master class business plan

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

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

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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

Noah Parsons

24 min. read

Updated May 7, 2024

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

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

• The basics of business planning

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

You understand that planning helps you: 

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

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

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

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

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

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

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

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

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

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

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• What to include in your business plan

Executive summary

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

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

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

Your executive summary should include:

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

Dig Deeper: How to write an effective executive summary

Products and services description

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

This is usually called a problem and solution statement .

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

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

Market analysis

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

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

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

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

Related: Target market examples

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

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

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

Dig Deeper: Learn how to write a market analysis

Competitive analysis

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

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

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

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

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

Marketing and sales plan

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

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

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

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

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

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

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

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

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

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

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

Business operations

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

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

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

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

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

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

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

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

Key milestones and metrics

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

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

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

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

Possible milestones might be:

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

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

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

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

Dig Deeper: How to use milestones in your business plan

Organization and management team

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

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

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

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

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

• Sole proprietor
• Partnership

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

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

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

Financial plan

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

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

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

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

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

Dig Deeper: How to create financial forecasts and budgets

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

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

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

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

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

Your cover page should be simple and include:

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

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

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

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

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

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

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

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

• Writing tips and strategies

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

Determine why you are writing a business plan

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

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

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

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

Keep things concise

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

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

Have someone review your business plan

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

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

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

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

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

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

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

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

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

Common pitfalls and how to avoid them

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

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

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

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

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

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

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

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

Use your business plan to manage your business

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

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

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

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

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

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

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

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

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

Learn More: How to run a regular plan review

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How to write a business plan FAQ

What is a business plan?

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

What are the benefits of a business plan?

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

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

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

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

What are the 5 most common business plan mistakes?

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

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

What questions should be answered in a business plan?

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

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

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

How long should a business plan be?

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

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

What are the different types of business plans?

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

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

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

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

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

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

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

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

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

Table of Contents

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

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MasterClass Business Model In A Nutshell

Started as an attempt to transform education, MasterClass finds top talents and turn them into instructors. With a straightforward membership model of $180 per year, the streaming online education platform gives access to all its courses and the new releases on the platform. In 2020, it got valued at over $800 million.

Table of Contents

Origin story

In an interview for 7×7 Aaron Rasmussen and David Rogier, highlighted their feelings about the education world:

I had been speaking with people in education, both in and outside the traditional school system, and found that people felt they were getting ripped off.

From there they started to redefine the concept of educaiton. During the web era, several companies have approached the change in education is several ways. MasterClass philosophy was that of enabling top talents to bcome instructors.

As they pointed out in the same interiew:

What does the most ideal online education look like? Learning from well-known instructors who have mastered a particular skill on one seamless platform. We’ve been working on MasterClass ever since!

So how did they convince the first celebrities to produce a class on their platform, when none knew them? David Rogier explained: “Honestly, lots of cold calling, persistence, great advisors and a little bit of luck.”

They also used some of the connections they had but as the founders reported the key ingredient was timing and the willingness of the top-class expert to wanting. todo it.

For instance, David Rogier reported how Kevin Space said he felt like it was his responsibility to “send the elevator down” for the next generation of actors. ”

Of course, it helped the fact that, after initial traction, MsterClass also got well funded. Which definitely helped convince top experts to join the platform. As Hollywood Reported explained , “instructors make about $100,000 upfront when they begin working with MasterClass and receive 30 percent of the revenue their classes generate. “

This was back in 2017 when the platform was still at the beginnings. We can imagine that depending on the instructor and celebrity MasterClass has several levels of deals, to make it attractive for them to contribute a course on the platform.

Idea validation

David Rogier highlighted on Quora that when they were launching, to reduce the risk of failure, or perhaps to avoid spending years of their life and massive financial resources, they went through a process of idea validation, which consisted in asnwering four questions.

Those for questions can be used really, as a sort of business model framework to launch the business :

• Hypothesis/Question : Could we get the best in the world to teach?  Test/Expected Result to Validate The Hypothesis : get one to say yes (Dustin Hoffman)
• Hypothesis/Question : Could we make great classes?  Test/Expected Result to Validate The Hypothesis : make a test one (they filmed their parents teaching quilting and divorce tips — David Rogier’s dad was a family law attorney)
• Hypothesis/Question : Would people want to take the classes?  Test/Expected Result to Validate The Hypothesis : surveys, user interviews, and market comps.
• Hypothesis/Question : Would all the math work (e.g. would CAC be at least less than Net Revenue)?  Test/Expected Result to Validate The Hypothesis : try to sell an online class on how to CACs look. We tested everything we could (and still do)!

MasterClass’s mission and strategy

MasterClass’s mission is “to ignite the greatness in others” and it does that by “enabling anyone in the world to learn from the very best.”

MasterClass philosophy and strategy is skewed toward finding the top talents in several areas and transform them in instructors for the masses, where the educational experience is kept as much as possible as “one-to-one” meaning MasterClass tries to make it interactive via developing also online tools that help students learn better.

