plan Firewood Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/3606b651-3ffe-40f2-b35c-05d1d12bc6b62F72Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Firewood Business Plan
This Firewood Business Plan Template perfectly outlines the company structure of a probable firewood venture. It highlights the budgets needed to start and manage the unique business.
![template to create a business plan Funeral Home Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/1ddf09f2-88dd-4122-85ce-2c4065ba2a212F72Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Funeral Home Business Plan
A Funeral Home Business Plan covers detailed data on the courtesies offered by the company, market analysis, administration strategies, personnel procedures, budget and financing plans, and other applicable topics.
![template to create a business plan Community Center Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/f671e761-b334-4a1f-a300-9def8a06fce52F62Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Community Center Business Plan
You can use this Community Center Business Plan Template, it is perfect for anyone desiring to open and run a society center. It gives the center’s owner an outline of areas that must be disseminated with the investors to earn an acquisition.
![template to create a business plan Gas Station Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/gas_station_business_plan-e1675342624651-250x324.png)
Gas Station Business Plan
Take the first step towards success in the fuel industry with our professionally crafted Gas Station Business Plan template.
![template to create a business plan Beauty Supply Store Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/beauty_supply_store_business_plan_template-e1675341684182-250x324.png)
Beauty Supply Store Business Plan
This Beauty Supply Store Business Plan Template covers all the appropriate sections needed to invest in a beauty supply store. The template will help you to raise money for your business.
![template to create a business plan Flower Shop Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/flower_shop_business_plan-e1675340805652-250x324.png)
Flower Shop Business Plan Template
The Flower Shop Business Plan Template is organized to help you achieve the awareness of various investors to invest in your company.
![template to create a business plan Electrical Contractor Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/electrical_contractor_business_plan-e1675183226701-250x324.png)
Electrical Contractor Business Plan
This Electrical Contractor Business Plan template include information about the services you offer, who your target consumers are, why they should prefer you over your opponents and how much capital you require to get started.
![template to create a business plan Car Dealership Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/car_dealership_business_plan_template-e1675174383423-250x324.png)
Car Dealership Business Plan
A Car Dealership Business Plan is a detailed plan that will help you take your business to the next level. Use this template to create your plan.
![template to create a business plan Farm Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/farm_business_plan_template-e1674839078742-250x324.png)
Farm Business Plan
Farm Business Plan gives an overview of the company, including corporation history, owner backgrounds, creations and more. Use this template to quickly develop your farm company plan.
![template to create a business plan Consultant Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/consultant_business_plan_template-e1674813070104-250x324.png)
Consultant Business Plan Template
An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.
![template to create a business plan Construction Company Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/construction_company_business_plan-e1674810616356-250x324.png)
Construction Company Business Plan
The objectives and tactics of a construction company are described in a business plan for a construction company. For the creation of your business plan, use this Construction Company Business Plan Template.
![template to create a business plan Fashion Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/fashion_business_plan_template-e1674741600918-250x324.png)
Fashion Business Plan Template
Structural and action plans for a fashion firm are laid out in the fashion business plan template.
![template to create a business plan Daycare Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/daycare_business_plan-e1674466993695-250x324.png)
Daycare Business Plan
The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.
![template to create a business plan Convenience Store Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/convenience_store_business_plan_template-e1674465061536-250x324.png)
Convenience Store Business Plan
Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.
![template to create a business plan startup business plan](https://public-site.marketing.pandadoc-static.com/app/uploads/startup-business-plan-250x324.png)
Startup Business Plan Template
We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.
![template to create a business plan business plan](https://public-site.marketing.pandadoc-static.com/app/uploads/business-plan-250x324.png)
Business Plan Template
This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.
What is a business plan?
A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.
Typically, a good business plan consists of the following:
- Executive summary
- Company description
- Mission statement
- Product and services
- Marketing plan
- Operations plan
- Management organization
- Financial plan
- Conclusion & appendix
Every section involved in a business plan is designed to help startup businesses reach their target market.
A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.
However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.
Should I use a business plan template?
Yes. If you’ve never written one, a business plan can be challenging to write.
Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.
However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.
Business plan templates for free
Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.
Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.
Grab a free template to get started!
Frequently asked questions
How many pages should my business plan be.
This depends on the kind of business plan you need to write and how you intend to use the plan that you create.
For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).
These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.
Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.
Who needs a business plan?
Every business should have a business plan. This is an essential guidance document for any founder or CEO.
Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.
Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.
What is the best business plan template?
Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.
If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.
PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.
Should I hire someone to write my business plan for me?
No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee. These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.
The reason for this is simple: You know the most about your business, and your business needs you to succeed.
