business plan generate

Create Your Business Plan in Minutes

Type your business idea below.

What Our Users Say

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How it Works

Questionnaire

Respond to a series of targeted questions about your business goals and objectives.

AI Business Plan Generator

The engine analyzes your responses and generates a business plan tailored to your vision.

SBA Approved Business Plan

Receive a detailed, tailored business plan that aligns with your requirements. Ready for funding.

WHO BENEFITS FROM Plannit?

Aspiring Entrepreneurs

Analyze your ventures through extensive business plans aligned with your vision and goals.

Business Owners

Back your business with a solid plan that aligns with your vision and goals. Perfect for startups and small businesses.

Educational Institutions

Develop your business understanding and vocabulary by analyzing your business idea and creating a plan.

Startups Accelerators

Work alongside your founders as they build their plan to ensure they have a solid roadmap for growth and scalability.

Try Plannit AI For Free

Funding ready business plan, executive summary, company overview.

Problem Statement

Business Description

Mission Statement

Business Model

Products and Services

Additional Features

Revenue Model

Market Analysis

Target Market

Market Size and Segments

Unique Value Proposition

Risks and Mitigations

Identified Risks

Mitigation Strategies

Financial Overview

Income Statement

Marketing and Sales Plan

Focus On Your Vision

Key features & benefits, ai editing companion.

Modify and regenerate sections of your business plan using premade or custom prompts. Our AI will help you refine your plan to perfection.

Multi-User Collaboration

Invite team members with easy sharing to collaborate on your business plan in real-time. Communicate and make changes together. Collaborate with your partners in real-time as you perfect your plan.

Education Center

Immerse yourself in a rich library of articles, tools, templates, webinars and resources for continuous business and professional growth. Learn all about the key aspects of starting, running and growing a business.

Powered by Chat GPT

Our algorithms are powered the latest in AI technology to ensure the most accurate and relevant output. We use OpenAI's GPT 4 and 3.5 engines for the perfect blend of accuracy and speed.

Business Resources

We recommend a variety of useful tools and resurces that help sustain your growth. We only recommend the best in the business. Filter your needs and equip yourself with the best tools.

Plan Samples

Explore a library of sample business plans we generated to get the idea of what to expect. Currently able to generate viable plans for 50+ industries.

Financial Projections

Take an additional questionnaire about your financial trajectory and get a detailed financial projection + 3 year income statement for your business.

Tools and Templates

Plannit's comprehensive suite that accompany business planning. From pitch decks to financial models, we have you covered.

Plan Export

Download your business plan in an editable .docx format. Fully edit & share your plan with investors, partners, and stakeholders.

Privacy & Security

Rest assured, your privacy is our top priority, and we're committed to keeping your information safe and confidential.

PLANNIT BUSINESS ECOSYSTEM

Frequently Asked Questions

What is a business plan and why is it important.

• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
• Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
• Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.

How to Write a Business Plan?

• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.

Who Can Benefit from Plannit AI?

• Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
• Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
• Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
• Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
• Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
• Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
• Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
• Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
• Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.

Why is Plannit AI the best choice for an AI business planning software?

• Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
• Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
• Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
• Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
• Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
• Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.

How can ChatGPT help me to create business plans?

• Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
• Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
• Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your plan.

Take The First Step Towards Success With our AI-Generated Business Plans

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Created by the World's Leading Business Plan Expert!

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Free Online Business Plan Maker

Create a compelling and convincing business plan online with Venngage. Templates available for your every need, whether it's business plans, financial plans, marketing plans, and more.

Not a designer? No problem. With our easy-to-edit templates and online business plan generator, anyone can create a professional business plan for free. Over 40,000 businesses already use and trust Venngage.

Design from one of our business plan templates

Choose from hundreds of business plan templates. see all business plan templates, launch a profitable business with a visually engaging business plan.

Your business is unique and impactful — so should your business plan. Make sure the plan you share with investors, lenders, and other stakeholders is not only packed with key data and information but visually engaging too.

Looking to make your business plan stand out from the pack? Venngage's unique business plan templates add serious style to your ideas. Venngage's Business Plan Builder is a fraction of the cost of hiring a writer — you can even try creating a business plan for free.

Whether you're looking for a traditional business plan format or something more creative, Venngage's easy-to-edit business plan templates let anyone design business plans. No experience required. Free business plan templates available.

Nothing's better to convince your stakeholders than some sweet data that speaks volume. Engage and persuade your investors by visualizing your business plan data with Venngage's unique charts, graphs and diagrams.

Create a winning business plan with Venngage in 5 steps:

Design an unforgettable and convincing business plan today:

Business Plan Templates

Save money and hours of design time with Venngage's easy-to-edit templates and free business plan generator. Free online business plan templates available.

Easy-to-Use Editor

Venngage's online business plan builder is intuitive to use. The drag-and-drop editor means faster and better designs even when you don't have design experience.

Download Business Plans

Download your document with one click as an image (PNG), PDF, Interactive PDF or PowerPoint file. Add it to your Google Docs or Slides, Word doc or existing PowerPoint slides (paid plans only).

Visualize Business Plan Data

Persuade your stakeholders and tell a story with your business plan data through charts, graphs, maps and diagrams. Copy and paste your data or upload it in a .csv file in one click.

Brand Your Business Plans

Use Venngage's My Brand Kit to automatically import your brand identity. Then, add your brand colors and fonts to any business plan designs with one click.

Collaborate In Real Time

Collaborate with your whole team with Venngage's real-time collaboration. Leave helpful feedback through comments and create impactful business plans.