For instance, at once Rogier recounted how when developing the course with Christina Aguilera they had the chance to develop a proprietary technology to evaluate and measure the pitch of the voice, thus practice during the course.

Value Proposition:

• World-Class Instructors: MasterClass offers access to renowned experts and celebrities in various fields, including entertainment, sports, business , culinary arts, writing, and more. Users can learn directly from industry icons such as Martin Scorsese, Serena Williams, Gordon Ramsay, Margaret Atwood, and other accomplished individuals, gaining insights and inspiration from their expertise and experiences.
• High-Quality Production: MasterClass delivers engaging and professionally produced video lessons that combine instructional content, storytelling, and cinematic elements. The platform’s high production values, including high-definition video, professional lighting, and immersive visuals, enhance the learning experience and captivate users, fostering an enjoyable and immersive learning environment.
• Diverse Curriculum: MasterClass offers a diverse curriculum covering a wide range of topics and subjects, catering to different interests, skill levels, and learning objectives. From creative arts and entertainment to lifestyle and personal development, MasterClass provides comprehensive and curated courses designed to empower learners to explore their passions, develop new skills, and pursue their goals.
• Lifetime Access: Subscribers to MasterClass gain lifetime access to the platform’s library of video lessons, enabling them to learn at their own pace, revisit content as needed, and explore new topics over time. The flexible and on-demand nature of MasterClass allows users to customize their learning experience, fitting education into their busy schedules and lifestyles.

How does MasterClass make money ?

MasterClass is a streaming platform, that has a simple membership revenue model . The annual membership is $180 per year and provides unlimited access to all classes and new classes as they launch with a 30-day free trial.

 As TechCrunch reported back in 2018, sales had more than doubled from 2016 to 2017, reaching probably the 50-100 million range, and probably this growth apace has kept growing also in 2019.

Given the new funding round in 2020, the company might be worth more than $800 million.

Marketing Strategy:

• Celebrity Endorsements: MasterClass leverages the star power and influence of its celebrity instructors to attract attention, generate buzz, and differentiate its offerings in the competitive online education market. Celebrity endorsements serve as a key marketing hook, enticing users with the opportunity to learn directly from their favorite icons and role models.
• Content Marketing: MasterClass invests in content marketing initiatives to showcase its course offerings, highlight instructor profiles, and provide valuable insights and educational resources to its target audience. Through blog posts, articles, videos, and social media content, MasterClass engages with prospective users, builds brand credibility, and drives traffic to its platform.
• Social Media Engagement: MasterClass maintains an active presence on popular social media platforms such as Instagram, Facebook, Twitter, YouTube, and LinkedIn to engage with its audience, share course previews, testimonials, behind-the-scenes content, and user-generated stories. Social media engagement fosters community interaction, word-of-mouth referrals, and brand advocacy among users.
• Affiliate Marketing: MasterClass implements affiliate marketing programs to expand its reach and acquire new subscribers through partnerships with influencers, bloggers, content creators, and affiliate networks. Affiliates promote MasterClass courses to their audiences through custom tracking links, earning commissions for referred subscriptions and driving incremental revenue for the platform.

Distribution Channels:

• Online Platform: MasterClass operates as an online learning platform accessible through its official website and dedicated mobile applications available for iOS and Android devices. Users can sign up for subscriptions, browse course catalog, watch video lessons, track progress, and interact with instructors and fellow learners through the platform’s digital interface.
• Mobile Apps: MasterClass offers mobile applications tailored for smartphones and tablets, providing users with on-the-go access to its library of courses and instructional content. Mobile apps enable subscribers to stream video lessons, download course materials for offline viewing, and participate in learning activities seamlessly across different devices and locations.
• Email Marketing: MasterClass utilizes email marketing campaigns to communicate with users, deliver personalized recommendations, and promote new courses, features, and special offers. Email newsletters, promotional announcements, and targeted communications help MasterClass stay connected with its audience, drive engagement, and encourage subscription renewals and upgrades.
• Partnership Integrations: MasterClass may collaborate with third-party platforms, media outlets, educational institutions, and corporate partners to expand its distribution reach and reach new user segments. Integration partnerships, co-marketing initiatives, and cross-promotional campaigns enable MasterClass to leverage existing networks, amplify brand exposure, and attract prospective subscribers.

Key takeaways

• Started as an attempt to enable a different format of education, where top experts are turned as instructors to teach a large number of people, MasterClass is a streaming platform, with a simple subscription model .
• The site grew as the founders managed to get in the first celebrities to offer their courses on the platform, from there it also got funding allocated for growth .

