a business plan letter

How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated July 29, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan

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How to Write a Business Plan Cover Letter?

Business Plan Cover Pages

• December 12, 2023

10 Min Read

Whether you’re approaching investors, business partners, stakeholders, or employees—making a good first impression is essential to getting your business plan approved. There’s zero room to mess up this opportunity.

This is where a cover letter helps you.

A cover letter introduces your business plan and persuades the reader to give your proposal a read. If you craft it well, your readers will likely take your business plan more seriously.

So, what is the process of writing a crisp business plan cover letter that’s detailed enough to engage readers? In this article, we’ll cover that and also share a cover letter template to help you get started.

Let’s dive right in.

What is a business plan cover letter?

A business plan cover letter is a formal document that accompanies your business plan and introduces you and your business venture to potential investors or lenders. In other words, it’s a way to sell your business idea and show why you believe in it.

In the same way that a job seeker presents a cover letter alongside their resume to an employer to get hired, you need a cover letter to accompany your business plan to secure funding or a business loan.

Why is a business plan cover letter important?

The cover letter of your business plan serves as a first impression for readers. It’s important to get it right so that it’s easier to achieve what you want with your business plan.

Here’s what makes a formal cover letter important for your business plan.

• Sets the tone for what’s to come (the content) and helps you focus readers’ attention on important aspects.
• Helps establish a personal connection before readers dive into the details and technicalities of your business.
• Helps add a humane touch to your business proposal by weaving an engaging narrative around your business vision.
• Acts as an asset when you’re seeking investment by offering valuable information and piquing investors’ interest to read your detailed plan.

That being said, a well-written cover letter attracts and retains the right audience by explicitly stating the intent and context of your business plan.

How to write a business plan cover letter?

Before you start the process of writing a cover letter, ensure that you complete your business plan in detail. Remember, no matter how well you craft your cover letter, it won’t get you far if your business plan lacks weight.

Once your business plan is ready, follow these steps to write a good cover letter:

1. Create a header

The header of your business plan cover letter should include the following:

• Business name
• Contact information
• Name of investor and their institution
• Investor’s Address

If you’re sending the document via email, there’s no need to write a header, and you can jump straight to addressing the recipient with a formal greeting.

2. Address the recipient

Unless you don’t know the recipient’s name, don’t make the mistake of addressing them as “To whom it may concern.” It may give the impression that you haven’t researched the person you’re sending your business plan to.

And definitely don’t address them as “Dear investors.” Sounds unprofessional.

The solution? Address the recipient’s name, such as “Dear Mr. Green” or “Dear Ms. Jones.” It sets a good tone and is preferred over a generic greeting.

3. Make a strong start

The first paragraph of your letter should immediately grab the reader’s attention and pique their interest.

It should touch on the following key points:

• The intent of the letter
• Reason to work with this investor
• A funding utilization plan to scale the business

It should explain clearly as to why your business is a good investment opportunity.

In the following paragraphs, you can quickly cover details about the ownership type, legal formation, the structure of the business, company history, and any notable achievements.

Make sure you remain brief and crisp while offering this information.

4. Support your statements

Claims made without evidence don’t mean much. You need to provide some form of data or facts to prove that you’re worth the risk.

This is admittedly hard to do if you’re a startup since most startups fail. So, it’s a good idea to track the key startup metrics to assess your financial position and the overall viability of your business idea.

5. Close with an acknowledgment

The last paragraph of a cover letter should emphasize three things: your interest in working with the investor, the value of this opportunity, and the timeline of how you expect things to happen.

Once done, thank the reader for their time, express your eagerness to see their response, and request a meeting to discuss things further. End the letter with a formal sign-off.

And that’s everything a cover letter must include!

But before you start writing your cover letter, check the next section.

Tips for writing a formal cover letter for your business plan

Here are some tips for creating a good cover letter for business plans:

• Keep the letter short and descriptive, up to one or two pages.
• Use a formal, conversational tone, and avoid slang, jargon, and contractions. The easier it’s to read your letter, the better.
• Address the reader by name, and avoid using “To Whom It May Concern.”
• Mention your professional background, the competency of the management team, and how it benefits the business.
• Mention the individuals, institutions, or banks that have invested in your organization in the past.

These tips and a good design will help you create a professional-looking cover letter to keep your investors interested.

Upmetrics’ business plan cover letter template

Check out this sample business plan cover letter template you can modify and use to send along with your business plan.

[Your Name] [Your Company’s Name] [Your Address] [Your Contact Information] [Date]

[Investor’s Name] [Investor’s Company Name] [Investor’s Address] Dear [Investor’s Name],

I am writing to request your investment in [Your Business Name]. We are [brief overview of your business] and believe that [Your Business Name] has great potential to be a valuable addition to your portfolio.

[Provide a brief description of your current financial situation and how you’ll use the funds]

[Mention your unique selling proposition]

Attached is a copy of our business plan, which provides more information about our company and product offerings. We would appreciate it if you could take the time to review our plan and offer your feedback. We look forward to working with you.

Thank you for your time and consideration.

Sincerely, [Your Name].

Business Plan Cover Letter Example

Here are a few examples of business plan cover letters for your reference:

Cover letter example 1

William Cutler Cutler and Colors Co. 132, My Street, Kingston New York 12401 [email protected] February 17, 2023

James F. Miller Miller Industries Pvt. Ltd. 1234 NW Bobcat Lane, St. Robert, Missouri Dear Mr. Miller,

Cutler and Colors is an emerging fashion retailer in New York City specializing in men’s garments, and we’re looking to expand to six more cities in the U.S. by the end of 2023. With your financial support, we project to double our production and strengthen our supply chain efficiency.

We believe Cutler and Colors will be a valuable addition to your portfolio. Currently, we have $220,000 of our own funds invested in the business and are looking to raise an additional $500,000. The money will be used to hire more staff, set up new stores, purchase new equipment, and advertise online.

By streamlining our supply chain, we intend to undercut our competitors and offer high-quality garments at an affordable price.

Attached is a copy of our business plan which provides more information on our organization and product offerings. We would appreciate it if you could review our plan and provide feedback. We look forward to working with you.

Sincerely, William Cutler

Cover letter example 2

Emily Thompson GreenTech Innovations Inc. 789 Oak Avenue, Suite 12 San Francisco, CA 94105 [email protected] March 8, 2023

Robert J. Smith Smith Ventures LLC 456 Maple Street Denver, CO 80202

Dear Mr. Smith,

GreenTech Innovations Inc. is a forward-thinking company in the renewable energy sector based in San Francisco. We specialize in developing cutting-edge solar panel technology and plan to expand our operations to three more states by the end of 2024. With your financial backing, we aim to increase our production capacity and enhance our research and development capabilities.

We currently have $500,000 of our own capital invested and are seeking an additional $1,200,000 to support our growth. The funds will be allocated towards hiring additional engineers, upgrading our manufacturing facilities, and expanding our marketing efforts to reach a wider audience.

Our unique selling proposition lies in our innovative solar panels that boast 20% higher efficiency than the industry standard, allowing us to offer customers greater energy savings and a shorter return on investment.

Attached is a copy of our business plan, which provides more information on our company and product offerings. We would appreciate it if you could review our plan and offer your feedback. We look forward to collaborating with you.

Sincerely, Emily Thompson

Cover Letter Example 3

Michael Harris UrbanEats LLC 1010 Broadway, Suite 305 Seattle, WA 98122 [email protected] April 15, 2023

Linda K. Johnson Johnson Capital Partners 789 Pine Street Austin, TX 78701

Dear Ms. Johnson,

UrbanEats LLC is a fast-growing food delivery service focused on providing healthy, organic meal options in Seattle. We are eager to expand our services to four additional cities by the middle of 2024. With your investment, we plan to scale our operations and enhance our delivery infrastructure.

We have invested $300,000 of our own funds and are seeking an additional $750,000. The investment will be used to lease new kitchen spaces, hire more chefs and delivery personnel, and enhance our mobile app to improve user experience.

Our unique selling proposition is our commitment to sustainability and healthy living. We offer meals made from locally sourced, organic ingredients, which sets us apart from other food delivery services.

Attached is a copy of our business plan, which provides more information about our company and product offerings. We would appreciate it if you could review our plan and provide feedback. We look forward to the possibility of working with you.

Sincerely, Michael Harris

Tailor a cover letter to send with your business plan

A cover letter is the first thing an investor would read before diving into your business plan. Clearly, a lot riding on a good first impression.

Now, identify the information that is of utmost importance to your readers, and using the template above, devise an engaging summary for your cover letter.

However, if you still haven’t completed your business plan, do that first.

Let the Upmetrics business planning app help you craft compelling business plans in just about 10 minutes. All you need to do is offer some basic business details, and its AI business plan generator will quickly whip up a fresh plan custom-made for you.

Add your business plan cover letter to it, and you’re all set to get your proposals approved.

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Frequently Asked Questions

How long should a business plan cover letter be.

Ideally, one page. If there’s more to add, a maximum of two pages is permissible. That said, it’s best to write a shorter cover letter than a longer one.

Can I include statistics in a business plan cover letter?

Yes, you can mention data in your cover letter to support your claims, but don’t overdo it. Your business plan already highlights your financials and future projections in great detail.

Can I skip writing a business plan cover letter?

If you’re sending a physical copy of your business plan to an investor or lender, it’s crucial to attach a cover letter. However, a cover letter isn’t necessary if you’re sending it via email, as you can simply write a note in the email’s body.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Sample Letters

Writing a Strong Business Plan Cover Letter (Free Templates)

In this guide, I’ll share my personal insights, three unique templates , and tips to help you create a compelling business plan cover letter.

Key Takeaways

• Purpose: Understand the importance of a business plan cover letter.
• Structure: Learn the essential components of a cover letter.
• Templates: Access three unique templates to get started.
• Tips: Gain practical advice from personal experience.
• Real-Life Examples: See how these elements come together in practice.

