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examples of best business plan

The 7 Best Business Plan Examples (2024)

As an aspiring entrepreneur gearing up to start your own business , you likely know the importance of drafting a business plan. However, you might not be entirely sure where to begin or what specific details to include. That’s where examining business plan examples can be beneficial. Sample business plans serve as real-world templates to help you craft your own plan with confidence. They also provide insight into the key sections that make up a business plan, as well as demonstrate how to structure and present your ideas effectively.

Example business plan

To understand how to write a business plan, let’s study an example structured using a seven-part template. Here’s a quick overview of those parts:

  • Executive summary: A quick overview of your business and the contents of your business plan.
  • Company description: More info about your company, its goals and mission, and why you started it in the first place.
  • Market analysis: Research about the market and industry your business will operate in, including a competitive analysis about the companies you’ll be up against.
  • Products and services: A detailed description of what you’ll be selling to your customers.
  • Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market.
  • Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background.
  • Financial plan: A map of your short-term (and even long-term) financial goals and the costs to run the business. If you’re looking for funding, this is the place to discuss your request and needs.

7 business plan examples (section by section)

In this section, you’ll find hypothetical and real-world examples of each aspect of a business plan to show you how the whole thing comes together. 

  • Executive summary

Your executive summary offers a high-level overview of the rest of your business plan. You’ll want to include a brief description of your company, market research, competitor analysis, and financial information. 

In this free business plan template, the executive summary is three paragraphs and occupies nearly half the page:

  • Company description

You might go more in-depth with your company description and include the following sections:

  • Nature of the business. Mention the general category of business you fall under. Are you a manufacturer, wholesaler, or retailer of your products?
  • Background information. Talk about your past experiences and skills, and how you’ve combined them to fill in the market. 
  • Business structure. This section outlines how you registered your company —as a corporation, sole proprietorship, LLC, or other business type.
  • Industry. Which business sector do you operate in? The answer might be technology, merchandising, or another industry.
  • Team. Whether you’re the sole full-time employee of your business or you have contractors to support your daily workflow, this is your chance to put them under the spotlight.

You can also repurpose your company description elsewhere, like on your About page, Instagram page, or other properties that ask for a boilerplate description of your business. Hair extensions brand Luxy Hair has a blurb on it’s About page that could easily be repurposed as a company description for its business plan. 

company description business plan

  • Market analysis

Market analysis comprises research on product supply and demand, your target market, the competitive landscape, and industry trends. You might do a SWOT analysis to learn where you stand and identify market gaps that you could exploit to establish your footing. Here’s an example of a SWOT analysis for a hypothetical ecommerce business: 

marketing swot example

You’ll also want to run a competitive analysis as part of the market analysis component of your business plan. This will show you who you’re up against and give you ideas on how to gain an edge over the competition. 

  • Products and services

This part of your business plan describes your product or service, how it will be priced, and the ways it will compete against similar offerings in the market. Don’t go into too much detail here—a few lines are enough to introduce your item to the reader.

  • Marketing plan

Potential investors will want to know how you’ll get the word out about your business. So it’s essential to build a marketing plan that highlights the promotion and customer acquisition strategies you’re planning to adopt. 

Most marketing plans focus on the four Ps: product, price, place, and promotion. However, it’s easier when you break it down by the different marketing channels . Mention how you intend to promote your business using blogs, email, social media, and word-of-mouth marketing. 

Here’s an example of a hypothetical marketing plan for a real estate website:

marketing section template for business plan

Logistics and operations

This section of your business plan provides information about your production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan (a.k.a. financial statement) offers a breakdown of your sales, revenue, expenses, profit, and other financial metrics. You’ll want to include all the numbers and concrete data to project your current and projected financial state.

In this business plan example, the financial statement for ecommerce brand Nature’s Candy includes forecasted revenue, expenses, and net profit in graphs.

financial plan example

It then goes deeper into the financials, citing:

  • Funding needs
  • Project cash-flow statement
  • Project profit-and-loss statement
  • Projected balance sheet

You can use Shopify’s financial plan template to create your own income statement, cash-flow statement, and balance sheet. 

Types of business plans (and what to write for each)

A one-page business plan is a pared down version of a standard business plan that’s easy for potential investors and partners to understand. You’ll want to include all of these sections, but make sure they’re abbreviated and summarized:

  • Logistics and operations plan
  • Financials 

A startup business plan is meant to secure outside funding for a new business. Typically, there’s a big focus on the financials, as well as other sections that help determine the viability of your business idea—market analysis, for example. Shopify has a great business plan template for startups that include all the below points:

  • Market research: in depth
  • Financials: in depth

Your internal business plan acts as the enforcer of your company’s vision. It reminds your team of the long-term objective and keeps them strategically aligned toward the same goal. Be sure to include:

  • Market research

Feasibility 

A feasibility business plan is essentially a feasibility study that helps you evaluate whether your product or idea is worthy of a full business plan. Include the following sections:

A strategic (or growth) business plan lays out your long-term vision and goals. This means your predictions stretch further into the future, and you aim for greater growth and revenue. While crafting this document, you use all the parts of a usual business plan but add more to each one:

  • Products and services: for launch and expansion
  • Market analysis: detailed analysis
  • Marketing plan: detailed strategy
  • Logistics and operations plan: detailed plan
  • Financials: detailed projections

Free business plan templates

Now that you’re familiar with what’s included and how to format a business plan, let’s go over a few templates you can fill out or draw inspiration from.

Bplans’ free business plan template

examples of best business plan

Bplans’ free business plan template focuses a lot on the financial side of running a business. It has many pages just for your financial plan and statements. Once you fill it out, you’ll see exactly where your business stands financially and what you need to do to keep it on track or make it better.

PandaDoc’s free business plan template

examples of best business plan

PandaDoc’s free business plan template is detailed and guides you through every section, so you don’t have to figure everything out on your own. Filling it out, you’ll grasp the ins and outs of your business and how each part fits together. It’s also handy because it connects to PandaDoc’s e-signature for easy signing, ideal for businesses with partners or a board.

Miro’s Business Model Canvas Template

Miro

Miro’s Business Model Canvas Template helps you map out the essentials of your business, like partnerships, core activities, and what makes you different. It’s a collaborative tool for you and your team to learn how everything in your business is linked.

Better business planning equals better business outcomes

Building a business plan is key to establishing a clear direction and strategy for your venture. With a solid plan in hand, you’ll know what steps to take for achieving each of your business goals. Kickstart your business planning and set yourself up for success with a defined roadmap—utilizing the sample business plans above to inform your approach.

Business plan FAQ

What are the 3 main points of a business plan.

  • Concept. Explain what your business does and the main idea behind it. This is where you tell people what you plan to achieve with your business.
  • Contents. Explain what you’re selling or offering. Point out who you’re selling to and who else is selling something similar. This part concerns your products or services, who will buy them, and who you’re up against.
  • Cash flow. Explain how money will move in and out of your business. Discuss the money you need to start and keep the business going, the costs of running your business, and how much money you expect to make.

How do I write a simple business plan?

To create a simple business plan, start with an executive summary that details your business vision and objectives. Follow this with a concise description of your company’s structure, your market analysis, and information about your products or services. Conclude your plan with financial projections that outline your expected revenue, expenses, and profitability.

What is the best format to write a business plan?

The optimal format for a business plan arranges your plan in a clear and structured way, helping potential investors get a quick grasp of what your business is about and what you aim to achieve. Always start with a summary of your plan and finish with the financial details or any extra information at the end.

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Blog Business 15+ Best Business Plan Examples for Entrepreneurs & Startups

15+ Best Business Plan Examples for Entrepreneurs & Startups

Written by: Jennifer Gaskin Jun 09, 2021

15+ Business Plan Examples to Win Your Next Round of Funding Blog Header

Not having a solid plan makes it unlikely for you to achieve the goals you seek, whether it’s getting your to-do list done or launching a successful organization.

In the early stages of a company, that means developing things like pitch decks, business plans, one-sheeters and more. With Venngage’s Business Plan Builder , you can easily organize your business plan into a visually appealing format that can help you win over investors, lenders or partners.

Learn more about how to create a business plan so you can hit the ground running after reading through this list for inspirational business plan templates .

15+ Best business plan examples for entrepreneurs and startups

Simple business plan example, startup business plan example, small business plan example, nonprofit business plan example, strategic business plan example, market analysis business plan example, sales business plan example, organization and management business plan example, marketing and sales strategy business plan example, apple business plan example, airbnb business plan example, sequoia capital business plan example.

While your business plan should be supported by thorough and exhaustive research into your market and competitors, the resulting document does not have to be overwhelming for the reader. In fact, if you can boil your business plan down to a few key pages, all the better.

Simple business plan outline:

  • Table of contents : List all sections and sub-sections within the business plan.
  • Business review : Include an overview of the business’s purpose, history, and key objectives.
  • The market : Analyze the target market, including customer demographics and market needs.
  • The competition : Evaluate the main competitors and their strengths and weaknesses in the market.

examples of best business plan

The simple, bold visual aesthetic of this  business plan template  pairs well with the straightforward approach to the content and various elements of the business plan itself.

Use Venngage’s My Brand Kit  to automatically add your brand colors and fonts to your business plan with just a few clicks.

An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.

For a typical startup, the need to appear disruptive in the industry is important. After all, if you’re not offering anything truly new, why would an investor turn their attention toward your organization. That means establishing a problem and the ways in which you solve it right away.

Startup business plan outline:

  • The problem : Identify the specific issue or pain point your startup aims to solve.
  • Target market & opportunity : Define your customers and the potential market size.
  • The solution : Describe the product or service that addresses the identified problem.
  • Traction and validation/roadmap : Outline the progress made so far and the future milestones and goals.

examples of best business plan

Whether it’s a full-scale business plan or, in this case, a pitch deck, the ideal way for a startup to make a splash with its plans is to be bold. This successful business plan example is memorable and aspirational.

In the Venngage editor, you can upload images of your business. Add these images to your plans and reports to make them uniquely your own.

All businesses start out small at first, but that doesn’t mean their communications have to be small. One of the best ways to get investors, lenders and talent on board is to show that you’ve done your due diligence.

Small business plan outline:

  • Table of contents : List down of all the sections and sub-sections in the business plan.
  • Business overview : Include a quick overview of what your business is all about, including your mission and goals.
  • The market : Analyzes who your customers are, what they need, and how big the market is.
  • The competition : Look into your main competitors and what they’re good at (and not so good at).
  • Sales and marketing plan : Lay out your game plan for attracting and keeping customers.
  • Operating plan : Explain how you’ll run the day-to-day operations and manage the business.

examples of best business plan

In this small business plan example, the content is spread over many pages, which is useful in making lengthy, in-depth research feel less like a chore than packing everyone on as few pages as possible.

Organizations that set out to solve problems rather than earning profits also benefit from creating compelling business plans that stir an emotional response in potential donors, benefactors, potential staff members or even media.

Nonprofit business plan outline:

  • Table of contents : Lists all sections and sub-sections of your nonprofit business plan.
  • Introduction : Provide an overview of your mission and purpose.
  • Goal : State the specific objectives your nonprofit organization aims to achieve.
  • Impact & strategy : Explain how you plan to create positive change and the methods you will use.

Green Tree Nonprofit Business Plan

Simplicity is the goal for nonprofits when it comes to business plans, particularly in their early days. Explain the crisis at hand and exactly how your organization will make a difference, which will help donors visualize how their money will be used to help.

Business plans are also helpful for companies that have been around for a while. Whether they’re considering new products to launch or looking for new opportunities, companies can approach business plans from the strategy side of the equation as well.

Strategic business plan outline:

  • The problem, issue, or job at hand : Define the specific challenge or task the strategic plan addresses.
  • Approach & methodology : Describe the methods and strategies that will be used to tackle the problem or achieve the objective.

examples of best business plan

Strategic business plans or strategy infographics should be highly focused on a single area or problem to be solved rather than taking a holistic approach to the entire business. Expanding scope too much can make a strategy seem too difficult to implement.

Easily share your business plan with Venngage’s multiple download options, including PNG, PNG HD, and as an interactive PDF.

One-page business plan example

For organizations with a simple business model, often a one-page business plan is all that’s needed. This is possible in any industry, but the most common are traditional ones like retail, where few complex concepts need to be explained.

examples of best business plan

This one-page strategic business plan example could be easily replicated for an organization that offers goods or services across multiple channels or one with three core business areas. It’s a good business plan example for companies whose plans can be easily boiled down to a few bullet points per area.

Especially when entering a saturated market, understanding the landscape and players is crucial to understanding how your organization can fit it—and stand out. That’s why centering your business plan around a market analysis is often a good idea.

Market analysis business plan outline:

  • Table of contents : Lists all sections and sub-sections of the market analysis business plan.
  • Executive summary : Provide a brief overview of the key points of the market analysis.
  • Business overview : Summarize your business’s mission, vision and core activities.
  • The market : Analyze the target market, including customer demographics and market trends.
  • The competition : Review the main competitors and their market positioning.
  • Sales & marketing plan : Outline strategies for reaching and engaging customers.
  • Operating plan : Details the day-to-day operations and management structure.

examples of best business plan

In this example, the majority of the content and about half the pages are focused on the market analysis, including competitors, trends, pricing, demographics and more. This successful business plan example ensures the artwork and style used perfectly matches the company’s aesthetic, which further reinforces its position in the market.

You can find more memorable business plan templates to customize in the Venngage editor. Browse Venngage’s  business plan templates  to find plans that work for you and start editing.

Company description business plan example

Depending on the market, focusing on your company story and what makes you different can drive your narrative home with potential investors. By focusing your business plan on a company description, you center yourself and your organization in the minds of your audience.

Company description business plan outline:

  • Executive summary : Briefly summarize the key components and objectives of the company description section.
  • Approach & direction : Outline the company’s strategy, goals and the direction it intends to take in achieving them.

examples of best business plan

This abbreviated plan is a good business plan example. It uses most of the content to tell the organization’s story. In addition to background about the company, potential investors or clients can see how this design firm’s process is different from their rivals.

With Venngage Business , you can collaborate with team members in real-time to create a business plan that will be effective when presenting to investors.

Five-year business plan example

For most startups or young companies, showing potential investors or partners exactly how and when the company will become profitable is a key aspect of presenting a business plan. Whether it’s woven into a larger presentation or stands alone, you should be sure to include your five-year business plan so investors know you’re looking far beyond the present.

examples of best business plan

With Venngage’s Business Plan Builder , you can customize a schedule like this to quickly illustrate for investors or partners what your revenue targets are for the first three to five years your company is in operation.

The lifeblood of any company is the sales team. These are the energetic folks who bring in new business, develop leads and turn prospects into customers. Focusing your energy on creating a sales business plan would prove to investors that you understand what will make your company money.

Sales business plan outline:

  • Table of contents : List all sections and subsections within the sales business plan.
  • Target market : Identify the specific segment or segments of customers the sales efforts will focus on.
  • Customer profile : Provide detailed descriptions of the ideal customers, including demographics, preferences and needs.
  • Action plan : Outline the specific steps and strategies to be taken to reach and engage the target market and achieve sales objectives.

examples of best business plan

In this example sales business plan, several facets of ideal buyers are detailed. These include a perfect customer profile that helps to convey to your audience that customer relationships will be at the heart of your operation.

You can include business infographics in your plan to visualize your goals. And with Venngage’s gallery of images and icons, you can customize the template to better reflect your business ethos.

Company mergers and shakeups are also major reasons for organizations to require strong business planning. Creating new departments, deciding which staff to retain and charting a course forward can be even more complex than starting a business from scratch.

Organization and management business plan outline:

  • Table of contents : List all sections and subsections within the organization and management business plan.
  • About us : Provide an overview of the organization, its mission, vision and values.
  • Project summary : Summarize the key details and objectives of the project.
  • Project timeline : Outline the milestones and schedule for completing the project.

examples of best business plan

This organization and management business plan focuses on how the company can optimize operations through a few key organizational projects.

Executive summary for business plan example

Executive summaries give your business plan a strong human touch, and they set the tone for what’s to follow. That could mean having your executive leadership team write a personal note or singling out some huge achievements of which you’re particularly proud in a business plan infographic .

Executive summary business plan outline:

  • Table of contents : Lists all sections and subsections within the executive summary business plan.
  • Executive summary : Provide a concise overview of the entire business plan, highlighting key points and objectives.
  • Statement of problem : Clearly define the specific issue or challenge the business aims to address.
  • Approach & methodology : Outline the methods and strategies that will be employed to solve the stated problem or achieve the desired goals.

examples of best business plan

In this executive summary for a business plan, a brief note is accompanied by a few notable achievements that signal the organization and leadership team’s authority in the industry.

Marketing and sales are two sides of the same coin, and clever companies know how they play off each other. That’s why centering your business plan around your marketing and sales strategy can pay dividends when it comes time to find investors and potential partners.

Marketing and sales strategy business plan outline:

  • Table of contents : List all sections and subsections within the marketing and sales strategy business plan.
  • Positioning : Describe how the business intends to position its products or services in the market to stand out from competitors.
  • Value prop : Highlight the unique value proposition that the business offers to its target customers, including its benefits and advantages.
  • Marketing strategy : Outline the overall approach and tactics that will be used to promote the products or services and attract customers.

examples of best business plan

This marketing and sales business plan example is the picture of a sleek, modern aesthetic, which is appropriate across many industries and will speak volumes to numbers-obsesses sales and marketing leaders.

Do business plans really help? Well, here’s some math for you; in 1981, Apple had just gone public and was in the midst of marketing an absolute flop , the Apple III computer.  The company’s market cap, or total estimated market value,  could hit $3 trillion this year.

Did this Apple business plan make the difference? No, it’s not possible to attribute the success of Apple entirely to this business plan from July 1981, but this ancient artifact goes to show that even the most groundbreaking companies need to take an honest stock of their situation.

business plan example

Apple’s 1981 business plan example pdf covers everything from the market landscape for computing to the products that founder Steve Jobs expects to roll out over the next few years, and the advanced analysis contained in the document shows how strategic Jobs and other Apple executives were in those early days.

Inviting strangers to stay in your house for the weekend seemed like a crazy concept before Airbnb became one of the world’s biggest companies. Like all disruptive startups, Airbnb had to create a robust, active system from nothing.

Airbnb business plan outline:

  • Problem : Identify the specific challenge or need in the accommodation industry that the Airbnb business aims to address.
  • Solution : Describe how Airbnb’s platform provides a solution to the identified problem by connecting hosts with guests.
  • Market validation : Demonstrate through research or evidence that there is demand for Airbnb’s services.
  • Market size : Estimate the total addressable market for Airbnb’s accommodation services.
  • Product : Detail the features and functionalities of the Airbnb platform for both hosts and guests.
  • Business model : Explain how Airbnb generates revenue and sustains its operations.
  • Market adoption : Discuss the rate at which Airbnb’s services are being embraced by hosts and guests.
  • Competition : Identify other players in the accommodation industry offering similar services to Airbnb.
  • Competitive advantages : Highlight the unique strengths or advantages that set Airbnb apart from its competitors.

examples of best business plan

As this Airbnb business plan pitch deck example shows, for companies that are introducing entirely new concepts, it’s helpful not to get too into the weeds. Explain the problem simply and boil down the essence of your solution into a few words; in this case, “A web platform where users can rent out their space” perfectly sums up this popular company.

Sequoia Capital is one of the most successful venture capital firms in the world, backing startups that now have a combined stock market value of more than $1 trillion, according to a Forbes analysis .

For young companies and startups that want to play in the big leagues, tailoring your pitch to something that would appeal to a company like Sequoia Capital is a good idea. That’s why the company has a standard business plan format it recommends .

Sequoia capital business plan outline:

  • Company purpose : Clarify the core reason for the business and its overarching goals.
  • Problems : Identify specific challenges or pain points that the business aims to solve.
  • Solution : Describe how the business addresses the identified problems with its products or services.
  • Market potential : Assess the size and growth opportunities within the target market for the business.
  • Competition : Analyze existing competitors and their strengths and weaknesses in the market.
  • Business model : Outline how the business plans to generate revenue and sustain its operations.
  • Our team : Introduce the key members of the team and their relevant expertise and experience.
  • Financials : Provide projections and forecasts for the financial performance of the business.
  • Vision : Articulate the long-term aspirations and goals that the business seeks to achieve.

examples of best business plan

Using Sequoia Capital’s business plan example means being simple and clear with your content, like the above deck. Note how no slide contains much copy, and even when all slides appear on the screen at once, the text is legible.

Use Venngage to design business plans that will impress investors

Not every business plan, pitch deck or one-sheeter will net you billions in investment dollars, but every entrepreneur should be adept at crafting impressive, authoritative and informative business plans.

Whether you use one of the inspirational templates shared here or you want to go old school and mimic Apple’s 1981 business plan, using Venngage’s Business Plan Builder helps you bring your company’s vision to life.

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15+ Business Plan Examples to Help You Write Your Own

15+ Business Plan Examples to Help You Write Your Own

Written by: Caleb Bruski

examples of best business plan

Having a clear business plan and sharing your goals with investors and stakeholders is an important first step to starting a successful business. It's like Utibe Samuel Mbom said, “Those who work hard, work alone. Those who work smart, work as a team.”

Whether you’re at a startup creating a pitch deck for investors or an established corporation with a team to work with, it's crucial to write a solid business plan to help everyone grasp the goals and ultimate vision of your company.

Creating a business plan from scratch can take a lot of time and effort. Get a head start by using professionally designed business plan templates. You can find some amazing, ready-made business plan templates in Visme — complete with financial, overview and other important pages.

In this article, we'll show you 15+ business examples to help inspire your own.

Ready to create your own business plan? Build a solid document to bring your ideas to life using our business plan maker . Access pre-made templates, drag-and-drop design tools, free images, interactivity and more.

Table of Contents

  • Simple Business Plan Example
  • Creative Business Plan Example
  • Modern Business Plan Example
  • Ecommerce Business Plan Example
  • Salon Business Plan Example
  • Startup Business Plan Example
  • Nonprofit Business Plan Example
  • Coffee Shop Business Plan Example
  • Consulting Business Plan
  • Fashion Business Plan Example
  • One-Page Business Plan Example
  • SaaS Business Plan Example
  • Photography Business Plan Example
  • Real Estate Business Plan Example
  • Small Business Plan Example
  • Day Care Business Plan Example

1 Simple Business Plan Example

When a business plan is called simple, it does not mean it lacks details. A good business plan should cover the most important details of your core idea and present them in a way that's easy for your audience to understand and remember.

examples of best business plan

The simple business plan template gives you access to 10 customizable pages for your next business plan complete with stock images and a professionally designed layout that is fully customizable.

These pages can be used to explain your business goals and deadlines to your shareholders, potential investors or employees. Use this simple business plan example and template to effortlessly share your timeline and scheduled launches with others.