Easy-to-edit professional business plan templates

• Our team of professional designers have created a collection of unique, online business plan templates that anyone can customize. Pick a simple template, add your text and data and you're done.
• Or choose a more creative template and play around with the fonts, photos, icons, colors, and more.
• Whatever the case, Venngage's drag-and-drop free business plan generator lets anyone create a beautiful, professional business plan without any design experience.
• Share a public link for free from our online business plan creator. Don't worry. You can go back and edit your design at any time.

One-click branding with My Brand Kit

Show off important metrics with professional data visualizations

Collaborate with your whole team throughout the design process.

Business Plan Maker FAQs

How much does venngage's business plan builder cost.

Anyone can make a business plan for free and share a link to their work. Our Premium ($19/month) and Business ($49/month) plans include premium, professional business plan templates and features, plus access to multiple download formats.

How can I write my own business plan?

Your business plan can include these sections: executive summary, company description, market analysis, organization management, service/product line, marketing & sales, funding requests, financial projections, etc. Add sections to your business plan as you see fit — depending on the kind of plan you're creating. No matter the type of business plans you're making, Venngage has a template for that.

Can I download my business plan?

Yes! You can download your business plan in PNG, PDF, Interactive PDF, or PowerPoint formats (paid plans only). It's free to share a public link. It's also free to create an account and test out our online business plan maker with a free business plan template.

Wow your clients and investors at first sight — Create a convincing and winning business plan with Venngage's online business plan generator

Popular business plan templates you can edit right away

Nonprofit organization business plan template, business operational plan template, real estate investment business plan template, business continuity and disaster recovery plan template.

How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Frequently asked questions

Turn Your Business Idea into Reality with Our AI-Powered Plan Generator!

A Better Way to Write Business Plans

Launching your own business should be exciting, not daunting. At AI Create, we understand the importance of getting your business off to a strong start. That’s why we’ve developed a cutting-edge AI-powered business plan generator designed to simplify and accelerate the planning process. Save valuable time crafting your business plan so you can focus on bringing your big idea to life.

Effortlessly Create a Comprehensive Business Plan

Creating a detailed business plan is essential for any new venture. Our AI-powered tool streamlines this process, enabling you to generate an effective executive summary and complete business plan in just four simple steps:

• Input Your Business Ideas: Start by entering your business concepts, goals, and strategies directly into our intuitive interface.
• Select Key Sections: Choose which sections are most relevant to your business, from market analysis and operations to financials and growth strategy.
• Customize Your Content: Tailor the automatically generated text to better fit your specific needs and refine the details to perfectly align with your vision.
• Review and Refine: Evaluate the draft provided by our AI. Make any necessary adjustments to ensure it fully captures your business strategy and objectives.

Designed for Small Business Owners

Whether you’re a first-time entrepreneur or a seasoned small business owner looking to pivot, our tool is designed with your needs in mind. By minimizing the complexity and reducing the time it takes to write a traditional business plan, we help you move faster from planning to action.

Start Building Your Dream Today

Don’t let the task of writing a business plan slow down your progress. With AI Create’s business plan generator, you’re not just preparing a document—you’re laying the groundwork for your future success. Unlock your potential and start your business journey with confidence.

Explore the features of AI Create and see how we can help turn your business vision into a reality. Get started now and watch your ideas come to life with a solid plan backed by strategic insights.

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How to Start a Business From Scratch in 6 Easy Steps

10 min. read

Updated April 30, 2024

Did you know that most of the world’s new businesses are bootstrapped ? 

That’s right, most business owners do not launch with loans or outside investment but instead use their personal resources and savings to get up and running. They start from scratch and reinvest in the business as it gains traction.

And you can do the same. 

Key Takeaways:

• Start with an idea that uses your experience, knowledge, or passion.
• Determine if there’s a need for your product or service.
• Create a plan and financial forecasts.
• Treat it like a side hustle until you get traction.
• What does it mean to start from scratch?

“Starting a business from scratch” does not mean:

• Using no money to launch your business.
• Getting no outside assistance.
• Inventing a business idea no one has done before.

Starting from scratch is about building a business from the ground up, using personal resources and minimal external financial support. The goal is to establish a sustainable business you control that satisfies a need in the market. 

• Why start a business from scratch?

Here’s why starting from scratch might be the right approach for you:

• Risk reduction: Control your initial investment and expenses and scale gradually, allowing you to avoid overspending.
• Full control: With no outside investment or stakeholders to please, you can shape your business how you see fit.
• Proves your idea has real customers: Test your concept with customers early to help refine your offering and validate market demand.
• Fast decision-making: Quickly pivot to meet changing market demands without the red tape of larger organizations.
• Potentially makes future funding easier: You take the time to prove your business model and profitability before seeking funding. Your track record reduces investor and lender risk and can lead to better funding terms.

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• 6 steps to start a new business from scratch

For this article, we will focus on the steps that take you from a budding business idea to generating sales. 

For additional resources, check out our starting a business guide .

1. Start with an idea

Do some self-reflection and choose an idea you’re passionate about or one that uses your existing skills and experience. 

This will make it far easier to execute and often requires less research, training, and upfront investment to get up and running than an idea completely new to you.

For example, service-based businesses, like accounting or consulting, often need just your time and expertise. If any cash is needed, it should be a small enough amount to fund yourself, giving you full control over the speed at which you grow your business.

As you explore possible ideas, create a one-page business plan to document how it could work. 

It doesn’t have to be an official plan at this stage; just fill in what you can, mark any assumptions, and keep adding details throughout the rest of this process.

What businesses can you typically start from scratch?