Why a Business Plan Cover Letter is Crucial

A business plan cover letter serves as an introduction to your business plan. It’s your chance to grab the reader’s attention, provide a brief overview of your business, and explain why they should be interested in your proposal. From my experience, a great cover letter can differentiate your plan from others and demonstrate your professionalism and commitment.

Components of an Effective Business Plan Cover Letter

When writing a business plan cover letter , ensure it includes the following components:

• Header: Include your contact information and the date.
• Recipient’s Information: Add the recipient’s name, title, company, and address.
• Introduction: Briefly introduce yourself and your business.
• Purpose: State the purpose of the letter.
• Summary: Summarize your business plan’s key points.
• Call to Action: Encourage the recipient to read the attached business plan.
• Closing: Express gratitude and provide contact information for follow-up.

Template 1: Formal and Professional

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date]

[Recipient’s Name] [Recipient’s Title] [Company Name] [Company Address] [City, State, ZIP Code]

Dear [Recipient’s Name],

I am writing to present my business plan for [Your Business Name], a company dedicated to [briefly describe your business]. With a clear vision and strategic plan, I am confident that [Your Business Name] has the potential to [state the primary goal or mission of your business].

Attached, you will find the comprehensive business plan that outlines our market analysis, strategy, and financial projections. I am excited about the opportunity to share this with you and discuss how [Recipient’s Company Name] can play a pivotal role in our success.

Thank you for considering this proposal. I look forward to the opportunity to discuss it further.

Sincerely, [Your Name]

Template 2: Personalized and Engaging

As a fellow entrepreneur and enthusiast in the [industry], I am thrilled to present my business plan for [Your Business Name]. Our company is dedicated to [briefly describe your business] and aims to [state the primary goal or mission of your business].

I have meticulously crafted the attached business plan to reflect our innovative approach and strategic vision. I believe [Recipient’s Company Name] would find our plan both compelling and aligned with your interests in the industry.

I am eager to discuss this opportunity with you and explore how we can work together to achieve mutual success.

Best regards, [Your Name]

Template 3: Concise and Direct

Attached is the business plan for [Your Business Name], a company focused on [briefly describe your business]. Our goal is to [state the primary goal or mission of your business], and we believe that [Recipient’s Company Name] can significantly contribute to our journey.

Thank you for considering this proposal. I look forward to discussing it with you soon.

Tips from Personal Experience

• Tailor Each Letter: Customize each cover letter to the recipient to show genuine interest and effort.
• Be Concise: Keep your cover letter short and to the point, focusing on the most important aspects of your business.
• Highlight Key Points: Emphasize the most compelling parts of your business plan to pique interest.
• Professional Tone: Maintain a professional tone, even if you are being engaging and personal.

Real-Life Example

I once wrote a cover letter for a tech startup seeking venture capital. By tailoring the letter to highlight the unique aspects of our technology and aligning it with the interests of the venture capital firm, we successfully secured a meeting and eventually received funding.

Table: Comparison of Cover Letter Styles

By following these guidelines and using the provided templates, you can craft a compelling business plan cover letter that effectively communicates your business’s potential and secures the interest of your target audience. 

Frequently Asked Questions (FAQs)

Q: what should be included in a business plan cover letter.

Answer : In my experience, a business plan cover letter should include a brief introduction, the purpose of the business plan, and a summary of the key points. It’s crucial to highlight your company’s mission and the value proposition right from the start.

Q: How long should a business plan cover letter be?

Answer : From my experience, a business plan cover letter should be concise, typically one page. It needs to capture the reader’s attention quickly while providing enough information to understand the essence of your business plan.

Q: Who should you address a business plan cover letter to?

Answer : Based on my practice, always address the cover letter to a specific person, such as the investor or loan officer. It shows that you’ve done your homework and are serious about your business proposition.

Q: How do you make a business plan cover letter stand out?

Answer : To make your cover letter stand out, I recommend personalizing it with relevant details about the recipient and emphasizing your unique selling points. Sharing a compelling story about your business journey can also create a memorable impression.

Q: Can a business plan cover letter influence funding decisions?

Answer : Absolutely, in my experience, a well-crafted cover letter can set a positive tone and make a strong first impression. It’s your chance to convey passion and confidence, which can significantly influence funding decisions.

Q: Should financial projections be mentioned in the cover letter?

Answer : Yes, I always mention key financial projections briefly in the cover letter to spark interest. However, detailed financials should be reserved for the business plan itself.

Q: Is it necessary to mention market research in a business plan cover letter?

Answer : Yes, highlighting market research shows that you understand the market and have a strategic plan. In my experience, it reassures the reader that your business idea is grounded in reality.

Q: How do you convey enthusiasm in a business plan cover letter?

Answer : Conveying enthusiasm is essential; I always express my passion for the business and its potential impact. Using dynamic and positive language can help transmit your excitement and vision to the reader.

Q: What tone should a business plan cover letter have?

Answer : The tone should be professional yet engaging. In my practice, striking a balance between formality and a conversational tone can make the letter more relatable and compelling.

Q: How important is the closing statement in a business plan cover letter?

Answer : The closing statement is critical; it should leave a lasting impression. I always use it to reiterate my commitment and invite the reader to discuss the business plan further, showing openness and confidence.

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5 Steps to Writing a Business Plan Cover Letter [+ Templates!]

Every business plan needs a cover letter. Also known as an introduction, executive summary , or overview, your cover letter is your first impression.

It sets the stage for the rest of the document and tells the reader what to expect. Most importantly, it compels the reader to spend the time it will take to review the plan in full.

But how do you write a cover letter? What should it say?

There will be no guesswork here. We’re covering all of the essential deets to include. Plus, we’ve got templates to make your life easier.

What’s in this guide :

Why your business plan cover letter is important

What to include in your cover letter, how to write your business plan cover letter, 3 business plan cover letter templates.

Without a great cover letter, your business plan will lack context and urgency—making it less likely that your audience will read it.

A cover letter surfaces the most important details from the plan, allowing you to craft a cohesive story. For instance, you might focus your cover letter on your market research findings, your estimated profit margin, or how your company is preparing to achieve your business goal. Essentially, it allows you to direct readers’ attention where you want it to go .

A business plan can also motivate you . Entrepreneurs with completed business plans are 260% more likely to start their businesses. When you write a great cover letter, it can serve as a reminder of why you’re putting in the hard work and keep you on track.

What should you include? That depends on the type of business plan you’re writing. Is this a plan to launch a startup, release a new product, or improve an existing business?

Here are some essential pieces of information to include for different types of plans. (Remember that while the business plan will delve into all the details, the cover letter will summarize the most important information.)

New business plans :

Market research

Problem or opportunity statement

Outline of initial offerings (products or services)

Business and pricing models

Time to profitability

Business risks and mitigation plans

Competitive landscape

New product launches :

Product landed cost

Product price for each channel (wholesale, DTC, Amazon, etc.)

Projected profit margin for each channel

Product branding and marketing plan

Plan for product validation and prototyping

Business improvement projects :

Current state of the business

Opportunities for growth

Opportunities for expense cutting

Opportunities for process or productivity improvements

Prioritization of improvement projects

Project goals

Project timelines

Third-party service pitches :

Client goals and objectives

Service scope

Service deliverables

Project or implementation timelines

Expected outcomes

In most cases, the cover letter should fit within one page, but for very long business plans, you might need a page and a half or even two pages to fit the overarching story you want to convey.

You should address the cover letter to your intended reader. That might be a loan officer for a business loan, a potential investor, a business partner, or a client.

Business plan cover letter example

Cover letter examples can offer inspiration and provide a jumping point for your writing.

Here’s an example of a cover letter for a business consulting plan :

Notice how the example focuses heavily on the pain points of running a business: working hard, listening carefully, watching cash flow, etc. The cover letter makes the point that when you’re in the weeds of your business, it can be tough to envision the big picture and steer the ship.

Above all, a cover letter should be compelling. So make sure to include illustrative language, metaphors, clear pain points, and goals to bring the proposed plan to life.

Your cover letter is one of the most important sections of any business plan or business proposal . Follow these simple steps and writing tips to win over stakeholders.

Step 1. Write your business plan first

It’s nearly impossible to write a great cover letter without writing your business plan first. Why? Because your cover letter surfaces the key points from the plan so readers know why they should read the plan and what to focus on.

To write an excellent business plan, you must first begin with research. You might put together a small focus group, interview target customers over the phone, assess a handful of competitor products, and analyze influencers’ social media content within your industry.

Now that you’ve done your research, you can start writing your plan.

Make sure to include these sections:

Market problem

Your proposed solution

Your business model

Target customers

Marketing plan

Your competitive advantage

Financial projections

Required funding

Step 2. Write a strong introduction paragraph for your cover letter

Now it’s time to write the perfect cover letter.

While your cover letter will summarize a variety of points, the first paragraph should have a clear focus. It shouldn’t bounce all over the place, but should make a single compelling argument. You can start with the market opportunity, the unmet customer expectations, the prospective client’s key pain points, or the stellar profit margin your business plan is proposing.

And remember that a good hook makes the reader want to keep reading. So spend plenty of time coming up with a great first sentence that will creatively lead into your opening argument.

Step 3. Write your supporting paragraphs

The next step is to write the supporting paragraphs that drive home your key argument.

For example, if your opening paragraph states that your business plan will address a $1 billion dollar market opportunity, then the remaining paragraphs should clarify the market need (what do customers expect and why haven’t your business competitors risen to the challenge?), how you will address that need (what products or services will you offer?), and what you need from the reader (an investment, a loan, their experience as your co-founder, etc).

Consider using bullet points to quickly list out important details like market research findings, product launch plans, or business goals.

Step 4. Revise your cover letter

Don’t expect to knock it out of the park on the first try. Give yourself time to revise the cover letter over a couple of days. When you take a break before editing , you’re able to look at your writing more objectively—almost as if it was written by someone else. You also allow yourself the space to come up with creative, fresh ideas for hooks, key arguments, etc.