2 Creative Business Plan Example

Making your company stand out from the crowd is essential to running a successful business. Use this creative business plan example and template to showcase how your ideas and plans for the future are unique, and why they're worth investing in.

examples of best business plan

While creativity is what makes our world diverse, your creativity here needs to follow your company’s branding. A key aspect of any successful brand strategy is consistency. Your business plan and any other document should follow the tone and style guide of your brand identity.

To learn more about the importance of branding and style guides, check out our complete guide to branding.

3 Modern Business Plan Example

Show your team what the future looks like with a modern business template.

One of the undeniable characteristics of modern style is the lack of clutter. While not all modern styles go so far as to be called minimalistic, they do share a common theme of being clean and clutter-free.

A restaurant business plan template available in Visme.

This modern business plan example takes those characteristics and applies them to a business plan. By being clean and organized, this business plan template shows how clear and solid the future plans of your company are.

Utilize this template to reinforce a culture of excellence among your work colleagues or impress potential investors with a clean and clear business plan outline for the future.

4 Ecommerce Business Plan Example

Ecommerce stores have become an important part of our society. According to a study from Statista, nearly 15% of all US retail sales were ecommerce sales in the first quarter of 2020.

An ecommerce business plan template available in Visme.

For your online business to succeed and stay up to date with all the online sales, holidays and trends, a clear business plan is needed.

The ecommerce business plan template is a great template for anyone looking to launch or maintain an ecommerce store. Use this example to help you create goals for upcoming sales and deadlines to launch new features in your store.

5 Salon Business Plan Example

This salon business plan is a perfect way to establish and share plans for your salon. With the help of this glamorous business plan template, you will be able to share with investors what your vision is for your salon or any other small business.

A salon business plan template available in Visme.

Our incredible selection of crystal-clear images takes your content to the next level, giving your sophisticated design some extra flair.

Create and share future plans, sales and ideas for your business with those around you. Cast your vision for what the future looks like and invite others to get behind your ambitions.

6 Startup Business Plan Example

Creating a startup can be a difficult task.

Having a great idea is one thing, but creating tangible goals, sharing mission statements and creating a culture that stands behind your original vision is a whole separate challenge.

A startup business plan template available in Visme.

Customize this template and make it your own! Edit and Download  

The startup business plan template is a great example of how a business plan should look for a successful startup. The example includes customizable portions to help you share your objectives, values, market analysis and business model.

Creating a successful business plan that is captivating and informative may seem like a daunting task, but it’s actually a perfect opportunity to share your hopes, dreams and goals for your business.

7 Nonprofit Business Plan Example

There are over 10 million nonprofits in the world, and over 25% of Americans volunteer to work with a nonprofit or charity.

If you have a great cause and are looking for a way to bring other people on board, consider making a nonprofit business plan. While technically a nonprofit is “not a business”, a nonprofit or charity requires similar structure and planning.

A nonprofit business plan template available in Visme.

The nonprofit business plan example and template above is a great starting place to get your nonprofit's plan sketched out on paper.

Creating a business philosophy, creating goals and setting deadlines are shared values for both nonprofits and businesses. If you make a great plan, you will be able to compel others to give, volunteer or support your idea.

If you do not form a solid business plan that is easy to share with others, you will have a difficult time building your nonprofit, even if you are working for a good cause.

8 Coffee Shop Business Plan Example

If you’re looking to really spice up your coffee business, take a look at Visme’s business plan template. With an earth-toned color swatch, all of the pages on your business plan will match the overall vibe of your cafe or coffee shop.

A coffee shop business plan template available in Visme.

With the ability to customize your font and colors and find something that will grab your customers’ attention, it's hard to go wrong with the coffee shop business plan. From hiring strategies to operational costs, this template covers all the basic topics you would expect out of a business plan.

Investors and employees alike will be able to see the creativity and art that goes into coffee making with the high-quality stock photos, while also seeing that your business plan is structured and clearly laid out.

A business plan should be detailed and go over market evaluations and your company's marketing strategy. Every page of this particular theme reminds your team or investors that this is a business plan centered around coffee.

9 Consulting Business Plan

Consulting is an eclectic business. A consultant can help in nearly any industry where a person has the expertise and teaching capabilities.

As such, a business plan template for a consultant agency must be versatile and easily customizable. This consulting business plan example is an extremely flexible template to fit nearly any need.

A consulting business plan template available in Visme.

While most business plans are directed towards investors or employees, consulting business plans must also be tailored towards potential customers.

A great consulting business plan template will include a summary, objectives, market strategies, services and price listings for customers.

This template makes great use of large, high quality images. With Visme, you can simply drag and drop images onto the template to replace the existing images with your own.

10 Fashion Business Plan Example

Fashion can be a difficult business to get into due to the fact that most of your competitors are larger and more established brands.

One of the best ways to get the business off the ground is to show investors and customers that you’ve done your research into the market and have a strategy for success.

A fashion business plan template available to customize in Visme.

A detailed plan that shows how your product and business plans outshine the competition is exactly what you need to land your net pitch and get seed money for your business.

The fashion business plan example and template above gives you multiple pages to explain in detail how your business model will work and what your target dates are for particular tasks.

RELATED: 10 Efficient Business Model Canvas Templates to Use

11 One-Page Business Plan Example

Having an outlined plan for your business is an absolute must to have a prosperous business.

As the old proverb goes, “a goal without a plan is just a wish.”

While it is good to know as many details as possible, not every business plan or pitch needs to cover every excruciating detail. When pressed for time or dealing with a simple subject matter, consider using a one-page business plan.

A single page business plan template available in Visme.

The benefit of a one-page business plan is the amount of information retained by your audience. If you can simplify your subject matter to only contain a few main points, the likelihood of your audience engaging with and remembering your presentation increases.

A one-page business plan should cover the core essentials of your business plan and be used as an invitation for further discussion. It may be a good idea to have an extended version of your business plan on standby for when an investor wants more details on a specific subject.

12 SaaS Business Plan Example

A SaaS (software as a service) company is a company that hosts a web application and offers access to the application over the internet.

If you want your SaaS company to be the next big thing in tech, you need a business plan that explains what solutions your application provides, how your research and development financial goals will be met and how your app will be scalable.

A SaaS business plan template available in Visme.

Most applications can collect data with a monitoring tool and give crucial insight to you, your team and your shareholders.

Be sure to utilize these assets and include relevant data into your business plan presentation. This establishes trust with your supporters and helps them know what to expect in the future.

If you would like to know more about how to present your big data points, check out this article on how to use data visualization techniques in your documents and presentations.

13 Photography Business Plan Example

Freelancing can be a profoundly rewarding way of doing business. The freedom to work at your own pace and set your own rules can be a dream come true. However, freelancing also comes with the pressure of always finding the next job or project.

By creating a great customer experience, you increase the chances of drawing people back into your business for repeat purchases and even attract potential investors.

A photography business plan template available in Visme.

This well-structured photography business plan can help create a better customer experience as your client knows exactly what they are getting and how it compares to the rest of the market.

Create a business plan for your photography, design or any other freelance business complete with market analysis, pricing, target audience and plans to scale.

14 Real Estate Business Plan Example

Large-scale real estate investments are rarely done by a single individual. Typically, real estate investments are done by a group of friends, family, shareholders or companies.

Regardless of which category you find yourself in, writing out a plan and projection for your real estate investment is an absolute must to raise investments for a potential project.

A real estate business plan template available in Visme.

Explaining the market condition for the specific region is one of the main pieces of information necessary for a real estate investment. Knowing the market value, potential obstacles and return on investment are all important parts of your business’s plan that need to be presented.

The real estate business plan example goes into detail regarding the market conditions and financial analysis. Within the editor, you are able to import your own data to customize the charts and graphs for your specific situation.

15 Small Business Plan Example

Even small businesses need big plans.

The size of a business does not negate the need for a solid and thoroughly outlined business plan. The tendency amongst small businesses is to keep track and plan things in their heads.

A small business plan template available in Visme.

If a small business wants to scale and be successful, plans and goals for growth need to be outlined and presented. Start by creating a strategic business plan that includes your methodology for reaching your target audience.

From these big ideas, break the plan down into smaller and more achievable goals. Writing these goals out in a plan helps you and your team remember the established goals and creates a great way to invite potential investors into your business.

Take a look at this helpful article to learn how to create a timeline for your business.

16 Day Care Business Plan Example

The daycare business plan example will give you a great idea of what an operating plan should look like. Operating plans are detailed plans that show how a particular person or team contributes to the overall business goals.

A daycare business plan template available in Visme.

Operating plans do not need to cover every minute of every day, but should give an overarching plan for the day to day operations. An operation plan's purpose is to give a good insight into how and where the basic operations of a business will run in the everyday course of life and set milestones for success.

With this comprehensive business plan template, you can show off your childcare business's outstanding services and plans for the future. Customize each page to suit your context and needs.

Create a Solid Business Plan With Visme

The old saying “if you fail to plan, you plan to fail” remains true. Whether you are a new start up company or an established corporation with hundreds of employees, you need to have a business plan that is up-to-date and displays your current goals.

Visme offers tons of high-quality business plan templates that you can easily edit using a drag-and-drop editor in your browser — no downloads or design experience needed.

Or, learn more about how to create a compelling business plan presentation and turn your ideas into reality by impressing investors and stakeholders.

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

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Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

  • The business goals
  • Methods to achieve the goals
  • Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

  • How do you want to reach your target audience?
  • How do you plan to retain your customers?
  • What is/are your pricing plans?
  • What is your budget for marketing?

Business Plan Infographic

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Executive Summary of the business plan

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

  • A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
  • Contain your Mission Statement which explains what the main objective or focus of your business is.
  • Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
  • The Team. Basic information about your company’s leadership team and employees
  • Business Concept. A solid description of what your business does.
  • Target Market. The customers you plan to sell to.
  • Marketing Strategy. Your plans on reaching and selling to your customers
  • Current Financial State. Brief information about what revenue your business currently generates.
  • Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

  • Who is your target audience?
  • What sector or industry are you in?
  • What are your products and services?
  • What is the future of your industry?
  • Is your company scaleable?
  • Who are the owners and leaders of your company? What are their backgrounds and experience levels?
  • What is the motivation for starting your company?
  • What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

  • What products and services you will provide
  • Geographical markets and locations your company have a presence
  • What you need to run your business
  • Who your target audience or customers are
  • Who will service your customers
  • Your company’s purpose, mission, and vision
  • Information about your company’s founders
  • Who the founders are
  • Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

  • Who are you targeting? (The answer is not everyone)
  • What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
  • How does your product or service overcome that pain point?
  • Where is the location of your business?
  • What products, equipment, and services do you need to run your business?
  • How is your company’s product or service different from your competition in the eyes of your customers?
  • How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

It describes what your business does

The company description or overview section contains three elements: mission statement, history, and objectives.

  • Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

  • Founding Date
  • Major Milestones
  • Location(s)
  • Flagship Products or Services
  • Number of Employees
  • Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

Market Analysis for Online Business

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

  • Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

  • Your target market’s needs or pain points
  • The existing solutions for their pain points
  • Geographic Location
  • Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

  • Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
  • Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
  • Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
  • Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

Market Analysis Steps

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

  • Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
  • Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
  • Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
  • Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
  • Market Share Potential: Does your business stand a good chance of taking a good share of the market?
  • Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
  • Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
  • Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

  • Is your product or service of superior quality?
  • What additional features do you offer that your competitors do not offer?
  • Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Four Steps to Create a Competitive Marketing Analysis

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

  • What are your successful competitors doing?
  • Why is what they are doing working?
  • Can your business do it better?
  • What are the weaknesses of your successful competitors?
  • What are they not doing well?
  • Can your business turn its weaknesses into strengths?
  • How good is your competitors’ customer service?
  • Where do your competitors invest in advertising?
  • What sales and pricing strategies are they using?
  • What marketing strategies are they using?
  • What kind of press coverage do they get?
  • What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

How to Perform Competitive Analysis

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

Create Management Team For Business Plan

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

  • Who are the key leaders?
  • What experiences, skills, and educational backgrounds do you expect your key leaders to have?
  • Do your key leaders have industry experience?
  • What positions will they fill and what duties will they perform in those positions?
  • What level of authority do the key leaders have and what are their responsibilities?
  • What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Organizational chart Infographic

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

  • A detailed explanation that clearly shows how your product or service works.
  • The pricing model for your product or service.
  • Your business’ sales and distribution strategy.
  • The ideal customers that want your product or service.
  • The benefits of your products and services.
  • Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
  • Plans for filling the orders you receive
  • If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

  • Unique features
  • Translating the unique features into benefits
  • The emotional, psychological, and practical payoffs to attract customers
  • Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

  • Upsells, cross-sells, and down-sells
  • Time between purchases
  • Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

  • The creation of new or existing products and services.
  • The sources for the raw materials or components you need for production.
  • Assembling the products
  • Maintaining quality control
  • Supply-chain logistics (receiving the raw materials and delivering the finished products)
  • The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

  • Are your products existing on the market or are they still in the development stage?
  • What is your timeline for adding new products and services to the market?
  • What are the positives that make your products and services different from your competitors?
  • Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
  • Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
  • How much does it cost to produce your products or services? How much do you plan to sell it for?
  • What is the price for your products and services compared to your competitors? Is pricing an issue?
  • What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
  • What is your plan for acquiring your products? Are you involved in the production of your products or services?
  • Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
  • Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
  • How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Target Market Vs Target Audience

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

  • What are the unique features or benefits that you offer that your competitors lack?
  • What are your customers’ primary needs and wants?
  • Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
  • How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

  • Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
  • Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
  • Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

Pricing strategy influences the price of offering

  • Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
  • Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
  • Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

The Benefits of Content Marketing

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

  • Is your choice of packaging consistent with your positioning strategy?
  • What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
  • How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Most popular social media platforms

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Choosing the right social media platform

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

  • What makes your competition successful?
  • What are their weaknesses?
  • What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

  • What is your company’s budget for sales and marketing campaigns?
  • What key metrics will you use to determine if your marketing plans are successful?
  • What are your alternatives if your initial marketing efforts do not succeed?
  • Who are the sales representatives you need to promote your products or services?
  • What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
  • Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Benefits of Sales Forecasting

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

Factors that affect sales forecasting

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

True HR Cost Infographic

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

The income statement section

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

  • Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
  • Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
  • Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
  • Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
  • Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
  • Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
  • Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
  • Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

Cash Flow Statement Example

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

Balance sheet Formula

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Exit Strategy Section of Business Plan Infographic

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

  • What is your sales forecast for the next year?
  • When will your company achieve a positive cash flow?
  • What are the core expenses you need to operate?
  • How much money do you need upfront to operate or grow your company?
  • How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

  • Additional data about the process of manufacturing or creation
  • Additional description of products or services such as product schematics
  • Additional financial documents or projections
  • Articles of incorporation and status
  • Backup for market research or competitive analysis
  • Bank statements
  • Business registries
  • Client testimonials (if your business is already running)
  • Copies of insurances
  • Credit histories (personal or/and business)
  • Deeds and permits
  • Equipment leases
  • Examples of marketing and advertising collateral
  • Industry associations and memberships
  • Images of product
  • Intellectual property
  • Key customer contracts
  • Legal documents and other contracts
  • Letters of reference
  • Links to references
  • Market research data
  • Organizational charts
  • Photographs of potential facilities
  • Professional licenses pertaining to your legal structure or type of business
  • Purchase orders
  • Resumes of the founder(s) and key managers
  • State and federal identification numbers or codes
  • Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

  • A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
  • A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
  • A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

  • Table of contents
  • Introduction
  • Product or service description
  • Target audience
  • Market size
  • Competition analysis
  • Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

HubSpot's One Page Business Plan

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

  • Business opportunity
  • Company description
  • Industry analysis
  • Target market
  • Implementation timeline
  • Marketing plan
  • Financial summary
  • Funding required

2. Bplan’s Free Business Plan Template

Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

The Business Profile

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

  • The Business Profile
  • The Vision and the People
  • Home-Based Business and Freelance Business Opportunities
  • Organization
  • Licenses and Permits
  • Business Insurance
  • Communication Tools
  • Acquisitions
  • Location and Leasing
  • Accounting and Cash Flow
  • Opening and Marketing
  • Managing Employees
  • Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

  • Executive Summary
  • Company Description
  • Service Line
  • Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The $100 Startup's One Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

  • Executive summary
  • Business description
  • Products and services
  • Operations plan
  • Management organization
  • Financial plan
  • Conclusion / Call to action
  • Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

Invoiceberry Templates Business Concept

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

Business Model Canvas (BMC) Infographic

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

Segments of the Business Model Canvas

  • Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
  • Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
  • The Product’s Value Propositions: What does your product do? How will it be different from other products?
  • Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
  • Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
  • Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
  • Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
  • Cost Structure: What is the estimated cost of production? How much will distribution cost?
  • Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

The lean canvas is a problem oriented alternative to the standard business model canvas

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

  • Problem: Simple and straightforward number of problems you have identified, ideally three.
  • Solution: The solutions to each problem.
  • Unfair Advantage: Something you possess that can't be easily bought or replicated.
  • Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Startup Pitch Deck Presentation

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Airbnb Pitch Deck

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

  • Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
  • Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
  • Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
  • Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
  • Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
  • Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
  • Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
  • Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
  • Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
  • Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
  • Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
  • Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

  • Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
  • Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
  • Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
  • Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

  • 12 Key Elements of a Business Plan (Top Components Explained)
  • 13 Sources of Business Finance For Companies & Sole Traders
  • 5 Common Types of Business Structures (+ Pros & Cons)
  • How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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How to create a business plan: examples & free template.

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Table of Contents

How to Write a Business Plan

Executive summary.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

Company Description

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Market analysis.

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

Competitive Analysis

Organization and management team.

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Products and Services Offered

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Marketing and Sales Strategy

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

Logistics and Operations Plan

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Income Statement

Cash flow statement.

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

SectionDescriptionExample
Executive SummaryBrief overview of the business planOverview of EcoTech and its mission
Overview & ObjectivesOutline of company's goals and strategiesMarket leadership in sustainable technology
Company DescriptionDetailed explanation of the company and its unique selling propositionEcoTech's history, mission, and vision
Target MarketDescription of ideal customers and their needsEnvironmentally conscious consumers and businesses
Market AnalysisExamination of industry trends, customer needs, and competitorsTrends in eco-friendly technology market
SWOT AnalysisEvaluation of Strengths, Weaknesses, Opportunities, and ThreatsStrengths and weaknesses of EcoTech
Competitive AnalysisIn-depth analysis of competitors and their strategiesAnalysis of GreenTech and EarthSolutions
Organization & ManagementOverview of the company's structure and management teamKey roles and team members at EcoTech
Products & ServicesDescription of offerings and their unique featuresEnergy-efficient lighting solutions, solar chargers
Marketing & SalesOutline of marketing channels and sales strategiesDigital advertising, content marketing, influencer partnerships
Logistics & OperationsDetails about daily operations, supply chain, inventory, and quality controlPartnerships with manufacturers, quality control
Financial ProjectionsForecast of revenue, expenses, and profit for the next 3-5 yearsProjected growth in revenue and net profit
Income StatementSummary of company's revenues and expenses over a specified periodRevenue, Cost of Goods Sold, Gross Profit, Net Income
Cash Flow StatementOverview of cash inflows and outflows within the businessNet Cash from Operating Activities, Investing Activities, Financing Activities

Tips on Writing a Business Plan

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

What is a Business Plan?

Why you should write a business plan.

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

What are the Different Types of Business Plans?

Type of Business PlanPurposeKey ComponentsTarget Audience
Startup Business PlanOutlines the company's mission, objectives, target market, competition, marketing strategies, and financial projections.Mission Statement, Company Description, Market Analysis, Competitive Analysis, Organizational Structure, Marketing and Sales Strategy, Financial Projections.Entrepreneurs, Investors
Internal Business PlanServes as a management tool for guiding the company's growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision.Strategies, Milestones, Deadlines, Resource Allocation.Internal Team Members
Strategic Business PlanOutlines long-term goals and the steps to achieve them.SWOT Analysis, Market Research, Competitive Analysis, Long-Term Goals.Executives, Managers, Investors
Feasibility Business PlanAssesses the viability of a business idea.Market Demand, Competition, Financial Projections, Potential Obstacles.Entrepreneurs, Investors
Growth Business PlanFocuses on strategies for scaling up an existing business.Market Analysis, New Product/Service Offerings, Financial Projections.Business Owners, Investors
Operational Business PlanOutlines the company's day-to-day operations.Processes, Procedures, Organizational Structure.Managers, Employees
Lean Business PlanA simplified, agile version of a traditional plan, focusing on key elements.Value Proposition, Customer Segments, Revenue Streams, Cost Structure.Entrepreneurs, Startups
One-Page Business PlanA concise summary of your company's key objectives, strategies, and milestones.Key Objectives, Strategies, Milestones.Entrepreneurs, Investors, Partners
Nonprofit Business PlanOutlines the mission, goals, target audience, fundraising strategies, and budget allocation for nonprofit organizations.Mission Statement, Goals, Target Audience, Fundraising Strategies, Budget.Nonprofit Leaders, Board Members, Donors
Franchise Business PlanFocuses on the franchisor's requirements, as well as the franchisee's goals, strategies, and financial projections.Franchise Agreement, Brand Standards, Marketing Efforts, Operational Procedures, Financial Projections.Franchisors, Franchisees, Investors

Using Business Plan Software

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

SoftwareKey FeaturesUser InterfaceAdditional Features
LivePlanOver 500 sample plans, financial forecasting tools, progress tracking against KPIsUser-friendly, visually appealingAllows creation of professional-looking business plans
UpmetricsCustomizable templates, financial forecasting tools, collaboration capabilitiesSimple and intuitiveProvides a resource library for business planning
BizplanDrag-and-drop builder, modular sections, financial forecasting tools, progress trackingSimple, visually engagingDesigned to simplify the business planning process
EnloopIndustry-specific templates, financial forecasting tools, automatic business plan generation, unique performance scoreRobust, user-friendlyOffers a free version, making it accessible for businesses on a budget
Tarkenton GoSmallBizGuided business plan builder, customizable templates, financial projection toolsUser-friendlyOffers CRM tools, legal document templates, and additional resources for small businesses

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

Can i write a business plan by myself, is it possible to create a one-page business plan.

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

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

How is business planning for a nonprofit different.

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Written by Jesse Sumrak | May 14, 2023

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Business plans might seem like an old-school stiff-collared practice, but they deserve a place in the startup realm, too. It’s probably not going to be the frame-worthy document you hang in the office—yet, it may one day be deserving of the privilege.

Whether you’re looking to win the heart of an angel investor or convince a bank to lend you money, you’ll need a business plan. And not just any ol’ notes and scribble on the back of a pizza box or napkin—you’ll need a professional, standardized report.

Bah. Sounds like homework, right?

Yes. Yes, it does.

However, just like bookkeeping, loan applications, and 404 redirects, business plans are an essential step in cementing your business foundation.

Don’t worry. We’ll show you how to write a business plan without boring you to tears. We’ve jam-packed this article with all the business plan examples, templates, and tips you need to take your non-existent proposal from concept to completion.