While not an exhaustive list, here are a few potential ideas that can be started from scratch:

• Freelance Writing or Content Creation: Offer writing skills to businesses and online publications.
• Consulting Services: Share your professional management, marketing, or tech expertise.
• Handmade Crafts and Art: Sell your unique creations on platforms like Etsy or at local fairs.
• Tutoring: Offer either in-person or online.
• Web Design and Development: Build websites for small businesses or individuals.
• Virtual Assistant: Provide administrative support to businesses remotely.
• Landscaping and Gardening Services: Turn your love of plants into a business with basic gardening tools.

For more business options and a process to generate ideas, check out our guide on developing good business ideas .

2. Find product-market fit

Landing on an idea is not enough to create a viable business. You need to determine if you have initial product-market fit—that your business satisfies and is demanded by a large enough group of people. 

This involves identifying your potential customers, understanding their motivations and needs, and determining whether they are willing to pay for your product or service. Additionally, spend time researching the market and understand who your competitors are. 

At this stage, you don’t need a fully fleshed-out business. You just need enough of an idea to start speaking to potential customers.  

This is where your one-page plan can be incredibly useful, as it helps you formalize enough information to have the working framework of a business. You can even add notes from your customer interviews to help adapt your plan.

Your goal, in this instance, is to:

• Hone in on pain points your potential customers have
• Verify that you can solve them
• Identify any gaps or issues with your idea
• (Bonus) Make initial sales 

Keep in mind that you may find none of that. Your solution may not be needed or is missing key components. You may even be targeting the wrong audience and need to change course.

That’s completely okay! Most businesses don’t get things right the first time. Be willing to refine and iterate on your initial idea. Verify what works and what doesn’t, and make the right adjustments to create a sustainable business that customers really want.

3. Examine your resources

While I have this as the third step, you’ll likely be doing this throughout every stage of starting a business.

Start by evaluating your funding sources. Personal savings are ideal as they keep you in full control of your business. If needed, consider asking friends and family for small contributions, as they’ll likely be much more flexible about repayment than traditional lenders.

Next, consider if a partner could benefit your venture. Do they bring complementary skills, share the workload, or offer additional resources? 

The right partner can fill crucial roles – like marketing or operations – allowing you to focus on your core strengths. They may even fill a necessary gap to get customers in the door.

Finally, don’t underestimate the power of your network. Reach out to former colleagues, industry peers, and mentors for advice, services, or referrals.

Why you need to know your available resources

Taking stock of your resources is the first step in understanding what is feasible for your business. It helps you determine whether you have enough cash, expertise, and support to meet your customers’ expectations.

For example, let’s say you want to launch an eCommerce website and have enough cash on hand to fulfill orders but require customers to pay for shipping. If you’re competing with similar businesses that offer free shipping, your lack of it could turn customers away.

Similarly, you have a solid understanding of product development and have already gotten pre-orders. But you have no idea how to set up an eCommerce site , keep track of orders, and ensure they actually ship.

In both circumstances, your resources fall short of the needs of your customers. You may have to explore funding ( it doesn’t have to be a loan ) and find a partner with the right skill set to get your site up and running. 

4. Write a business plan and develop financial forecasts

At this point, you need to finalize your business plan and create initial forecasts . 

If you’ve been using the one-page plan throughout the last few steps, then this shouldn’t be a time-consuming process. Your goal at this point is to clearly define:

• Business Model: Value proposition, customer segments, distribution channels, and revenue streams.
• Milestones: Set realistic goals (landing your first customer, scaling, etc.) with specific timelines and action steps to track progress.

For your forecasts, start by estimating your:

• Startup costs and ongoing expenses
• Revenue in the first year of operation
• Cash flow — how much money will be moving in and out of your business each month as you collect revenue and pay expenses

These numbers do not have to be perfect. You’ll likely be making educated guesses or using industry estimates. The point is to have something that you believe represents your business. It will help you maintain a healthy cash flow and understand what it will take to be profitable.

Remember, you don’t need to create an overly lengthy plan or complex financial statements. They’re your tools, so focus on usability – they should be flexible and evolve with your business, helping you make informed decisions.

Dedicate time ( at least monthly or quarterly) to reviewing and updating your plan and forecasts as you gather data to ensure your strategy aligns with real-world performance.

5. Protect your business

As a business owner, you must make your business legal and guard against liabilities. To keep things simple, we’ll assume you’re starting as a sole proprietorship for this article.

Check out our full guide to learn more about the specifics of each legal structure .

Necessary legal components for a simple startup:

• Business Registration: As a sole proprietor, you may not need to register your business with the state government if you do business under your legal name. However, if you operate under a name that’s not yours, you must file for a “Doing Business As” (DBA) name. This is often required to set up a business bank account.
• Licenses & Permits: Research local requirements for your specific business type. You may need a general business license, professional licenses, or specific permits (e.g., health and safety). Contact your city or county business office for details.
• Tax Registration: Report business income on your personal tax return. If you plan to hire employees, you’ll need to apply for an Employer Identification Number (EIN) from the IRS. Even without employees, an EIN can protect your personal information and may streamline certain business transactions. Check if you need to register for state sales tax collections.
• Insurance : Consider general liability insurance for accidents and negligence claims. Get professional liability (errors and omissions) insurance if you offer professional services.
• Contracts: Use written agreements for business partners and supplier or contractor transactions. This clarifies expectations, prevents disputes, and protects both parties. Contact a lawyer to review or help you write this documentation if needed.

6. Promote and run your business

At this point, you just need to run your business. You don’t need to go all in, either. Launch it as a side hustle until you hit the point where it can become your full-time focus.

Don’t overcomplicate it: Set up a simple website, payment system, and essential operational tools. You want to serve customers immediately and learn from real-world experience.

But unless you locked in pre-orders earlier in this process, you’ll need to market your business to do it. 