Key Highlights

• Company Overview: MasterClass is an online education platform that offers streaming courses taught by top experts in various fields. It was founded in 2013 by Aaron Rasmussen and David Rogier.
• Education Transformation: MasterClass aimed to transform education by enabling renowned experts to become instructors and teach their skills to a wide audience.
• Membership Model: MasterClass operates on a straightforward membership model . Users pay an annual fee of $180, which provides unlimited access to all courses and new releases on the platform. A 30-day free trial is also offered.
• Origin Story: The founders identified issues in traditional education and wanted to create an ideal online learning platform. They persuaded top experts to become instructors through cold calling, persistence, and luck.
• Instructor Attraction: MasterClass attracted instructors by offering upfront payments (around $100,000), revenue share (30%), and the opportunity to “send the elevator down” by sharing their expertise.
• Idea Validation: Before launching, the founders validated their idea by answering four key questions: getting a top expert to agree to teach (Dustin Hoffman), creating a test class, gauging interest through surveys and user interviews, and assessing financial viability.
• Mission and Strategy: MasterClass’s mission is to “ignite the greatness in others” by enabling people worldwide to learn from the best. The platform emphasizes interactive learning and tools to enhance the educational experience.
• Revenue Generation: MasterClass generates revenue through its membership model . Users pay $180 annually for unlimited access to all courses and new releases. The platform’s sales doubled from 2016 to 2017 and likely continued to grow in subsequent years.
• Valuation and Funding: MasterClass’s valuation reached over $800 million in 2020 after a successful funding round. The company’s growth is attributed to its unique approach to online education and its ability to attract top instructors.
• Sustainable Growth: MasterClass’s success can be attributed to its focus on high-quality instruction, its interactive approach to online learning, and its ability to consistently attract new users with its diverse range of courses.
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How to Write a Business Plan in 9 Steps (+ Template and Examples)

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

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

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

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

Let’s get started.

What Do You Need A Business Plan For?

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

1. Secure Funds

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

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

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

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

2. Monitor Business Growth

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

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

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

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

3. Measure Business Success

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

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

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

4. Document Your Marketing Strategies

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

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

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

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

How to Write a Business Plan Step-by-Step

1. create your executive summary.

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

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

A good executive summary should do the following:

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

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

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

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

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

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

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

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

2. Add Your Company Overview

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

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

Your company overview should contain the following:

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

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

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

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

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

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

• Mission Statement

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

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

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

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

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

Business Objectives

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

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

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

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

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

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

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

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

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

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

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

Market Analysis

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

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

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

• Market Research

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

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

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

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

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

How to Quantify Your Target Market

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

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

What Does a Good Market Analysis Entail?

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

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

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

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

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

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

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

Competitive Analysis

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

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

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

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

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

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

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

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

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

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

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

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

Direct vs Indirect Competition

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

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

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

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

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

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

Factors that Differentiate Your Business from the Competition

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

1. Cost Leadership

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

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

2. Product Differentiation

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

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

3. Market Segmentation

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

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

4. Define Your Business and Management Structure

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

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

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

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

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

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

Management Team

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

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

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

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

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

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

Key Questions to Answer When Structuring Your Management Team

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

Additional Tips for Writing the Management Structure Section

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

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

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

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

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

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

Organizational Chart

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

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

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

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

5. Describe Your Product and Service Offering

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Avoid Technical Descriptions and Industry Buzzwords

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

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

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

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

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

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

3. Long or Short Products or Services Section

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

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

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

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

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

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

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

4. Describe Your Relationships with Vendors or Suppliers

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

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

5. Your Primary Goal Is to Convince Your Readers

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

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

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

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

Key Questions to Answer When Writing your Products and Services Section

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

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

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

6. Show and Explain Your Marketing and Sales Plan

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

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

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

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

Outline Your Business’ Unique Selling Proposition (USP)

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

Target Market and Target Audience

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

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

Creating a Smart Marketing and Sales Plan

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

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

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

Your Positioning Statement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Basic Rules to Follow When Pricing Your Offering

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

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

Pricing Strategy

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

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

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

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

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

Advertising

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

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

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

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

Public Relations

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

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

Content Marketing

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

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

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

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

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

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

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

Social Media

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

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

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

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

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

Strategic Alliances

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

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

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

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

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

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

2. Evaluate Your Competition

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

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

These questions can help you know your competition.

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

3. Consider Your Brand

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

4. Focus on Benefits

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

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

5. Focus on Differentiation

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

Key Questions to Answer When Writing Your Marketing and Sales Plan

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

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

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

7. Clearly Show Your Funding Request

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

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

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

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

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

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

Funding Request: Debt or Equity?

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

Case for Equity

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

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

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

Case for Debt

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

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

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

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

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

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

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

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

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

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

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

8. Detail Your Financial Plan, Metrics, and Projections

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

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

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

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

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

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

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

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

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

Use Graphs and Charts

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

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

Address the Risk Factors and Show Realistic Financial Projections

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

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

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

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

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

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

1. Sales Forecast

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

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

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

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

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

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

2. Personnel Plan

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

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

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

3. Income Statement

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

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

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

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

4. Cash Flow Statement

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

5. Balance Sheet

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

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

6. Exit Strategy

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

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

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

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

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

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

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

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

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

9. Add an Appendix to Your Business Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

Tips and Strategies for Writing a Convincing Business Plan

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

1. Know Your Audience

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

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

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

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

2. Get Inspiration from People

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

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

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

3. Avoid Being Over Optimistic

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

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

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

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

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

4. Keep it Simple and Short

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

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

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

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

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

5. Make an Outline and Follow Through

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

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

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

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

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

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

6. Ask a Professional to Proofread

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

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

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

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

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

1. hubspot's one-page business plan.