Table of Contents

What Is a Business Plan?

Tips to Make Your Small Business Plan Ironclad

How to Write a Business Plan in 6 Steps

Startup Business Plan Template

Business Plan Examples

Work on Making Your Business Plan

How to Write a Business Plan FAQs

What is a business plan why do you desperately need one.

A business plan is a roadmap that outlines:

  • Who your business is, what it does, and who it serves
  • Where your business is now
  • Where you want it to go
  • How you’re going to make it happen
  • What might stop you from taking your business from Point A to Point B
  • How you’ll overcome the predicted obstacles

While it’s not required when starting a business, having a business plan is helpful for a few reasons:

  • Secure a Bank Loan: Before approving you for a business loan, banks will want to see that your business is legitimate and can repay the loan. They want to know how you’re going to use the loan and how you’ll make monthly payments on your debt. Lenders want to see a sound business strategy that doesn’t end in loan default.
  • Win Over Investors: Like lenders, investors want to know they’re going to make a return on their investment. They need to see your business plan to have the confidence to hand you money.
  • Stay Focused: It’s easy to get lost chasing the next big thing. Your business plan keeps you on track and focused on the big picture. Your business plan can prevent you from wasting time and resources on something that isn’t aligned with your business goals.

Beyond the reasoning, let’s look at what the data says:

  • Simply writing a business plan can boost your average annual growth by 30%
  • Entrepreneurs who create a formal business plan are 16% more likely to succeed than those who don’t
  • A study looking at 65 fast-growth companies found that 71% had small business plans
  • The process and output of creating a business plan have shown to improve business performance

Convinced yet? If those numbers and reasons don’t have you scrambling for pen and paper, who knows what will.

Don’t Skip: Business Startup Costs Checklist

Before we get into the nitty-gritty steps of how to write a business plan, let’s look at some high-level tips to get you started in the right direction:

Be Professional and Legit

You might be tempted to get cutesy or revolutionary with your business plan—resist the urge. While you should let your brand and creativity shine with everything you produce, business plans fall more into the realm of professional documents.

Think of your business plan the same way as your terms and conditions, employee contracts, or financial statements. You want your plan to be as uniform as possible so investors, lenders, partners, and prospective employees can find the information they need to make important decisions.

If you want to create a fun summary business plan for internal consumption, then, by all means, go right ahead. However, for the purpose of writing this external-facing document, keep it legit.

Know Your Audience

Your official business plan document is for lenders, investors, partners, and big-time prospective employees. Keep these names and faces in your mind as you draft your plan.

Think about what they might be interested in seeing, what questions they’ll ask, and what might convince (or scare) them. Cut the jargon and tailor your language so these individuals can understand.

Remember, these are busy people. They’re likely looking at hundreds of applicants and startup investments every month. Keep your business plan succinct and to the point. Include the most pertinent information and omit the sections that won’t impact their decision-making.

Invest Time Researching

You might not have answers to all the sections you should include in your business plan. Don’t skip over these!

Your audience will want:

  • Detailed information about your customers
  • Numbers and solid math to back up your financial claims and estimates
  • Deep insights about your competitors and potential threats
  • Data to support market opportunities and strategy

Your answers can’t be hypothetical or opinionated. You need research to back up your claims. If you don’t have that data yet, then invest time and money in collecting it. That information isn’t just critical for your business plan—it’s essential for owning, operating, and growing your company.

Stay Realistic

Your business may be ambitious, but reign in the enthusiasm just a teeny-tiny bit. The last thing you want to do is have an angel investor call BS and say “I’m out” before even giving you a chance.

The folks looking at your business and evaluating your plan have been around the block—they know a thing or two about fact and fiction. Your plan should be a blueprint for success. It should be the step-by-step roadmap for how you’re going from Point A to Point B.

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How to Write a Business Plan—6 Essential Elements

Not every business plan looks the same, but most share a few common elements. Here’s what they typically include:

  • Executive Summary
  • Business Overview
  • Products and Services
  • Market Analysis
  • Competitive Analysis
  • Financial Strategy

Below, we’ll break down each of these sections in more detail.

1. Executive Summary

While your executive summary is the first page of your business plan, it’s the section you’ll write last. That’s because it summarizes your entire business plan into a succinct one-pager.

Begin with an executive summary that introduces the reader to your business and gives them an overview of what’s inside the business plan.

Your executive summary highlights key points of your plan. Consider this your elevator pitch. You want to put all your juiciest strengths and opportunities strategically in this section.

2. Business Overview

In this section, you can dive deeper into the elements of your business, including answering:

  • What’s your business structure? Sole proprietorship, LLC, corporation, etc.
  • Where is it located?
  • Who owns the business? Does it have employees?
  • What problem does it solve, and how?
  • What’s your mission statement? Your mission statement briefly describes why you are in business. To write a proper mission statement, brainstorm your business’s core values and who you serve.

Don’t overlook your mission statement. This powerful sentence or paragraph could be the inspiration that drives an investor to take an interest in your business. Here are a few examples of powerful mission statements that just might give you the goosebumps:

  • Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
  • Tesla: To accelerate the world’s transition to sustainable energy.
  • InvisionApp : Question Assumptions. Think Deeply. Iterate as a Lifestyle. Details, Details. Design is Everywhere. Integrity.
  • TED : Spread ideas.
  • Warby Parker : To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.

3. Products and Services

As the owner, you know your business and the industry inside and out. However, whoever’s reading your document might not. You’re going to need to break down your products and services in minute detail.

For example, if you own a SaaS business, you’re going to need to explain how this business model works and what you’re selling.

You’ll need to include:

  • What services you sell: Describe the services you provide and how these will help your target audience.
  • What products you sell: Describe your products (and types if applicable) and how they will solve a need for your target and provide value.
  • How much you charge: If you’re selling services, will you charge hourly, per project, retainer, or a mixture of all of these? If you’re selling products, what are the price ranges?

4. Market Analysis

Your market analysis essentially explains how your products and services address customer concerns and pain points. This section will include research and data on the state and direction of your industry and target market.

This research should reveal lucrative opportunities and how your business is uniquely positioned to seize the advantage. You’ll also want to touch on your marketing strategy and how it will (or does) work for your audience.

Include a detailed analysis of your target customers. This describes the people you serve and sell your product to. Be careful not to go too broad here—you don’t want to fall into the common entrepreneurial trap of trying to sell to everyone and thereby not differentiating yourself enough to survive the competition.

The market analysis section will include your unique value proposition. Your unique value proposition (UVP) is the thing that makes you stand out from your competitors. This is your key to success.

If you don’t have a UVP, you don’t have a way to take on competitors who are already in this space. Here’s an example of an ecommerce internet business plan outlining their competitive edge:

FireStarters’ competitive advantage is offering product lines that make a statement but won’t leave you broke. The major brands are expensive and not distinctive enough to satisfy the changing taste of our target customers. FireStarters offers products that are just ahead of the curve and so affordable that our customers will return to the website often to check out what’s new.

5. Competitive Analysis

Your competitive analysis examines the strengths and weaknesses of competing businesses in your market or industry. This will include direct and indirect competitors. It can also include threats and opportunities, like economic concerns or legal restraints.

The best way to sum up this section is with a classic SWOT analysis. This will explain your company’s position in relation to your competitors.

6. Financial Strategy

Your financial strategy will sum up your revenue, expenses, profit (or loss), and financial plan for the future. It’ll explain how you make money, where your cash flow goes, and how you’ll become profitable or stay profitable.

This is one of the most important sections for lenders and investors. Have you ever watched Shark Tank? They always ask about the company’s financial situation. How has it performed in the past? What’s the ongoing outlook moving forward? How does the business plan to make it happen?

Answer all of these questions in your financial strategy so that your audience doesn’t have to ask. Go ahead and include forecasts and graphs in your plan, too:

  • Balance sheet: This includes your assets, liabilities, and equity.
  • Profit & Loss (P&L) statement: This details your income and expenses over a given period.
  • Cash flow statement: Similar to the P&L, this one will show all cash flowing into and out of the business each month.

It takes cash to change the world—lenders and investors get it. If you’re short on funding, explain how much money you’ll need and how you’ll use the capital. Where are you looking for financing? Are you looking to take out a business loan, or would you rather trade equity for capital instead?

Read More: 16 Financial Concepts Every Entrepreneur Needs to Know

Startup Business Plan Template (Copy/Paste Outline)

Ready to write your own business plan? Copy/paste the startup business plan template below and fill in the blanks.

Executive Summary Remember, do this last. Summarize who you are and your business plan in one page.

Business Overview Describe your business. What’s it do? Who owns it? How’s it structured? What’s the mission statement?

Products and Services Detail the products and services you offer. How do they work? What do you charge?

Market Analysis Write about the state of the market and opportunities. Use date. Describe your customers. Include your UVP.

Competitive Analysis Outline the competitors in your market and industry. Include threats and opportunities. Add a SWOT analysis of your business.

Financial Strategy Sum up your revenue, expenses, profit (or loss), and financial plan for the future. If you’re applying for a loan, include how you’ll use the funding to progress the business.

What’s the Best Business Plan to Succeed as a Consultant?

5 Frame-Worthy Business Plan Examples

Want to explore other templates and examples? We got you covered. Check out these 5 business plan examples you can use as inspiration when writing your plan:

  • SBA Wooden Grain Toy Company
  • SBA We Can Do It Consulting
  • OrcaSmart Business Plan Sample
  • Plum Business Plan Template
  • PandaDoc Free Business Plan Templates

Get to Work on Making Your Business Plan

If you find you’re getting stuck on perfecting your document, opt for a simple one-page business plan —and then get to work. You can always polish up your official plan later as you learn more about your business and the industry.

Remember, business plans are not a requirement for starting a business—they’re only truly essential if a bank or investor is asking for it.

Ask others to review your business plan. Get feedback from other startups and successful business owners. They’ll likely be able to see holes in your planning or undetected opportunities—just make sure these individuals aren’t your competitors (or potential competitors).

Your business plan isn’t a one-and-done report—it’s a living, breathing document. You’ll make changes to it as you grow and evolve. When the market or your customers change, your plan will need to change to adapt.

That means when you’re finished with this exercise, it’s not time to print your plan out and stuff it in a file cabinet somewhere. No, it should sit on your desk as a day-to-day reference. Use it (and update it) as you make decisions about your product, customers, and financial plan.

Review your business plan frequently, update it routinely, and follow the path you’ve developed to the future you’re building.

Keep Learning: New Product Development Process in 8 Easy Steps

What financial information should be included in a business plan?

Be as detailed as you can without assuming too much. For example, include your expected revenue, expenses, profit, and growth for the future.

What are some common mistakes to avoid when writing a business plan?

The most common mistake is turning your business plan into a textbook. A business plan is an internal guide and an external pitching tool. Cut the fat and only include the most relevant information to start and run your business.

Who should review my business plan before I submit it?

Co-founders, investors, or a board of advisors. Otherwise, reach out to a trusted mentor, your local chamber of commerce, or someone you know that runs a business.

Ready to Write Your Business Plan?

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About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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With over two decades of experience, Growthink has assisted more than 1 million companies in developing effective business plans to launch and expand their businesses. Trust in our expertise to guide you through developing a business plan that drives your success. In addition to our sample plans, below you’ll learn the answers to key business plan questions and gain insightful tips on writing your business plan.

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1. Why is utilizing an example business plan a good idea?

Sample business plans can help you quickly and easily write a business plan for your own business. Business plans are an important tool for any business, but they can be challenging to create. A sample business plan will help you understand the business plan format , the benefit of market research, and how to write a compelling executive summary. It can also serve as a guide for creating your own business plan, outlining the key sections and providing examples of successful plans. Utilizing the best business plan template can save you time and ensure that your plan is well-structured and comprehensive.

Business plan examples may even help you with the different sections of a plan, including market analysis, business description, cash flow statements/business financial statements, and more. Business plans can also show you how a quality plan in your exact business plan category is organized and shows you the appropriate business communications style to use when writing your business plan.

2. Who would benefit from using an example business plan?

Any entrepreneur or business owner who has never written a business plan before can benefit from an example or sample plan. New business owners often start with business plan templates , which are helpful but are sometimes more useful after reviewing other sample business plans.

A good sample plan can be a step-by-step guide as you work on your business planning and business idea. Once you have a sense for the flow, specs, and details, etc. that business plans have, utilizing a business plan template will help you pull everything together, helping you create a plan investors and other stakeholders will value. A solid business plan will also help you if you need a bank loan, which may require a startup business plan. Download our free business plan template to help you get started on your own business plan.

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3. How do you get started with a sample business plan and maximize its benefit?

First you should read the business plan thoroughly. Study both the type of information provided in key sections like the executive summary, target market analysis, summary, etc., as well as the format and style of the plan. As you read, you may find yourself thinking through things such as improving or evaluating your business planning process, your business idea, or reconsidering who you want to write your business plan for. This is OK and part of the process. In fact, when you start writing a business plan for the first time, it will be much easier because you’ve gone through this process.

After this initial read, outline your business plan and copy in from the sample plan sections that apply to your business. For instance, if the sample plan included public relations in their marketing strategy and sales plan, and you will also use this tactic, you can copy it into your plan and edit it as appropriate. Finally, answer the other questions answered in the sample plan in ways that reflect your unique business and target customers.

Writing a business plan can seem daunting. Starting your business plan writing process by reviewing a plan that’s already been created can remove a lot of mental and emotional barriers while helping you craft the best plan you can.

4. When should you not use a sample business plan?

If your business is unlike any other, using a sample business plan will not be as effective. In this situation, writing a business plan from scratch utilizing a business plan template is probably your best path forward.

As an example, Facebook’s early business plan was unlike others since it was paving a new path and way of doing business. But, groundbreaking new businesses like Facebook are not the norm, and the vast majority of companies will benefit from utilizing sample business plans.

5. How do you choose the right type of business plan for your venture?

Selecting the appropriate type of business plan depends on your business’s stage, needs, and goals. Let’s explore the different types of business plans and how to determine which business plan format is right for you.

  • Startup Business Plan : This type of plan is for businesses just starting out and seeking funding or investment. It typically includes a detailed analysis of the market, target audience, competition, and financial projections.
  • Traditional Business Plan : Traditional business plans are the most common type of business plan, used by established businesses to outline their goals and strategies. It includes all the key sections such as market analysis, company description, and financial statements.
  • Internal Business Plan : Internal business plans are used for internal purposes, to guide the day-to-day operations and decision making of the business. It may not be as detailed as a traditional business plan, but still includes important information such as company mission, objectives, and key performance indicators.
  • Feasibility Business Plan : A feasibility business plan is used to assess the viability of a new product or service in the market. It includes detailed research and analysis to determine if the business idea is feasible and profitable.
  • One-Page Business Plan : As the name suggests, this type of business plan is condensed into one page and includes the most critical information about the business. It can be a useful tool for pitching to potential investors or partners.
  • Strategic Business Plan : A strategic plan looks at the big picture and long-term business goals of a company. It may include the company’s mission statement, core values, and overarching strategies for achieving success.

Ultimately, the type of business plan you choose will depend on your business’s specific needs and goals. It may also be beneficial to combine elements from different types of plans to create a customized plan that best fits your business. Carefully consider your objectives and resources before deciding on the right type of plan for your venture.

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The business plan example below is for Shoutmouth, a company that enjoyed much success in the early 2000’s and which was able to raise funding. While the plan’s premise (social networking) is not as unique now as it was then, the format and structure of this business plan still holds.

I. Executive Summary

Business Overview

Launched in late February 2007, Shoutmouth.com is the most comprehensive music news website on the Internet .

Music is one of the most searched and accessed interests on the Internet. Top music artists like Akon receive over 3 million searches each month. In addition, over 500 music artists each receive over 25,000 searches a month.

However, music fans are largely unsatisfied when it comes to the news and information they seek on the artists they love. This is because most music websites (e.g., RollingStone.com, MTV.com, Billboard.com, etc.) cover only the top eight to ten music stories each day – the stories with mass appeal. This type of generic coverage does not satisfy the needs of serious music fans. Music fans generally listen to many different artists and genres of music. By publishing over 100 music stories each day, Shoutmouth enables these fans to read news on all their favorite artists.

In addition to publishing comprehensive music news on over 1200 music artists, Shoutmouth is a social network that allows fans to meet and communicate with other fans about music, and allows them to:

  • Create personal profiles
  • Interact with other members
  • Provide comments on news stories and music videos
  • Submit news stories and videos
  • Recommend new music artists to add to the community
  • Receive customized news and email alerts on their favorite artists

Success Factors

Shoutmouth is uniquely qualified to succeed due to the following reasons:

  • Entrepreneurial track record : Shoutmouth’s CEO and team have helped launch numerous successful ventures.
  • Affiliate marketing track record : Online affiliate marketing expertise has been cited as one of MySpace’s key success factors. Over the past two years, Shoutmouth’s founders have run one of the most successful online affiliate marketing programs, having sold products to over 500,000 music customers online.
  • Key milestones completed : Shoutmouth’s founders have invested $500,000 to-date to staff the company (we currently have an 11-person full-time team), build the core technology, and launch the site. We have succeeded in gaining initial customer traction with 50,000 unique visitors in March, 100,000 unique visitors in April, and 200,000 unique visitors in May 2007.

Unique Investment Metrics

The Shoutmouth investment opportunity is very exciting due to the metrics of the business.

To begin, over the past two years, over twenty social networks have been acquired. The value in these networks is their relationships with large numbers of customers, which allow acquirers to effectively sell to this audience.

The sales price of these social networks has ranged from $25 to $137 per member. Shoutmouth has the ability to enroll members at less than $1 each, thus providing an extraordinary return on marketing expenditures. In fact, during an April 2007 test, we were able to sign-up 2,000 members to artist-specific Shoutmouth newsletters at a cost of only 43 cents per member.

While we are building Shoutmouth to last, potential acquirers include many types of companies that seek relationships with music fans such as music media/publishing (e.g., MTV, Rolling Stone), ticketing (e.g., Ticketmaster, LiveNation) and digital music sales firms (e.g., iTunes, The Orchard).

Financial Strategy, Needs and Exit Strategy

While Shoutmouth’s technological, marketing and operational infrastructure has been developed, we currently require $3 million to execute on our marketing and technology plan over the next 24 months until we hit profitability.

Shoutmouth will primarily generate revenues from selling advertising space. As technologies evolve that allow us to seamlessly integrate music sampling and purchasing on our site, sales of downloadable music are also expected to become a significant revenue source. To a lesser extent, we may sell other music-related items such as ringtones, concert tickets, and apparel.

Topline projections over the next three years are as follows:

2007 2008 2009
Shoutmouth Members 626,876 4,289,580 9,577,020
Unique Visitors 2,348,050 8,390,187 18,633,659
Total Page Views (Millions) 20.7 273.5 781.0
Revenues $165,431 $2,461,127 $7,810,354
Expenses $1,407,958 $2,591,978 $2,838,423
EBITDA ($1,242,527) ($130,851) $4,971,931

II. Shoutmouth Overview

What is Shoutmouth?

Shoutmouth is an operating company of The Kisco Group Inc. (TKG). Since 2003, TKG has capitalized on web-based marketing opportunities via launching targeted websites and generating web-based leads. TKG revenues in 2005 exceeded $1.3 million and grew to $3.5 million in 2006. Shoutmouth is currently the sole focus of TKG; all other TKG business units have been divested.

Development of Shoutmouth began in August 2006 and the site officially launched on February 21, 2007. Shoutmouth (located at www.shoutmouth.com) is the most comprehensive music news community on the Internet. The website covers 1,200 popular bands and music artists and offers more than 100 new music articles each day. In addition to providing news, Shoutmouth is a web community. That is, Shoutmouth members can actively participate on the site, by doing things such as commenting on news stories and submitting their own stories.

The Market Size and Need for Shoutmouth

The music market is clearly vast. According to IFPI, which represents the recording industry worldwide, global music sales were $33.5 billion in 2005, with the U.S. accounting for $12.3 billion of that amount. Importantly, digitally music sales are seeing substantial growth, with IFPI reporting sales of $400 million in 2004, $1.1 billion in 2005 and $2 billion in 2006.

Online, music is the one of the most frequently searched and accessed interests. For example, according to Wordtracker, the music artist Eminem received over 1.7 million web searches in December 2006, while band Green Day received 534,000 searches.

To put these figures in perspective, top celebrities in other entertainment fields receive but a fraction of this search volume. For example, December 2006 search volumes for select sports stars and actors were as follows: Kobe Bryant, 122K; Tiger Woods, 88K; Cameron Diaz, 332K; and Tom Cruise, 82K.

Conversely, 225 music artists received over 100,000 searches in December 2006, and over 500 music artists received over 25,000 searches.

This data is corroborated by Nielsen BuzzMetrics which plots the most popular topics bloggers are posting about. The chart to the right plots September 25, 2006 to March 25, 2007 and shows how music dominates other entertainment sectors online.

When searching for music artists online, fans, which are primarily between the ages of 13 and 35, are looking for news, pictures, lyrics, videos and audio files. In addition, fans enjoy publicly voicing their opinions about music and interacting with other fans.

There is currently no website besides Shoutmouth that provides comprehensive music news. Currently, to get the latest news on their favorite artists, fans must visit the official websites or fan websites of each of the artists they like . Even then, it is unlikely that the fan will get all the news that has occurred. To solve this problem, Shoutmouth scours the web and uncovers news from thousands of web sites.

What Shoutmouth Does and Will Offer

As of May 2007, the site covers the 1,200 most popular music artists (popularity primarily based on the number of web searches over the past 12 months for each artist).

Shoutmouth currently offers members the ability to:

  • Read over 500 new music articles each week
  • Read special features such as album reviews, interviews, new album release dates, top quotes of the week and other special reports
  • Watch and rate music videos
  • Listen to select music audio clips
  • Comment on news stories and music videos
  • Submit news stories that they see/hear of elsewhere
  • Suggest new music artists to add to the site
  • View articles by music artist or by genre (current genres include Rock, Pop, Rap, R&B, Country, and Electronic)
  • Create a user profile that includes their favorite music artists, Shoutmouth friends, news stories submitted to Shoutmouth, and comments made. Members have the ability to find other members based on their favorite artists and via our search functions.
  • Receive customized news and email alerts. Members can customize their “My News” page to include only artists they specify. Likewise, they can choose to receive email alerts whenever there is a new story on one of their favorite artists.

While establishing itself as the premier music news community, Shoutmouth will embark on the more aggressive goal of becoming the premier music community online . To accomplish this, Shoutmouth will begin to offer additional content (more videos, audio, pictures, lyrics, etc.) and additional functionality (music compatibility testing (e.g., if you like this, you’ll like this), voting capabilities, member-to-member messaging, etc.). We have already begun mapping out our content and technology growths plans to achieve this goal upon financing.