Select marketing channels you believe will reach your target customers. Start small — you want to avoid overspending while you determine the right mix of marketing tactics. If you’re unsure where to start, paid social media ads (Facebook and Instagram), email campaigns, and local partnerships can be inexpensive options.

Stick to the budget you created, run small, easily measured marketing tests, and look for a positive return on investment (i.e., bringing in more revenue from sales than you spent on advertising). 

Only consider increasing spending after you start bringing in customers.

• Continue to review and revise

You are on your way to running a sustainable business and may even have your first customers already! 

Just don’t get too far ahead of yourself. You’re still proving that there is traction that can be repeated with multiple customers. 

As you operate, review your plan and forecasts. Pay close attention to your cash flow and be willing to pivot if things aren’t working. 

That’s the benefit of starting from scratch: You are in full control and can scale and spend at a pace that improves your chances of success.

If you haven’t yet, download a free one-page business plan template to document your idea. The earlier you begin developing the plan, the more useful it will be throughout the startup process.

Clarify your ideas and understand how to start your business with LivePlan

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.

Table of Contents

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

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A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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The Top 10 AI Business Plan Generators: A 2024 Guide

A Free Business Plan Template

Ajay Jagtap

• January 3, 2024

16 Min Read

Let’s face it, drafting a business plan has never been a stroll in the park. Thanks to AI business plan generators, the process has become much easier and faster.

But, with only a few worthwhile options available, it’s challenging to find the right business plan generator that suits your requirements.

Don’t worry; we’ve got you covered. Here’s a list of the 10 best AI-based business plan generators to help you get started.

Sounds interesting? Let’s dive right in.

What is an AI Business Plan Generator?

AI business plan generator , in simple words, is software that uses AI algorithms to create a business plan based on user inputs.

Usually, these generators use natural language processing (NLP) algorithms to produce written content tailored to the specific needs of your business.

It’s a go-to solution for entrepreneurs and small business owners to build an investment-ready business plan without spending a fortune on expensive consultants.

Let’s take a closer look at these 10 AI-based business plan generators.

10 Best AI-based Business Plan Generators

1. upmetrics.

Upmetrics is the most efficient and reliable AI-powered business plan generator helping new-age entrepreneurs create comprehensive business plans with its advanced AI capabilities.

With Upmetrics AI Assistant , writing a business plan is now easier than ever.

It can help you generate text, rewrite content, shorten or expand on it, and it also allows you to change its tone.

The subscription includes 400+ fully customizable sample business plans , video tutorials, well-written documentation, and guides to ensure that you are on the right track.

So, how does this Upmetrics AI assistant work?

Well, it’s quite simple. Once you input text into a section of your plan using the Upmetrics business plan editor, you can choose the “Write with AI” option for AI assistance.

Or you can simply auto-write the entire text by promoting what you want to include in that section.

There’s a drop-down menu where you can choose from Auto Write, Auto Improve, shorten, expand, and Professional, persuasive, and academic tones to update your text.

Here is an extended list of features that Upmetrics AI assistant can provide:

•  AI-powered text generation to write your business plan.
• Content rewriting feature to polish or enhance content quality.
• Content shortening option to briefly describe the context.
• Expand upon your idea and introduce new concepts.
• AI-powered assistant to help adjust the tone of your writing.
• Accurate & reliable information depending on prompted information.
• Real-time updates and cloud storage, eliminating the risk of data loss.
• Intuitive, seamless, and responsive user interface.
• Check and correct grammatical errors and spelling mistakes.
• Business resources, video tutorials, and guides to help get started.

Check out Upmetrics’ pricing plans:

Remember, only Upmetrics premium users can access the AI assistance feature. Refer to a  pricing page for more information.

The most helpful feature was to make a business plan out of a simple idea. Thankful for all the tools provided, especially AI which did a great impact on my work .

Create visually appealing business plans with our

Plans starting from $7/month

2. Notion AI

As we all know, Notion is a productivity and note-taking app. It’s been around for a long time helping individuals and professionals create to-do lists, manage tasks & projects, and more.

Notion Labs Inc. has recently launched the all-new Notion AI which maximizes Notion’s existing capabilities with AI advancements.

Though it’s not a specifically developed AI business plan generator like Upmetrics, writing a business plan is one of many things you can do with Notion AI.

It can help you summarize text, offer key takeaways from your research, fix spelling & grammar, translate your text, edit tone & voice, and more.

Here’s a list of the pros and cons of Notion AI you should consider before purchasing.

• Smart suggestions: Notion AI can provide intelligent suggestions based on user behavior.
• Automation: It can help you automate various tasks reducing manual efforts.
• Time-saving: Notion AI can produce content more quickly compared to human writers.
• AI limitations: AI has its limitation, so it may not always provide accurate results.
• Learning curve: understanding the platform with AI can be a steep learning curve.
• Privacy concerns: Notion AI processes user data to personalize suggestions that may raise privacy concerns.

Check out the pricing plans for Notion AI. You may visit their pricing page for detailed information.

Copy AI is an AI-powered writing tool that uses NLP algorithms to turn your raw text into a persuasive copy. They cater to a wide range of users with 90+ tools and templates.

You can use Copy AI’s free business plan templates to write the initial draft of your business plan.

You may click here and log in to access the business plan template. Then, you’ll be prompted to fill out a few key details about your business.

This information may include details, such as business name, target market description, problems your business intends to solve, revenue model, etc.

Depending on your requirements, you may also select a friendly, persuasive, or professional tone for your content.

Pros and Cons

Here’s the list of pros and cons of using Copy AI you should consider before purchasing.