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

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

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

2. Bplan’s Free Business Plan Template

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

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

3. HubSpot's Downloadable Business Plan Template

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

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

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

4. Business Plan by My Own Business Institute

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

The comprehensive template consists of a whopping 15 sections.

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

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

5. Score's Business Plan Template for Startups

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

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

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

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

6. Minimalist Architecture Business Plan Template by Venngage

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

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

7. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

9. PandaDoc’s Free Business Plan Template

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

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

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

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

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

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

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

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

Alternatives to the Traditional Business Plan

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

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

Business Model Canvas (BMC)

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

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

Segments of the Business Model Canvas

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

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

Lean Canvas

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

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

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

Startup Pitch Deck

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

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

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

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

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

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

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

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

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

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

Business Plan FAQ

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

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

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

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

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

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

Exlore Further

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

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

How to Create Your Successful MasterClass in 5 Steps [Guide 2024]

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The creator economy is booming , with content creators selling knowledge online not as a humble side hustle but to generate passive income they can live by. This means that the competition among social media influencers, vloggers, bloggers, and course creators is pretty fierce.

How can you stand out from this crowd and create a learning experience that is valuable as it is entertaining ?

We’ve got one word for you – masterclass .

A masterclass is one of the most attractive offers you can make in today’s creator economy, where knowledge is fast, informal, and easily accessible.

In this article, you will learn all you need to know about a masterclass, from planning and creating to hosting one successfully. We’ll also see 5 examples of successful master classes, so you have a better idea of what they look like in action!

Your professional looking Academy in a few clicks

Table of contents, what is a masterclass.

• How to Plan a Masterclass: Where to Start?

How to Create a Masterclass

• 1 Step 1: Come Up With A Topic
• 2 Step 2: Give Your Masterclass A Name And Structure
• 3 Step 3: Create The Content
• 4 Step 4: Decide On A Business Model
• 5 Step 5: How to Promote & Sell Your Masterclass

How to Host & Market a Masterclass

Online masterclass examples, how to create your own masterclass with learnworlds.

A masterclass is a high-quality and relatively brief learning experience jam-packed with in-depth knowledge . During a masterclass, an expert instructor offers hands-on learning to a group of students. Usually, the participants have good prior knowledge of the subject, but it’s not uncommon to offer a masterclass for first-timers as well.

🎶 While the first master class took place in music education, today, master classes are held throughout various disciplines. 🧑‍🏫The original term is ‘master class.’ Masterclass.com  has popularized the alternative version, ‘masterclass.’

How to Plan a Masterclass: Where to Start

Delivering a master class requires vast knowledge and deep understanding, and also careful preparation. Before you do anything, you need to think about:

• Why create a master class?
• Who is it for?
• What should it include?
• How much does it cost?
• How long should it be?

The best way to create a successful masterclass is to plan every detail. Answering these questions can help you prepare and gather all the necessary resources.

Why create a masterclass?

Creating a masterclass can seem time-consuming, but the benefits for you and your learners are many and worthwhile.

A masterclass is an excellent additional source of revenue and a way to build engagement and loyalty with your students and attract new audiences. Although you already need to be an expert to hold one, a successful masterclass can help you improve your reputation and further establish your expertise in your field.

As for the students, a masterclass helps them share their knowledge, express their opinions, get direct feedback, and perfect their skills.

The goal of this special learning event is to bring all the aspects, activities, and tools together to create an effective and aspiring environment that allows learners to be heard. No other educational experience creates such a focused learning experience.

Who is a masterclass for?

Find out as much as you can about your target audience – your learners – so that you prepare your educational content accordingly.

To ensure that people will benefit from what your masterclass offers, you need to present information relevant to them and complementary to what they already know. This means you must choose whether you want to create a masterclass for beginners or advanced students .

Most of your students will be highly-motivated learners, excited about a topic, who are eager to deepen their knowledge . This enthusiasm sets the ground for an engaging and interactive experience, but at the same time, it implies that they will have high expectations from you.

What should a masterclass include?

A masterclass can be anything from a standalone event to a series of sessions, a workshop, or an online course . Whatever the case, it’s concluded within a short time period.

These are the key elements of a masterclass:

• It is taught by an expert
• It is short and focused
• It carries more niche value

Having said that, the instructional material and content can be determined and delivered accordingly to fit your learners’ needs.

At this point, it is important to decide what you want your learners to achieve by the end of the event. Try to get into the details, pick which specific questions you want it to answer, and create content that gives a comprehensive knowledge of a niche topic.

To do this, set up a learning goal  and structure your masterclass around it.