Importantly, Shoutmouth expects to be able to add massive amounts of relevant content (e.g., lyrics, reviews, pictures, video files, audio files, etc.) via member submissions and moderation. This is the same way that YouTube has been able to quickly add millions of videos and Wikipedia has been able to add millions of articles. Importantly, since established music websites (e.g., MTV, RollingStone.com, Billboard.com, etc.) are not community based, they would have to hire thousands of staff members to rival the content that Shoutmouth will have.

How We Get and Publish Our News

Currently, news stories that appear on Shoutmouth are gathered from numerous online sources. Shoutmouth’s staff writers find these stories by using RSS and News feeds that cover thousands of websites. In addition, Shoutmouth community members have the ability to submit stories they find elsewhere.

Typical stories include factual information plus the insight of the author. Shoutmouth editors ensure that all stories are properly classified by artist and genre, and that duplicate articles are filtered out.

Over the past three months, Shoutmouth has developed a solid infrastructure, which we consider a core competitive advantage, that that allows us to provide comprehensive music news . This infrastructure includes:

  • Setting up hundreds of RSS feeds based on comprehensive research regarding sites from which to receive feeds
  • Training our editorial team regarding identifying a story and weeding out duplicates
  • Assigning music artists among our five-person editorial team to better manage work flow and avoid duplicate articles

We are working on a system to ensure that member-submitted articles are automatically routed to the appropriate member of Shoutmouth’s editorial team to improve our efficiencies further.

Shoutmouth’s Goal to Break News First

The majority (approximately 90%) of Shoutmouth’s articles are currently developed by our in-house editorial team, while the balance is submitted by members. In addition, virtually all of our articles are based on information gleaned from other websites. As such, we are generally not the first to publish news; however we are the first and only site to publish all the news in one easily-accessible place. The one current exception is news which is published on bands’ official MySpace pages; Shoutmouth generally publishes articles on this news 24 to 48 hours before it is reported by other news or music sites (due to our efficiencies in finding news).

Shoutmouth realizes that it will gain a key competitive advantage, and will generate significant market buzz, if it is able to report on music news stories before other media sources . To accomplish this, we have begun contacting publicity departments at record labels to gain direct access to music news. We expect these contacts to enable us to gain immediate and sometimes exclusive access to news which will help further establish Shoutmouth as the canonical source for music news. We also plan to more aggressively solicit member submissions of new, buzzworthy news events and will consider offering rewards for unique substantiated news (much the way paparazzi are compensated).

III. Competition in the Online Music Market

This section of the business plan provides a competitive analysis, which is an overview of the competitive landscape, discusses both indirect and direct competitors and then details Shoutmouth’s competitive advantages.

Because consumer demand for music on the Internet is so great, there are a vast number of music websites. In summary, we consider most sectors of the online music market (which are discussed below) to be indirect competitors and potentially partners, rather than direct competitors, because none of them focus on music news.

The reason we believe that no one focuses on music news is that it is very difficult to do. Because news is very important to music fans, most music websites offer news. However, they primarily get their news from organizations such as CNN, Reuters, the Associated Press and BBC. These large organizations only write about the music stories that have mass appeal, which traditionally amounts to 8-10 music news stories per day. However, since music fans are often zealots when it comes to their favorite artists, they are not merely interested in cover stories. For instance, a U2 fan cares about any U2 news, particularly news that a non-U2 fan might consider insignificant.

In fact, because Shoutmouth is the sole one-stop shop for getting comprehensive music news, there might be an opportunity to license our content to other music websites.

Sectors of the Online Music Market

Shoutmouth specifically comPs in the community-based music news market. While players in this market represent direct competitors, Shoutmouth faces indirect competitors in the following markets:

  • Community-Based Sites
  • Community-Based News Sites
  • Community-Based Music Sites
  • Traditional Music Websites
  • Official Artist and Fan Sites

Each of these markets is described below.

A. Community-Based Sites

Community-based sites, also known as social networking sites, are websites in which members can create profiles, leave comments throughout the site, and communicate with other members among other features.

A June 2006 report by Piper Jaffray entitled “Silk Road: Social Networking is Here to Stay” effectively sums up the power and longevity of social networking:

“We believe social networking sites have become a permanent part of the fabric of web applications and are rapidly becoming one of the most popular activities online, potentially impacting how other popular services such as email, IM, and maybe even search are accessed.

As a clear indication of the growth rate and scale of social networking, consider this: MySpace monthly page views have now surpassed MSN or AOL in the U.S. and are nearly 75% of the size of Yahoo!. Social networking has filled a gap that was left by all the existing portals and web services and it is fulfilling a very important and basic function for millions of users: allowing them to express themselves and connect with their friends, with the two functions tightly integrated.

The leading sites such as MySpace (News Corp), Facebook, and others are amassing significant power in the new landscape of the Internet and the existing Internet companies are likely to have to work with these newcomers as they may yield material control on the flow of traffic to other applications.”

Social networking sites such as MySpace.com, Facebook.com, Tagged.com, and TagWorld.com have educated consumers regarding the value of these sites and how to use them. Their success has spurred genre-specific social networks such as community-based/social networking news sites and music sites, which are discussed below.

Shoutmouth doesn’t view established social networking sites as competitors since these sites have a general focus. That is, members talk about all aspects of life, from dating to music to movies, etc. Conversely, Shoutmouth is solely focused on music.

B. Community-Based News Sites

Community-based news sites are sites in which members decide what’s newsworthy and what’s not. For instance, on Digg.com, the most prominent community-based news site, members “Digg” stories that they feel are most newsworthy. The stories that the community feels are most important rise to Digg’s homepage, while less important stories get little attention.

Digg’s one million members can submit stories, “digg” stories, and comment on stories. Digg focuses on general news with a slant towards technology, gaming and unique/sensational news. While Digg does have a Music area within its Entertainment section, this receives little focus. In fact, at the time of the writing of this plan, Digg’s music home page only includes one article submitted within the past 48 hours. Furthermore, Digg doesn’t pare down the music category into sub-categories such as Rock and individual music artists. Conversely, these sub-categories are the entire focus of Shoutmouth.

Other sites that are similar to Digg include Newsvine.com, Spotback.com and Gabbr.com. Of most relevance is the Digg-like site for music, Noisetap.com, which was launched by Ticketmaster in January 2007.

Like Digg, Noisetap.com allows members to submit and vote for music stories. Noisetap.com is organized by music genre and not by music artist. This most likely will not satisfy the needs of many music fans since they don’t have the ability to find news on the specific artists they care most about. Likewise, without a full-time staff actively researching and publishing news stories at the artist-level, Noisetap.com will never be able to offer the comprehensive news that Shoutmouth does.

While Shoutmouth is currently similar to community-based news sites in that members can submit stories and comment on the news they find most interesting, no established player in the market provides a comprehensive focus on music. In addition, Shoutmouth sees these sites as marketing partners as we have and will continue to submit our stories on them to increase our readership.

C. Community-Based Music Sites

There are many community-based music websites, although none focuses on music news such as Shoutmouth. Conversely, these sites generally give members the ability to create and listen to song play lists. The community acts to help individual members find new music and new friends based on similarities in their music tastes. Prominent sites in this genre include Last.fm, Finetune, Pandora, RadioBlogClub, MyStrands, iLike[1] and iJigg.

Last.fm is the most prominent community-based music site and is a good model with which to compare Shoutmouth. Likewise, we will benchmark our performance against Last.fm as we reach of goal of becoming the premier music news community and focus on becoming the premier music community.

According to Alexa, Last.fm is the 359th most visited site on the Internet. While Last.fm focuses on allowing members to create customized Internet stations based on their music tastes, the site has much additional content and social networking features. For instance, for each artist, Last.fm includes pictures, a bio, concert dates, discography, fans on Last.fm, and similar artists. Fans are also able to create journals and communicate with other fans. Key features that Last.fm doesn’t currently focus on include news and video.

D. Traditional Music Websites

Traditional music websites such as MTV.com, RollingStone.com, Billboard.com, NME.com, AOL Music, and Yahoo! Music tend to have many features such as news, reviews, pictures, videos and audio. While these sites are generally very well done and extremely popular, they are under-serving visitors in two core areas: music news and community .

These sites’ lack of music news stems from the difficulty in creating this news, specifically that it requires filtering through thousands of articles and websites to find relevant stories. Likewise, as discussed, these firms might wish to license our news content in the future.

Regarding community , none of the top music sites are thriving communities. Rather, either these sites offer no community features or they recently began offering select features (e.g., submitting reviews or commenting on articles). Even when available, the community features on these sites are afterthoughts and are not engrained within the core fabric of the sites.

While they haven’t been able to transform their current sites into communities, top music websites clearly understand the power of online music communities and have an appetite for them. For example, in January 2007, MTV invested in social networking website TagWorld. MTV also acquired RateMyProfessors.com and Quizilla.com (teen social network) in January 2007 and October 2006 respectively.

As mentioned previously, our vision is to build and incorporate additional technologies, and use our “army” of members to publish vast amounts of music content on Shoutmouth, in order to fully satisfy music fans and leapfrog traditional music sites in terms of their music content.

E. Official Artist and Fan Sites

Shoutmouth com’s with official music artist websites and fan websites. These sites often include news about the specific artist as well as pictures, videos and other relevant information.

On one hand, official music artist and fan websites are direct competitors to Shoutmouth. This is because some of these sites offer comprehensive news on the specific artist they cover. In addition, many offer forums, discussion boards or other ways to communicate with other fans.

However, two factors separate Shoutmouth from these types of sites: 1) breadth and 2) sophistication.

  • Breadth : Most music fans love more than one artist. As such, in order to get the news they want, they would have to visit/join multiple fan or artist websites rather than getting all of their news from Shoutmouth.
  • Sophistication : While some official music artist websites are technologically sophisticated, offering forums, networking and other worthwhile features, the majority of artist and fan websites have limited usability, functionality and networking ability. In fact, this deficiency has lead to the success of MusicToday, which provides front and back-end technology to power artist websites.

Specifically, MusicToday offers web design and hosting, develops sophisticated online stores, builds online fan clubs and offers web ticketing among other services to select top music artists such as Dave Matthews Band, Christina Aguilera, Kenny Chesney, Britney Spears and Usher. While offering sophisticated tools for select music artist websites, MusicToday offers little to no music news nor advanced social networking functions. For instance, the official Dave Matthews Band website offers less than one news story per month.

F. Direct Competitors: Community-Based Music News Sites

Shoutmouth’s direct competitors are other music news websites that have social or community features that allow users to join the site, submit articles, comment on articles, create public profiles and/or communicate with other members. Shoutmouth has identified one significant player who offers this service, AbsolutePunk.net.

AbsolutePunk.net has done a good job of building a user base (the site claims 125,000+ registered members and nearly 500,000 un-registered members). In addition, the user base is very active — the average story on their site receives approximately 20 comments. AbsolutePunk.net offers music news, reviews, pictures and interviews among other features.

On the negative side, AbsolutePunk.net’s articles are generally posted by one staff writer (as opposed to Shoutmouth’s five writers), most articles are simply one sentence posts rather than full articles, and no attempt seems to have been made to cover all news stories. In addition, the site only covers the punk music genre. Although “punk” is broadly defined on the site, the site doesn’t cater to genres such as R&B, rap and country among others, failing to satisfy the broader market.

AbsolutePunk.net is owned by Indieclick, a Los Angeles-based media company. According to the AbsolutePunk.net website, the site:

  • Has developed a loyal (72% return rate) reader base
  • 5,182,147 Posts
  • 163,535 Threads
  • 126,448 Members
  • 1,711 Artist Profiles
  • 20,774 Multimedia Files
  • Approx 76,000 visits per day.
  • Approx 276,000 pageviews per day.

Shoutmouth’s Competitive Advantage

In addition to being the first to fill the untapped market void for comprehensive music news, Shoutmouth’s competitive advantage in the market primarily includes the following:

Online Marketing Sophistication

Content Development Experience and Expertise

Shoutmouth’s team, primarily team members DL and PF, has operated an affiliate marketing business focusing on music for the past four years. Affiliate marketing is defined as a system of revenue sharing between one site (the affiliate) which features an ad or content designed to drive traffic to another site (the merchant). The affiliate receives a fee based on traffic to the merchant which converts to sales.

Our affiliate business has focused on connecting music fans, primarily aged 13 to 30, with music offers such as iPods and ringtones. Over the past two years, we have successful sold affiliated offers to over 500,000 customers. We have become a significant online advertiser, receiving Google’s “over 1 million leads” award, and are recognized as a major player among the top affiliate networks.

It is important to note that affiliate marketing success has been credited with part of MySpace’s success. This is because effective affiliate marketers understand how to drive and convert on Internet traffic.

Shoutmouth will employ its affiliate marketing techniques to drive traffic to Shoutmouth.com and enroll members. We will utilize technologies and proprietary techniques that allow us to monitor multiple metrics such as the cost per visitor, cost per member sign-up, etc., so that we can set and maintain profitable metrics.

Another venture that Shoutmouth team members, primarily PK and DL, launched was the development of over 3,000 niche websites. To create the content for these websites, we employed a virtual work force of over 90 researchers in India and 30 writers and editors in the US.

This experience taught us how to manage a large workforce, train writers to improve content quality and motivate a large group of people. These skill sets will be critical in allowing Shoutmouth to grow the content of the site, as developed by both staff and members, while maintaining quality standards.

IV. Marketing Plan

Shoutmouth’s marketing plan includes the following:

Online Advertising : Shoutmouth will initiate pay-per-click advertising campaigns on Google and Yahoo! in order to inexpensively drive traffic to the site. Specifically, Shoutmouth believes it can drive qualified traffic to the site for 20 cents per visitor and achieve a 20% member conversion rate, thus generating members at a cost of $1.00 per member.

Keys to Shoutmouth’s success in achieving this metric include:

  • Conducting thorough keyword research and advertising on appropriate keywords and keyword groups
  • Creating advertising text that maximizes click through rates
  • Creating landing pages that maximize conversions while maintaining the highest Google AdWords quality score possible
  • Closely monitoring conversions to quickly stop and/or modify unprofitable campaigns
  • Getting individuals to enter their email address to join the newsletter is much easier than getting them to join a site where they have to create a username, select a password, etc. As such, step one will be to get visitors to sign up for artist-specific newsletters.
  • Once on the newsletter distribution list, members will constantly receive messages (embedded in their daily newsletter) regarding the benefits of participating more on Shoutmouth.
  • Active Shoutmouth Membership: the constant reminders regarding Shoutmouth’s value proposition in the daily newsletters will influence members to participate more actively on the site (e.g., customize their profile, visit the site more often, etc.).

Invite-A-Friend : Shoutmouth is in the process of creating an aggressive invite-a-friend/member referral program. In doing so, we are following the lead of social movie community, Flixster, which grew to 5 million members within 10 months. It did this by encouraging members, during their initial registration process, to upload and send an invitation to multiple contacts in their email address books. The technology to develop this process is fairly complex and we expect to be completed with and to rollout this program in June 2007.

Direct Email Marketing : Shoutmouth will directly contact bloggers and prominent music fans we find online to tell them about Shoutmouth, encourage them to join, and encourage them to write about Shoutmouth on their blogs and online journals .

Creating/Distributing Buzzworthy/Viral Content : Shoutmouth plans to have several buzzworthy/viral articles (i.e., content that people would want to email to their friends since it is funny, interesting, etc.) on the site each day. With a single click, visitors will be able to send these articles to social bookmarking sites such as Digg.com or Fark.com, where these articles could receive widespread attention. In addition to our traditional news stories, Shoutmouth will also periodically create special reports/features in order to satisfy our members and visitors and to try to get widespread exposure.

An example of the power of such buzzworthy content, Shoutmouth has already succeeded in having two stories accepted by Fark and Digg, which have brought in over 50,000 unique visitors.

Super Fans/Street Team Development : Shoutmouth also plans to recruit “super fans.” Super fans are individuals who are passionate about a certain music artist/band and actively contribute articles and/or comments on Shoutmouth. We will recruit these fans, reward them with status (e.g., adding a gold Shoutmouth headphones image to their profile page) and encourage them to more aggressively promote the site by:

  • Submitting more news to Shoutmouth
  • Commenting on more articles on Shoutmouth
  • Growing the Shoutmouth community around their favorite artist(s) by actively recruiting new members to join the site (such as actively posting Shoutmouth-related comments on their MySpace pages, on other music forums, etc.)

Public Relations : Upon financing, Shoutmouth will hire a public relations firm to help us get mentions in media sources ranging from magazines, newspapers, radio, television and blogs. To date, we have developed and issued press releases via Billboard Publicity Wire which have been syndicated throughout the web. An effective PR firm will enable Shoutmouth to quickly reach a wide audience.

Widgets : Shoutmouth will create artist-specific and genre-specific music news widgets. For example, our U2 widget (see example on right) would include all of the recent U2 articles published on Shoutmouth. The widget can easily be placed on MySpace pages, blogs, etc. Each story title in the widget links to the full article on Shoutmouth.

Shoutmouth has great expectations for our widget. To begin, no such widget currently exists as there is no one place to get comprehensive news for specific music artists. Secondly, each time someone places a Shoutmouth widget on their blog or social networking page, it will effectively market Shoutmouth to a wide audience at zero cost to us.

V. Technology/Site Development Plan

This section provides a brief roadmap of the initial and future functionality of Shoutmouth.

Initial Site Functionality

The initial Shoutmouth website will include the following features:

  • Ability to submit and comment on news stories
  • Ability to suggest new music artists to add to the site
  • Ability to create user profiles
  • Ability to receive customized news and email alerts
  • Articles categorized by artist and core genre (e.g., Rock, Rap, Pop, etc.)
  • Music artist sections which includes News, Bio and Fans

Future Site Functionality

Shoutmouth will use news and basic functionality as the platform though which we will build a thriving music community. After initial launch, the Shoutmouth technology team will work on incorporating additional features such as:

  • Ability to message other members via the site (e.g., members will have an Inbox on the site)
  • Event calendars: members will receive online calendars. With the click of a button, the member will be able to add tour dates of their favorite artists/bands to their calendar.
  • Articles also categorized by sub-genre (e.g., Alternative Rock, West Coast Rap, etc.)
  • Music artist sections to also include videos, audio files, photo galleries, reviews and event calendars to which members can upload files and vote on top content.
  • Forums and member blogs
  • Music compatibility testing (suggestions on song/artists members might like)
  • Trivia quizzes
  • Music playlists

VI. Financial Plan

Revenue Model

During the first six months, Shoutmouth will not generate any revenues as it will not sell advertising space nor offer products for sale. This decision has been made to spur the growth of the Shoutmouth community. By initially positioning Shoutmouth more as a non-profit, for-the-people-by-the-people venture, members will be more prone to promote the site and invite their friends than if the site looks too commercial.

Starting in September 2007, Shoutmouth will primarily generate revenues from selling advertising space. As technologies (such as the Snocap music widget) evolve that allow us to seamlessly integrate music sampling and purchasing on our site, sales of downloadable music are also expected to be a significant revenue source. To a lesser extent, we may sell other music-related items such as ringtones, concert tickets, and apparel.

Funding To Date

To date, Shoutmouth’s founders have invested $500,000 in Shoutmouth, with which we have accomplished the following:

  • Built the site’s core technology
  • Hired and trained our core staff (we currently maintain an 11-person full-time team)
  • Populated the website with content (over 10,000 articles and 1,200 artist bios)
  • Generated brand awareness among music fans, including driving 50,000 unique visitors in March, 100,000 unique visitors in April, and 200,000 unique visitors in May 2007.

Funding Requirements/Use of Funds

Shoutmouth is currently seeking $3 million to provide funding for the next 24 months. At this point, the site will be profitable and can grow organically, or additional capital may be sought to more aggressively expand our member base.

The capital will be used as follows:

  • Execution of Marketing plan : in order for Shoutmouth to grow its visitor and member base, we need to invest dollars in online advertising and public relations. With regards to online advertising, we are confident that we can enroll members at a cost of $1 per member, which is a fraction of the value of the members to an acquirer (minimum $25 per member), thus providing a significant return on our marketing investments.
  • Execution of Technology plan : in order to build a thriving community, Shoutmouth needs to offer its visitors a “stickier” website and enhanced features. We currently maintain a vast “wish list” of features, such as members uploading and rating pictures and videos, trivia quizzes, and member-to-member messaging, that will significantly improve the site’s functionality and value proposition.
  • Staffing : In order to reach our goals, we will have to hire additional technical and operations personnel.

Financial Projections

Below is an overview of Shoutmouth’s Financial Projections for the next three years. Please see the Appendix for the full financial projections and key assumptions.

Exit Strategy / Valuation Metric

Shoutmouth’s most likely exit strategy is to be acquired by a traditional music website or property (e.g., Viacom/MTV, Ticketmaster, Rolling Stone), an entertainment/media conglomerate (e.g., Yahoo!, IAC/InterActiveCorp, NBC), or a large social networking site (e.g., News Corp/MySpace).

This strategy is supported by the significant M&A activity in the social networking market, which includes the following transactions over the past 24 months:

Del.icio.us social bookmarking 12/05 $30-$35 million Yahoo!
eCrush Inc. teen social network 01/07 Undisclosed Hearst Magazines Digital Media
FanNation sports social networking 01/07 $20+ million Sports Illustrated
Five Across Inc. social networking 02/07 Undisclosed Cisco Systems Inc.
Flickr photo uploading and sharing community 03/05 $15-35 million (rumored) Yahoo!
Grouper video creating, uploading and sharing community 08/06 $65 million Sony Pictures
Jumpcut video creating, uploading and sharing community 09/06 $15 million (rumored) Yahoo!
KiwiBox.com teen social network 02/07 Undisclosed Magnitude Information Systems, Inc.
MyBlogLog blog community tool 01/07 $10 million (rumored) Yahoo!
MySpace social networking 07/05 $580 million News Corp.
Quizilla.com teen social network 10/06 Undisclosed Viacom/MTV Networks
RateMyProfessors.com community focused on rating college professors 01/07 Undisclosed Viacom/MTV Networks
Reddit social news site 10/06 Undisclosed Conde Nast/ Wired Digital
Sconex.com social network for high school students 03/06 $6.1 million Alloy Inc.
TelevisionWithoutPity.com TV fan site 03/07 Undisclosed Bravo
Weblogs Inc. blogging network 10/05 $25 million (rumored) AOL
YouTube video community 10/06 $1.65 billion Google Inc.

Regarding valuation, below are the estimated valuations of social networking companies on a per member basis upon exit:

  • Del.icio.us: $50 – $100 per member
  • MySpace: $25 per member
  • Xing (business social network): $137 per member at IPO in 10/06
  • Flickr: $56 – $130 per member
  • Grouper: $130 per member

Based on this data, not only are social networking sites a promising investment, but sites that can acquire members for less than $25 each (a conservative valuation estimate based on the figures above), should earn a solid return on investment. As discussed above, Shoutmouth’s goal is to acquire members for no more than $1 each.