• Ease of use: It has a simple and easy-to-use user interface.
• Option to select specific tones: Users can select the specific tone for content. E.g., professional, friendly, etc.
• Supports AIDA framework: Follows AIDA framework to create content tailored to the target audience.
• Need lots of fact-checking: AI may sometimes produce incorrect information.
• Highly random information: It may sometimes provide random information.
• Generating long-form content can be frustrating: You may want to take one section at a time.

Copy AI has a free plan, but it only comes with 10 credits, so you will definitely need a subscription moving forward.

4. Beautiful AI

Beautiful AI is an AI-powered presentation software that helps individuals create exquisite business presentations in no time—with no design skills.

All you need to do is add text, and your content will transform into elegant presentation slides—no image resizing, no content placement, nothing. You may click here and log in to access the business plan template. Then, you’ll be prompted to fill out a few key details about your business. Here is why beautiful AI is a top pick for stunning presentations and business plans:

• 65+ smart slide templates with pre-designed slide galleries.
• Brand consistency with custom presentation themes.
• Hundreds of customizable starter templates.

The best part about Beautiful AI is you never need to start a presentation or business plan from scratch. Ask Designerbot about the type of presentation you need, and it will create a first draft.

Here’s the list of pros and cons of Beautiful AI you should consider before purchasing.

• Ease of use: Anyone with less or no design skills can create presentations using Beautiful AI.
• Hundreds of starter templates: The platform has 100+ starter templates to get started.
• AI-powered designs: Beautiful AI uses Artificial Intelligence to suggest layouts, fonts, and themes.
• Limited customization: AI-generated templates may not always suit your requirements.
• Limited functionality: AI can create professional-looking documents but may lack advanced animation.
• No free plan: Beautiful AI does not have a free plan, so you must pay for membership.

Beautiful AI doesn’t have a free plan, but a free trial is available. Check out its pricing plans.

5. Wordkraft AI

Wordkraft is an AI-powered writing tool that helps users create well-written and optimized content while saving time, money, and resources.

It uses GPT-3, one of the most sophisticated autoregressive language models available in the market, to generate AI content.

You can use Wordkraft’s free business plan template to create the first draft of your business plan.

Then, you’ll be prompted to fill out a few key details about your business. This information may include details, such as business name, goals, strategies, products and services you offer, financial projections, etc.

It also has a few advanced options that include—language, tone of voice, creativity level, and the number of variants needed.

• User-friendly Interface: Wordkraft has a user-friendly interface that is easy to use and navigate.
• Advanced options: It has advanced options to change language, tone of voice, and creativity.
• Time-saving: AI can produce content more quickly than human writers.
• Limited creativity: While Wordkraft AI can save time, it may not be as creative as humans.

Wordkraft AI has a free plan but comes with a 1,000-word limit, so you will definitely need a subscription moving forward.

You may visit Beautiful AI’s pricing page for detailed information.

A Bit AI is a cloud-document collaboration document and management platform that helps users create, share, and track digital documents.

The AI-powered tool allows users to add images text videos, cloud, and music files to their documents.

You can use Bit AI’s free business plan template to get started. Key benefits of using Bit AI to create a business plan:

Furthermore, you can embed Bit documents onto any website; you can interact with these documents and see them in their entirety.

Here’s the list of pros and cons of Bit AI you should consider before purchasing.

• Collaboration: You can collaborate with your team to work on your business plan.
• Pre-designed templates: a range of pre-designed templates to help you get started.
• Automation: Bit automatically automates redundant and repetitive tasks.
• Limited customization: Customization in pre-designed templates is limited.
• No writing assistance: While Bit can provide templates for your business plan, it doesn’t provide any writing assistance.
• No offline access: Bit AI is a cloud-based platform, so you must have a reliable internet connection to access documents.

Check out the pricing plans for Bit AI. You may visit their pricing page for detailed information.

7. Simplified

Simplified is an AI platform that uses artificial intelligence to help users generate and publish content quickly.

It’s not primarily an AI business plan generator, but it provides AI business plan templates that can be used to draft a business plan.

Besides business plan writing assistance, Simplified specializes in generating instant copies, creating long-form content, and developing visually appealing images and videos.

Here’s the list of pros and cons of Simplified you should consider before purchasing.

• Accessibility: the tool is easily accessible even for non-technical users.
• Recommendations: Simplified offers some intelligent suggestions based on the information provided.
• Time and cost efficiency: It can help you save both time and money when writing a business plan.
• Lack of customization: This tool can be valuable for beginners but not for detailed business planning.
• Data dependence: The results heavily rely on the data. A lack of data may result in low-quality responses.
• Limited understanding: the tool may lack industry dynamics and market nuances.

Check out the pricing plans for Simplified AI. You may visit their pricing page for detailed information.

8. Writecream (ChatGenie)

Like Wordkraft and Copy AI, Writecream is an AI-powered writing assistant that uses NLP algorithms to generate text-based responses to your query.

You can use Writecream’s free business plan generator to write the initial draft of your business plan. You may log in and select ChatGenie from the dashboard to kickstart the writing process.

Apart from business plan writing, you can use ChatGenie to generate textual content like cold emails, long-form blog posts, marketing copies, and digital ads.

Let’s have a look at the pros and cons of using Writecream for business plan writing.

• Collaboration: Team members and advisors can collaborate in real time with Writecream.
• Cost-effective: Writing a business plan with Writecream is less expensive than hiring consultants.
• Not for detailed business planning: this isn’t suitable for detailed business planning with long-term financial forecasting.

Check out the pricing plans for Writecream. You may visit their pricing page for detailed information.