Popular types of content to use:

• Video tutorials
• Live or pre-recorded webinars
• Blog posts or ebooks
• Audio ( podcasts )
• Workbooks & Worksheets/Checklists
• Slideshow/ PowerPoint Presentations
• Assessments (quizzes, exams, learning activities)
• LinkedIn or Facebook group (community support)

The content can be presented through a series of video tutorials, Slideshow/PowerPoint presentations, live or pre-recorded webinars , or any other way that suits your learning objectives as long as it allows you to have regular check-ins (or short breaks) with your learners.

How much does a masterclass cost?

A masterclass is a premium product that differs from a single course and offers much more to students than a single webinar. While there is no ready-made recipe for pricing it, it’s important to avoid charging a low price. Low price equals low expectations.

Instead, the price should reflect your worth as an expert and the value learners will get from the experience. All the behind-the-scenes preparation work you’ve done must also be taken into consideration.

Another idea is to check how much similar courses in your niche cost, so you set your price within the average range. You can also consult our guide on How To Set the Right Price for Your Online Course .

How long should a masterclass last?

The masterclass can take up as long as you want but it is recommended that you keep it below 3 hours. According to Business Insider , courses on MasterClass.com are about 3 hours on average with each individual lesson ranging from 2 to 5 minutes.

Microlearning seems to be the most appropriate instructional method to deliver your content effectively. With this method, you structure your course into brief lessons or activities that typically last less than 7 minutes. Breaking down the content into small chunks helps learners assimilate the information better and maintain their focus.

Let’s see an indicative outline :

• Class and instructor/expert Intro – (10 minutes)
• Main learning content: class lessons + examples (45 minutes)
• Student participation/activities: one-to-one work or group discussion (30 minutes)
• Live Q & A (20 minutes)
• Assessment: timed quiz or exam (30 minutes)
• Assessment results + feedback (10 minutes)
• Next Steps (5 minutes)

Total time: 2,5 hours

Generally, it’s a good idea to prepare a draft plan and revise it as you go. Once you have decided what you want it to include, send it out to your attendees to help them prepare for the lesson as well.

The steps below will help you deliver a coherent learning experience that provides true value from start to finish:

Step 1: Come Up With A Topic

Just like you would do when building your online course, first, you need to research the subject you want to teach. Identify popular topics in your niche that you feel confident you can teach.

For example, if you were to offer a masterclass on cooking, you would want to focus on an area of cooking like restaurant cooking, or a specific type of cuisine. Then you can come up with recipes, implement them and offer tips on essential cooking techniques as you go.

For example, if you were to offer a masterclass on cooking, you would want to focus on a popular topic, like vegan cooking. You can check the demand for specific keywords on tools like Google Trends and Ahrefs .

This will help you determine which of the corresponding topics your learners want to learn more about. Alternatively, you can try surveys to gather interest around niche topics.

💁 Need help? Check out trending course topics for different industries in this article .

Step 2: Give Your Masterclass A Name And Structure

Since your masterclass is essentially a product you want to sell, you need to consider the marketing aspects early in the process.

Coming up with a suitable name will help you create buzz and attract the right audience for the right reasons, therefore increasing enrollment. It will also help learners understand what exactly it’s about and get excited.

The name of your masterclass needs to be short, strong, enticing, and to the point . It shouldn’t mislead the audience or leave them wondering.

Here are a few examples of successful titles:

• Cooking II: Restaurant Recipes at Home (from Gordon Ramsay )
• The Runner’s Mindset (from Joan Benoit Samuelson )
• The Power of Empathy (from Pharrell Williams and Noted Co-Instructors )
• Building a Fashion Brand (from Diane Von Furstenberg )
• Crush Your Organic Social Media Strategy (from Mari Smith )
• Increase your Facebook Following In 10 Days (from Sarah Cordiner )

Such titles give learners just enough information and context that ignites their curiosity to check it out.

Apart from the name, you must also create a brief description and offer a preview of the course content .

When creating your content, keep in mind the following:

Create content around the learning objectives: what have you promised your learners? Identify your learning objectives and ensure that each piece of content you add will bring learners close to them.

Decide how long each session will be: depending on the content, a masterclass usually ranges from 2 to 5 hours. If you’re planning a live event, break it down into 30-45 minute classes with breaks, so students can get some rest and regroup.

Break down the session into activities: decide on activities that help you develop your ideas and content. Calculate the time spent on discussion, individual and group exercises, and a Q&A session.

Think about the next move: consider what’s the next step your students will take once they finish the masterclass. Do you want them to sign up for another course? Join your membership site? Follow you on social media ? Direct them accordingly at the end of the class.

Step 3: Create The Content

Next, you will need to create the content that you are going to include in the masterclass.

Get our workbook to help you create your outline and content:

At this point, you must decide how you want to design and deliver the content so that your learners can get the most out of it.

The best way to do this, especially with online education, is by creating short videos (learn all the secrets for engaging videos from successful YouTube creators!) where you explain key concepts and break down each topic. These videos can be followed by PFDs, an eBook, or instructor notes that complement the lesson.