In addition, per the membership projections above, Shoutmouth’s valuation at the end of 2009, at a $25 valuation per member, is expected to be $239 million. A more conservative, using a 24.4 time EBITDA multiple (the average multiple of tech M&A deals in 2006 according to The M&A Advisor), yields a $121 million valuation in 2009.

Shoutmouth’s founding team includes entrepreneurs and managers with a track record of success and a history of successfully working together.

Management Team

DL, Co-Founder and CEO

D has a history of successfully launching and growing businesses of all sizes. As president and co-founder of an entrepreneurial services firm., D has personally assisted in the launch and development of over 100 ventures.

Over the past three years, D founded and has managed The Kisco Group which includes an affiliate marketing division (2006 revenues exceeded $3 million), a search engine optimization business which includes a network of 3,000 websites (2006 revenues exceeded $500,000) and an e-commerce business (which includes TopPayingKeywords.com and ShowerHeadsEtc.com).

D earned his Bachelors degree from the University of South Carolina.

PK, Co-Founder and Vice President of Operations

For the past two years, P has managed The Kisco Group’s search engine optimization business where he hired, trained and managed nearly 100 employees and a dozen outside firms. During this time, P has honed his management skills with regards to content development, marketing and operations.

P has had a passion for music since childhood and has been a semi-professional drummer for the past 15 years.

P earned his Bachelors of Arts degree, magna cum laude, from Clemson University.

PF, Co-Founder and Vice President of Technology

For the past year, P has managed The Kisco Group’s affiliate marketing business. In addition to setting up and managing widespread marketing campaigns, P has developed sophisticated analytic techniques to precisely analyze web traffic in order to optimize profitability.

Since August 2006, P has shifted his efforts and leveraged his technology skills in developing the Shoutmouth website. P has been instrumental in selecting the Content Management Platform upon which Shoutmouth is built, and finding and managing the technology team.

P earned his Bachelor of Arts degree from Swarthmore College.

AB, Marketing Manager

A’s background in music includes being a singer, songwriter, guitarist and producer. He has also worked on the marketing side of music, having marketed Veritas Records through the development and distribution of promotional materials.

A’s career also includes psychological research and administration, having served as a Research Assistant with the Interpersonal Perception And Communication Laboratory in Cambridge, MA.

A earned his Bachelor of Arts degree in Psychology from Ohio State University.

M, Lead Technology Developer

M is an experienced web programmer with expertise in web design, application development and database development among others.

M’s work experience includes serving as a Senior Developer at Spheres. M has also engaged in multiple, long term freelance projects including serving as a Database Developer Consultant with The Penn Group and a Web Developer Consultant with Volution Media Group and Allied Online Consulting Group.

M earned his Bachelors degree in Computer Science with a minor in Cognitive Science from Rutgers University.

Content Development Team

Shoutmouth’s writing team, managed by PK, includes the following members:

  • JS, Editorial Manager: former content manager and copywriter for Scholastic Inc. and Promotions.com.
  • TZ: former music intern (Virgin Records and WRRV) and author of the blog, The Tom Z Show .
  • ML: former assistant editor for Adventure Publishing; author of the blog Certified Gangsta ; and former editor-in-chief of Fordham University’s newspaper The Paper .
  • SB: former staff writer for Paste Magazine , The Clarion Ledger , and Nightclub and Bar Magazine among others.
  • CSJ: former editorial intern for Rolling Stone and Editorial Assistant for Psychology Today .

Outsourced Technology Team

Shoutmouth works very closely with 2skies, a technology firm based in Australia with staff in Australia and the United States. 2skies is run by JDN, one of the co-founding developers of XE, the platform upon which Shoutmouth is built.

XE is an extensible, Open Source web application framework written in PHP and licensed under the GNU General Public License. XE delivers the requisite infrastructure and tools to create custom web applications that include fully dynamic multi-platform Content Management Solutions (CMS).

VIII. Appendix: Shoutmouth Financial Projections   3-Year Income Statement

Total Page Views (MILLIONS)
Revenues $165,431 $2,461,127 $7,810,354
Staffing $891,058 $1,328,078 $1,522,923
Outsourced Technology $115,000 $60,000 $60,000
Office Space $26,400 $90,000 $90,000
Advertising $254,000 $900,000 $900,000
Other Marketing/Public Relations $72,000 $120,000 $150,000
Web Hosting $11,500 $33,900 $55,500
Other $38,000 $60,000 $60,000
$1,407,958 $2,591,978 $2,838,423
($1,242,527) ($130,851) $4,971,931
Depreciation $1,600 $4,200 $5,800
($1,244,127) ($135,051) $4,966,131
Income Taxes @ (40%) ($497,651) ($54,020) $1,986,452
Income Taxes Paid $0 $0 $1,434,781
Income Tax Credit ($497,651) ($551,671) $0
($1,244,127) ($135,051) $3,531,350

3-Year Balance Sheet

As of December 31

Cash $1,845,206 $1,614,336 $4,726,360
Accounts Receivable (30 days) $13,597 $202,284 $641,947
Inventory $0 $0 $0
Current Assets $1,858,803 $1,816,620 $5,368,307
Other Assets
Equipment (Computer systems, office equipment, etc.) $16,000 $26,000 $32,000
Accumulated Depreciation ($1,600) ($5,800) ($11,600)
Total Long-Term Assets $14,400 $20,200 $20,400
$1,873,203 $1,836,820 $5,388,707
Accounts Payable (30 days) $117,330 $215,998 $236,535
Total Current Liabilities $117,330 $215,998 $236,535
Long Term Debt $0 $0 $0
Paid In Capital $3,000,000 $3,000,000 $3,000,000
Retained Earnings ($1,244,127) ($1,379,178) $2,152,172
Total Equity $1,755,873 $1,620,822 $5,152,172
$1,873,203 $1,836,820 $5,388,707

3-Year Cash Flow Statement

Net Income/Loss ($1,244,127) ($135,051) $3,531,350
Depreciation $1,600 $4,200 $5,800
Minus Increase in Accounts Receivable ($13,597) ($188,687) ($439,663)
Plus Change in Current Liabilities $117,330 $98,668 $20,537
Net Cash Flow from Operating ($1,138,794) ($220,870) $3,118,024
Purchases of Property & Equipment ($16,000) ($10,000) ($6,000)
Net Cash Flow from Investing ($16,000) ($10,000) ($6,000)
Cash Received from Investors $3,000,000 $0 $0
Net Cash Flow from Financing $3,000,000 $0 $0
$1,845,206 ($230,870) $3,112,024
$1,845,206 $1,614,336 $4,726,360

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Simple Business Plan Template (2024)

Krista Fabregas

Updated: May 4, 2024, 4:37pm

Simple Business Plan Template (2024)

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.

examples of best business plan

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.

examples of best business plan

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:

Business Need Startup Cost Ongoing Cost Source

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:

Product Retail Price (Cost) Gross Profit

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.

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The 5 Best Business Plan Examples and Templates

blog author

Kate Williams

Last Updated: 11 June 2024

14 min read

The 5 Best Business Plan Examples and Templates

Table Of Contents

  • Business plan examples
  • What to include?
  • How to conduct market research

Do you need some business plan examples to come up with your own?

Every business needs a plan. If you want to build a thriving company, you need to invest in creating a business strategy. The business world is cruel, cut-throat, and incredibly competitive. You need to find out what you can offer to your customers and how best you can do that- and it requires a strategic business plan.

“Without a plan, even the most brilliant business can get lost. You need to have goals, create milestones and have a strategy in place to set yourself up for success”- Yogi Berra.

In this article, we’ll cover:

The best business plan examples and templates

Basic elements that make a good business plan

How to do market research for your business plan

The 5 Best Free Business Plan Examples and Templates in 2022

1. the one-pager plan.

Here is an example of a simple business plan that will take only one page. A one-page plan will be easier to share with others and have less information for those who don’t have the time to pore through the details. It will be a great thing to giveaway after an elevator pitch.

It will include the following:

  • Business Opportunity: What is the problem that you are solving?
  • Team: Who are the different stakeholders involved in the company? Why are they the right person to build the brand?
  • Target Market: Which is the area that you are targeting? Who are your ideal customers, buyer personas, and audience segments?
  • Implementation timeline: When will the business be up and running? What are the resources that you will employ for that?
  • Financial Summary: Where is the funding coming from? How much funding is required?

The above fields are enough to prepare a quick business plan example.

2. Bplans Business Plan Example

This one is a bit detailed in nature. Let’s go through it.

Executive Summary

  • Problem Summary
  • Solution Summary
  • Market Summary
  • Competition

Expectations

  • Financial Highlights by Year [chart]
  • Financing Needed

Opportunity

  • Problem & Solution
  • Target Market
  • Competition (Current Alternatives and Our Advantages)
  • Marketing & Sales Plan
  • Operations (Locations & Facilities, Technology, and Equipment & Tools)
  • Milestones & Metrics (Milestones Table and Key Metrics)
  • Team (Management Team and Advisors)

Financial Plan

  • Forecast (Key Assumptions, Revenue by Month [chart], Expenses by Month [chart], Net Profit (or Loss) by Year [chart])
  • Financing (Use of Funds and Sources of Funds)
  • Statements (Projected Profit & Loss, Projected Balance Sheet, and Projected Cash Flow Statement)
  • Monthly Financial Forecasts
  • Additional Documentation

Elaborating on each of the above points gives you enough fodder to make someone on the other side understand your business as well as enough firepower to get started on implementing each of the sections.

3. HubSpot’s Business Plan Template

This is also a comprehensive template that can be used to create a business plan from scratch. Once you have added content to all the fields in this business plan example, you can share it with your investors and stakeholders.

You can add a one or two-page overview of the business here. The executive summary should include a mission statement, company history, leadership model, competitive advantage, financial projections, and company goals.

Company and Business Description

In this section, you can provide a description of your business, describe the products and services you will be offering, talk about your target market, and why your business plan will work. Describe your mission and vision statement, core values, team, and organization structure.

Products and Services

Talk about your product and service offerings. Mention your pricing structure as well.

Market Analysis

Share details about the market that you are targeting and talk about the reason behind doing so. Highlight the demographics and psychographics, including the size of your addressable market. Also, talk about your buyer personas and a competitive analysis report.

Marketing and Sales Plan

You can talk about your positioning strategy, the acquisition channels you plan to use, including the tools and technologies.

Explain how you intend to get leads. What does your inbound and outbound sales strategy look like? What are the different channels that you will be using?

Legal Notes

What type of legal structure do you plan to follow? List out the legal considerations that you plan to keep in mind to operate smoothly.

Financial Considerations

No matter how good a product you have, if you do not possess the funding to run the business, then it will surely go belly up. You should have a solid financial strategy in place.

You can use the executive summary example business plan link to get a detailed understanding of the business plan.

4. US Small Business Administration (SBA) Business Plan Example

If you take a look at Andrew’s business plan by using the link, you will find a comprehensive plan for ‘Wooden Grain Toy Company.’ The company manufactures high-quality toys that are made from solid hardwoods. The target audience for the toys are adults who are in a position to buy for the kids.

The business plan (for which the link has been provided) contains a detailed description of the customers, competitive advantages, the regulations that they are supposed to follow, product lifecycle, pricing structure, and so on. It also talks about how they plan to conduct research and development for the company. The example of a marketing plan that they have in place is also described in the business plan document.

5. US SBA Service Business Plan Example

In the previous example, we considered a business plan example for a product-based company. Here, we consider a consulting company called ‘We Can Do It Consulting.’ The services include office management and business process reengineering.

In this business plan example, the service company we are considering aims to provide services to business owners, CEOs, HR directors, product managers, presidents who are looking to increase their productivity and reduce overhead expenses.

The business plan example also talks about their requirements for the future. It mentions the list of services that they offer, in detail. They mention their pricing structure based on the hourly charges of each of the professionals such as Account Executive, Project Manager, Business Analyst, Process Analyst, and so on.

It also talks about their efforts in R&D. They plan to create custom technology for manufacturers of vehicles. The service company is also intent on finding trends in software solutions to provide competitive automated services to create a niche for themselves in the industry. This is a good example of a business plan PDF that you can use as a template.

Try our business plan template to test the conversational experience!

Preview Template

 Try our business plan template to test the conversational experience!

What does a good business plan include?

There are a number of sections that make up a business plan which covers every single part of the business. The more detailed the business plan, the easier it is for investors to validate their investment decisions and for the entrepreneur to execute their ideas.

Let us look at each of the sections in a traditional business plan sample.

Business Summary

This section provides an overview of the business. It usually includes

  • Mission and Vision Statement
  • About the Company
  • Goals of the company
  • Company’s differentiators
  • Technologies Used
  • Financial charts

Sometimes, a few of the above topics will be discussed in detail in the other sections of the free business plan template .

Company Description

Provide detailed information about your company. What are the specific business problems that you aim to solve? How are you better suited to handle them? What are the specific skill sets that your company possesses? Do you have the right location for your physical store? If you are planning to set up an online store, do you plan to outsource the development or do you have an in-house team of developers?

The next step is to present information about the market that you are targeting. You cannot sell ice to an Eskimo. In the same way, the products and services that you offer to your potential customers should be relevant to what they are looking for.

You can include the following in this section:

  • Market size
  • Population in the market
  • What products/services would they be interested in?
  • Market trends
  • Competitor’s market shares
  • Why would they be interested in your products?

Company Structure

This section will give ideas about the company’s structure, leaders in the organization, hierarchy, and so on. It should also spell out the legal structure of your business . The company structure should also mention how the unique experience of each of your employees will add to the success of the organization.

Here, you need to mention the products and services that you plan to offer. It should explain how it will help the end consumer. Share points related to intellectual property, copyright, patent filings, and other relevant documents. If there is ongoing research related to your offerings, mention that as well. It will increase the validity of your business plan.

In this section, you need to showcase the funding details. Money runs businesses. If you do not have enough funding, it will not be possible to pay vendors, employees, suppliers, etc. You should also give an idea of how much funding you will require for the next 2 or 3 years. If there is a source of funding for the future, you might want to disclose that as well.

Competitive Landscape

Find out who the top competitors in your niche are. Try to gather as much intelligence as possible about how they go about their business. Why should your target customers leave your competitors and buy from you? By doing a competitive analysis, you can get an answer for this.

Target market

What does your most ideal customer look like? Without this piece of information, your whole marketing plan will go kaput. You will be targeting even people who will never be your customers. You need to segment your customers based on demographic and psychographic factors.

Build buyer personas to find your ideal customers and it will also help you get an idea of the reasons behind targeting them. Your marketing strategies will be more refined once you know your buyer personas. Every business will have at least 3 to 7 buyer personas and creating personalized content for each of them should be one of your core marketing activities.

Marketing activities

No matter how good a product you have, you cannot sell it if people don’t know that it exists in the first place. Marketing campaigns are so important to your business’ success. While there is no hard and fast rule in marketing as it is quite dynamic, you need to present an outline of the strategies that you plan to implement. A marketing strategy template should be a separate article as there are a number of variables in it.

How to do market research for a business plan

You need to be specific about what you need to know when conducting a market research survey. The data that you gather from market research can be used for a number of purposes. It depends on the kind of objectives you have.

  • Is it to ask what people think about your product?
  • Do you want to know more about your target audience to refine their details?
  • Would you like to know about the channels that they frequent?
  • Are you looking to understand the reasons behind why they chose your competitors?

Insights from any of the above objectives will bring you closer to achieving your goals. You need to choose the right marketing tool to get the answers that you are looking for.

SurveySparrow is a powerful online survey tool that lets you ask a variety of questions using a number of attractive features.

Here’s how to use SurveySparrow to conduct market research for your business plan:

Design your survey

The first step is to design an attractive survey. It involves choosing the right questions and question types. If you want to understand more about your market, then you need to ask the respondents questions about their expectations from a product similar to yours, why they choose that particular product, what are the functionalities they use the most in that particular market, and so on.

Do remember that the longer the survey, the chances of a less number of responses are there. Break the surveys into multiple sections so that it is easy for the respondent to finish the survey.

Test your surveys

Before you send the survey to the audience, ensure that there are no technical hiccups. Proofread the questions. Try to understand the relevance of each question in the survey. Do remember that your objective is to understand more about the market. So ask yourself this — ”Are the questions relevant to the objective of the survey?” If not, immediately discard them.

Make sure you are leveraging all the advanced features of the online survey tool. Test the survey internally and see how the results pan out. Once you are sure that the surveys can be presented to your audience, send them to your audience.

Survey Analysis

Once you have all the answers to your survey questions, you will be able to see the results in an attractive dashboard. The insights gathered from the tool will help you make a powerful business plan. SurveySparrow offers a variety of visually appealing ways in which you can view the results. Every insight that you gather from your prospective customer base should be considered in your business plan.

Add the feedback to the business plan

The next step is all about considering the insights gathered from the market research survey into your business plan example. It will add more credence to your plan as the data gathered is that of your prospective employees. They can also be used for sales projections, inventory estimation, and so on.

Wrapping up

A business plan is the first step towards building a successful enterprise. There are a lot of risks involved with starting a business. You need to be careful of each step that you take and consider every single variable, starting from funding required to operational planning examples. Taking the right steps will help your business grow, but even a minor tactical oversight can result in losses.

For those who are looking to start their own business, the above article will be really helpful. Some of the templates can be taken as business plan examples for students too, not just for professionals.

If you are looking for an online survey tool that will help you draft irresistible business plans, check out SurveySparrow. When you are not sure about the kind of questions that you need to add to your business plans, you can even choose the business plan templates available with SurveySparrow. Get in touch with us to understand how we can help you create strategic business plans with our survey tool.

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Product Marketing Manager at SurveySparrow

Excels in empowering visionary companies through storytelling and strategic go-to-market planning. With extensive experience in product marketing and customer experience management, she is an accomplished author, podcast host, and mentor, sharing her expertise across diverse platforms and audiences.

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Top 4 Business Plan Examples

The Startups Team

Top 4 Business Plan Examples

Founders have to learn so many new skills when they're launching a startup, and writing a business plan is a big one. When you're writing your  business plan  for the first time, things can get…  intimidating.

What do you include? What kind of wording should you use? What do you make sure not to include? Is a mid size business plan different than an enterprise plan or a scalable startup? Do I need to include financials like cash flow statements? What do investors want to see?

It's enough to make even a stalwart startup founder and management team throw in the towel before they've even begun.

Lucky for you — we've created a  complete guide to writing your business plan . Check it out if you haven't already. (And if a link from there brought you here, just keep reading!) We'll share some business plan samples so you can get started writing your own professional business plan.

But, while it's nice to be guided step-by-step, it can also really help to have concrete examples when you're approaching creating something for the first time.

So, with that in mind, here are four sample business plans from the Startups community that we think really stand out from the crowd. We hope that these will serve as a startup business plan template and make it easier to write your own. At a minimum, these will provide some great business plan ideas whether you are writing traditional business plans for an established business or biz plans for an innovative new startup. While we would of course suggest you use our business plan creator, Bizplan.com, you can use these examples with any number of business plan apps or business plan software.

Click on the below links to see fully formatted versions or continue reading for the text-only version of Culina's.

LiveShopBuy

Every good business idea needs a business plan. A traditional business plan can work for most any new business.

CULINA Executive Summary

Fast facts:.

Founded:  2013  Headquarters:  San Francisco, CA  Founder:  Kent McClure  Market Size:  $12.5 billion  Target Audience:  Homeowners; property managers; insurance providers.

Quick Description:

Culina is a San Francisco-based IoT and home automation company. We design an advanced smart hub technology that enables users to interconnect and remotely monitor all of their cooking devices and kitchen appliances through a single user-friendly platform.

Our Mission:

To make homes smarter, more connected, and safer for families while helping them save money and conserve energy through the power of affordable, automated technology.

Our Vision:

To become the leading provider of IoT technology for kitchen appliances on a global scale with applications across both residential and commercial properties.

Company Synopsis:

Culina Tech is the next leading name in home automation and IoT. We're committed to leading the charge in creating the ultimate smart kitchen for homeowners all around the world. Our revolutionary Smart Plugs enable users to make any kitchen appliance or cooking device intelligent. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices. The Culina App allows users to remotely monitor the status of and control all devices connected to our Smart Plugs. Whether it's remotely turning on the coffee pot after getting out of bed, turning off the stove if it was accidentally left on via smartphone, or switching on the crockpot before getting home from work, Culina is purpose-built to deliver unrivaled convenience and peace of mind.

With the ability to set energy usage caps on a daily, weekly, or monthly basis, Culina helps homeowners stay within their monthly utility budget and save energy in the kitchen through more efficient use of the dishwasher, refrigerator, freezer, stove, and other common appliances.

When a device reaches its energy limit, Culina alerts users through their smartphone and is built with the ability to power down the device automatically if the user chooses. The App measures key usage metrics in real-time, allowing users to get an instant dashboard view of energy consumption as it occurs.

Our team has already finished the product development and design phase, with 3 prototype iterations completed, and we are now ready to begin mass manufacturing. We've also gained major traction among consumers and investors alike, with 10,000 pre-ordered units sold and $5 million in capital secured to date.

With this round of funding, our objective is to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2017 holiday season. We are currently seeking a $15M Series B capital investment that will give us the financial flexibility to achieve these goals. On behalf of the entire Culina Tech team, we'd like to thank you for your time and interest in our company and this investment opportunity.

Funding Allocation:

⇾  30% Manufacturing  ⇾  25% Sales & Marketing  ⇾  25% Key Hires  ⇾  20% Operational

Team Overview:

The kitchen is the heart of the home. It's a quintessential gathering place where families and friends come together to break bread, be merry, and make memories. But the kitchen is also where tragedy often strikes due to misuse of appliances. Kent McClure and his team set out to make the kitchen a safer and more energy-efficient place for the family after a tragic fire struck his own kitchen in late 2012. Thankfully, no lives were lost and everyone in his family made it out safe and sound, but Kent couldn't help but wonder  “what if.”

With decades in the industrial design space, Kent knew he had the knowledge and the industry contacts to set out to improve upon home automation devices for the kitchen with a solution that not only made homes safer but also cut down on energy consumption and associated costs. In early 2013, Culina was born. Since that time, Kent and the Culina team have made it their mission to completely revolutionize the home automation and IoT space with innovative, AI-powered technology.

Kent McClure | Founder & CEO  Kent is a Carnegie Mellon graduate with over 10 years of executive leadership experience in industrial design and engineering. He has a successful entrepreneurial history, founding a prior tech-based startup which he grew to $100 million in revenue, followed by an acquisition in 2010 and then IPO shortly after.

Sherri Carlson | COO  Sherri earned her MBA from Harvard Business School. She oversees all of Culina's ongoing operations and procedures and is responsible for driving Culina to achieve and surpass sales, profitability, cash flow, and business goals and objectives.