A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.
Those ideas and guiding principles aren’t something you can outsource.
Should I use business planning software?
Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.
You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.
Get started with PandaDoc today
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18 of My Favorite Sample Business Plans & Examples For Your Inspiration
![template to create a business plan Clifford Chi](https://53.fs1.hubspotusercontent-na1.net/hub/53/hubfs/Screen%20Shot%202017-06-20%20at%2010.10.30%20AM.png?width=48&height=48&name=Screen%20Shot%202017-06-20%20at%2010.10.30%20AM.png)
Published: July 01, 2024
I believe that reading sample business plans is essential when writing your own.
![template to create a business plan sample business plans and examples](https://www.hubspot.com/hs-fs/hubfs/sample-business-plan_11-1.webp?width=595&height=400&name=sample-business-plan_11-1.webp)
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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.
So what does a good business plan look like? And how do you write one that’s both viable and convincing? I’ll walk you through the ideal business plan format along with some examples to help you get started.
Table of Contents
Business Plan Types
Business plan format, sample business plan: section by section, sample business plan templates, top business plan examples.
Ultimately, the format of your business plan will vary based on your goals for that plan. I’ve added this quick review of different business plan types that achieve differing goals.
For a more detailed exploration of business plan types, you can check out this post .
![template to create a business plan template to create a business plan](https://www.hubspot.com/hubfs/assets/hubspot.com/web-team/WBZ/HubSpot%20Media/Blog%202021/Images/modules/full-width-cta/Image%20Hackathon%20%E2%80%93%20Vertical%20(54).webp)
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1. Startups
Startup business plans are for proposing new business ideas. If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.
You can check out this guide for more detailed business plan inspiration .
2. Feasibility Studies
Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.
3. Internal Use
You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.
4. Strategic Initiatives
A strategic business plan is another business plan that's often shared internally. This plan covers long-term business objectives that might not have been included in the startup business plan.
5. Business Acquisition or Repositioning
When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.
Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.
I’m going to focus on a startup business plan that needs to be detailed and research-backed as well as compelling enough to convince investors to offer funding. In my experience, the most comprehensive and convincing business plans contain the following sections.
Executive Summary
This all-important introduction to your business plan sets the tone and includes the company description as well as what you will be exchanging for money — whether that’s product lines, services, or product-service hybrids.
Market Opportunity
Information about gaps in your industry’s market and how you plan to fill them, focused on demand and potential for growth.
Competitive Landscape Analysis
An overview of your competitors that includes consideration of their strengths and how you’ll manage them, their weaknesses and how you’ll capitalize on them, and how you can differentiate your offerings in the industry.
Target Audience
Descriptions of your ideal customers, their various problems that you can solve, and your customer acquisition strategy.
Marketing Strategy
This section details how you will market your brand to achieve specific goals, the channels and tactics you’ll utilize to reach those goals, and the metrics you’ll be using to measure your progress.
Key Features and Benefits
This is where you’ll use plain language to emphasize the value of your product/service, how it solves the problems of your target audiences, and how you’ll scale up over time.
Pricing and Revenue
This section describes your pricing strategy and plans for building revenue streams that fit your audiences while achieving your business goals.
This is the final section, communicating with investors that your business idea is worth investing in via profit/loss statements, cash flow statements, and balance sheets to prove viability.
Okay, so now that we have a format established, I’ll give you more specific details about each section along with examples. Truthfully, I wish I’d had this resource to help me flesh out those first business plans long ago.
1. Executive Summary
I’d say the executive summary is the most important section of the entire business plan. It is essentially an overview of and introduction to your entire project.
Write this in such a way that it grabs your readers' attention and guides them through the rest of the business plan. This is important because a business plan can be dozens or hundreds of pages long.
There are two main elements I’d recommend including in your executive summary: your company description and your products and services.
Company Description
This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.
Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front. This is a great opportunity to showcase your impact.
Need some extra help firming up your business goals? I’d recommend HubSpot Academy’s free course to help you set meaningful goals that matter most for your business.
Products and Services
Here, you will incorporate an overview of your offerings. This doesn’t have to be extensive, as it is just a chance to introduce your industry and overall purpose as a business. I recommend including snippets of information about your financial projections and competitive advantage here as well.
Keep in mind that you'll cover many of these topics in more detail later on in the business plan. The executive summary should be clear and brief, only including the most important takeaways.
Executive Summary Business Plan Examples
This example was created with HubSpot’s business plan template . What makes this executive summary good is that it tells potential investors a short story while still covering all of the most important details.