Step 5. Double check that the rest of the business plan follows suit

And lastly, you need to check that your cover letter matches your business plan (and that your business plan matches your cover letter) . This song-and-dance might take some time because whenever you add new info to your business plan, you need to consider if it’s important enough to be featured in the letter. And anything you add to your letter certainly needs to be covered in the plan.

Your reader is going to want to find more details within your business plan, so make sure you’re titling sections clearly. For instance, if you mention “market research” in your cover letter, then title the matching section the same way. Your cover letter serves as a reference point for what readers should hunt for in the plan, so keep that in mind when you’re formatting and adding the finishing touches.

A business plan is most commonly written when starting a new business. But documented plans are also useful when launching a new product, embarking on a big project, or pitching a service. These cover letter templates can be adapted for just about any use case.

1. Accounting plan cover letter template

If you’re sending your business plan to potential investors, lenders, or someone else you’re trying to convince, this template may be helpful. It’s short, to-the-point, and full of confidence.

2. Investing plan cover letter template

This cover letter template is perfect for new business plans in the investing, fintech, and financial services industries. It hones in on the core pain points of amateur investors in need of financial planning.

You can adapt the pain points shared into more of a summary of your market research and the target audience’s needs. Or, you can use this template to pitch financial services directly to potential clients, making sure to include the details of the services in the rest of the plan.

3. Business project cover letter template

This project proposal template can easily be adapted for any business plan, product launch, or operational improvement project. The cover letter is written with compelling language that clearly states the needs and challenges of the project, as well as how you will address them.

To make this template your own, start by summarizing the risks of the project, and then segway into how your business plan mitigates those—whether through hiring, training, project management, software implementation, or a combination of these and other strategies.

Send business plans and proposals that get accepted

Whether you’re sending documents to investors, partners, clients, coworkers, your boss, or other stakeholders, one thing is certain: you want your plan to be accepted.

By analyzing over a million business proposals and plans sent with our software, we found that documents are more likely to close when they include images, e-signatures, intake forms, and editable pricing tables. With Proposify , you get all of these features plus viewing analytics, so you can check when your emails and plans have been viewed. This will help you know who to follow up with to close the deal.

Send better pitches with Proposify. Learn more and start your free trial.

Dayana Mayfield is a B2B SaaS copywriter who believes in the power of content marketing and a good smoothie. She lives in Northern California. Connect with her on LinkedIn here: linkedin.com/in/dayanamayfield/

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Business Plan Cover Letter Sample: Free & Customizable

In this article, I will guide you through a step-by-step process to write an effective business plan cover letter, peppered with insights from my personal experience. Including a customizable template.

Key Takeaways: Understand Your Audience: Tailor your cover letter to the interests and needs of the reader. Be Clear and Concise: Keep your cover letter succinct, focusing on key points. Highlight Key Aspects: Emphasize the unique selling points of your business. Personalize Your Approach: Share a bit of your entrepreneurial journey to create a connection. Follow a Structured Format: Use a template to ensure all critical elements are covered. Proofread and Edit: Ensure your cover letter is free from errors and is polished.

Step-by-Step Guide to Writing a Business Plan Cover Letter

Step 1: understand your audience.

Before you begin writing, it’s crucial to understand who will be reading your cover letter. Tailoring your message to the interests and concerns of your audience can significantly increase your chances of making a positive impression.

Step 2: Start With a Strong Opening

Begin with a compelling introduction that grabs the reader’s attention. Mention your business’s core value proposition and how it addresses a specific need or opportunity in the market.

Step 3: Outline Your Business Plan

Briefly describe what the reader can expect to find in the business plan. Highlight key sections, such as the market analysis, financial projections, and strategic direction.

Step 4: Share Your Unique Story

Inject a personal touch by sharing a brief narrative of your entrepreneurial journey. This helps create a connection with the reader and adds a human element to your business proposal.

Step 5: Call to Action

Conclude with a clear call to action, inviting the reader to delve into your business plan for more detailed information.

Step 6: Close with a Professional Sign-off

End your cover letter with a professional closing statement and your signature.

Template for a Business Plan Cover Letter

[Your Name] [Your Position] [Your Contact Information] [Date]

[Recipient’s Name] [Recipient’s Position] [Company Name] [Company Address]

Dear [Recipient’s Name],

I am pleased to present you with the business plan for [Your Company’s Name], a venture poised to [briefly state your value proposition]. Our business addresses [specific need or opportunity] by [brief explanation of your solution].

Enclosed, you will find a comprehensive plan outlining our market analysis, product/service offerings, competitive landscape, and detailed financial projections. Our team is committed to [briefly mention your commitment or mission], and we are excited about the potential to [state the potential impact or success of your business].

My journey to this point has been [share a brief personal story or insight], and I am passionate about the opportunity we have to make a difference in [mention the industry or sector].

I invite you to review our business plan and welcome any questions or feedback you may have. I am keen to discuss how we can collaborate to turn this vision into reality.

Thank you for considering [Your Company’s Name]. I look forward to the possibility of working together.

[Your Name] [Your Position]

Personal Tips from Experience

• Be Authentic: Authenticity resonates. Share genuine insights or stories about your journey to establish trust and connection.
• Keep It Relevant: Focus on information that directly supports your business’s value proposition and goals.
• Follow Up: Don’t hesitate to follow up after sending your business plan and cover letter. It shows initiative and interest.

I hope these insights and steps help you craft a compelling business plan cover letter that resonates with your audience. I’d love to hear about your experiences and tips as well. Feel free to share your thoughts and questions in the comments below.

Frequently Asked Questions (FAQs)

Q: what is the purpose of a business plan cover letter.

Answer: The business plan cover letter serves as a formal introduction to your business proposal. It provides a brief overview of what the reader can expect inside the business plan, sets the tone for your presentation, and aims to persuade the reader to delve deeper into the document. 

Essentially, the business plan cover letter is your first opportunity to make a strong impression.

Q: How is a business plan cover letter different from a business plan executive summary?

Answer: While both the business plan cover letter and executive summary provide introductory information, they serve different purposes. The business plan cover letter is a brief letter addressed to a specific individual, introducing your business proposal and highlighting its significance. 

On the other hand, the executive summary is a section within the business plan that provides a concise overview of the entire plan, touching on key aspects like the business model, market analysis, financial projections, and strategies. 

Think of the business plan cover letter as an invitation to read the plan, while the executive summary offers a snapshot of its content.

Q: Should the business plan cover letter be attached to the business plan or sent separately?

Answer: Ideally, the business plan cover letter should be attached to the front of the business plan, especially if you’re submitting a physical copy. 

If you’re sending your business plan via email, the business plan cover letter can be written directly in the body of the email, with the business plan attached as a separate document. 

Either way, the business plan cover letter is meant to be the first thing the recipient sees, setting the stage for the detailed plan that follows.

Q: How long should a business plan cover letter be?

Answer: A business plan cover letter should be concise and to the point, typically not exceeding one page. Its primary goal is to captivate the reader’s attention and motivate them to review the entire business plan. 

It’s essential to maintain brevity while ensuring that the main points—like the purpose of the business, its potential, and the reason for reaching out—are effectively communicated.

Q: Can I use the same business plan cover letter for multiple recipients?

Answer: While the core content of your business plan cover letter might remain consistent, it’s crucial to personalize each letter for its specific recipient. 

Addressing the recipient by name, referencing their company, and mentioning any shared connections or mutual interests can make your letter stand out. A tailored approach shows that you’ve done your research and genuinely value the potential relationship, rather than sending out generic, mass-produced letters.

Q: Are there professionals who can help write a business plan cover letter?

Answer: Yes, there are many professional services and consultants who specialize in business planning and proposal writing. These experts can craft a compelling business plan cover letter tailored to your business and target audience. 

It’s worth considering their expertise, especially if you’re unfamiliar with creating such documents or want to ensure the best possible first impression.

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How to Write a Cover Letter for a Business Plan

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A business plan is an important document for your business. The business plan should be created before you launch your new business venture, and you should review every few months to make sure you're implementing all your plans and don't need to make alterations. When you send your business plan to banks or other financial institutions in an attempt to receive a loan for your business, include a professional cover letter with the business plan.

Type your name, the name of your business and your contact information at the top of the cover letter so the bank can get back in touch with you easily. Include your business address, office number, cell number and the email address you check most frequently.

Type the recipient's name, title, bank name, location and address after your information. It's important to include the recipient's name. If you're not sure who will receive the cover letter and business plan, call the bank and ask.

Type the date you plan to send the business plan cover letter under the recipient's information.

Include a professional greeting addressed to the recipient, such as "Dear Ms. Smith."

Explain in the first paragraph that you're sending the banker your business plan and that you hope the bank will consider providing you with a loan. Tell her that the business plan is attached and that you'd appreciate her consideration.

In the next paragraph or two, describe reasons for opening your business. You should include details about your financial plan, such as how much money you already have to invest in your business and how much you plan to profit in the first year or two. Talking about your profits and careful financial planning shows the bank that your business is a worthwhile investment.

Thank the recipient for her time and consideration in the final paragraph. Let her know that you would appreciate it if she would review your business plan. Tell her you are available to come in and discuss your business plan further.

End the letter with a professional closing, such as "Sincerely," and type your name three or four lines after the closing. Sign your name in the space between the closing and your typed name after you print out the cover letter.

• MasterPlans: Business Plan Cover Letter

J. Johnson has been completing freelance writing work since September 2009. Her work includes writing website content and small client projects. Johnson holds a degree in English from North Carolina State University.

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How to Write a Business Plan Cover Letter

Back to Business Plans

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on February 20, 2023 Updated on August 18, 2024

Congratulations! You’ve finished your business plan , and now you’re looking to send it out to potential backers. Great work. But there is one last hurdle before you move forward, and that’s writing a cover letter to introduce yourself and your business and convince people to dig into your business plan. 