Martin Frink | CTO  Martin is a Stanford University alumnus with extensive technical expertise and over a decade of experience at venture-backed tech companies. He is responsible for Culina's technical vision, heading up all aspects of our technological development, strategic direction, development, and future growth.

Margaret Burns | CFO  Margaret earned her degree in Financial Management from NYU. Prior to joining Culina, Margaret spent seven years as CFO for a publicly-traded mobile tech company headquartered in Silicon Valley. She currently manages Culina's financial risks and handles all financial planning, record-keeping, and reporting.

Business plans should contain a company description, market analysis, financial plan, and mission statement.

COMPANY OVERVIEW

Market opportunity.

An enormous need exists for dramatic reductions in energy consumption. Businesses alone consume 12-20% of the total US energy supply on food production, processing, manufacturing, distribution, and preparation.

On the residential side, the Energy Information Administration estimates that the average US household uses 11,280 kWh per year. Many homeowners are simply unaware of the large amount of energy consumed by many small household kitchen appliances:

Dishwasher:  133 watts  Television:  1,200 to 2,400 watts  Coffee Maker:  900 to 1,200 watts  Washing Machine:  350 to 500 watts  Toaster:  55 to 250 watts  Window Fan:  800 to 1,400 watts

The majority of US households now spend roughly 35 percent of their energy consumption on appliances, electronics, and lighting.

Most homeowners don't think about the little details that can help save them money on their energy bill. The vast majority of people keep the refrigerator or freezer too cold, fail to make sure refrigerator door seals are airtight, neglect to regularly defrost fridges and freezers, overload their dishwashers, and keep dishwasher water temperature too hot. As a result, energy consumption remains high, and energy bills remain high.

Not only do kitchens represent a primary source of household energy consumption, but also a primary source of house fires. More fires start in the kitchen than in any other room in the home, and household cooking appliances frequently account for billions of dollars in fire-related insurance claims every year. The number one cause of house fires and house fire injuries is the stove.

✓  46% of house fires caused by cooking equipment  ✓  62% of house fires caused by ranges or cooktops  ✓  $4,000 average fire and smoke damage repair costs

Culina is actively solving both of these common challenges caused by cooking equipment simultaneously. Our technology provides homeowners with immediate, real-time insight into their energy consumption by aggregating data for all kitchen appliances connected to our Smart Plugs while also delivering the preventative intelligence necessary to reduce kitchen-related disasters.

Key Features and Benefits:

We designed our Culina Smart Plugs to work in tandem with an intuitive, user-friendly mobile application — allowing users to gain a much-needed technological upgrade to the most popular room in the house.

Easy Setup:

Culina Smart Plugs work with standard two and three-pronged appliances and cooking devices. Simply attach the Culina Smart Plug to the appliance's electrical, plug it into the wall, download the Culina app, connect, and configure.

A one page business plan is a single page overview of your business plan format, logistics and operations plan priorities, and overall direction.

Constantly Learning:

Powered by machine learning artificial intelligence, our Intelligent Culina Response System learns user habits every time someone uses an appliance connected to one of our Smart Plugs.

Multi-Threat Sensors:

Our state-of-the-art sensors detect a variety of potential threats to the kitchen — including sudden and unusual temperature fluctuations, poisonous gas and emissions, toxic smoke, and more. Homeowners receive alerts whenever unusual activity is in progress such as a stovetop being left on for too long or during an unusual time of day.

Remote Monitoring:

Users can monitor all information directly from an easy-to-navigate dashboard in real-time using the Culina App for iOS and Android. Users can check metrics such as fridge and freezer temperature, cook time, and usage data as it is being gathered.

Remote Appliance Control:

With the Culina App, users can control all connected appliances and devices. If our Smart Plug is attached to a crockpot, for example, a user can add the ingredients before they head to work, activate the crockpot remotely, and come home to a readymade meal waiting for them the moment they step through the front door.

Free business plan templates are available online, or you can create your own business plan as the business owner if you don't want a traditional business plan.

Remote Shut-Off:

Not only does remote operation over appliances provide convenience, it also serves to prevent kitchen-related hazards. The Culina App includes auto shut-off capabilities allowing users to turn off appliances using their smartphone even when they're not at home. This is particularly useful in the event that users forget to turn off the oven or stove to prevent potential house fires.

Advanced Notifications:

In addition to notifying users if an appliance is left on by accident or if it detects a potential hazard, Culina also reminds users anytime regular maintenance is required.

Energy Consumption Data:

Users can also monitor energy consumption on a weekly basis right from the Culina App. By providing at-a-glance insight into whether energy use has gone up or down, users gain the ability to adjust their usage accordingly in order to conserve energy and ultimately save money in utility bills the long term.

Inter-operability:

Our cloud-based technology integrates with other popular platforms including Google's Nest and Lowe's Iris.

Cost-Saving Benefits:

Not only can users conserve money in energy consumption bills with Culina, but new insurance guidelines also provide significant discounts for homeowners who deploy smart technologies in their homes.

Pricing and revenue

Culina will initially monetize from hardware sales.

Our product will sell for $149 MSRP with approximately 40% profit margin. We will initially sell our product through popular e-commerce platforms and through our website — followed by brick-and-mortar outlets including Lowe's, Best Buy, Home Depot, and other major big box retailers.

5-Year Net Revenue Projections for business planning financial statements

Company Milestones:

With much of the heavy lifting already completed, Culina has laid the groundwork for rapid expansion going forward. Here's an overview of our accomplishments since first founding the company in 2013.

Consumer Validated:

Our first-generation product is market-ready and primed for commercial manufacturing. We have pre-sold 10,000 units, representing approximately $1,890,000 in pre-launch revenue. Our immediate customer base growing by the day and we have successfully proven that this is a product that consumers want and are enthusiastic about.

Investor-Backed:

We have secured a total of $5 million in funding from angel investors, founder capital, friends and family, and VCs.

Proprietary Technology:

We have applied for and have been granted a provisional patent for our Smart Plug technology.

Strategic Partnerships:

We are in the process of building relationships with notable industry leaders, influencers, and development teams in the home automation sector. We are also in advanced-stage partnership discussions with a number of major name insurance providers.

Press Mentions:

Culina has received coverage in many of today's most renowned tech and entrepreneurial publications, including The Wall Street Journal, The Huffington Post, TechCrunch, The Verge, WIRED, and Engadget, among others.

Manufacturing:

A US-based contract manufacturer has been secured and is ready to begin production with the capacity to produce around 50K units per month as we scale.

Culina Company Timeline: 2013-2017 — displaying competitive advantages to secure funding in possible future rounds.

Future Development

Our initial focus on the consumer space with our launch product is just the first step in our long-term roadmap to growth. In order to capture a larger market share and continue scaling the company exponentially, we are planning on rolling out a B2B model in the future. This will provide Culina with new revenue streams and will offer a valuable, tech-driven solution for businesses.

Commercial Kitchens:

Commercial kitchens consume a huge amount of energy — roughly 2.5 times more per square foot than any other commercial space, according to the EPA.

The Foodservice Consultants Society International (FCSI) estimates commercial kitchen equipment is often only 50% efficient. The challenge with reducing energy consumption in commercial kitchens is that it's neither practical nor affordable to replace all kitchen equipment or redesign entire workspaces.

In an effort to reduce CO2 emissions, some governments are offering incentives to businesses that can cut back on their carbon footprint. In the UK, Enhanced Capital Allowances allow businesses to benefit from 100% tax relief on their qualifying capital expenditure on energy-saving equipment. This can provide a cash flow boost and an incentive to invest in energy-saving equipment which normally carries a price premium compared to less efficient alternatives.

Our 2nd generation product will represent a revenue-generating and energy-saving solution for commercial kitchens where equipment is frequently selected based on low capital cost with little regard to whole life-cycle cost and the resulting negative energy consumption.

Built on cloud computing, machine-to-machine communication, and information-gathering sensors, the Internet of Things market is rapidly making more and more commonplace devices “smarter.” Factor in the increasing prevalence of smartphones and tablets, and home automation and IoT products are now becoming much easier to use and significantly more affordable than they have ever been before.

What was once only reserved for the wealthy and tech-savvy, everyday consumers now have direct access to and can take advantage of a growing number of home automation devices. The evolution of the Internet of Things has enabled consumers to digitally connect and remotely control everything from their door locks to their thermostat to their garage opener and essentially everything else in between. Evidence of the enormous impact home automation tech has had in the consumer space can be seen in the enormous adoption of products like Nest and Amazon Echo.

The home automation market and Internet of Things (IoT) space is a thriving industry with growth expected to exceed $50 billion by 2020. This represents an estimated 300% increase from today's market of $12.5 billion. Around 8.4 billion connected devices will be installed globally by the end of 2017, representing a +31% increase in just one year. Around 63% of these devices will be used by consumers, with the remainder deployed by businesses.

Culina is perfectly positioned to capitalize on a major multi-billion dollar market opportunity to provide greater protection, actionable intelligence, lower energy consumption, and more cost savings to the millions of homes in the US.

Most every business plan template online will prompt to identify target market, a cash flow statement, and business structure.

Target Audience

We are directly targeting three specific target populations for our product:

Homeowners:

Homeowners are our end users and will benefit the most from our product. For homeowners, Culina represents safety, peace of mind, increased convenience, and an economically-wise investment that pays for itself over time.

Residential Property Managers:

Including apartment complexes and student housing owners. Culina offers increased owner ROI, occupant satisfaction, and significantly lower operational and maintenance costs.

Insurance Companies:

By reducing home fires caused by unattended cooking and the resulting billions of dollars in related insurance claims filed every year. Insurance companies can also leverage our technology to adjust homeowners insurance policy pricing.

Marketing Strategy

Culina has carefully developed a diverse marketing plan intended to keep our brand in the hearts and minds of our existing and prospective customers, enabling us to continue expanding our reach and grow our business. Between our massive social network followings and email database contacts, we regularly communicate directly with over 100,000 consumers.

SEO & Social:

We will drive traffic and conversions to our website using social media marketing via Facebook, LinkedIn, Twitter, Instagram, Snapchat, YouTube, and others. We are also exploring SEO and SEM.

Content Marketing:

We consistently release marketing content through our blog that aims to educate our audience about the value that our product provides. Our content marketing efforts aim to influence and persuade readers without having to rely solely on conventional direct selling tactics.

Influencer Marketing:

We will launch an initiative to guest blog articles and features in IoT, home automation, and startup tech publications like TechCrunch, Wired, VentureBeat, and other outlets in our industry.

Use an example business plan to get your information down — make sure to include market research, balance sheet, financial projections, and industry trends.

Competitive Landscape

Primary competitors for Culina include other companies that are currently operating in the home automation and Internet of Things space, such as Nest Labs, Amazon Echo, and Wallflower Labs.

Leading home automation company Nest introduced its first product, Nest Learning Thermostat, in 2011. The company was founded in 2010 by former Apple engineers Tony Fadell and Matt Rogers and is headquartered in Palo Alto, California. Nest was acquired by Google on January 14, 2014, by Google for $3.2 billion and still operates under its own brand identity.

Nest Labs designs programmable, self-learning, sensor-driven, Wi-Fi-enabled thermostats, smoke detectors, and other security systems.

The 3rd generation Nest Thermostat prices at $249; Nest Indoor and Outdoor Cams are $199; and their Smoke & CO Alarm retails for $99.

Key Weaknesses:

After Nest's acquisition, the company has underperformed in sales and fallen below the expectations that Google set for them when it purchased the startup.

Amazon Echo

Amazon Echo, also known as Alexa, is a voice command device powered by artificial intelligence and designed by mega online retailer Amazon.com. The smart home hub was initially released in November 2014.

Alexa is a voice-activated virtual assistant housed within the Echo smart speaker. Users simply say her name and then ask a question or give a command.

The Amazon Echo retails for $99 for Amazon Prime members and $170 for everyone else.

However, some users have noted the uneven sound quality and limited “skills” capabilities. Users can also only interact and communicate with Alexa in English and German.

Founded December 1, 2013, Wallflower Labs is a Charleston, MA-based startup that designs an internet-connected smart plug that works with any freestanding plug-in electric stove. The company's founder previously founded Yap — a speech recognition technology that was acquired by Amazon in 2011 to help develop Alexa. The startup has raised a total of $2.5 million from three rounds of equity funding to date, with the most recent funding reported at $1.5 million via a convertible note on August 30, 2016.

The smart plug sounds an alarm and alerts homeowners via smartphone when the stove is turned on, someone forgets to turn it off, when a cooking time expires, or the smoke alarm activates.

Because Wallflower Labs are still in the pre-launch phase, the company has not yet publicly released consumer pricing information.

Unlike Culina, which connects with all smart appliances and cooking devices in the kitchen, Wallflower Labs is solely focused on monitoring stove usage.

How Culina Measures Up:

Competitive Analysis - Competitive Landscape table — included in a business plan template.

Differentiating Factors

Culina maintains a unique competitive advantage over other existing home automation and IoT products in several categories. Our biggest differentiators include:

Diverse Product Capabilities

Culina makes it possible to gain an across-the-board view from an entire network of interconnected devices. Whether they're connected to the refrigerator, gas or electric-powered stove, microwave, or dishwasher, our Smart Plugs can deliver insight into everything from smoke and gas detection, to temperature changes, and usage metrics — regardless of the brand and through a single, user-friendly app.

User-Friendly

Our technology is easy to use and doesn't require any technical-savvy. Setup and configuration are simple, users are able to be up and running out of the box in approximately 10 minutes, and software updates are deployed over the air.

Affordability

Culina is priced below our competitors' products while delivering superior functionality and value. This will be an essential factor in helping us continue to gain market share nationally.

Team Strength Our team is comprised of industry veterans who bring decades of experience to the table across industrial design, mobile tech, cloud-based technology, artificial intelligence, and more.

Our leadership team has a history of starting and leading companies to successful exits and has established valuable relationships with industry leaders along the way that will help us strategically position Culina as a market innovator in the days ahead.

Investment Opportunity

Culina is currently seeking a total of $15M in  Series B equity financing  to fuel the next stage of company growth — including manufacturing, pre-order fulfillment, ongoing development of our platform, and marketing efforts in order to continue expanding the Culina brand. Any remaining funds will be allocated as operating capital.

Why Invest in Culina? With Culina, investors have the opportunity to get in on the ground floor with a company that's positioned to grow into a leading innovator in the home automation and IoT space.

With Culina, we've tapped into something truly extraordinary that's being celebrated by both early adopters and investors alike. With 10,000 units pre-sold and $1.89M in pre-launch revenue , we've already successfully demonstrated validation in the consumer space. With over $5 million in funding secured across several financing rounds, we've already proven that investors believe in our company, our mission, and our ability to succeed.

We've also established a scalable business model and robust product pipeline that will prime us for widespread expansion in the days ahead. We're now seeking investors who share our passion and commitment to pushing the boundaries of what home automation can be and do through nextgen technology.

We're looking forward to working with you in accelerating Culina's growth to become a dominant player in the booming global home automation and IoT industry.

Business plans are essential to any business. We hope this example business plan article guides you through your own business plan process.

In Conclusion

We hope these  business plan  examples will get you started on the right path in getting your business idea into a full-on company. Keep in mind that these startup business plan examples are not a uniform guide for every business, and some information may vary. You may need a 5-year business plan template, or perhaps just some business plan examples for students. Make sure to remember this as you start writing your business plan, and comment below to let us know if these examples of business plans for startups were helpful in your startup journey.

For more helpful founder information: check out our podcast! The No BS version of startup life you've been looking for:  Startup Therapy .

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70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Meg Prater (she/her)

Published: March 19, 2024

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Small business ideas symbolically showing the spirit of a small business

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

Download Now: Free Business Startup Kit

To help get you started, here's a list of small business ideas separated into a few sections:

  • What makes a good small business?

Best Small Business Ideas

Best businesses to start with little money, home business ideas.

  • Online Businesses Ideas

Easy Businesses to Start

Business ideas for students, creative small business ideas, how to start a small business at home, starting a small business: faq.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

examples of best business plan

Free Business Startup kit

9 templates to help you brainstorm a business name, develop your business plan, and pitch your idea to investors.

  • Business Name Brainstorming Workbook
  • Business Plan Template
  • Business Startup Cost Calculator

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What makes a good small business idea?

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

  • Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
  • Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
  • Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
  • Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
  • Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

Airbnb Co-founder, Brian Chesky, said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

examples of best business plan

8. Life/Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

examples of best business plan

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker) or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements for freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While certification may be beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

  • New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course .

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

→ Access Now: Video Marketing Starter Pack [Free Kit]

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business. Still, we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

  • Cornell’s Digital Photography Certificate Program
  • New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

examples of best business plan

Some consulting industries are more competitive than others, so be sure to complete your research before starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or is already dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

If there’s room for you to enter the market, the next step is to land your first clients. Be sure to participate in local networking events covering your niche and reach out to potential prospects through cold calling and emailing. Investing in dedicated sales software can also help measure and improve your emailing strategy, as well as keep track of worthwhile leads.  

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not an easily automated job, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

examples of best business plan

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

examples of best business plan

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

examples of best business plan

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts. Although finding the right topic ideas and outlining your posts may seem challenging at first, especially if you’re new to writing, you can let a blog ideas generator do most of the grunt work for you.

These tools leverage Artificial Intelligence to help you brainstorm ideas and set up your content structure. That way, you can kickstart your creative juices and begin writing about what you love right away. 

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

examples of best business plan

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4. create a business plan..

No business plan? No business. Particularly if your small business idea requires investors, you'll need to draft up a business plan to provide an overview of your market positioning, your financial projections, and your unique competitive advantages. You can download HubSpot's free business plan templates for free to get started.

examples of best business plan

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

  • Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
  • Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
  • Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
  • Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

examples of best business plan

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Examples of Business Plans That Drive Success

Examples of Business Plans That Drive Success

A robust business plan is more than just a document; it’s a blueprint for success, guiding entrepreneurs through the complexities of building a thriving company. For instance, the early business plan of Starbucks outlined a strategy for turning a local coffee shop into a national phenomenon through an aggressive expansion and unique customer experience, which became key drivers of their widespread success. Similarly, Google’s initial business plan focused on improving the speed and accuracy of search results, emphasizing a user-friendly interface and algorithmic innovations, which helped them dominate the internet search industry.

These examples highlight the critical role a well-constructed business plan plays in setting the stage for a company’s success. A successful business plan not only details what the company plans to do but also articulates how it plans to outperform competitors by addressing a specific market need in a unique way. By studying such successful business plans, new entrepreneurs can learn how to craft plans that attract investors, guide internal operations, and achieve sustainable growth, turning visionary ideas into profitable realities.

The Importance of a Well-Structured Business Plan

The cornerstone of any successful business journey is often a comprehensive and well-structured business plan. Whether you are an entrepreneur seeking funding , an investor evaluating opportunities, or a finance professional advising clients, the importance of a meticulously crafted business plan cannot be overstated. A robust business plan not only acts as a roadmap for growth and sustainability but also fosters confidence among stakeholders, thereby driving success. In this article, we will delve deep into various examples of business plans that have led to flourishing enterprises, aiming to provide you with a collection of insightful templates and strategies.

A solid business plan plays several key roles in driving business success:

  • Acts as a roadmap for growth and sustainability
  • Fosters stakeholder confidence
  • Serves as a basis for capital allocation decisions

The roles outlined above are critical in shaping the direction and viability of any business. Acting as a detailed strategic document, a business plan underpins sustainable growth, instills confidence among investors and stakeholders, and guides sound investment decisions.

Key Components of a Business Plan

To build an effective business plan, several components must be carefully structured. These components form the backbone of the plan, each contributing to its overall strength and functionality.

Strategic Goal Setting

Strategic goals provide clarity and focus, driving the business towards its long-term vision. Setting specific, measurable, achievable, relevant, and time-bound ( SMART ) goals ensures that each step taken is aligned with the overall objectives of the enterprise.

Market Analysis

Understanding the market landscape is crucial. Comprehensive market analysis offers insights into customer needs, competitor actions, and industry trends. This information is indispensable for positioning the business strategically and identifying competitive advantages.

Budget Planning

Effective budget planning entails creating a detailed financial blueprint that forecasts revenue, expenses, and profitability. It is essential for ensuring the sustainable financial health of the business, guiding operational decisions, and managing resources efficiently.

Feasibility Studies

Feasibility studies assess the practicality and potential success of a business idea. By evaluating market demand, economic factors, and operational challenges, these studies help in making informed decisions and mitigating risks.

Practical Examples of Business Plans

To illustrate how these components come together to form a robust business plan, let us explore a few real-world examples:

ExampleKey ComponentsOutcome
Tech Startup Secured $5M in initial funding and surpassed growth targets in the first two years.
E-commerce Platform Expanded internationally, achieving a 35% increase in revenue from new markets.

These examples illustrate how integrating strategic goal setting, market analysis, budget planning, and feasibility studies can lead to tangible business successes. By leveraging these elements, entrepreneurs and finance professionals alike can construct business plans that not only map out the path to success but also adapt flexibly to changing market conditions.

Understanding the importance of these components and seeing their application in real-world scenarios can significantly enhance your ability to create effective business plans. Let’s embark on this journey to understanding why a concrete business plan is indispensable and how real-world examples can guide you toward achieving your business objectives.

Creating a Business Plan for a Tech Startup

Creating a business plan for a tech startup involves addressing unique challenges and leveraging specific opportunities within the technology sector. A well-rounded business plan typically includes key components such as the executive summary, market analysis, marketing strategy, and financial plan. This was excellently demonstrated by TechInspire, a hypothetical startup focused on an innovative Software as a Service platform. Below, we provide a comprehensive breakdown of their approach.

Key Components

Executive summary.

TechInspire’s mission is to streamline project management for small to medium-sized enterprises through their Software as a Service product, aiming to offer a more efficient and effective tool tailored to this market segment’s needs.

A thorough analysis identified a growing demand for cloud-based solutions, with projections showing a 20% annual market growth rate, highlighting a rife opportunity for expansion and dominance.

Marketing Strategy

The strategy emphasized a multifaceted approach including digital marketing, partnerships with industry influencers, and a freemium pricing model designed to attract initial users and build a strong customer base swiftly.

Financial Plan

The financial plan outlined critical financial metrics such as break-even analysis, projected cash flow, and detailed funding requirements essential for scaling operations effectively and sustainably.

Key Data Points

To provide a quick snapshot of the most critical information in TechInspire’s business plan, refer to the table below, which outlines key data points like market growth rate and projected cash flow.

Data PointDetails
Market Growth Rate20% annually
Projected Cash FlowPositive cash flow by Year 2
Break-even PointYear 3
Initial Funding Requirement$500,000

This table highlights the actionable insights derived from the market analysis and financial projections, giving potential investors a clear picture of TechInspire’s financial health and growth prospects. By ensuring that critical data points are easily accessible, TechInspire enhances the business plan’s readability and impact.