9. Cookup AI

Cookup AI is an ongoing database of AI tools where people can create and submit ChatGPT prompts for others to use. The platform has many AI tools for various tasks including SEO, programming, social media marketing, blogging, business planning, and more.

While it can help you create a decent business plan, you must provide a detailed description of your business and other pertinent information.

Remember, just like ChatGPT, this tool will only help you write a business plan. You will still need a business plan software or designing tool to structure this information and create a business plan.

While CookUp is 100% free to use, it may not be an ideal choice for detailed business planning & financial forecasting.

Here’s a list of the pros and cons of Cookup AI you should consider before purchasing.

• Accessibility: Easily accessible tool, even for non-technical users.
• Free to use: Cookup AI is a 100% free-to-use AI tool.
• Limited information: CookUp AI’s response to queries is relatively limited compared to tools like Upmetrics.
• Limited customizations: This tool may not be an ideal option for comprehensive business planning.

10. ChatGPT—A Free Alternative

ChatGPT  is the most efficient and reliable yet free AI chatbot online. It is an AI language model trained by OpenAI, using deep learning algorithms to generate human-like responses to text-based prompts.

Technically, ChatGPT is not a business plan generator, nor does it offer any business plan templates.

Still, it’s on the list because writing a business plan is one of many things; you can do using ChatGPT—that too for free.

We have created a detailed guide on using ChatGPT to write a business plan to help you get started.

While ChatGPT is entirely free to use, there is a $20 monthly fee for ChatGPT Plus.

You don’t have to go for a paid version; ChatGPT is just fine for you to get started. We have created a detailed guide on using ChatGPT to write a business plan to help you get started.

Learn more Use ChatGPT to write your business plan

Here’s the list of pros and cons of ChatGPT you should consider before purchasing.

• Cost-effective solution: Writing a business plan with ChatGPT is more cost-effective than hiring expensive consultants.
• Efficiency: ChatGPT can efficiently organize data, generate financial plans, develop marketing strategies, and more.
• Limited context: It may have limited context about your business. You can train the model before prompting it to write.
• Lack of empathy: An AI language model may lack emotional intelligence and compassion.

That’s it. That was the list of the 10 best AI business plan generators. Let’s discuss how to take the final call—choose a business plan generator.

How to Choose an AI Business Plan Generator Software?

Still, trying to figure out how to choose an AI business plan generator? You should consider a few crucial factors before making the final call.

• Features: Understand your required features in an AI business plan generator. E.g., writing assistance, visual templates, etc. For instance, Copy.AI, Wordkraft, and ChatGPT may help you write content for your business plan, but they won’t offer the visual templates that BIT AI and Beautiful AI can.
• Pricing: Look for AI-based business plan generators that offer the features you require at affordable prices.
• Ease of use: Choose a tool that is easy to use and navigate for someone with basic knowledge of writing and editing.
• Reviews and testimonials: Check review websites like Capterra and Trustpilot for reviews and testimonials about such tools.

That’s it for today. Keep these factors checked before choosing an AI business plan generator, and you will be alright.

In a nutshell, these AI-based business plan generators can create a foolproof business plan in a few hours that used to take days—maybe even weeks.

AI has its limitations, so make sure you don’t rely heavily on it. Therefore, combining AI and human expertise in a holistic approach to planning would be a smart move.

Pick one of these tools, create a business plan, and take your business to new heights.

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Frequently Asked Questions

Which ai can write a business plan.

There are only a few certain AI writing tools that can help you write a business plan. Here are some of the most trusted AI business plan writing assistants.

• Wordkraft AI

What are the benefits of using AI-based business plan generators?

The benefits of using AI-based business plan generators are enormous. The following are just a few of the major ones.

• Time saver: Using AI business plan generators, you can write a business plan in minutes, which would normally take a human several hours or days.
• Cost-effective: Hiring an expert business plan writer or consultant can be expensive. AI business plan writing tools are the most cost-effective alternative for small business owners.
• Access to Data: AI tools like ChatGPT can access various data sources, so conducting market research or finding valuable industry insights is way easier with Artificial Intelligence.

Some of the other benefits of using AI-based business plan generators may include increased efficiency, customization, and user friendliness.

How do AI business plan generators work?

AI Business plan generators usually use natural language processing (NLP) algorithms to generate text-based responses to prompts or instructions. Some of the most popular AI writing tools, such as Copy AI, Wordkraft AI, and Writesonic, use the GPT-3 module for AI writing.

Are there any free AI-based business plan generators available?

AI-based business plan generator tools like Copy AI and Wordkraft AI have free plans but with limited functionalities. If using these tools, you will definitely need a subscription moving forward.

However, you can use ChatGPT; it is free and the most reliable AI language model to help you write a business plan.

Can the AI business plan generator provide guidance on market research?

Yes, AI business plan generators like Upmetrics will soon be able to guide your market research to help you create a comprehensive and well-organized market research section.

Upmetrics is developing an AI business planning chatbot; you can ask it for feedback, suggestions, or guidance about your plan. Learn more about Upmetrics AI Assistant .

Is technical knowledge required to use an AI business plan generator?

No. If you are using an AI tool like Upmetrics, you don’t need any technical knowledge to be able to efficiently use the tool and create a detailed plan.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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The importance of strategic planning for business success.

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José Luís González Rodriguez is a Partner of ActionCOACH Spain. www.joseluisgonzalez.coach.

In today's fast-paced business world, strategic planning emerges as an essential tool for the success and survival of companies. The ability to anticipate, adapt and direct resources toward specific goals is crucial in a competitive environment where changes are exponentially rapid.