Our Mission
Maria’s Gluten Free Bagels offers gluten-free bagels, along with various toppings, other gluten-free breakfast sandwich items, and coffee. The facility is entirely gluten free. Our team expects to catch the interest of gluten-free, celiac, or health-conscious community members who are seeking an enjoyable cafe to socialize. Due to a lack of gluten-free bagel products in the food industry currently, we expect mild competition and are confident we will be able to build a strong market position.
The Company and Management
Maria’s Gluten Free Bagels was founded in 2010 by Maria Jones, who first began selling her gluten-free bagels online from her home, using social media to spread the word. In 2012 she bought a retail location in Hamilton, MA, which now employs four full-time employees and six part-time employees. Prior to her bagel shop, Maria was a chef in New York and has extensive experience in the food industry.
Along with Maria Jones, Gluten Free Bagel Shop has a board of advisors. The advisors are:
- Jeni King, partner at Winding Communications, Ltd.
- Henry Wilson, president of Blue Robin, LLP.
Our Product
We offer gluten-free products ranging from bagels and cream cheese to blueberry muffins, coffee, and pastries. Our customers are health-conscious, community-oriented people who enjoy gluten-free products. We will create a welcoming, warm environment with opportunities for open mic nights, poetry readings, and other community functions. We will focus on creating an environment in which someone feels comfortable meeting a friend for lunch, or working remotely.
Our Competitive Advantages
While there are other coffee shops and cafes in the North Shore region, there are none that offer purely gluten-free options. This restricts those suffering from gluten-free illnesses or simply those with a gluten-free preference. This will be our primary selling point. Additionally, our market research [see Section 3] has shown a demand for a community-oriented coffee and bagel shop in the town of Hamilton, MA.
Financial Considerations
Our sales projections for the first year are $400,000. We project a 15% growth rate over the next two years. By year three, we project 61% gross margins.
We will have four full-time employees. The salary for each employee will be $50,000.
Start-up Financing Requirements
We are seeking to raise $125,000 in startup to finance year one. The owner has invested $50,000 to meet working capital requirements, and will use a loan of $100,000 to supplement the rest.
Example 2 :
Marianne and Keith Bean have been involved with the food industry for several years. They opened their first restaurant in Antlers, Oklahoma in 1981, and their second in Hugo in 1988. Although praised for the quality of many of the items on their menu, they have attained a special notoriety for their desserts. After years of requests for their flavored whipped cream toppings, they have decided to pursue marketing these products separately from the restaurants.
Marianne and Keith Bean have developed several recipes for flavored whipped cream topping. They include chocolate, raspberry, cinnamon almond, and strawberry. These flavored dessert toppings have been used in the setting of their two restaurants over the past 18 years, and have been produced in large quantities. The estimated shelf life of the product is 21 days at refrigeration temperatures and up to six months when frozen. The Beans intend to market this product in its frozen state in 8 and 12-ounce plastic tubs. They also intend to have the products available in six ounce pressurized cans. Special attention has been given to developing an attractive label that will stress the gourmet/specialty nature of the products.
Distribution of Fancy's Foods Whipped Dream product will begin in the local southeastern Oklahoma area. The Beans have an established name and reputation in this area, and product introduction should encounter little resistance.
Financial analyses show that the company will have both a positive cash flow and profit in the first year. The expected return on equity in the first year is 10.88%
Tips for Writing Your Executive Summary
- Start with a strong introduction of your company that showcases your mission and impact, then outline the products and services you provide.
- Clearly define a problem, explain how your product solves that problem, and show why the market needs your business.
- Be sure to highlight your value proposition, market opportunity, and growth potential.
- Keep it concise and support ideas with data.
- Customize your summary to your audience. For example, you might emphasize finances and return on investment for venture capitalists, whereas you might emphasize community benefits and minimal environmental impact for progressive nonprofits.
For more guidance, check out our tips for writing an effective executive summary .
2. Market Opportunity
This is where you'll detail the opportunity in the market. Ask and answer: Where is the gap in the current industry, and how will my product fill that gap?
To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, SOM analysis , a SWOT analysis , and perform market research on your industry to get some insights for this section. More specifically, here’s what I’d include.
- The size of the market
- Current or potential market share
- Trends in the industry and consumer behavior
- Where the gap is
- What caused the gap
- How you intend to fill it
Market Opportunity Business Plan Example
I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.
Example: The market for Doggie Pause is all of the dog owners in the metropolitan area and surrounding areas of the city. We believe that this is going to be 2/3 of the population, and we have a goal of gaining a 50% market share. We have a target of a 20% yearly profit increase as the business continues.