It needs to quickly capture readers’ attention and interest, which means it needs to be very well written. But don’t worry, this handy guide outlines how to craft a business plan cover letter that will give you and your venture the best chance of success. 

• Why Is a Cover Letter Important?

A cover letter is like an elevator pitch – it’s your opportunity to attract investor interest and persuade them to investigate further. Basically, you’re selling your business idea in just a few paragraphs.

But keep in mind that most investors receive hundreds of business plans every month, most of which they never read. Thus, your cover letter needs to break through the noise and grab their attention.

• What to Include in Your Business Plan Cover Letter

Your cover letter needs to be brief, just half a page or so. This means you need to quickly get to the point. 

Start with a header that includes your name, the name of your business , and contact information. Next comes the name and address of the recipient, followed by a greeting line, which should also mention the person’s name.

Grab Their Attention  

Grab their interest immediately with a sentence or two highlighting this fantastic business opportunity. If you met them while networking, briefly mention that before detailing your vision – the problem your business solves and how. Keep it brief, and make it compelling.

Why Will Your Business Be Unique?

Next, explain exactly what will make your business stand out. Do you have intellectual property?  A unique value proposition or competitive advantage ?  Choose what you think is the single most compelling point in your business plan and explain it in detail.  

Who Are You?

Briefly touch on the skills and experience that will help you execute your business plan. If you have partners, briefly mention their qualifications as well. Avoid being overly self-promotional.

Close It Out

End by thanking them for their time and proposing a follow-up, whether it’s scheduling a call or a future email. Offer to send additional information and answer any questions they may have.

• Business Plan Cover Letter Template

[Your Name] [Your Address] [City, State ZIP Code] [Your Email Address] [Your Phone Number] [Today’s Date]

[Recipient Name] [Recipient Title] [Company Name] [Address] [City, State ZIP Code]

Dear [Recipient Name],

I am writing to introduce our company, [Your Company Name], and to present to you our business plan that outlines our mission, objectives, and strategies for [specific purpose, e.g., expansion, new product launch, etc.].

Our team has worked diligently to create a comprehensive plan that we believe not only aligns with the current market trends but also capitalizes on future opportunities. We have taken into consideration the challenges that we might face and have developed strategies to navigate them.

In the enclosed business plan, you will find:

• Executive Summary : A brief overview of our company and the main objectives of this plan.
• Market Analysis: An in-depth look into our target market , its size, and growth potential.
• Products/Services: Detailed descriptions of our offerings and their unique selling points.
• Marketing Strategy: Our approach to reaching our target market and driving sales.
• Financial Projections: Expected revenues, costs, and profitability for the next [X years/months].

We are confident that our business plan provides a clear and attainable path for [Your Company Name] to achieve its objectives. We invite you to review the document and would be more than happy to address any questions or concerns you might have.

Thank you for considering our proposal. We look forward to the possibility of working with you and appreciate your time and consideration.

[Your Name] [Your Title/Position] [Your Company Name]

• Business Plan Cover Letter Example

John Doe 123 Apple Lane Los Angeles, CA 90001 [email protected] (123) 456-7890 September 13, 2023

Mr. Richard Smith Investment Manager Capital Ventures Ltd. 456 Orange Street Los Angeles, CA 90002

Dear Mr. Smith,

I am writing to introduce our company, TechGuard Solutions, and to present to you our business plan that outlines our mission, objectives, and strategies for expansion into the European market.

Our team has devoted countless hours to crafting a comprehensive plan that aligns with the technological advancements of the current age and seizes potential market opportunities in Europe. Recognizing the challenges of entering a new market, we’ve developed robust strategies to ensure our success.

• Executive Summary: A brief snapshot of TechGuard Solutions and our vision for European expansion.
• Market Analysis: An exploration of the European tech market, emphasizing its growth potential.
• Products/Services: Detailed descriptions of our cybersecurity tools and their significance in the current digital age.
• Marketing Strategy: Our blueprint for penetrating the European market and establishing a strong presence.
• Financial Projections: Forecasts of our revenues, costs, and profitability for the next 3 years in Europe.

We are optimistic that our business plan illustrates a clear and achievable route for TechGuard Solutions to thrive in Europe. We invite your insights and feedback on our proposed strategy.

Thank you for considering our proposal. We are eager to embark on this journey and hope to collaborate closely with partners like Capital Ventures Ltd.

John Doe CEO TechGuard Solutions

Even though a business plan cover letter needs to be short, it’s wise to take all the time you need to make sure it’s perfectly crafted. The future of your business could depend on it! So once you’ve written a solid draft, show it to people you trust to get their feedback and make changes as needed.

A good cover letter will convince readers that this is a business plan they simply must read. And if you’re able to do that with major investors, your business has a great shot at success.

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Business Plan: What It Is and How to Write One in 9 Steps

Business plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.

A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business .

Not every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.

Learn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.

What is a business plan?

A business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like market analysis , financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.

Often, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.

The key components of a business plan

Putting together a business plan will highlight the parts of your company’s strategy and goals. It involves several key business plan components that work together to show the roadmap to your success.

Your business plan’s key components should include: 

• Executive summary: A brief overview of your entire plan.
• Company description: An explanation of what your business does and why it’s unique. 
• Market analysis: Research on your industry, target market, and competitors.
• Organization and management: Details about your business structure and the people running it.
• Products or services: A description of what you’re selling and how it benefits customers. 
• Customer segmentation: A breakdown of your target market into different groups.
• Marketing and sales plan: The strategy for promoting and selling your products and services.
• Logistics and operations: An overview of how your business will run its daily activities and manage resources.
• Financials: A complete look at projected income, expenses, and funding needs. 

How to write a business plan in 9 steps

• Draft an executive summary
• Write a company description
• Perform a market analysis
• Outline the management and organization
• List your products and services
• Perform customer segmentation
• Define a marketing plan
• Provide a logistics and operations plan
• Make a financial plan

Few things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.

Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).

Once you have your business plan template in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.

1. Draft an executive summary

A good executive summary is one of the most crucial sections of your business plan—it’s also the last section you should write.

The executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.

Again, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.

An executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. 

Your business plan’s executive summary should include:

• Business concept. What does your business do?
• Business goals and vision. What does your business want to accomplish?
• Product description and differentiation. What do you sell, and why is it different?
• Target market. Who do you sell to?
• Marketing strategy. How do you plan on reaching your customers?
• Current financial state. What do you currently earn in revenue?
• Projected financial state. What do you foresee earning in revenue?
• The ask. How much money are you asking for?
• The team. Who’s involved in the business?

2. Write a company description

This section of your business plan should answer two fundamental questions: 

• Who are you?
• What do you plan to do? 

Answering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. 

For example, clean makeup brand Saie shares a letter from its founder on the company’s mission and why it exists.

Clarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.

Here are some of the components you should include in your company description:

• Your business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)
• Your business model
• Your industry
• Your business’s vision, mission, and value proposition
• Background information on your business or its history
• Business objectives, both short and long term
• Your team, including key personnel and their salaries

Brand values and goals

To define your brand values , think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.

Your company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your goal setting includes SMART goals : specific, measurable, attainable, realistic, and time-bound.

Vision and mission statements

Once you know your values, you can write a mission statement . Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.

Next, craft your vision statement : What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.

3. Perform a market analysis

Market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.

No matter what type of business you start, whether a home-based business or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. 

If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.

How big is your potential market?

The potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.

Since this can be a daunting process, here are some general tips to help you begin your research:

• Understand your ideal customer profile. Look for government data about the size of your target market , learn where they live, what social channels they use, and their shopping habits.
• Research relevant industry trends and trajectory. Explore consumer trends and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.
• Make informed guesses. You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.

Some sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.

Read more: What is a Marketing Analysis? 3 Steps Every Business Should Follow

SWOT analysis

A SWOT analysis looks at your strengths, weaknesses, opportunities, and threats. 

That involves asking questions like: 

• What are the best things about your company? 
• What are you not so good at? 
• What market or industry shifts can you take advantage of and turn into opportunities? 
• Are there external factors threatening your ability to succeed?

SWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.

Competitive analysis

There are three overarching factors you can use to differentiate your business in the face of competition:

• Cost leadership. You have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like Mejuri and Endy .
• Differentiation. Your product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like Knix and QALO .
• Segmentation. You focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like TomboyX and Heyday Footwear are great examples of this strategy.

To understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.

You’ll always have competition in the market, even with an innovative product, so it’s important to include a competitive overview in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.

For example, if you’re selling jewelry , your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.

If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.

4. Outline the management and organization

The management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.

If you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.

5. List your products and services

Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.

If you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. 

For example, bag shop BAGGU sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.

Describe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than trending products for a dropshipping business, for instance.

6. Perform customer segmentation

Your ideal customer, also known as your target market, is the foundation of your marketing plan , if not your business plan as a whole. 

You’ll want to keep this buyer persona in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.

To give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. Customer segmentation often includes:

• Where they live
• Their age range
• Their level of education
• Some common behavior patterns
• How they spend their free time
• Where they work
• What technology they use
• How much they earn
• Where they’re commonly employed
• Their values, beliefs, or opinions

This information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.

For example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.

Put your customer data to work with Shopify’s customer segmentation

Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.

7. Define a marketing plan

Your marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.

If you’re planning to invest heavily in Instagram marketing or TikTok ads , for example, it makes sense to include whether Instagram and TikTok are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.

Market your business with Shopify’s customer marketing tools

Shopify has everything you need to capture more leads, send email campaigns, automate key marketing moments, segment your customers, and analyze your results. Plus, it’s all free for your first 10,000 emails sent per month.

Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.

• Price: How much do your products cost, and why have you made that decision?
• Product: What are you selling and how do you differentiate it in the market?
• Promotion: How will you get your products in front of your ideal customer?
• Place: Where will you sell your products? On what channels and in which markets?

Promotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.

8. Provide a logistics and operations plan

Logistics and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.