Challenges and Unique Solutions

Tech startups face numerous challenges, but TechInspire’s business plan takes specific strategies to overcome these obstacles. Here is a breakdown of common challenges and TechInspire’s approach to addressing them:

  • Technical Development: In the highly competitive tech sector, staying ahead with cutting-edge technology is crucial.
  • Market Penetration: Gaining initial user traction can be difficult amidst numerous competing solutions.
  • Resource Management: Efficiently managing limited resources to maximize growth and scalability.

TechInspire addresses these challenges with the following strategies:

  • Investing in continuous development and hiring top-tier talent to maintain a technological edge.
  • Implementing a freemium pricing model to attract users and build a community base quickly.
  • Focusing on strategic partnerships and digital marketing to increase visibility and customer acquisition.

By understanding the specific challenges faced by tech startups and developing targeted solutions, TechInspire’s business plan demonstrates foresight and strategic planning. This ensures a more resilient and adaptive business model capable of navigating the dynamic tech landscape successfully.

The Importance of a Well-Developed Business Plan in the Retail Clothing Industry

In the competitive world of retail clothing, having a well-developed business plan is not just beneficial but essential. It can be the strategic difference between thriving in a crowded market and being forced to close shop. Consider the fictional case of FashionForward, a retail clothing store that meticulously crafted a detailed business plan to steer its operations and growth strategy toward success.

Key Components of FashionForward’s Business Plan

Each component of a business plan plays a crucial role in ensuring the smooth functioning and strategic direction of the business. Below are the key sections of FashionForward’s plan, each introduced with a brief explanation.

FashionForward strives to become a leading brand in the retail sector by focusing on trendy, affordable, and eco-friendly clothing options that appeal to a growing segment of environmentally-conscious consumers.

The market analysis section includes

  • Identification of target demographics
  • In-depth competitor analysis
  • Assessment of market trends, particularly the shift toward sustainable fashion

Understanding these elements helps FashionForward position itself appropriately and strategize its market entry effectively.

Operational Plan

The operational plan covers the nuts and bolts of running the business, including:

  • Selected store locations
  • Advanced inventory management system
  • Strong relationships with suppliers
  • Clear staffing requirements

These details ensure that operations run smoothly and efficiently, providing a seamless experience for customers.

Financial Projections

The financial projections provide a blueprint for potential profitability and include:

  • Startup costs
  • Sales forecasts
  • Profit margins
  • Break-even analysis

These projections are vital for attracting potential investors by demonstrating the financial viability of the business.

Comparing Industry Trends with FashionForward’s Market Positioning

FashionForward’s business plan also considers industry trends to ensure it remains competitive. The table below compares key industry trends with FashionForward’s market positioning and projected financial data.

Industry TrendFashionForward’s Strategy
Sustainability in FashionEco-friendly materials and production processes
Increasing Online SalesRobust e-commerce platform and digital marketing
PersonalizationCustomizable clothing options
Fast Fashion DemandQuick turnaround from design to shelf

By aligning its strategies with these industry trends, FashionForward is better positioned to capture market share and achieve long-term growth. Investors will be more inclined to fund a business that is responsive to current market conditions and consumer needs.

By thoroughly addressing each of these components, FashionForward’s business plan provides a robust foundation for not only launching but also sustaining and growing the business in a competitive retail market. The detailed planning in each component assures stakeholders of the business’s potential for success and profitability.

Consulting Firms and the Importance of Business Plans

Consulting firms rely heavily on their business plans to strategize growth and establish credibility. Consider Strategic Solutions, a mock consulting firm specializing in financial advisory services. Their business plan illustrates a well-rounded approach to capturing market share and delivering value to clients by offering unique services and differentiating themselves from competitors.

Key Components and Strategic Objectives

The following table outlines the key components of Strategic Solutions’ business plan and illustrates how each element supports the firm’s overarching strategic objectives.

ComponentDescriptionStrategic Objective
Executive SummaryProvides bespoke financial advisory services tailored to mid-sized companies aiming for strategic growth.Establishes credibility and outlines the value proposition to potential clients and investors.
Service OfferingsDetailed descriptions of core services such as financial planning, risk management, and investment advice.Highlights specialized services that set Strategic Solutions apart from competitors.
Market PositioningOutlines competitive advantages, market segments, and marketing strategies focused on brand authority and client acquisition.Targets high-value clients through strategic positioning and effective marketing.
Financial PlanProjected earnings, cost structures, and scalable models for service expansion and profitability.Ensures financial sustainability and prepares for scalable growth.

Each component of the business plan plays a pivotal role in ensuring that Strategic Solutions remains competitive in the financial advisory market. From the executive summary that sets the tone and credibility of the firm to the detailed financial plan that maps out future profitability, every facet is geared towards reinforcing the firm’s strategic objectives.

Key Tactics for Market Share and Brand Authority

In addition to a well-structured business plan, Strategic Solutions employs various tactics to capture market share and establish brand authority. The following bullet points outline these key tactics:

  • Customized Service Packages: Tailoring services to meet the specific needs of mid-sized companies.
  • Thought Leadership: Publishing white papers and conducting webinars to establish expertise in financial advisory services.
  • Client Testimonials and Case Studies: Showcasing successful projects and satisfied clients to build trust and credibility.
  • Partnerships and Alliances: Forming strategic alliances with other firms to expand service offerings and market reach.
  • Digital Marketing Campaigns: Leveraging SEO, content marketing, and social media to enhance online presence and attract new clients.

These tactics allow Strategic Solutions to differentiate themselves in the competitive consulting landscape. By focusing on customized service packages and thought leadership, the firm attracts and retains high-value clients. Additionally, client testimonials and strategic partnerships further bolster their market position, while digital marketing campaigns ensure a broad reach and sustained online visibility.

Well-Structured Business Plans: The Foundation of Success

Well-structured business plans are fundamental to the success of any enterprise. By taking inspiration from diverse examples, whether it’s for a tech startup, a retail clothing business, or a consulting firm, entrepreneurs can glean valuable insights into effectively presenting their vision, strategies, and financial forecasts. Each element, from the executive summary to the financial plan, plays a crucial role in addressing stakeholder concerns and steering the business toward its goals. Below, we summarize the key takeaways from each example discussed in the article.

Key Takeaways from Business Plan Examples

Drawing from various business plan examples, here are the essential elements that contribute to a successful business plan:

  • Executive Summary: Offers a concise overview of the business, including its mission, vision, and objectives. It should capture the reader’s interest and provide a snapshot of the overall plan.
  • Market Analysis: Analyzes the target market, industry trends, and competitive landscape. Essential for demonstrating the demand for the product or service and how the business will meet this demand.
  • Marketing Strategy: Details the methods for reaching and attracting customers, including advertising, sales tactics, and promotional activities. It should outline how the business will build its brand and gain market share.
  • Financial Plan: Includes detailed financial projections, such as income statements, cash flow statements, and balance sheets. This section should justify financial needs and illustrate the potential for profitability and growth.

Understanding these key elements are critical for anyone involved in business planning. The executive summary sets the stage and draws in stakeholders, while the market analysis provides the necessary context and justification for the venture. The marketing strategy outlines how the business will penetrate its market, and the financial plan offers concrete evidence of financial viability. Together, these components form a comprehensive picture that can persuade investors, guide strategic decisions, and keep the business on course for success.

The Elements of a Successful Business Plan

Here is a table summarizing the vital elements that ensure a business plan is robust and impactful:

ElementDescription
Executive SummaryA brief overview that includes the mission, vision, and primary objectives of the business.
Market AnalysisAn examination of the industry, target market, and competitors. Provides insights into the market demand and business potential.
Marketing StrategyPlans for product or service promotion to attract and retain customers. Covers advertising, sales tactics, and promotional efforts.
Financial PlanFinancial projections including income statements, cash flow summaries, and balance sheets. Shows financial needs, potential profitability, and growth projections.

This table serves as a quick reference to the vital elements of a well-structured business plan. Each component plays an irreplaceable role in painting a complete picture of the business’s pathway to success. By paying close attention to these elements, entrepreneurs, investors, and financial professionals can ensure their business planning is comprehensive and impactful.

Final Thoughts

In conclusion, whether you are an aspiring entrepreneur, a seasoned investor, or a financial professional, understanding these examples of business plans can significantly bolster your planning process and pave the way for success. The relevance of structured plans in achieving business success cannot be overstated, as they provide a clear, detailed roadmap for navigating the complexities of business growth and development. A meticulously crafted business plan helps address stakeholder concerns and equips your enterprise with a guide to steer it toward its goals effectively.

What is the Significance of an Executive Summary in a Business Plan?

The executive summary is a pivotal section of your business plan, offering a brief yet comprehensive overview of your proposed venture. It encapsulates key elements like the business concept, market potential, financial highlights, and strategic goals. This section is particularly crucial because it usually is the first part that potential investors and stakeholders read, setting the tone for the entire document.

**Key Points to Include in an Executive Summary:**

  • Business Concept: What your business does, its mission, and its vision.
  • Market Potential: The size and characteristics of your target market.
  • Financial Highlights: Summary of projections, including revenue and profit forecasts.
  • Strategic Goals: Short-term and long-term objectives.

These key points serve as a snapshot that should entice potential investors and stakeholders to read further into your business plan. By clearly summarizing your business idea and its merits, you provide a compelling reason for readers to continue exploring the finer details.

How Detailed Should the Market Analysis Be in a Business Plan?

A well-executed market analysis is a cornerstone of a robust business plan. This section should demonstrate your deep understanding of the industry landscape, target market, and competitive environment. It is advisable to be as detailed and data-driven as possible.

**Elements to Include in Market Analysis:**

  • Market Size: Quantitative data on your market’s size and potential.
  • Growth Trends: Historical data and future projections for the market.
  • Customer Segments: Detailed description of the primary customer groups.
  • Competitor Analysis: Insights into key competitors, their strengths, and weaknesses.

An in-depth market analysis not only underscores your business’s growth potential but also builds confidence among stakeholders and investors. It shows that you have conducted rigorous research and are prepared to navigate the complexities of the market.

What Financial Projections are Essential in a Business Plan?

Financial projections are essential to providing an objective view of your business’s financial viability. This section should include comprehensive projections for income statements, cash flow statements, and balance sheets over a minimum period of three to five years.

**Essential Financial Projections:**

  • Income Statements: Expected revenue, costs, and profits over the defined period.
  • Cash Flow Statements: Forecasts of cash inflows and outflows.
  • Balance Sheets: Snapshot of your business’s financial position at specific points in time.

Providing detailed financial projections allows potential investors to gauge the financial health of your business. Including the assumptions behind your projections—such as revenue growth rates, expense margins, and capital requirements—adds another layer of transparency and reliability.

Can a Business Plan Evolve Over Time?

Yes, a business plan is inherently a dynamic document that must evolve. Regular reviews and updates ensure that the plan remains aligned with current market conditions, business performance, and strategic goals.

**Reasons to Update Your Business Plan:**

  • Market Changes: Adapt to new trends, technologies, or regulations.
  • Business Performance: Modify based on actual performance versus projections.
  • Strategy Adjustments: Realign objectives and strategies as needed.

A living business plan offers the flexibility to pivot or scale according to emerging opportunities and challenges. Consistent updates make sure your business stays on the right path toward achieving its goals.

Is Professional Help Necessary to Create a Business Plan?

Although you can create a business plan independently, seeking professional assistance can add substantial value. Experts in financial modeling, business consultancy, and market analysis bring specialized skills that can enhance both the credibility and depth of your plan.

**Advantages of Professional Help:**

  • Expertise: Specialized knowledge to cover essential elements comprehensively.
  • Credibility: A polished, expert-reviewed plan enhances investor confidence.
  • Strategic Insights: Objective perspectives to guide your business strategy.

Engaging professionals not only elevates the quality of your business plan but also significantly increases its chances of attracting investors and guiding effective strategic decisions.

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8 Business Plan Templates You Can Get for Free

Author: Kody Wirth

8 min. read

Updated July 3, 2024

Download Now: Free Business Plan Template →

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

  • Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
  • Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
  • Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
  • Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Preview of Bplans' free business plan template download asset.

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

examples of best business plan

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

examples of best business plan

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

examples of best business plan

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

A sample of the 696 free business plan templates available from Canva. The templates represented here are for a restaurant and two options designed around a minimalist beige aesthetic.

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Preview of ClickUp's business plan template within the project management platform. It includes a number of fillable cells to help guide the creation process.

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

A preview of the Smartsheet business plan template. It provides a preview of the cover page, directory, and small views of the remaining template pages.

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

8. ReferralRock affiliate marketing business plan

Preview of the ReferralRock affiliate marketing business plan template. It just represents the cover page of the full template.

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

  • Do you need more guidance? 
  • A simple way to structure your plan? 
  • An option that works with a specific tool?
  • A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

Content Author: Kody Wirth

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Check out LivePlan

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Better Knowledge. Your Insight Is Sharper

From Idea to Implementation: Essential Business Planning Strategies

Updated: August 28, 2024 · Reviewed by: Ahmad Nasrudin

Business Planning 101

This post may contain affiliate links, meaning we may earn a small commission if you purchase through our links. This helps support our work.

Business planning is a crucial step in starting and growing a successful enterprise. It provides a roadmap for your venture, outlining your goals, strategies, and financial projections.

Whether you’re a budding entrepreneur or an established business owner, a well-crafted business plan can help you:

  • Define your business goals and objectives
  • Conduct thorough market research
  • Develop a sound financial strategy
  • Attract investors and secure funding
  • Measure progress and make informed decisions

In this comprehensive guide, we’ll walk you through the process of creating a business plan, from understanding the key components to developing effective strategies. By the end, you’ll be equipped to build a solid foundation for your business and increase your chances of success.

Understanding Business Planning

What is a business plan.

A business plan is a comprehensive document that outlines your business strategy, goals, and financial projections. It serves as a roadmap for your venture, guiding your decisions and attracting potential investors.

There are several types of business plans, each with its own specific focus:

  • Operational plans: These plans focus on a business’s day-to-day operations, including production, marketing, sales, and customer service.
  • Strategic plans: Strategic plans outline a company’s long-term goals and objectives, and the strategies for achieving them.
  • Marketing plans: Marketing plans focus on the specific marketing strategies and tactics that a business will use to reach its target market.

Why is a business plan important?

A well-crafted business plan offers numerous benefits, including:

  • Improved decision-making: A business plan helps you make informed decisions by providing a clear framework for your business strategy.
  • Attracting investors and securing funding: Investors are likelier to invest in businesses with well-thought-out plans.
  • Enhanced credibility: A business plan demonstrates your understanding of the market, your industry, and your business’s potential.
  • Increased focus and accountability: A business plan helps you stay focused on your goals and measure your progress.
  • Risk mitigation: By identifying potential risks and challenges, a business plan can help you develop strategies to mitigate them.

A business plan is essential for any entrepreneur or business owner, providing a foundation for success and growth.

Creating a Business Plan

What are the key components of a business plan.

A well-structured business plan typically includes the following key components:

  • Executive summary: A concise business overview, including your mission, vision, and key value proposition.
  • Company description: A detailed description of your business, including its legal structure , ownership, and management team.
  • Market analysis: An in-depth analysis of your target market, competition, and industry trends.
  • Organizational structure: A breakdown of your company’s organizational chart and responsibilities.
  • Products or services: A detailed description of your offerings, including their features, benefits, and pricing.
  • Marketing and sales plan: Your strategy for promoting your products or services and generating sales.
  • Financial projections: Your projected income statement, balance sheet, and cash flow statement.

Each of these components is essential for a comprehensive business plan. Together, they provide a clear picture of your business, its market potential, and its financial viability.

How long should a business plan be?

While a business plan has no strict length requirement, it is typically 15-25 pages long . However, the length may vary depending on the complexity of your business and the level of detail required.

A shorter plan may be sufficient for a small, simple business, while a larger, more complex business may require a more detailed plan. The key is to ensure that your plan is clear and concise and provides the necessary information to attract investors or secure funding.

Who should read my business plan?

Your business plan can be valuable to a variety of stakeholders, including:

  • Investors: Investors may use your business plan to assess the potential return on their investment.
  • Lenders: Lenders may use your business plan to evaluate your creditworthiness and determine whether to provide funding.
  • Employees: Employees can use the business plan to understand the company’s goals, strategy, and their role within the organization.
  • Suppliers: Suppliers may use your business plan to assess your financial stability and future growth potential.
  • Partners: Partners can use your business plan to understand your business goals and how you plan to collaborate.

By sharing your business plan with relevant stakeholders, you can build relationships, secure funding, and gain valuable insights and support.

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Market Analysis

What is market research.

Market research is the process of gathering and analyzing information about a market. It helps you understand your target market, competition, industry trends, and consumer behavior.

There are two main types of market research:

  • Primary research: Collecting original data through surveys, focus groups, interviews, or observations.
  • Secondary research: Analyzing existing data from government agencies, industry reports, academic studies, and other sources.

How can I conduct market research?

There are numerous methods for conducting market research, both online and offline. Here are some common approaches and resources:

  • Surveys: Gather quantitative and qualitative data by creating surveys using online tools like SurveyMonkey or Google Forms.
  • Focus groups: Conduct group discussions to obtain insights and feedback from potential customers.
  • Interviews: Interview individuals in your target market to gain deeper understanding and perspectives.
  • Online research: Use search engines, industry databases, and social media platforms to find information on market trends, competitors, and consumer behavior.
  • Government data: Utilize government agencies like the U.S. Census Bureau and the Bureau of Labor Statistics for demographic data and economic indicators.
  • Industry reports: Consult reports from organizations like Forrester, Gartner, and IBISWorld for in-depth market analysis.
  • Social media listening: Monitor social media platforms to track conversations and sentiment about your industry and competitors.

When conducting market research, consider the following tips:

  • Define your research objectives: Clearly outline what you want to learn from your research.
  • Choose appropriate methods: The research methods best suit your objectives and resources.
  • Develop a sampling plan: Determine who you will survey or interview and how you will select your sample.
  • Analyze your data: Use statistical tools and techniques to analyze your research data and draw meaningful conclusions.
  • Interpret your findings: Consider the implications of your research findings and how they can inform your business strategy.

By following these guidelines and combining various research methods, you can gather valuable insights to inform your business decisions and develop effective marketing strategies.

What is a target market?

Your target market is the specific people most likely to purchase your product or service. Identifying your target market is essential for effectively marketing your business and tailoring your offerings to meet their needs.

Here are some strategies to help you identify your target market:

  • Create customer personas: Develop detailed profiles of your ideal customers, including their demographics (age, gender, income, education, location), psychographics (lifestyle, interests, values, beliefs), and behaviors (purchasing habits, brand preferences, online behavior).
  • Analyze your existing customers: If you have an existing business, analyze the characteristics of your current customers to identify patterns and trends.
  • Conduct market research: Use surveys, focus groups, and interviews to gather data about potential customers and their preferences.

By understanding your target market, you can tailor your marketing efforts and product offerings to meet their specific needs and preferences, increasing your chances of success.

Financial Projections

What financial statements should i include.

When creating your business plan, you should include the following financial statements :

  • Income statement: Also known as a profit and loss statement, this shows your business’s revenue, expenses, and net income over a specific period.
  • Balance sheet: This statement shows your business’s assets, liabilities, and equity at a specific point in time.
  • Cash flow statement: This statement shows the cash flow in and out of your business over a specific period.

These three interrelated statements provide a comprehensive picture of your business’s financial health.

How do I create financial projections?

Financial projections are estimates of your business’s future financial performance. To create accurate projections, you’ll need to use a combination of historical data, industry benchmarks, and assumptions about future growth.

Here are some steps to follow:

  • Gather historical data: Collect data on your past sales, expenses, and cash flow.
  • Analyze industry trends: Research industry trends and forecasts to identify potential opportunities and challenges.
  • Make assumptions about future growth: Make reasonable assumptions about your business’s future sales, expenses, and other factors.
  • Create financial projections: Use this information to create projections for your income statement, balance sheet, and cash flow statement.

Remember that financial projections are just estimates, and actual results may vary. It’s important to regularly review and update your projections as your business grows and changes.

What is a break-even analysis?

A break-even analysis is a financial tool that helps you determine the sales volume you need to cover your costs and start making a profit. It calculates your break-even point, the point at which your total revenue equals your total costs.

To calculate your break-even point, you’ll need to know your fixed costs (costs that remain constant regardless of sales volume) and your variable costs (costs that vary with sales volume). You can then use the following formula:

  • Break-even point = Fixed costs / (Selling price per unit – Variable cost per unit)

By understanding your break-even point, you can assess the feasibility of your business model and make informed decisions about pricing, sales targets, and cost-cutting measures.

Attracting Investors and Securing Funding

How can i attract investors.

Attracting investors requires effective communication , networking, and showcasing your business’s potential. Here are some key strategies:

  • Create a compelling pitch deck: Develop a visually appealing and informative presentation highlighting your business idea , market opportunity, financial projections, and team.
  • Network with potential investors: Attend industry events, connect with investors through online platforms, and leverage your professional network to identify potential investors.
  • Highlight your business’s potential: Emphasize the growth potential of your business, the return on investment for investors, and the unique value proposition of your product or service.

What types of funding are available?

There are various funding sources available for businesses, each with its own advantages and disadvantages:

  • Angel investors: Individuals who invest their own money in early-stage businesses. Angel investors often provide capital in exchange for equity.
  • Venture capital firms: Companies that invest in high-growth businesses. Venture capital firms typically invest larger sums of money and expect higher returns.
  • Banks: Banks offer loans to businesses, which can be used to finance operations, purchase equipment, or invest in growth.
  • Crowdfunding platforms: Online platforms that allow individuals to raise funds from many people. Crowdfunding can be a valuable source of funding for startups and small businesses.

The most suitable funding source for your business will depend on your specific needs, its stage, and your ability to meet the requirements of different investors.

What should I include in my funding pitch?

A strong funding pitch should clearly articulate the following:

  • Your business idea: Explain what your business does and the problem it solves.
  • Market opportunity: Demonstrate the size and growth potential of your target market.
  • Competitive advantage: Explain what sets your business apart from competitors.
  • Financial projections: Present your financial projections, including revenue, expenses, and profitability.
  • Team: Highlight your team members’ skills, experience, and passion.
  • Investment requirements: Clearly state the funding you seek and how the funds will be used.

By following these guidelines and tailoring your pitch to your specific audience, you can increase your chances of attracting investors and securing the funding you need to grow your business.

Measuring Progress and Making Informed Decisions

How can i track my business’s progress.

Tracking your business’s progress is essential for identifying areas of strength and weakness, making informed decisions, and ensuring you’re on track to achieve your goals. Key performance indicators (KPIs) are metrics you can use to measure your business’s performance against specific goals.

Some examples of KPIs include:

  • Sales revenue: Total revenue generated by your business.
  • Profit margin: The percentage of revenue that remains after deducting expenses.
  • Customer acquisition cost : The cost of acquiring a new customer.
  • Customer retention rate: The percentage of customers who continue to do business with you.
  • Market share: The percentage of a market that your business controls.
  • Employee satisfaction: The level of satisfaction among your employees.