Tips for Writing Your Market Opportunity Section
- Focus on demand and potential for growth.
- Use market research, surveys, and industry trend data to support your market forecast and projections.
- Add a review of regulation shifts, tech advances, and consumer behavior changes.
- Refer to reliable sources.
- Showcase how your business can make the most of this opportunity.
3. Competitive Landscape Analysis
Since we’re already speaking of market share, you‘ll also need to create a section that shares details on who the top competitors are. After all, your customers likely have more than one brand to choose from, and you’ll want to understand exactly why they might choose one over another.
My favorite part of performing a competitive analysis is that it can help you uncover the following:
- Industry trends that other brands may not be utilizing.
- Strengths in your competition that may be obstacles to handle.
- Weaknesses in your competition that may help you develop selling points.
- The unique proposition you bring to the market that may resonate with customers.
Competitive Landscape Business Plan Example
I like how the competitive landscape section of this business plan shows a clear outline of who the top competitors are. It also highlights specific industry knowledge and the importance of location. This demonstrates useful experience in the industry, helping to build trust in your ability to execute your business plan.
Competitive Environment
Currently, there are four primary competitors in the Greater Omaha Area: Pinot’s Palette Lakeside (franchise partner), Village Canvas and Cabernet, The Corky Canvas, and Twisted Vine Collective. The first three competitors are in Omaha and the fourth is located in Papillion.
Despite the competition, all locations have both public and private events. Each location has a few sold-out painting events each month. The Omaha locations are in new, popular retail locations, while the existing Papillion location is in a downtown business district.
There is an opportunity to take advantage of the environment and open a studio in a well-traveled or growing area. Pinot’s Palette La Vista will differentiate itself from its competitors by offering a premium experience in a high-growth, influential location.
Tips for Writing Your Competitive Landscape
- Complete in-depth research, then emphasize your most important findings.
- Compare your unique selling proposition (USP) to your direct and indirect competitors.
- Show a clear and realistic plan for product and brand differentiation.
- Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
- Outline growth opportunities from a competitive perspective.
- Add customer feedback and insights to support your competitive analysis.
4. Target Audience
Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience? I’d recommend building a buyer persona to get in the mindset of your ideal customers and be clear about why you're targeting them. Here are some questions I’d ask myself:
- What demographics will most likely need/buy your product or service?
- What are the psychographics of this audience? (Desires, triggering events, etc.)
- Why are your offerings valuable to them?
Target Audience Business Plan Example
I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.
The Audience
Recognize that audiences are often already aware of important issues. Outreach materials should:
- Emphasize a pollution-prevention practice
- Tell audience a little about how to prevent pollution
- Tell audience where they can obtain information about prevention.
Message Content
- Focus the content for outreach materials on cost savings, such as when and where pollution prevention is as cheap as or cheaper than traditional techniques. Include facts and figures.
- Emphasize how easy it is to do the right thing and the impacts of not engaging in pollution prevention.
- Stress benefits such as efficiency or better relations with government, for businesses not primarily concerned with public image.
Tips for Writing Your Target Audience Section
- Include details on the size and growth potential of your target audience.
- Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
- Describe your targeted customer acquisition strategy in detail.
- Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
- Add case studies, testimonials, and other data to support your target audience ideas.
- Remember to consider niche audiences and segments of your target audience in your business plan.
5. Marketing Strategy
Here, you‘ll discuss how you’ll acquire new customers with your marketing strategy. I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier. I’d suggest including these details:
- Your brand positioning vision and how you'll cultivate it.
- The goal targets you aim to achieve.
- The metrics you'll use to measure success.
- The channels and distribution tactics you'll use.
Marketing Strategy Business Plan Example
This business plan example includes the marketing strategy for the town of Gawler. In my opinion, it works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.
![template to create a business plan Screenshot of sample marketing plan](https://knowledge.hubspot.com/hubfs/sample-business-plan-1-20240628-7175828.webp)
You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.
This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.
7. HubSpot’s Complete Guide to Starting a Business
![template to create a business plan Screenshot of business startup kit download page from hubspot](https://knowledge.hubspot.com/hubfs/sample-business-plan-7-20240628-9740856.webp)
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Write a business plan
Download free business plan templates and find help and advice on how to write your business plan.
Business plan templates
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.
Business plan examples
Read example business plans on the Bplans website.
How to write a business plan
Get detailed information about how to write a business plan on the Start Up Donut website.
Why you need a business plan
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to:
- clarify your business idea
- spot potential problems
- set out your goals
- measure your progress
You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.