Cover all parts of your planned operations, including:

• Suppliers. Where do you get the raw materials you need for production, or where are your products produced?
• Production. Will you make, manufacture, wholesale , or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?
• Facilities. Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?
• Equipment. What tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.
• Shipping and fulfillment. Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?
• Inventory. How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach inventory management ?

This section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.

9. Make a financial plan

No matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.

The level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.

Here’s a spreadsheet template that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.

Let’s review the types of financial statements you’ll need.

Income statements

Your income statement is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.

Balance sheets

Your balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). 

This provides a snapshot of your business’s shareholder equity, which is calculated as:

Assets - Liabilities = Equity

Cash flow statements

Your cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.

When the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to access funding to keep your business solvent .

It can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.

📚 Read more: Cash Flow Management: What It Is & How To Do It (+ Examples)

Why write a business plan?

Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan. 

Business plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of Kapow Meggings .

There are several other compelling reasons to consider writing a business plan, including:

• Strategic planning. Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.
• Evaluating ideas. If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.
• Research. To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.
• Recruiting. Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.
• Partnerships. If you plan to collaborate with other brands , having a clear overview of your vision, your audience, and your business strategy will make it much easier for them to identify if your business is a good fit for theirs.
• Competitions. There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. 

If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.

Business plan types

Business plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.

Common business plans we see include, but are not limited to, the following types:

Traditional business plans

These are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.

Lean business plans

A lean business plan is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go. 

Nonprofit business plans

A nonprofit business plan is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.

📚 Read more: 7 Business Plan Examples to Inspire Your Own (2024)

7 tips for creating a small business plan

There are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.

1. Know your audience

When you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.

2. Have a clear goal

When creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.

3. Invest time in research

Sections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.

4. Keep it short and to the point

No matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.

5. Keep the tone, style, and voice consistent

This is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.

6. Use a business plan template

You can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.

7. Try business plan software

Writing a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. 

Fortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.

A few curated picks include:

• LivePlan : the most affordable option with samples and templates
• Bizplan : tailored for startups seeking investment
• Go Small Biz : budget-friendly option with industry-specific templates

📚 Read more:  6 Best Business Plan Software Platforms (2024)

Common mistakes when writing a business plan

Other articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. 

The last thing you want is for time and effort to go down the drain, so avoid these common mistakes:

• Bad business idea. Sometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for small business ideas that require low startup costs.
• No exit strategy. If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.
• Unbalanced teams. A great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally. 
• Missing financial projections. Don’t forget your balance sheet, cash flow statements, P&L statements, and income statements. Include your break-even analysis and return-on-investment calculations in your financial projections to create a successful business plan.
• Spelling and grammar errors. All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience. 

Updating and revising a business plan

Business plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale. 

Here’s a good rule of thumb for business plan revisions:

• Monthly: Update KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.
• Quarterly : Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.
• Yearly : Think of this as a big overhaul. Compare projections to actuals and update your forecasts. 

When updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.

Remember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive. 

How to present a business plan

Here are some tips for presenting your business plan to stakeholders.

Understand your audience

Start by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations. 

Consider the following about your presentation audience:

• Background: What’s their professional experience?
• Knowledge level: How familiar are they with your industry?
• Interests: What aspects of your plan will excite them most?
• Concerns: What might make them hesitant about your idea?

Depending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis. 

Structure your presentation

Once you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points. 

Your opening should grab attention and give a snapshot of what’s to come. It’s kind of like an elevator pitch that gives an overview of your business idea. 

From there, break your presentation into clear sections:

• Problem: What issue are you solving?
• Solution: How does your business address this problem?
• Market: Who are your potential customers?
• Competition: Who else is in this space, and how are you different?
• Business model: How will you make money?
• Financial projections: What are your expected costs and revenues?
• Team: Who’s involved, and what makes them qualified?

Use visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience. 

Handle objections and questions

Facing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm. 

Try to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.

When handling questions:

• Listen carefully: Make sure you fully understand the question before answering.
• Stay positive: Even if the question seems critical, respond with enthusiasm.
• Be honest: If you don’t know something, it’s OK. Offer to find out and follow up. 

Use questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”

Handling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan. 

Prepare your business plan today

A business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues. 

Whether you’re working on starting a new online business idea , building a retail storefront, growing your established business, or purchasing an existing business , you now understand how to write a business plan that suits your business’s goals and needs.

Feature illustration by Rachel Tunstall

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Business plan FAQ

How do i write a business plan.

Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:

• Executive summary
• Company description, including value proposition
• Market analysis and competitive analysis
• Management and organization
• Products and services
• Customer segmentation
• Marketing plan
• Logistics and operations
• Financial plan and financial projections

What is a good business plan?

A good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape. 

A business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are: 

• To clarify your plans for growth
• To understand your financial needs
• To attract funding from investors or secure a business loan

What are the different types of business plans?

The types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.

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• Writing a Business Plan

Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals.

Why Write a Business Plan?

Making a business plan creates the foundation for your business. It provides an easy-to-understand framework and allows you to navigate the unexpected.

Quick Takeaways

• A good business plan not only creates a road map for your business, but helps you work through your goals and get them on paper
• Business plans come in many formats and contain many sections, but even the most basic should include a mission and vision statement, marketing plans, and a proposed management structure
• Business plans can help you get investors and new business partners

Source: Write Your Business Plan: United States Small Business Association

Writing a business plan is imperative to getting your business of the ground. While every plan is different – and most likely depends on the type and size of your business – there are some basic elements you don’t want to ignore.

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NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles ( E ) are available only to NAR members and require the member's nar.realtor login.

Defining Your Mis​sion & Vision

Writing a business plan begins by defining your business’s mission and vision statement. Though creating such a statement may seem like fluff, it is an important exercise. The mission and vision statement sets the foundation upon which to launch your business. It is difficult to move forward successfully without first defining your business and the ideals under which your business operates. A company description should be included as a part of the mission and vision statement. Some questions you should ask yourself include: 

• What type of real estate do you sell?
• Where is your business located?
• Who founded your business?
• What sets your business apart from your competitors?

What is a Vision Statement ( Business News Daily , Jan. 16, 2024)

How to Write a Mission Statement ( The Balance , Jan. 2, 2020)

How to Write a Mission Statement ( Janel M. Radtke , 1998)

Using a SWOT Analysis to Structure Your Business Plan

Once you’ve created a mission and vision statement, the next step is to develop a SWOT analysis. SWOT stands for “Strengths, Weaknesses, Opportunities, and Threats.” It is difficult to set goals for your business without first enumerating your business’s strengths and weaknesses, and the strengths and weaknesses of your competitors. Evaluate by using the following questions:

• Do you offer superior customer service as compared with your competitors?
• Do you specialize in a niche market? What experiences do you have that set you apart from your competitors?
• What are your competitors’ strengths?
• Where do you see the market already saturated, and where are there opportunities for expansion and growth?

Strength, Weakness, Opportunity, and Threat (SWOT) ( Investopedia , Oct. 30, 2023)

How to Conduct a SWOT Analysis for Your Small Business ( SCORE , Apr. 28, 2022)

SWOT Analysis Toolbox ( University of Washington )

Setting ​Business Goals

Next, translate your mission and vision into tangible goals. For instance, if your mission statement is to make every client feel like your most important client, think about the following:

• How specifically will you implement this?
• Do you want to grow your business?
• Is this growth measured by gross revenue, profit, personnel, or physical office space?
• How much growth do you aim for annually?
• What specific targets will you strive to hit annually in the next few years?

Setting Business Goals & Objectives: 4 Considerations ( Harvard Business School , Oct. 31, 2023)

What are Business Goals? Definition, How To Set Business Goals and Examples ( Indeed , Jul. 31, 2023)

Establishing a Format

Most businesses either follow a traditional business plan format or a lean startup plan.

Traditional Business Plan

A traditional business plan is detailed and comprehensive. Writing this business plan takes more time. A traditional business plan typically contains the following elements:

• Executive Summary
• Company description
• Market analysis
• Organization and management
• Service or product line
• Marketing and sales
• Funding request
• Financial projections

Lean Startup Plan

A lean startup plan requires high-level focus but is easier to write, with an emphasis on key elements. A lean startup plan typically contains the following elements:

• Key partnerships
• Key activities
• Key resources
• Value proposition
• Customer relationships
• Customer segments
• Cost structure
• Revenue stream

Creating a Marketing Plan

You may wish to create a marketing plan as either a section of your business plan or as an addendum. The Marketing Mix concerns product , price , place and promotion .

• What is your product?
• How does your price distinguish you from your competitors—is it industry average, upper quartile, or lower quartile?
• How does your pricing strategy benefit your clients?
• How and where will you promote your services?
• What types of promotions will you advertise?
• Will you ask clients for referrals or use coupons?
• Which channels will you use to place your marketing message?

Your Guide to Creating a Small Business Marketing Plan ( Business.com , Feb. 2, 2024)

10 Questions You Need to Answer to Create a Powerful Marketing Plan ( The Balance , Jan. 16, 2020)

Developing a Marketing Plan ( Federal Deposit Insurance Corporation )

Forming a Team

Ensuring the cooperation of all colleagues, supervisors, and supervisees involved in your plan is another important element to consider. Some questions to consider are:

• Is your business plan’s success contingent upon the cooperation of your colleagues?
• If so, what specifically do you need them to do?
• How will you evaluate their participation?
• Are they on-board with the role you have assigned them?
• How will you get “buy in” from these individuals?

How to Build a Real Estate Team + 7 Critical Mistakes to Avoid ( The Close , May 17, 2023)

Don’t Start a Real Estate Team Without Asking Yourself These 8 Questions ( Homelight , Jan. 21, 2020)

Implementing a Business Plan and Reviewing Regularly

Implementation and follow-up are frequently overlooked aspects to the business plan, yet vital to the success of the plan. Set dates (annually, semi-annually, quarterly, or monthly) to review your business plans goals. Consider the following while reviewing:

• Are you on track?
• Are the goals reasonable to achieve, impossible, or too easy?
• How do you measure success—is it by revenue, profit, or number of transactions?