These are some benefits of using video in learning:

• It is one of the most persuasive types of content
• It addresses different learning needs (visual, auditory, kinesthetic)
• It allows learning on the go
• It supports on-demand, bite-sized microlearning
• It is a cost-effective elearning solution

There are many ways to teach and present information through video, and this will depend on the instructional style you choose to follow.

If you’re offering a live event with a hands-on demonstration, prepare your presentation before the fact. Choose the content you’ll work with, be it cooking recipes or copywriting techniques, and practice demonstrating step-by-step what you’re doing while sharing tips and secrets.

💁 Need help? Find out how to create educational videos from start to finish.

Step 4: Decide On A Business Model

Your entire sales funnel must guide prospective learners to sign up for your masterclass. If you want people to join, you must find the business model that will appeal to them the most.

• Will you give your learners lifetime access to your content?
• Will it be a one-time product you are selling for a limited time?
• Is it going to be part of your wider business promotional strategy?
• Do you want to build more awareness for your small business?

For example, if you’re an established figure that regularly hosts such events and produces different types of content, then a membership site where learners will pay a monthly or yearly subscription for unlimited access to all content would make the most sense for you. A membership site would additionally help you strengthen your community and bring your audience together.

Step 5: How to Promote & Sell Your Masterclass

Once you prepare the content for your masterclass and put a price on it, it’s time to start promoting it. When it comes to marketing, there are several channels to try.

These are the best ways to spread the word:

Create a landing page With a professional landing page in place, people are more likely to discover your masterclass and enroll in it. If you already have a website, it should be really easy for you to create another page dedicated to your masterclass. Give as much information as you can, create a lead magnet (like an eBook), and allow people to register through an opt-in form.

Developing a pre-launch strategy is pretty common and effective, as it helps build some hype and gets people to sign up for the event in advance.

Promote on social media Apart from promoting your masterclass on your social media pages, you can also expand your reach by participating in community groups relevant to your niche. Through these groups, you can answer audience questions and post content you’ve created to showcase your expertise. Of course, the ultimate goal is to invite people to join your event to learn more about the topic.

Use email marketing If you don’t have one yet, it’s time to start creating an email list . With an email list, you get to build a subscriber list and keep nurturing these leads with relevant information through email. Apart from sharing your monthly newsletter, you can offer regular updates on your business or industry news and inform them about new products.

For best results, build an email sequence and prepare your subscribers for the launch of your masterclass. Create a promo video for your masterclass, list the benefits of joining in, and get them on board.

To host your masterclass , you will need to have some key tools in your inventory.

Depending on the type of content you are planning to create for the masterclass, you will need a different set of tools.

For example, if you want to conduct a live masterclass for free try Facebook or YouTube Live.

If you don’t mind spending some money on a web conferencing or webinar platform , then check out Zoom Premium, GoToWebinar, WebinarJam, or ClickMeeting to name a few.

For best results, you can invest in an LMS or an online learning platform .

With an all-in-one solution like LearnWorlds , you can host and deliver your masterclass through one dedicated platform, whether you want it to be a real-time event or an asynchronous online course.

With features like video-hosting, integration with Zoom or Webex, eCommerce, marketing tools , bundles & subscriptions, interactive content, and more, LearnWorlds ticks all the boxes for a top masterclass experience!

Before you start creating your masterclass , you might want to check some of the most successful and popular examples out there.

This should help you gather some ideas about how to construct your landing page and also to ensure that you offer your learners the best tools and resources for success.

Example 1: ICEP Hotel School

The ICEP Hotel School allows its students to dive deeply into the sweet culinary world of hotels. It comes with several courses offering guided and practical online learning experiences but also on-site baking masterclasses conducted by internationally renowned chefs.

Most of their masterclasses require online registrations, include intensive pastry training, and a certificate of completion, and last up to three days.

Example 2: Upskill

Upskill teaches people various subjects that fall under the professional development umbrella. With live events, masterclasses, training resources, and on-demand content, Upskill helps its students develop their technical and professional skills and achieve more in their careers. Their online content includes videos, eBooks, audio, notes, assessments, and certificates.

From ethics to emotional intelligence, leadership, and communication, the school has many live events and masterclasses lined up.

For each masterclass, people can get more information about its key outcomes, who can join, how it can help with CPD accreditation, and which competencies they can learn and develop from the training.

Example 3: Udemy

As an online course marketplace, Udemy is packed with online courses offered by various experts, instructors, and industry professionals. Among the online learning content it provides, there are also many masterclasses on popular topics like digital marketing, web development, business analysis, social media, and more.

In the following example, Udemy presents lots of information regarding the training. It offers a course description with a detailed outline of the learning outcomes, along with the instructor’s name. It’s also hard to miss the average course rating , which is highlighted in a different font.

You can also see what the course includes e.g. a total of 29 hours of on-demand video, 1 article, 54 downloadable resources, full-lifetime access, access on mobile and TV, and a certificate of completion.