By tracking these KPIs and comparing them to your goals, you can identify areas where you are succeeding and areas where you need to improve.

How can I make informed decisions?

Making informed decisions is crucial for the success of your business. Here are some tips for making effective decisions:

  • Regularly review your business plan: As your business evolves, it’s important to review and update it to ensure it aligns with your current goals and strategies.
  • Analyze data: Use data from your KPIs and other sources to identify trends, opportunities, and challenges.
  • Be prepared to adapt: The business landscape constantly changes, so adapt your strategy as needed.
  • Seek advice and guidance: Don’t be afraid to seek advice from mentors, advisors, or other experts.
  • Trust your instincts: While data and analysis are important, sometimes you must trust your gut and make decisions based on intuition.

By following these tips, you can make informed decisions to help your business grow and succeed.

Additional Tips

How often should i update my business plan.

Your business plan should be a living document that evolves as your business grows and changes. Reviewing and updating your plan regularly is important to ensure it remains relevant and effective.

The frequency of updates will depend on several factors, including:

  • Business growth: As your business expands, you must update your financial projections and market analysis.
  • Market changes: If your industry or target market undergoes significant changes, you may need to revise your business strategy.
  • Performance: If your business is not meeting its goals, you may need to adjust your plan.

A general guideline is to review and update your business plan annually or more frequently if necessary.

Can I use a business plan template?

Using a business plan template can be a helpful starting point, but it’s important to customize it to fit your specific business. Templates can provide a structure and outline but may not include all the necessary sections or address your unique needs.

Advantages of using a template:

  • Saves time: Templates can help you start quickly and avoid common mistakes.
  • Provides structure: Templates can help you organize your thoughts and ensure that you include all the essential elements of a business plan.

Disadvantages of using a template:

  • Lack of customization: Templates may not be tailored to your specific industry or business model.
  • Limited flexibility: Templates can be restrictive, limiting your ability to add or remove sections as needed.

When choosing a template, look for one that is well-structured, easy to use, and adaptable to your specific business needs.

Should I seek professional help?

While you can create a basic business plan on your own, consulting with a business advisor or accountant can provide valuable guidance and expertise. Professionals can help you:

  • Develop a comprehensive plan: Ensure that your plan includes all the necessary components and is well-structured.
  • Conduct market research: Gather and analyze data to inform your business strategy.
  • Create financial projections: Develop accurate financial projections based on industry benchmarks and your business’s specific circumstances.
  • Identify potential challenges and opportunities: Assess the risks and rewards associated with your business venture.
  • Provide guidance and support: Receive ongoing support and advice as you implement your business plan.

If you’re unsure about your ability to create a high-quality business plan, consider consulting with a professional. They can help you develop a plan to increase your chances of success.

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About Ahmad Nasrudin

Introverted writer with a passion for storytelling. Leveraged analytical skills from financial background (equity research, credit risk) at a leading rating agency to enhance writing with a unique statistical and macroeconomic perspective. Learn more about me

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  • Career Goals: Why You Need...

Career Goals: Why You Need Them with Examples

10 min read · Updated on August 28, 2024

Ronda Suder

Career goals are your roadmap to a fulfilling career and life.

Many don't consider that they began thinking about their career options as early as elementary or middle school. During these years, we're introduced to career paths and begin to consider what we might want to be when we grow up. Then, we enter high school and college , where we solidify our choices to adventure out into the working world. To do this effectively, we must develop career goals along the way. 

What are career goals?

Though some may not consciously think about their career goals, they still have them. After all, anyone who wants to land a job and make money has at least three career goals:

Keep the job

Make money through that job

Career goals support us in advancing our careers and achieving our career aspirations. They can be short or long-term and help us get to where we want to be in the future, whether that's landing a promotion, earning more money, or branching out on our own in business.  

Why are career goals important?

Imagine that you decide to go on a road trip, yet you have no idea of your destination and still haven't decided by the time you're in your vehicle and on the road.  Not knowing where you are going makes deciding how to get there very difficult. 

In this instance, you have two options: 

Keep driving, and hope you land somewhere you like 

Determine where you want to end up and then create a map, or goals, to help you get there

The notion of not knowing where you're going when taking a road trip could be fun to some. However, in terms of navigating your career, not having a destination could leave you highly frustrated and all over the map regarding career choices. Without a sense of career direction, you could end up with unfilling work, lower pay than you'd like, and a lack of professional identity. 

Career goals are the roadmap to help you get to where you want to go in your career. Not only that, they also help you get to where you want to go in your personal life. Increasing your pay or making more money, for example, is not only a professional goal but is also a personal goal that affords you the ability to do more things that you enjoy or want to do personally, like buy a home, raise a family, or travel more. 

Once you know what your long-term career goals are, you can work backward by creating smaller goals – your map – to meet them.

11 examples of career goals

There are dozens of career goals you could choose to set for yourself. The career goals you select should be based on and align with your professional and personal aspirations. Below, we look at 11 common career goals of today's workforce.

1. Earn promotions

Many hope to earn promotions during their careers. Promotions allow us to advance to higher-level positions, which typically means a salary increase and additional responsibilities. 

2. Advance to a leadership position

Advancing from an individual contributor into a leadership position is a common career goal for many. Some, indeed, prefer to stay on the technical track and have no desire to become a supervisor or manager. However, for those that do, they appreciate the opportunity to support and shape an organization's strategy, goals, and more. They also have the ability to lead and motivate the teams they manage. 

3. Start your own business

Working as an employee for a company isn't for everyone. Owning your own business provides autonomy and flexibility that's important to some. Many also love the ability to build and grow a business over time. 

4. Expand your professional network

Expanding your professional network can help you land future jobs, receive referrals for your team, reach a greater audience with your expertise, and more. These are just a few of the reasons why people choose expanding their professional network as a career goal. 

5. Build a professional brand

Those with a solid professional brand and identity tend to attract more job offers, have more people who want to work for them, and have a leg up when it comes to advancing their careers. Many work towards building their professional brand online. However, building a professional presence offline through avenues like in-person networking events and professional organizations is also possible. 

6. Become a thought leader

Thought leaders are those who have acquired a level of expertise and authority in their field, making them a trusted name that other professionals and organizations turn to for guidance and insights. Thought leaders share their knowledge to motivate and inspire others. They can be found at various levels within and outside of organizations. Coaches, businesses, authors, executives, consultants, and individual contributors at the top of their game can all be thought leaders in their fields or areas of expertise.

7. Advance your training and education

The desire to get a degree or a certification is a career goal many aspire to. Some do so right out of high school. In contrast, others choose to go back for additional training at different points throughout their careers. 

And though it's a career goal in and of itself, professional development is an excellent way to advance your career and meet other career goals, like promotions and landing a leadership position. It's also an excellent way to help you acquire the skills necessary when changing careers.

8. Retire successfully

A typical career goal is to retire comfortably at the end of one's career. Successful retirement is different for everyone, though it often includes holding the jobs one desires through career advancement, having a salary that's continued to increase over time, and working for an organization that offers a retirement savings plan of some sort, like a 401(k). 

9. Attain work-life balance

Work-life balance is a common term used by employers and professionals. Many desire to work to live rather than live to work and want plenty of time to enjoy life outside of work. 

As a career goal, achieving work-life balance can look different for everyone since we all have different priorities and definitions of what balance looks like. Having a flexible schedule or remote work are a couple of ways some might achieve work-life balance. 

10. Enhance work relationships

Having healthy and productive relationships with coworkers, clients, leaders, and team members makes work more enjoyable. It also helps us do our jobs effectively, making it a valuable career goal. 

There are several ways to enhance work relationships to meet career goals. Some might want to improve their communication skills to enhance work relationships, whereas others might want to become better team players to support project goals. 

11. Change career paths

It's more common than ever for people to change careers in today's world. Some find that they don't love their work as much as they thought they would, whereas others simply want a change or to do what they consider to be more meaningful work. Regardless of the reason, changing careers is a career goal that requires thoughtfulness and a path to make the change successful. 

How to meet your career goals

Here are some tips to think about when it comes to setting and meeting your career goals:

  • Set aligned short and long-term goals . Setting short-term goals that align with your long-term goals will help you more easily meet those long-term goals. 
  • Use the SMART method. The SMART method is a great tool to help you set goals that you can achieve. SMART stands for specific, measurable, attainable, relevant, and timely. By creating specific goals that are measurable, attainable, relevant, and timebound, you're setting yourself up for success. In terms of measuring your goals, develop a set of metrics that allows you to know when you've achieved them. When it comes to the timeframe in which you plan to achieve career goals, make it a timeframe that you believe is doable. 
  • Communicate your goals with others. If you don't communicate your career goals with others, achieving them will be more difficult. After all, if your employer doesn't know you'd like a promotion or to land a leadership role one day, how can they help you get there? Share your career goals with your coworkers, supervisors, clients, and network. You never know who might be able to help open up doors down the road. 
  • Ask for help. One of the best ways to attain career goals is to ask for help. Seek out a mentor who can help guide you when you have questions, for example, or reach out to your network for a referral to a new job.

Tips to discuss career goals during an interview

If you've ever sat through a job interview , you're likely familiar with questions that focus on your career goals. An interviewer might ask questions like:

Where do you see yourself in five years?

What are your career goals?

What is your five-year career goal?

What is your long-term career goal?

What are your long-term career goals?

The interviewer wants to know if you've thought about the direction you'd like to see your career go, as well as how you might get there. The question also provides insights into your level of self-awareness, ability to communicate your thoughts, and more. 

Here are some tips to help you answer questions about your career goals to leave the right impression:

Focus on long-term goals. Employers often want to know your longer-term 5- or 10-year focus when they ask questions about your career goals. Therefore, emphasize those unless you're asked specifically about shorter-term goals. 

Connect your goals to the company or position you're applying to. During an interview, your responses should all be relevant to the open position you're interviewing for, and your career goals are no exception. How do your long-term career goals relate to the position you're interviewing for and support the employer or company? 

Provide information on what you've done so far or plan to do to achieve your goal. As you share your career goals, you always want to follow them up with what you've done so far to achieve those goals, as well as your plans moving forward to reach them. This is where you can emphasize some of your shorter-term goals that align with achieving your longer-term goals. 

These tips also align with discussing your career goals with your current employer during performance reviews and other professional development conversations with a couple of nuances. You'll, of course, want to connect your goals with your current position and company vs. your prospective position and employer. It's also appropriate to focus on both short and long-term goals equally vs. emphasizing long-term goals over short-term goals.

Career goals = your roadmap to success

To reiterate, career goals are essential to help you get to where you want to go in your career and personal life. Use the tips above to help you set, achieve, and discuss your career goals. And, if your career goals change over time, that's okay! Just be sure to update your short-term goals to continue meeting any long-term goals you set for yourself. 

Is your current resume written in a way that will help you reach your career goals? Consider submitting it for a free resume review , and let our experts provide you with specific tips to help you reach the goal of landing your next interview!

Recommended reading:

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examples of best business plan

7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

business plan examples

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

  • Executive summary.  An introductory overview of your business.
  • Company description.  A more in-depth and detailed description of your business and why it exists.
  • Market analysis.  Research-based information about the industry and your target market.
  • Products and services.  What you plan to offer in exchange for money.
  • Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
  • Logistics and operations plan.  Everything that happens in the background to make your business function properly.
  • Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
  • Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

A four-paragraph long executive summary for a business.

  • Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

A company description from the website of soap brand Orris

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

  • Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
  • Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
  • Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
  • Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
  • Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
  • Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

A mission statement example on the website of apparel brand Passionfruit, alongside a picture of woman

  • Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

A SWOT analysis table showing strengths, weaknesses, opportunities and threats

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

  • Target customers
  • Unique value add  or what sets their products apart
  • Sales pitch
  • Price points  for products
  • Shipping  policy
  • Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

An example products and services section from a business plan

  • Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

  • Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

A sample bar chart showing business expenses by month

It then dives deeper into the financials to include:

  • Funding needs
  • Projected profit-and-loss statement
  • Projected balance sheet
  • Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

A sample financial plan spreadsheet

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

  • Executive summary: truncated
  • Market analysis: summarized
  • Products and services: summarized
  • Marketing plan: summarized
  • Logistics and operations plan: summarized
  • Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

  • Market analysis: in-depth
  • Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

  • Market analysis: comprehensive outlook
  • Products and services: for launch and expansion
  • Marketing plan: comprehensive outlook
  • Logistics and operations plan: comprehensive outlook
  • Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

  • Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
  • Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
  • Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
  • Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

  • Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
  • Contents: Your content should include details about the products and services you provide, your target market, and your competition.
  • Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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29 Aug 2024

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Aaron Hall Attorney

Retail Business Successions

A well-planned succession strategy is vital for retail businesses, as it guarantees the continued success and competitiveness of the company during ownership and leadership handovers. Developing a thorough succession plan involves identifying potential successors early, evaluating their skills and abilities, and providing tailored training and development programs. A thorough understanding of the company's current state, its future goals, and the skills and competencies needed for a smooth handover is also imperative. By understanding the intricacies of succession planning, retail business owners can guarantee a seamless shift and maintain their legacy – and a more in-depth exploration of these concepts holds the key to achieving this goal.

Table of Contents

Understanding Business Succession Planning

Every year, approximately 4.5 million businesses change hands in the United States alone, highlighting the critical importance of understanding business succession planning to facilitate a seamless handover and continued success. A well-planned succession strategy guarantees that the business remains competitive, and its value is preserved or enhanced during the handover period. A key aspect of business succession planning is Business Valuation, which determines the company's worth and helps identify potential buyers or successors. This process involves evaluating the business's financial performance, market conditions, and industry trends to arrive at a fair market value.

Developing an Exit Strategy is another essential component of business succession planning. It outlines the owner's goals, objectives, and timelines for exiting the business, facilitating a smooth passage and minimizing disruption to operations. A well-crafted Exit Strategy considers factors such as the owner's retirement plans, family involvement, and the desired legacy of the business. By understanding the importance of Business Valuation and Exit Strategy, business owners can create a thorough succession plan that safeguards their life's work and secures a successful passage to the next generation or new ownership.

Identifying Potential Successors Early

Identifying potential successors early is a vital step in facilitating a smooth handover of leadership in a retail business. To do so, it is imperative to assess the skills and abilities of key employees, evaluating their strengths and weaknesses to determine their potential for future leadership positions. By developing future leaders from within, retailers can mitigate the risks associated with succession planning and guarantee the continued success of their business.

Assessing Key Employee Skills

A thorough assessment of key employee skills is crucial to uncovering potential successors early on, as it enables business owners to pinpoint individuals with the necessary proficiency and aptitudes to assume critical positions. This assessment helps to identify employee strengths and skill gaps, providing a clear understanding of who is most suitable to take on leadership positions.

Strong communication skills Lack of financial management knowledge
Proven leadership abilities Limited experience with team management
Excellent problem-solving skills Inadequate technical skills

| Ability to adapt to change | Insufficient knowledge of industry trends

Developing Future Leaders

By pinpointing high-potential employees early, business owners can proactively develop their skills and competencies, thereby safeguarding a smooth handover of leadership when the time comes. Identifying potential successors early allows for tailored training and development programs, providing they possess the necessary skills to lead the organization successfully. One effective approach is to establish mentorship programs, where high-potential employees are paired with experienced leaders who can guide and mentor them. This not only fosters skills development but also helps to instill a succession culture within the organization. A succession culture encourages open communication, transparency, and a shared understanding of the business's vision and goals. By cultivating such a culture, business owners can facilitate a seamless handover of leadership, minimizing disruption to operations and maintaining customer trust. By investing in the development of future leaders, retail business owners can safeguard the long-term sustainability of their organization.

Developing a Succession Strategy

Crafting a thorough succession strategy requires a detailed understanding of the retail business's current state, its future goals, and the skills and competencies needed to facilitate a smooth handover. This involves analyzing the company's current culture, values, and mission to identify potential gaps and aspects for improvement. A culture shift may be necessary to adapt to changing market conditions or customer needs, and a well-planned succession strategy can facilitate this metamorphosis.

Key considerations for developing a succession strategy include:

  • Conducting thorough financial projections to identify potential risks and opportunities
  • Identifying and addressing skills gaps in the current leadership team
  • Developing a clear vision for the company's future and the leadership competencies required to achieve it

Building a Strong Management Team

Building a strong management team is vital for retail business successions, as it guarantees continuity and stability during the handover period. To achieve this, retailers must concentrate on developing a leadership development plan that identifies and nurtures future leaders, and establishes key performance indicators to measure their progress. By doing so, retailers can guarantee that their management team is equipped with the necessary skills and knowledge to drive the business forward.

Leadership Development Plan

As a retail business owner, developing a strong management team is crucial to ensuring the continuity and success of the organization, and a well-structured leadership development plan is essential to achieving this goal. This plan should be tailored to the unique needs and goals of the business, and should focus on developing the skills and abilities of key team members.

A comprehensive leadership development plan should include:

  • Clear mentorship goals : Identify specific skills or knowledge gaps that need to be addressed, and pair team members with experienced mentors who can provide guidance and support.
  • Coaching styles : Develop a coaching culture that encourages open communication, feedback, and continuous learning. This can include regular check-ins, performance evaluations, and training sessions.
  • Succession planning : Identify future leaders and develop a plan to prepare them for increased responsibilities, including training, mentoring, and cross-functional experience.

Key Performance Indicators

What metrics should a retail business owner track to verify their management team is performing efficiently and poised for long-term success? To build a strong management team, key performance indicators (KPIs) must be established and regularly monitored. Sales metrics, such as revenue growth, sales per square foot, and average transaction value, provide insight into the team's ability to drive revenue and optimize store performance. Customer insights, including customer satisfaction ratings, loyalty program participation, and online review sentiment, help evaluate the team's effectiveness in building strong customer relationships.

Additional KPIs may include inventory turnover, employee retention rates, and training program completion rates. By tracking these metrics, retail business owners can identify strengths and weaknesses within their management team, make data-driven decisions, and adjust their strategies accordingly. Regular review and analysis of KPIs enable owners to refine their management team's performance, optimize operations, and drive long-term success. By prioritizing these critical metrics, retail business owners can confirm their management team is well-equipped to navigate the complexities of the retail landscape and achieve sustained growth. By concentrating on these vital metrics, retail business owners can guarantee their management team is positioned to navigate the complexities of the retail landscape and achieve sustained growth.

Preparing the Next Generation

The family business's future viability hinges on the careful cultivation of the next generation's skills, knowledge, and leadership abilities. This requires a deliberate and structured approach to preparing the next generation for leadership positions. Family dynamics play a vital part in this process, as family members must work together to identify and develop the skills and strengths of the next generation.

Effective guidance is vital in this process, as experienced family members and external specialists can provide direction and support to help the next generation develop their skills and confidence. This can involve:

  • Providing opportunities for the next generation to take on increasing levels of responsibility and decision-making authority
  • Offering formal training and development programs to enhance their skills and knowledge
  • Encouraging open communication and feedback to help them learn from their mistakes and successes

Overcoming Common Succession Obstacles

Despite careful planning and preparation, many family businesses still encounter obstacles that can derail even the most well-intentioned succession plans. One common hurdle is overcoming complex tax implications. Failure to ponder the tax implications of succession can lead to significant financial burdens, potentially threatening the viability of the business. It is vital to consult with tax professionals to facilitate a smooth handover of ownership and minimize tax liabilities.

Another significant obstacle is family dynamics. Succession planning often involves sensitive family discussions, which can be emotionally charged and challenging to maneuver. Family members may have differing opinions on the future direction of the business, leading to conflict and potential stalemate. Effective communication and conflict resolution strategies are vital to overcoming these challenges. By establishing clear goals, expectations, and responsibilities, family businesses can mitigate the risks associated with family dynamics and guarantee a successful passage. By proactively addressing these common obstacles, family businesses can increase their chances of successful succession and long-term sustainability.

Ensuring a Smooth Transition Process

A well-structured succession timeline serves as a roadmap for family businesses to navigate the complex process of succession, providing a seamless handover of ownership and minimizing disruption to daily operations. This timeline outlines key milestones, deadlines, and responsibilities, facilitating that all stakeholders are informed and aligned throughout the handover process.

To achieve a smooth handover, family businesses should concentrate on the following key aspects:

  • Cultural Alignment : Verify that the incoming leader shares the company's values and vision, and is committed to preserving the family's legacy. This cultural alignment is vital in maintaining the trust and confidence of employees, customers, and suppliers.
  • Employee Engagement : Communicate the succession plan clearly to all employees, addressing any concerns or questions they may have. This transparency helps to maintain morale and motivation, and guarantees a stable workforce during the handover period.
  • Operational Continuity : Identify critical business operations and maintain them during the handover. This includes sustaining relationships with key suppliers, managing inventory, and guaranteeing business-as-usual for customers.

Maintaining Family Business Legacy

Family business legacies are built on a foundation of shared values, traditions, and a commitment to long-term sustainability, making it vital to preserve these intangible assets during succession. A well-planned succession process should prioritize maintaining family unity, as conflicts can undermine the business's future. To achieve this, family members should engage in open and honest communication, defining their positions and responsibilities to avoid confusion and overlapping authority.

Preserving business heritage is vital to maintaining a family business legacy. This includes protecting the company's reputation, brand identity, and core values. By doing so, the business can continue to thrive and remain competitive in the market. A clear understanding of the company's history and traditions can also help guide decision-making, guaranteeing that the business remains true to its founding principles. By balancing family unity with business heritage, retail businesses can secure a successful handover that honors their legacy while positioning themselves for long-term prosperity.

Frequently Asked Questions

How do i balance personal and business goals in succession planning?.

When balancing personal and business goals in succession planning, it's vital to reconcile legacy expectations with lifestyle tradeoffs, facilitating a seamless handover that aligns with your values, while also prioritizing your personal well-being and financial security.

What Role Does Insurance Play in Funding a Business Succession Plan?

In funding a business succession plan, insurance plays a vital function through Buy-Sell Agreements, where Life Insurance policies are used to facilitate a seamless handover by providing liquidity to purchase a deceased owner's shares.

Can a Non-Family Member Be a Suitable Successor for a Family Business?

A non-family member can be a suitable successor if they possess a compatible leadership style and cultural fit, guaranteeing a seamless handover and continued business success, regardless of family ties.

How Do I Address Sibling Rivalry in Family Business Succession Planning?

When addressing sibling rivalry in family business succession planning, it's essential to acknowledge and manage Family Dynamics. Implementing Conflict Resolution strategies, such as open communication, defined roles, and fair decision-making processes, can mitigate rivalry and ensure a smooth transition.

What Are the Tax Implications of Gifting Business Shares to Successors?

When gifting business shares to successors, consider Gift Taxation implications, as shares are valued at Fair Market Value, triggering potential tax liabilities; accurate Share Valuation is crucial to minimize tax burdens and ensure a smooth transition.

examples of best business plan

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