In this article, we will explore the significance of strategic planning for businesses, presenting key tools for its implementation and highlighting the numerous advantages it brings, all supported by an online survey made by me in which 576 entrepreneurs and executives from companies of various sizes and sectors throughout Spain participated during the first quarter of 2024.

The survey included five questions:

1. Do you believe a strategic plan is necessary to carry out your business activities?

Of the respondents, 90% said it was necessary, 6% thought it was not necessary and the remaining 4% stated that intuition and experience were better.

An overwhelming majority of respondents thought that strategic planning is necessary because they know of the need for order in business management. However, as we will see in the following questions, the percentage of executives and businesspeople who carry out this exercise is lower. This shows that companies are run without using basic efficient business management tools.

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Many of these entrepreneurs have high academic qualifications. They do not apply a strategic plan because their daily lives make them lose track of what is important and strategic, and instead, they just work on what is urgent. The presence of a business coach can be a very important option to get them to focus on what is really important to make their businesses more efficient, modern and competitive.

2. Did you create a defined and thoughtful strategic plan for your business activities last year, 2023?

Only 46% answered affirmatively, despite 90% seeing the need for a strategic plan. Almost 40% admitted they hadn't done it, and 16% responded that they did it "their way." This highlights the difficulty for executives and entrepreneurs in allocating time to execute strategic tasks. The day-to-day demands of business prevent moments of reflection and analysis of the situation to focus the business in the right direction.

3. If you made a strategic plan for 2023, what percentage has been fulfilled?

Only 14% indicated they had fulfilled their strategic plan from the prior year below 50% of what was planned. About a third (28%) of respondents fulfilled between 50% and 75% of their plan, and 21% of respondents fulfilled between 75% and 100%. Another 38% exceeded what was planned. From this, we can conclude that slightly more than half are close to what was intended, and the rest are significantly off target.

Experience tells me that strategic planning is often done with little reflection and insufficient competitor data, environmental analysis or consideration of the threats and opportunities offered by market globalization, digitalization and artificial intelligence (AI). They are often done using linear growth percentages and intuition, but in most cases, without a rigorous market analysis, which is highly changeable.

4. If you see it necessary to create a strategic plan, which members of the company should participate in its development?

Forty percent believe that the entrepreneur and their management team should participate, and 60% believe that an external expert should also be included. Undoubtedly, an external, unbiased view can bring great value to this reflective process, which undoubtedly contributes to ensuring that the plan is as closely aligned with a reality where internal changes will be more than necessary to successfully face the business challenge. There is a majority that perceives it this way, but experience tells me that entrepreneurs rarely actually do so.

5. For what period of time should a strategic plan be made?

• 1 year: 12%

• 2 years: 11%

• 3 years: 44%

• 5 years: 33%

These results show that respondents know the theory but not the practice. For small and medium-sized enterprises, making a strategic plan for three or more years, in the current situation, is an enjoyable exercise but generally not very useful because today's market circumstances are very changeable. It is the new paradigm of business management: flexibility to adapt to the market.

In conclusion, the data reveals a high perception of the need for a strategic plan, although there is a significant gap between this perception and its effective implementation. Lack of time, difficulty in allocating resources to strategic tasks and lack of deep reflection are common challenges.

Furthermore, the importance of the participation of external experts in the strategic planning process is emphasized, as is the need for flexibility in the timeframe of strategic plans. Ultimately, these findings underscore the importance of approaching strategic planning with seriousness and dedication to navigate successfully in a constantly changing business environment.

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Trump 2.0 would be destructive for the economy, as the former president embraces 'crank' doctrine and economic fantasy, Paul Krugman says

• Trump's re-election could bring loads of problems to the US economy, Paul Krugman warned.
• The former president is prone to "magical thinking" and could pursue "destructive" policies, Krugman said.
• Inflation in particular could get worse if Trump imposes tariffs and erodes the Fed's independence.

Trump's re-election would not be good news for the US economy. Blame the former president's "quack" economic policy and his tendency to deny reality, according to Nobel economist Paul Krugman.

Krugman wrote in an op-ed for The New York Times this week on Trump's propensity for "magical thinking," the same way of thinking that led Latin American dictatorships to pursue reckless and inflationary monetary policy in the 1970s and '80s.

Similar "destructive" policies could be re-enacted in the US if Trump is re-elected in November, Krugman said. 

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"His behavior during the COVID-19 pandemic showed that he's as addicted to magical thinking and denial of reality as any petty strongman or dictator, which makes it all too likely that he might preside over the type of problems that result when policies are based on quack economics," Krugman wrote.

Some of Trump's economic policies during his presidency were flawed, Krugman said. He pointed, for instance, to Trump's tax cuts in 2017, which ended up favoring the rich over working-class Americans.

If re-elected, Trump has said he plans on cracking down on immigration and imposing tariffs on US imports , especially those from China. But those are deeply flawed ideas about what it would take to bolster US economic strength, Krugman said, as immigration has been key to robust growth in recent years, while high tariffs could easily stoke inflation. 

Inflation could also get worse if Trump looks to exert control over the Federal Reserve, Krugman warned. He pointed to recent reports that suggested Trump's advisors were looking to reduce the independence of the Fed, putting the former president more in control of monetary policy. Presumably, that's to "juice the economy and the stock market the way he wanted to in 2019," Krugman said.

"What's really worrisome, however, are indications that a future Trump regime would manipulate monetary policy in pursuit of short-run political advantage, justifying its actions with crank economic doctrines ... The details of these bad ideas are probably less important than the mindset they reveal, one that rejects hard-learned lessons from the past and buys into economic fantasies," Krugman added.