Example 4: Lewis Howes Podcasts

Lewis Howes offers a different type of masterclass that is entirely audio-based through his series of podcasts. As Lewis interviews industry leaders for The School of Greatness, he records podcast episodes his audience can listen to for free. This is an excellent example that shows how you can create a masterclass series using only podcasts.

In the ‘ A Masterclass in Monetizing Your Side Hustle & Personal Brand ’ podcast, Lewis has a discussion with Rory Vaden – the world’s leader in the study of Reputation Strategy, who explains mistakes to avoid and best practices to sell when monetizing your side hustle. This episode is the final of a four-episode series on the topic.

Example 5: Course Masters

Course Masters by LearnWorlds is a series of free online courses and masterclasses focusing on marketing, instructional design, and sales. The courses offer from copywriting hacks for high-converting sales pages to Facebook ads training. All courses are accessible on the native Course Masters mobile app for Android and iOS and viewed offline.

Let’s take as an example the email marketing masterclass. In this course, the founder and CEO at Email Optimization Shop and General Manager at Only Influencers, Jeanne Jennings, shares actionable copywriting tips, so course creators can maximize the impact of their email marketing strategy.

Notice how the course page clearly mentions the specific learning objectives, the duration of the course, and the difficulty and access levels. Being a free class, the page has a sidebar featuring direct links to the course content while the duration of each module is clearly visible.

LearnWorlds comes with all the tools instructors need to create, market, and sell online courses, and it can help you create your own masterclass in no time.

Let’s find out how you can do this using the LearnWorlds platform step by step:

Step 1: Sign up and log in to your LearnWorlds school Once you have created an account with LearnWorlds, you will be able to log in and access your school Dashboard. From there, you need to go to the ‘Courses’ Tab on the left-side navigation menu and click the ‘Create Course’ button.

Step 2: Create your online course Go through the course creation wizard and choose a title for your course. Come up with a URL for your course, and select the type of access you want for your course (Paid, Draft, Coming Soon, Free or Private).

Give it a price, upload an image for it, and write a brief description. Finally, choose if you want to drip feed your course.

Step 3: Add content to your course Once you complete the course wizard, you can start adding learning content to your course.

Go to the ‘Contents’ tab from the central navigation bar and click on ‘Add Section.’ Give the first section a title, choose the type of access, give a description and click ‘Save.’

A good choice is to add a brief video introducing yourself (e.g. a recorded YouTube video, where you let them know who you are and what you do).

Then, you can start adding learning activities and presenting information through an interactive video, eBook, PDF, Soundcloud and audio clip, or a SCORM package right away.

To start adding learning activities, click on ‘Add Activity,’ and under the ‘Multimedia’ tab, choose the type of content you want, write down the learning activity title, and click ‘Save’.

Step 4: Create an ebook learning activity The best way to present text-based information is by creating an eBook. Follow the same process as adding an activity, click on the eBook icon, and Save.

To add learning material to your eBook, you can either upload an MS Word file directly or start building content and inserting more elements to it from the right-hand side menu. Choose from headings, text, images, columns, and educational blocks, embed content and links or customize it further using HTML.

Repeat the process to add more learning activities and downloadable resources for your learners e.g. PDFs.

Step 5: Set up a live lesson If you want to conduct your masterclass in real time so that you can enjoy communicating directly with your students, you need to set up a live session.

To do this, click on ‘Add Activity again, but this time go to the ‘Live Session’ tab. From there you have 3 options – either to schedule a live Zoom Meeting, Zoom Webinar, or Webex Meeting.

Choose what you prefer and connect the corresponding tool with your LearnWorlds account.

Through the Zoom integration , you can start using Zoom, but first, follow these instructions to sync it with your LearnWorlds account.

Ready to Create an Online Masterclass?

The success of a masterclass depends very much on your own teaching style, knowledge, and ability to transmit your enthusiasm and passion for what you do.

Focusing on the potential it offers, you can invest more of your time and money in it to offer a unique learning experience to your learners. While creating a masterclass will undoubtedly need much effort on your behalf, the benefits it carries for your business are all worth it.

So, are you ready to create your first online masterclass?

LearnWorlds is not your typical online course platform. Create interactive video content, host live events, sell digital downloadables, build an online community, and so much more to engage your audience while offering them top-notch learning experiences.

Get your free 30-day trial with LearnWorlds, and let us know how it goes!

Further reading you might find interesting:

• How to Teach Online & Earn Money in 2022: Definitive Guide
• How to Create and Sell Profitable Online Courses: Step-by-Step Guide
• How Much Money Can You Make Selling Online Courses?
• How to Sell Online Courses On Your Shopify Store (Guide)
• Introducing the Most Advanced Online School Site Builder
• 18 Amazing Outline Templates to use in Course Design [3 Downloadables]
• Starting an Online Course Business from Scratch

Kyriaki Raouna

Kyriaki is a Content Creator for the LearnWorlds team writing about marketing and e-learning, helping course creators on their journey to create, market, and sell their online courses. Equipped with a degree in Career Guidance, she has a strong background in education management and career success. In her free time, she gets crafty and musical.