And lastly, think about overall goals.

• How do you plan to implement your business plan’s goals?
• When will you review and refine your business plan goals?
• What process will you use to review your goals?
• What types of quantitative and qualitative data will you collect and use to measure your success?

These items are only a few sections of a business plan. Depending on your business, you may want to include additional sections in your plan such as a:

• Cover letter stating the reasoning behind developing a business plan
• Non-disclosure statement
• Table of contents

How To Write a Business Proposal Letter (With Examples) ( Indeed , Jul. 18, 2023)

How To Implement Your Business Plan Objectives ( The Balance , Aug. 19, 2022)

The Bottom Line

Creating a business plan may seem daunting, but by understanding your business and market fully, you can create a plan that generates success (however you choose to define it).

Real Estate Business Plans – Samples, Instructional Guides, and Templates

9 Steps to Writing a Real Estate Business Plan + Templates ( The Close , Apr. 3, 2024)

How to Write a Real Estate Business Plan (+Free Template) ( Fit Small Business , Jun. 30, 2023)

The Ultimate Guide to Creating a Real Estate Business Plan + Free Template ( Placester )

Write Your Business Plan ( U.S. Small Business Administration )

General Business Plans – Samples, Instructional Guides, and Templates

Business Plan Template for a Startup Business ( SCORE , Apr. 23, 2024)

Guide to Creating a Business Plan with Template (Business News Daily, Mar. 28, 2024)

Nine Lessons These Entrepreneurs Wish They Knew Before Writing Their First Business Plans ( Forbes , Jul. 25, 2021)

How to Write a Business Plan 101 ( Entrepreneur , Feb. 22, 2021)

Books, eBooks & Other Resources

Ebooks & other resources.

The following eBooks and digital audiobooks are available to NAR members:

The Straightforward Business Plan (eBook)

Business Plan Checklist (eBook)

The SWOT Analysis (eBook)

The Business Plan Workbook (eBook)

Start-Up! A Beginner's Guide to Planning a 21st Century Business (eBook)

Complete Book of Business Plans (eBook)

How to Write a Business Plan (eBook)

The Easy Step by Step Guide to Writing a Business Plan and Making it Work (eBook)

Business Planning: 25 Keys to a Sound Business Plan (Audiobook)

Your First Business Plan, 5 th Edition (eBook)

Anatomy of a Business Plan (eBook)

Writing a Business Plan and Making it Work (Audiobook)

The Social Network Business Plan (eBook)

Books, Videos, Research Reports & More

As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.

Writing an Effective Business Plan (Deloitte and Touche, 1999) HD 1375 D37w

Have an idea for a real estate topic? Send us your suggestions .

The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.

Use This Business Plan Format to Expertly Write Your Plan

Written by Dave Lavinsky

In this guide, you’ll learn how to format your business plan professionally. Business plan structure and format helps readers look beyond distracting style to the real meat of your idea.

Download our Ultimate Business Plan Template here >

How to Format Your Business Plan: The Cover Sheet

Every business plan should begin with a simple business plan cover page including the business name, your name and contact information. An easy to read table of contents should follow.

Example Business Plan Table of Contents

I: Executive Summary      a. Business Overview      b. Success Factors      c. Financial Highlights

II: Company Overview      a. Who is [Company Name]?      b. [Company Name]’s History      c. [Company Name]’s Products & Services

III: Industry Analysis      a. Industry Trends

IV: Customer Analysis      a. Customer Segmentation

V: Competitive Analysis      a. Direct & Indirect Competitors      b. Competitive Advantage

VI: Marketing Plan      a. The [Company Name] Brand      b. Promotions Strategy      c. Pricing Strategy

VII: Operations Plan      a. Functional Roles      b. Goals and Milestones

VIII: Management Team      a. Management Team Members      b. Hiring Plan

IX: Financial Plan      a. Revenue Model      b. Revenue and Cost Drivers      c. Key Assumptions & Forecasts

X: Appendix

The cover sheet should leave no question for readers to be able to identify the business plan when it is in a stack with dozens of others on their desk. The table of contents allows them to easily refer to sections within the plan. For example, after reading the executive summary, some investors with an eye for numbers may turn directly to the financial plan and statements. Proper business plan format allows readers to quickly get the information they want.

Example Business Plan Format

There are 10 business plan components or sections that every entrepreneur and business owner must include in their plan. These include:

• Executive summary
• Company overview
• Industry analysis
• Customer analysis
• Competitive analysis
• Marketing plan
• Operations plan
• Management team
• Financial plan

You should recognize these if you’ve ever worked with the best business plan template .

Formatting your business plan with charts and graphs is welcomed to break up long blocks of text. However, charts and graphs shouldn’t be used for their own sake. They must make the information easier to pass on than text would.

The business plan format that investors and lenders expect includes the following 10 sections. You can download our business plan format pdf here, to help you get started. We’ve included important notes in each section specific to business plan formatting to help you as you write your plan.

1. Start with Your Executive Summary

An executive summary gives readers a crisp overview of your business at the start of your plan. This section should not be more than two pages long and should include the following:

• What is the business about?
• Where and why did the idea of the business originate?
• Who are the owners?
• Which industry is it operating in?
• What is its core function?
• Where is it located?
• How is it going to make money?
• How much money (if any) is it already making?
• What are its financial projections?

The best format for your executive summary is paragraphs. Utilizing bullets and headings is also useful formatting within an executive summary, as it aids the reader in scanning the content on the page.

2. Company Overview Section

The company overview is the perfect place to highlight the strengths of your business. This section gives the reader additional information about your products and/or services and describes your company’s past accomplishments.

Including the below in this section will provide further clarity about your business:

• What type of business you are (e.g., C-Corporation, sole proprietor)
• When your business started
• Business’ accomplishments to date

The best formatting to use in this section is paragraphs to describe your company’s strengths and products/services. You should also include a chart that outlines your company’s achievements to date.

3. Industry or Market Analysis

The industry or market analysis gives the reader a clear understanding of your industry and the audience it serves. It includes a detailed explanation of your market size and trends.

Typically, the format of this section should be paragraphs. Feel free to include charts and graphs to best convey the information to the reader.

4. The Customer Analysis States Who Your Customers Are and What They Need

In this section of your plan, explain who your target customers are and identify their specific needs. Doing this will help you better target and attract customers.

5. Competitive Analysis

The Competitive Analysis section identifies your direct and indirect competitors. It discusses who they are and their strengths and weaknesses. It then details your areas of competitive advantages.

Whether your competitors are small or large businesses, describe them. Telling investors there are no competitors (big or small) often gives the impression that a market does not exist for your company.

With regards to formatting, use paragraphs to describe each competitor. As appropriate, adding a competitor matrix to show similarities and differences between your company and the competition can be very powerful.

6. Your Marketing Plan is a Key Section

The marketing & sales section of your business plan should outline how you plan to attract new customers and retain old ones. This section should outline the ways customers can be introduced to and engage with your offerings and describe how you will convert these prospects into paying customers.

Set marketing objectives that include the following (if applicable):

• Introducing new products
• Extending the market reach
• Exploring new markets
• Boosting sales
• Cross-selling
• Creating a long-term partnership with clients
• Increasing prices without affecting sales
• Creating a content marketing strategy

Organize your Marketing Plan into the 4 P’s – Price, Product, Promotions and Place. If you have multiple products or services, include a menu with each key item and its price.

7. The Operations Plan Format

Your Operations Plan identifies your key operational processes and milestones you expect to accomplish. Using a Gantt chart is a great way to show your expected future milestones. You can also format this section with tables that document the dates of future milestones.

8. You Need to Prove Your Management Team Can Execute

“A company is only as good as the people it keeps.” – Mary Kay Ash, American Entrepreneur and Businesswoman

The Management Team section of your business plan focuses on the people who run the business.

Who are the decision-makers, who is the product expert, who is the operations head, and who is running the entire show? A glimpse into the expertise and capabilities of your team members and how their experiences will help grow your business will boost stakeholder confidence.

To improve the formatting and best convey your management team to readers, consider adding an organizational chart that shows your team members and reporting structure.

9. Format Your Financial Plan

The goal of this section is to convince the reader that your business is stable and will be financially successful. Arm this section with past and/or forecasted cash flow statements, balance sheets, profit & loss statements, expense budgeting and sales forecasts.

If you run an operational business, include 3 years of historical data to help investors gain an understanding of how feasible your funding request is and if your business is capable of generating good returns.

Also include your funding request, if applicable, in this section. You should mention how much investment is required to take your business to the next significant milestone and how the money will be spent. You should also define if you are seeking debt or equity funding. If you are seeking debt financing like an SBA loan, ensure your financial projections include the debt and show steady repayments of both the principal and return under reasonable loan terms.

If you are seeking equity financing, you don’t need to include your valuation expectations in the business plan, but you should be aligned within your ownership team on the amount of equity you are willing to exchange before you pitch investors.

Example Financial Plan

Projected sales, gross profit & net income.

5 Year Annual Income Statement

5 Year Annual Balance Sheet

5 Year Annual Cash Flow Statement

10. Appendix

This section includes supporting documentation of your business case. This could include renderings of a planned store location, market research reports referenced in the plan, key supplier or buyer contracts that substantiate your financial projections or historical marketing and sales data.

Formatting Your Business Plan

Overall, business plans should use simple and standard formatting. Twelve point font size in a standard font like Arial or Times New Roman is best, as well as the standard margin size of one inch on each side. Pages should be numbered, and the name of the company should appear on each page in the header or footer.

Use charts whenever possible as it makes it much easier for readers to consume the information in your plan.

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Business plan template

If you’re looking for a way to start your business off on the right foot, a business plan template can help you establish the foundation for your strategy. Get started in a few clicks with Asana’s free business plan template.

Sign up to use this template.