It can also help to convince customers, suppliers and potential employees to support you.
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Updated: Jul 23, 2024, 8:15am
Selecting the best marketing software is more than a checkbox on a to-do list; it’s a strategic decision that can reshape the way your business communicates, engages and ultimately grows. From automating email campaigns to optimizing social media strategies, these platforms offer essential tools designed to simplify complex processes.
We’ll dissect the elements that make certain types of marketing software more effective than others and identify the options that can genuinely elevate your business goals.
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The right customer relationship management (CRM) software serves as the backbone for personalized and targeted engagements. It allows teams to aggregate vast amounts of customer data into actionable insights, transforming one-off interactions into lasting relationships.
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Filters, multiple pipelines, sales forecasting and email insights
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- Heavy reliance on add-ons for extended functionality may result in extra costs
- Steeper learning curve may discourage some users
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A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Whether you want to launch a side gig, a solo operation or a small business, you need a simple business plan template to guide you. Forbes Advisor offers you a comprehensive and easy-to-follow ...
Tips on Writing a Business Plan. 1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively. 2.
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
This is why crafting a business plan is an essential step in the entrepreneurial process. In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version: Download a free, editable one-page business plan template. We know that when looking at a blank page on a laptop screen, the idea ...
Let's walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan looks like. 1. Executive summary. Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan.
Using Asana's free business plan template is simple. Start by creating a new project with our free template. From there, add relevant information for your specific business plan in the sections provided in our template. If there's more information you want to include in your business plan, you're free to add sections, custom fields, or ...
Download a free business plan template in Google Doc, Microsoft Word, and PDF formats. Includes expert guidance to help fill out each section. Why you need a business plan template Writing a business plan can seem like a big task, especially if you're starting a business for the first time and don't have a financial background. After all ...
A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry. Explore: PandaDoc's business plan template library. 5. Canva — Pitch with your plan. Canva is a great option for building a visually stunning business plan that can be used as a pitch tool.
Template #1: Photography Business Plan Template. Customize this template and make it your own! Edit and Download. This feminine and minimalistic business plan template is perfect for getting started with any kind of creative business. Utilize this template to help outline the step-by-step process of getting your new business idea up and running.
Download Wix's free business plan template. Creating a successful business plan is no easy feat. That's why we've put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.
Try Now. Apply our simple business plan template. to give you a head start. Our business plan software lights the way as you sort through the important elements of creating a business plan. Inject your own creativity into your presentation using our vast library of icons, photos and animations, or keep it simple and clean.
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:
Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business. Massage Therapy Business Plan This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.
1. Startups. Startup business plans are for proposing new business ideas. If you're planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business. You can check out this guide for more detailed business plan inspiration. 2.
Download free business plan templates and find help and advice on how to write your business plan. Business plan templates. Download a free business plan template on The Prince's Trust website.
4. Choose Your Business Name. It's time to make things real: Decide on your business name (an important branding exercise in itself) and register it with the government. Here are some steps to get you rolling with your business name: Brainstorm business name ideas. Make sure the name isn't taken. Use tools to generate and verify the ...
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Project Management Methodologies Gantt Chart Kanban Board RACI Chart S.M.A.R.T. Goals Work Breakdown Structure (WBS) Free Project Plan Template How To Create A Project Timeline
Fund your business. It costs money to start a business. Funding your business is one of the first — and most important — financial choices most business owners make. How you choose to fund your business could affect how you structure and run your business. Choose a funding source.
They are very critical in scrutinizing every daycare they come across. To hook these parents, devise an impressive daycare business plan that would make them choose your daycare. Taking care of children is a significant task. To make sure you can cater to the children's needs, be careful in creating your business plan. 1. Make a Plan Outline
Performance improvement plan templates are forms that assist supervisors in building PIPs swiftly and effectively for their employees. These kits enable the inclusion of all essential elements of a PIP and consequently, present a uniform layout for documenting performance issues as well as strategies for enhancing employee effectiveness.
For example, Rocket Money is an app that helps you create a budget, negotiate your bills, and reduce your spending — and it has a free plan. Some budgeting apps offer credit monitoring services ...
for evaluating business factors that can affect a formulary, such as utilization trends, the potential impact of generic drugs or drugs slated to become available over the counter, brand and generic pipeline, line of business, plan sponsor cost, applicable manufacturer agreement, and the potential impact on members. 178
The global computer outage affecting airports, banks and other businesses on Friday appears to stem at least partly from a software update issued by major US cybersecurity firm CrowdStrike ...