Other economists have warned of potential chaos if Trump is re-elected as president. Top economist Nouriel Roubini said recently a second term for Trump would be one of the biggest risks for the world economy , making inflation and debt worse while hobbling economic growth. 

Watch: The biggest revelations from Trump's tax returns

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Healthcare digital signage is the key to hospital transformation

7 benefits of digital signage in hospitals

Meet them where they are: Waiting room signs for patients can improve the patient journey

Key considerations when designing the next generation of patient rooms.

The digital transformation of healthcare has radically changed hospital design. At the heart of this transformation lies the patient room, the anchor of the hospital. Like the modern medical complex, the modern patient room is streamlined with integrated and automated digital display solutions that enhance clinical workflows while supporting patient engagement, satisfaction and safety. Here’s how.

Account for integration

Dry-erase boards have, for decades, been a standard feature of most patient rooms. But these boards need to be updated manually every shift to include the names of everyone on the patient’s care team, as well as other pertinent information, such as dietary restrictions, medications and discharge date. Over time, it’s easy for this handwritten information to go out of date and become illegible. Plus, having to constantly make these updates by hand takes staff away from important clinical tasks.

Today’s patient room now includes a digital whiteboard that updates automatically, drawing on information from the electronic health record (EHR) and shift assignment software. That means the care team, patients and families will automatically get the most current information at the point of care.

Similarly, a real-time location system (RTLS) ensures that patients and their loved ones know which staff member has entered the patient room at any given time. Each clinician and employee will wear a badge that communicates with the healthcare TV , automatically displaying their name and role as they enter the room. An integrated RTLS also ensures that the right information goes to the right care team member at the right time.

Screens located above the bed behind the patient can simultaneously display information relevant to whichever team member is checking on them. Their nurse, for example, would see different information than the attending physician, respiratory tech and dietitian.

Plan for telepresence

Telehealth technology allows for better monitoring and easier access to care. Interactive displays in patient rooms, such as Samsung Interactive Pro , often support web cameras to facilitate virtual appointments, allowing caregivers to monitor patients remotely and still speak with them face-to-face. With connected diagnostics, clinicians can make accurate assessments over a video call.

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For patients who are fall risks, cameras can function as virtual bed rails, alerting the care team if they attempt to get out of bed alone. But in-room cameras and telehealth solutions aren’t only for dire situations: They allow for virtual family visits and real-time, interactive education sessions with patients and their caregivers before discharge, with support from language translation services if needed.

Support patient engagement

A digitally streamlined patient room doesn’t just support clinical workflows; it also enhances the patient experience . In addition to the welcome distraction the entertainment provides, the in-room TV can provide diagnostics, data and other key information. Empowered with this knowledge, patients can experience less of the discomfort and anxiety many struggle with during a hospital stay. Entertained and engaged patients are less likely to call the nurses’ station. The reduction in stress may also foster more positive outcomes.

Patient rooms might also have bedside tablets , which they can use to view their records and prescriptions, see who’s on their care team and communicate with nurses, doctors and other hospital staff. Rather than pushing the call button to ask for something simple like another blanket, patients can request these services directly from their tablets, so the nurses’ station no longer needs to work like a switchboard. This reduces the nurses’ administrative burden, eases alarm fatigue and allows them to work at the top of their license.

On the same tablet, an automated message can ask patients if their room is quiet enough for them to sleep and make the appropriate changes. Patients can also adjust the room’s temperature, lighting and window shades with the touch of a button — all to create a better, more comfortable experience.

Think beyond the room

The patient room is just the beginning. Digital displays can improve clinical efficiency across the entire facility, such as in these use cases:

• Nurses stations: Equipping nursing stations with large, centralized USB-C monitors provides efficient, all-in-one information dashboards. Because they require fewer cables, these monitors easily fit on nursing carts.
• Outside the door: Smaller displays outside each patient room ensure that clinicians, staff and visitors are informed of the patient’s dietary restrictions, relevant allergies and preferred language, as well as all safety protocols required to enter the room.
• Waiting rooms: Visitors can track their loved one’s status on an updated waiting room monitor . Uncertainty leads to questions: Are they still in the operating room? For how much longer? When these questions are answered promptly, the waiting room becomes a much less stressful place.
• Wayfinding: Touchscreen maps show patients and visitors exactly where they need to go, avoiding frustration and freeing up busy hospital staff from the need to constantly repeat directions.
• Marketing and development: Hospitals can install a microLED video wall to recognize donors and share brand stories.

Keep design front of mind

Implementing these digital solutions will require not only adequate space but smart design. Hospital architects and engineers will need to make sure that every element works together seamlessly and is scalable because technology is constantly evolving. When digital displays are properly deployed and fully integrated, patients and their loved ones are more engaged and at ease, future-proofing high-quality service to patients for years to come.

Learn more about how digital displays are easing pain points and transforming clinician and patient experiences in our free guide . Also, discover the many ways healthcare TVs improve the patient experience .

Roxanna Guilford-Blake

Roxanna Guilford-Blake writes about health, healthcare and the business of healthcare. She began as a journalist, but for more than 25 years, she’s helped clients tell their stories and enlighten their audiences. She runs her own editorial business (Guilford-Blake Corp.) and previously served as director of strategic communications at a boutique healthcare communications firm. She’s especially interested in the intersection of digital tech and patient-centered care.

• digital signage
• Healthcare innovation
• healthcare technology
• interactive displays

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Featured Posts

Healthcare digital signage, including hospital patient whiteboards, is the key to hospital digital transformation.

Healthcare digital signage provides ready access to up-to-date information, improving efficiency, patient care and the clinical experience.

Medical centers are places of high emotion and stress. The right signage, such as waiting room signs for patients, can improve the patient journey.

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