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You’re pumped—you just thought of the greatest business idea ever. You want to get started, but you don’t have a plan laid out. You need a loan to get your idea off the ground, and the bank wants to see an in-depth business plan. We’re here to help.

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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Goals . Goals in Asana directly connect to the work you’re doing to hit them, making it easy for team members to see what they’re working towards. More often than not, our goals live separate from the work that goes into achieving them. By connecting your team and company goals to the work that supports them, team members have real-time insight and clarity into how their work directly contributes to your team—and company—success. As a result, team members can make better decisions. If necessary, they can identify the projects that support the company’s strategy and prioritize work that delivers measurable results. 

Reporting . Reporting in Asana translates project data into visual charts and digestible graphs. By reporting on work where work lives, you can reduce duplicative work and cut down on unnecessary app switching. And, because all of your team’s work is already in Asana, you can pull data from any project or team to get an accurate picture of what’s happening in one place.

Milestones . Milestones represent important project checkpoints. By setting milestones throughout your project, you can let your team members and project stakeholders know how you’re pacing towards your goal. Use milestones as a chance to celebrate the little wins on the path towards the big project goal. 

Project Overview . Project Overview is your one-stop-shop for all important project context. Give your team a bird’s-eye view of the what, why, and how of your project work. Add a project description to set the tone for how you’ll work together in Asana. Then, share any important resources and context—like meeting details, communication channels, and project briefs—in one place.

Microsoft Teams . With the Microsoft Teams + Asana integration, you can search for and share the information you need without leaving Teams. Easily connect your Teams conversations to actionable items in Asana. Plus, create, assign, and view tasks during a Teams Meeting without needing to switch to your browser.

Slack . Turn ideas, work requests, and action items from Slack into trackable tasks and comments in Asana. Go from quick questions and action items to tasks with assignees and due dates. Easily capture work so requests and to-dos don’t get lost in Slack. 

Google Workplace . Attach files directly to tasks in Asana with the Google Workplace file chooser, which is built into the Asana task pane. Easily attach any My Drive file with just a few clicks.

Gmail . With the Asana for Gmail integration, you can create Asana tasks directly from your Gmail inbox. Any tasks you create from Gmail will automatically include the context from your email, so you never miss a beat. Need to refer to an Asana task while composing an email? Instead of opening Asana, use the Asana for Gmail add-on to simply search for that task directly from your Gmail inbox. 

How do I create a business plan template? .css-i4fobf{-webkit-transition:-webkit-transform 200ms ease-in-out;transition:transform 200ms ease-in-out;-webkit-transform:rotateZ(0);-moz-transform:rotateZ(0);-ms-transform:rotateZ(0);transform:rotateZ(0);}

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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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

Business Proposal Cover Letter

Proposal maker.

The cover letter of a business proposal is as important as the proposal itself. And it is quite distressing to know that some people do not put the right amount of time and effort in making a cover letter. It is in fact very critical to just see the cover letter as additional work in creating the whole business proposal.

Proponents of business proposals spend countless days and nights perfecting the business proposal but only spend a couple of minutes making a cover letter. Not only does it shout neglect, it can also be interpreted as being unprepared. Remember that the cover letter covers the proposal, it is the first piece of the proposal that the investor sees.

The cover letter directly addresses the person in charge of reviewing your business proposal. It is your chance to blow away and convince the investor to take a chance with your proposal. Neglecting its importance will greatly affect the chances of achieving the intended success of the business proposal. You may also see email cover letter examples.

Importance of a Cover Letter in the Business Proposal

The cover letter of the business proposal is one of the most important parts of the business proposal itself. It has been proven that in general, three parts of the business proposal are examined meticulously; the cover letter/i ntroduction/ executive summary , the costs and the timescales.

The cover letter has a strong correlation with the executive summary of the proposal. Therefore, the cover letter is the stripped down version of the executive summary. It only presents the key points on the major topics of the business proposal. It stands independently on its own; when the investor is unable to read the business proposal as a whole or even the executive summary, the cover letter can still present the major keys of the whole business proposal. You may also see business proposal letter examples.

Your cover letter is your chance to have a personal word with the investor and prepare him/her for what’s in-store. It should state that there is in fact a business proposal attached with the letter and that you are applying for a business loan or to start your own business. It also states the benefits the investor will gain when they invest in your business and it helps you make the investors believe that there is a good return of investment in your business. You may also like application letter examples & samples.

It does not merely introduce what the business proposal is all about, in fact it clearly summarizes the major points made in the executive summary. It carefully distills the message you are trying to relay in your business proposal. And since it is a summary of a summary, it does not need to be lengthy. So long as the major points have been thoroughly discussed and presented, your cover letter is doing just fine. You may also check out professional cover letter examples.

As mentioned before, it also acts as the cover of your proposal. Therefore, it should display your passion, eagerness and desire to fully pursue and work for the intended project. As it aims to convince the investors, important details that greatly affect the whole proposal must be included in the cover letter. You might be interested in business letter examples.

Business Proposal Cover Letter Template

• Google Docs

Size: 87 KB

Business Funding Proposal Cover Letter Template

Size: 70 KB

Business Proposal Cover Letter Example

Size: 167 KB

Are you on the lookout for a Nonprofit Cover Letter Examples template? Then, checkout this template now. It not only comes with high quality design but you can also use it in any way you want. The editable and customizable option will make it easier to choose your template design in an efficient way.

Structure of the Cover Letter

Aside from all the necessary parts like the address, greetings, closings, etc. it is important to know the major structure of a cover letter for your business proposal.

1. Introduction

It is the most important part of you letter. It is the hook and it should immediately capture the reader’s attention. You can start it broadly but not too broad that you’ll need to dive into so much detail. However, it is always a better option to be direct and straight to the point. You may also see appointment letter examples & samples.

You introduction must briefly introduce you as the proponent and should carefully explain your purpose and ideas. Shock them with your unique ideas and urge them read more of the letter and the business proposal. It should be captivating and spark interest in your proposal. It is important to clearly but briefly the purpose and goals of your proposal in your letter .

For example,  “This letter is intended to formally propose septic tank cleaning services for the Name of Apartment Complex. We have been successfully the number one septic tank draining and cleaning service provider in more than 10 apartment complexes in CITY, for the past 25 years and would be happy to give testimonials from our customers. We respond 24/7 to all emergency requirements and make sure the septic tanks in every apartment is working efficiently.” You may also like complaint letter examples & samples.

The body of your letter should be direct and avoid indecision. It must clearly explain and justify the purpose of your business proposal. ‘Maybes’ and ‘Ifs’ have no place in your letter since nothing breaks trust faster than indecision and being unsure. You have to prove that you are worth every penny that the investor might invest in your proposal. You may also check out reference letter examples.

It communicates how qualified you are as the proponent in implementing the proposal. The body should provide evidence of your qualifications and the study you have conducted in the feasibility of the proposed subject. It should be clear to the investors that you have given your proposal enough thought, study and research so that can trust your vision. You might be interested in employee reference letter samples .

Eliminate the possibility of doubt. The investor must fully understand your objectives and how you plan to achieve them. Always highlight your qualifications but avoid sounding conceited. For example you can describe how adequate you are in the field, how well trained your team is or how advance your equipment are. This will let the investor know that you or your company are entirely capable of doubling what they invest. You may also see new hire welcome letter examples.

3. Conclusion

In the conclusion, always invite them to read the business proposal as a whole. It’s always a welcomed lead-on to encourage the reader to read the rest of your proposal since you have provided a well-researched and well-written proposal that supports your claims. You may also like official resignation letter examples.

Always aim to encourage them to take a chance on reading and understanding the rest of your proposal since it is the main purpose of your cover letter. Most importantly, include your contact information in the closing of your letter so they know when and where to reach you whenever they need further discussion on the matter. You may also check out termination letter examples & samples.

Foundation Proposal Cover Letter Example

Size: 295 KB

Editable Business Proposal Cover Letter Example

Size: 60 KB

How to Write a Business Proposal Cover Letter

1. Should you decide to use an electronic format or even yet a video and go paperless, it is also acceptable. However, if you want to pursue the traditional way, the cover letter of your business proposal must be in a business or professional format. It must follow the structure of basic business letter .

You can start with the basic format before the actual content. The header of your letter should include the name of your company, your address, and your contact information. You can then add the name of the recipient along with his/her designation and their company’s contact information. Do not forget the date in your letter. Then, address the recipient with his/her title, for example, Mr. Ms. Mrs. Engr., etc. After so, choose the right closing for your letter like ‘Sincerely’ or ‘Respectfully.’ At this point your letter should look like this:

2. Depending on the nature the proposal, it can either be solicited or unsolicited, the requirement for the proposal or the problem to be addressed must be discussed. If the proposal is solicited, ask yourself why the investor has sought out your products or services, or what problems do they have that you can easily solve. In this way, you can start the introduction of your letter accordingly. For example in a solicited proposal you can start by saying: “As we discussed in our last meeting…” and then immediately state the issue/requirement in the same single sentence. You may also see how to write a personal letter with examples .

If you are submitting an unsolicited business proposal, start your letter immediately with a hook. You need to truly shock your readers so they can be encouraged to read more. Stating a pertinent question always works or monetary consequences of a problem to evoke strong emotions. For example, “How would you like to increase your sales by 50% in the next 6-months while lowering your marketing expenses?” or “An average company loses $1,000 every day on electrical wastage! Our solution eliminates that electrical waste.” You may also like notice letter examples .

3. Advertise what you can bring to the table. Tell your readers that you have conducted studies to help prove that you can be a big asset to the company. Talk about the analysis you conduct to help figure out the problem and the solutions you can and will provide. State the results of those studies that back up your claims. It can be presented in a bullet point format following an sentence or two about the analysis. The list should clearly explain the goals you try to achieve through your product and//or services. You may also check out recommendation letter examples & samples .

For example:

“We will analyze/have analyzed (as may be applicable) the complete operation of your company and we have found that through the use of our service, your company will:

• Increase brand awareness
• Increase marketing ROI by over 50%
• Rationalize your pre-sales and post-sales process
• Acquire new client segments including the untapped local client base, and lower your new client acquisition costs by over 30%”

4. In this step, it is important to realize that this doesn’t mean highlighting the features of your product or services. This is when and where you clearly explain the benefits the investor will have from your proposal. You should clearly state what the investor will receive upon purchasing your products and/or services. For example, “By using this approach to the whole operation process, we can help your company increase revenue by over 50% while at the same time creating an excellent environment for your future products.” You may also see vehicle expense reimbursement policy letter .

It is also optional to include you qualifications as the proponent. You can mention why and how you or yur company is the best option to handle the issue over the others.

5. Finally, as the conclusion of your letter or video, you have to tell the recipient what you want him/her to do next. This is a blatant but very much necessary to do so since this is the call-to-action part of your letter. This can be encouraging the recipient to read the rest of the proposal or urging him/her to get in touch in order to discuss the proposal in person. In this case, you have to include your relevant contact information so the recipient can easily get in touch. You may also like how to write a job resignation letter .

By the end of all of these steps, your letter will look like this:

Size: 256 KB

In conclusion, a cover letter for a business proposal is a vital part of the whole. It introduces not only you as the proponent but also the main purpose and the goal of the proposal as well. It briefly explains the major points made in the content and the whole proposal and prepares the reader for what he/she is about to read. You may also see how to write an official letter .

We hope we were able to clearly explain the importance and how to write your own cover letter for you business proposal.

Text prompt

• Instructive
• Professional

Generate a proposal for a new school recycling program

Compose a proposal for a school field trip to a science museum.

• Sample Letters

FREE 6+ Business Plan Cover Letter Samples in MS Word | PDF

Whether or not you are applying for a job, you would need to know how to write a cover letter. Who knows, it might come in handy in he future, right? The main purpose of a cover letter sample , according to Youth Central Australia, is to introduce you, motivate your potential employer to read your resume, mention the job that you want or the job that you’re looking for, match the skills that you have with the skills that’s required by the job that you want, and finally, you can request for an job interview or ask them for a job interview meeting.

Business Plan Cover Letter

32 sample business proposal letters, sample business proposal cover letter - 7+ documents in pdf, word, sample business cover letter - 7+ examples in word, pdf.

You can also find some  Sample Cover Letters  on this page to help and guide you for free.

Business Plan Cover Letter to Bank Template

• Google Docs

Business Plan Cover Letter Template

Sample Business Plan Cover Letter to Bank Template

Cover Letter for Bakery Business Plan Template

Before writing for your killer business cover letter, you need to have everything ready. From the format to the business letter salutations, every detail is a pressing issue. Here are some ways in which it might be helpful to ace your business cover letter to get you that awesome dream job, and along with it are  Sample Entry Level Cover Letters  that you can use as a guide and download for free.

• Know who you’re sending it to and do your research – ideally, it is preferable to know who you’re sending your business cover letters to and address them with formality (for example, using the salutations Mr. and Miss or Mrs.).
• Know more about what you’re getting into – find out more about the job analysis that you wanted and find out how the process works with the people who has that certain job position.
• Find some important details about the company – it is very important to ask around some information about the potential company that you wanted to work with in the future and which you have chances of working with in the future.
• Basic information – always keep in mind to provide them where and how to reach you (phone and telephone numbers, e-mail address, house address).

Business Plan Cover Letter for Investor Template

Business Plan Loan Cover Letter Example

Size: 75 KB

Sample Business Plan Cover Letter Template

Along with those business writing tips and guidelines, we also have here our Best Business Proposal Samples, in case you’ll need to propose either a grand or a simple business idea. It’s quite handy. You might also find the sample useful and convenient. Not only that, but it also gives you some insights on how to go about on writing a business proposal, which can be very useful when the time comes. Other than that, as you go along the way, you will eventually get used to business writing. Moreover, practice makes perfect. And one way or another, you would have to practice, see which writing technique would suit you, and you can go from there.

Another reminder to also consider, just like when writing a business cover letter, it is also essential to provide and indicate your contact details on your letter so that it isn’t so hard to reach and get in touch with you. Your e-mail address, house address, and a professional sample website portfolio are usually necessary to incorporate with the cover letter so that your potential employer wouldn’t find it difficult to look for something if they’re curious or if they would want to ask you about something and see your work output and the services that you offer.

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How to Write a Small Business Plan

• Published August 26, 2024 August 26, 2024

Starting a small business can be both exciting and overwhelming. To set yourself up for success, start by creating a solid small business plan. A business plan not only helps you clarify your ideas but also serves as a roadmap for growth and a tool to attract investors and secure loans.

What is a Small Business Plan?

A business plan is a document that explains what your business does, how you intend to make money, and what your future strategies will be. According to the U.S. Small Business Association , “Your business plan is the tool you’ll use to convince people that working with you—or investing in your company—is a smart choice.” It often includes a mission statement, details about the products or services offered, and a timeline for achieving goals. They are also living documents, so you can—and should—change your business plan as your business evolves.

What to Include in Your Small Business Plan

As the U.S. Small Business Association notes, there is no right or wrong way to write a business plan. The key is to structure your plan to meet your business’s needs. Here’s a simple guide to help you write a small business plan (along with some essential business banking tips to keep in mind).

1. Executive Summary

What it is: A brief overview of your business, including your mission statement, the products or services you offer, and your business goals.

Why it matters: This section captures the essence of your business and is often the first thing potential investors or lenders will read. Keep it concise and compelling.

2. Business Description

What it is: A detailed description of your business, including its history, the market needs it will meet, and what sets it apart from competitors.

Why it matters: This section shows you have a clear understanding of your industry and your place within it.

3. Market Analysis

What it is: An analysis of your target market, including demographics, buying habits, and market trends.

Why it matters: Demonstrating knowledge of your market can help you craft strategies that resonate with your audience and help you stand out.

4. Organization and Management

What it is: A breakdown of your business’s organizational structure, including the roles of your team members.

Why it matters: This section shows that you have the right people in place to execute your business plan.

5. Product Line or Services

What it is: A detailed description of the products or services your business will offer.

Why it matters: Clearly defining what you’re selling helps investors and customers understand your value proposition.

6. Marketing and Sales Strategy

What it is: Your plan for attracting and retaining customers, including pricing, promotion, and distribution strategies.

W hy it matters: A strong marketing plan shows that you’re serious about reaching your target audience and generating revenue.

7. Funding Request

What it is: If you’re seeking financing, this section outlines how much money you need, what you’ll use it for, and how you’ll repay it.

Why it matters: Being clear about your financial needs and plans shows lenders that you’re responsible and prepared.

8. Financial Projections

What it is: Forecasts of your business’s future financial performance, including income statements, cash flow statements, and balance sheets.

Why it matters: This section shows potential lenders and investors that your business is financially viable.

9. Appendix

What it is: Additional information that supports your business plan, such as resumes, permits, and other legal documents.

Why it matters: The appendix provides credibility and additional context for your business plan.

Writing a small business plan might seem daunting but breaking it down into these sections makes it manageable. Remember, your business plan is a living document—update it regularly as your business grows and changes.

With a well-thought-out business plan and the right banking strategies in place, you’ll be better positioned to navigate the challenges of starting and growing your small business.

Small Business Banking Tips

• When seeking funding, consider opening both business checking and savings accounts to draw a clear line between your personal and business finances. This makes managing your finances easier and more professional.
• Use online business banking tools to monitor your cash flow regularly. Many financial institutions (including Maps) offer budgeting tools that can help you track expenses and income in real time, making it easier to stay on top of your financial projections.
• As your business evolves, your banking needs might change too. Regularly review your business bank account, credit options, and financial services to ensure they align with your current goals.

Want more small business strategies?

• Check out our article on how to minimize small business taxes (coming soon).
• Learn about the business banking tools Maps has to offer .
• Find out whether your  side hustle should become a small business .

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New cruise terminal plan halted at Port Canaveral

PORT CANAVERAL, Fla. — Canaveral Port Authority commissioners voted to reverse its plan to add a new cruise terminal on Wednesday.

This would have accommodated large cruise vessels.

What You Need To Know

The canaveral port authority voted to reverse plans to add a new cruise terminal this comes at a time when commissioners received a letter from state leaders threatening to halt state funding the reason — state leaders reportedly say the port needs a place for everyone, and want there to be a focus on the space industry.

The change comes after commissioners received a letter from state leaders threatening to halt funding.

The reason — state leaders reportedly say the port needs a place for everyone, and want there to be a focus on the space industry.

“The letter specifically addressed the state’s disappointment in the location, and it reinforced that we are to support space and support cargo in that location,” said Micah Loyd, the chairman of the Canaveral Port Authority. “There’s no one interest, whether it be space, cargo, commercial fishing, cruising, that is more important than the other,” Loyd said. 

Chief Executive Officer for the Port Authority John Murray said the need for another cruise terminal won’t go away. But for now, he needs to keep the peace.

“We’re a very diverse port. It’s a challenge to keep all the interests happy at all times. That’s really what we do here, keep all of our constituencies happy,” Murray said. 

At Ludz BBQ, owner Brenda Bernard says her business thrives on busy port days.

While a new terminal doesn’t appear to be in the cards right now, she remains optimistic more people will still be coming her way.

“I think that is the part that is the most vital is to make sure the community, the businesses, and all the business opportunities that would have come from it still have an opportunity. It just may be some time before it takes launch and moves forward,” Bernard said.  

Sure, additional customers would be nice, she said, but Bernard is staying the course. 

“Right now, I think we’re good. I think that there’s enough to keep us afloat to do the things that we do. We’re just looking forward to capitalizing on the opportunities to continue to employ people and make sure we stay connected with our community,” Bernard said.  

Murray said he’s committed to this goal, bringing economic success to Central Florida. 

We also reached out to state leaders for comment on the decision and to obtain the letter that was sent to commissioners but have yet to hear back.

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