Grow Your Business

How to create a masterclass, share this article.

If you’ve got knowledge to share, a masterclass is an ideal way to reach your target audience and get people talking. 

The best part? Masterclasses can be as short or as long as you like, so you can share your expertise and deliver maximum impact in a fraction of the time of a regular course.  

Here at Thinkific, we know a thing or two about masterclasses and we’ve helped countless creators produce, deliver, and sell their own masterclasses online.

Here’s our guide on how to create an excellent masterclass – plus insider tips and examples from some of the true masters of the masterclass.

Skip ahead:

• What is the format of a masterclass?

Choose a topic

Plan your masterclass, create your masterclass, find a hosting platform, market and promote your masterclass, review and edit your masterclass, expand your business, top masterclass examples from creator educators, what is the format of a masterclass.

Masterclasses don’t follow a strict format – a masterclass can range anywhere from a single event to an entire video course.

But typically masterclasses include three key components: 

• A clear learning goal(s): Every masterclass should have an aim or learning goal that your attendees will learn or complete by the end of the session. 
• An expert instructor: Masterclasses are usually taught by an expert –  someone with experience, education, or training related to the masterclass topic or industry.
• An activity or assessment: Many masterclasses also include activities or some form of assessment to help learners apply and test their knowledge – successful learners might also receive a certification when they’ve completed the masterclass.

Are masterclasses just videos? 

Yes and no. Masterclasses are a type of learning content where specific skills are taught by an expert in the field. They’re usually videos – but they can also be live webinars, blogs, podcasts, and more. The best masterclasses also include extra resources and learning opportunities like quizzes, assignments, Q&As, as well as certifications and accreditations.

How to create your own masterclass in 7 steps

If you’re looking to host your own masterclass, there are seven steps you need to follow to make sure your product is structured, marketable, and ultimately valuable to your target audience. 

Here’s how to create a masterclass (click to skip ahead to more detail): 

• Choose a topic : Find your niche and pick a topic for your masterclass that will be relevant and inviting to your target audience.
• Plan your masterclass : Carefully plan your masterclass format, content, and style – including writing an outline and a rough script.
• Create your masterclass : Record and edit your masterclass to create a professional product that people will be eager to buy.
• Find a hosting platform : Choose a platform for hosting your masterclass where you can publish, promote, manage, and sell your products all in one place. 
• Market and promote your masterclass : Get the word out about your masterclass through a combination of marketing channels – including social media, email marketing, and targeted landing pages.
• Review and edit your masterclass : Collect student feedback and revisit your masterclass content to continuously edit and improve your product.
• Expand your business : Keep creating digital products to expand your masterclass business, grow your brand, and open multiple revenue streams.

Ready to dive in? Here’s what you need to know about how to create a masterclass – including tips, examples, and links to extra resources to guide you through the process step-by-step.

How to create a masterclass: 

If you want to create a masterclass, you first need to get clear on what your topic or niche will be. This process will look different depending on whether or not you already have an established brand or if you’re starting your business from scratch.

If you’re starting your business from ground zero,  start by making a list of everything you’re good at, passionate about, and qualified to do – and make sure it’s something that you would feel confident teaching to other people. This helps you get clear on your unique offering and the types of expertise you have to share with the world.

If you have an existing business, it’s likely that you’ll already have a good idea of where your specialty or niche lies – but this step can also be helpful to give you the space to generate new ideas and opportunities if you wish.

Next, you need to validate your idea. Here’s how:

Audience research

It’s not enough to just have an idea for a topic and then start creating a masterclass right away. First, you need to do audience research to make sure there’s a market for your masterclass and a specific group of people who are  willing to watch and pay for it.

• Audience research might include:Customer surveys
• Focus groups

Talk to your intended target audience to help you learn more about their interest in your topic or idea – and whether or not it’s something they’d be likely to purchase. Download this Audience Research Survey Template to help you get started.

Learn more: How To Define Your Target Audience

Competitor research

As well as talking to your ideal audience, you can also find your niche by conducting competitor research. Competitor research involves looking at what your top competitors are currently offering customers to help you see what you could do differently – and better – to win over customers.

Here are some simple steps to help you with competitor research:

• Do a Google search: The easiest way to start with competitor research is to search for your masterclass idea on a search engine like Google. See which brands pop up first and what they’re offering – how similar is it to your idea? What are they doing differently? What are they not doing?
• Look at their website: When you’ve got your list of top competitors, dive deeper into your research and look at their websites and masterclass landing pages. What topics are they talking about? Who are they targeting? What are their core messages?
• Check social media: As well as looking at their online presence, check out their social media channels and the types of content they’re posting and engaging with. Browse through your competitors’ followers, comments, and take a look at the other brands they’re collaborating with.
• Read customer reviews: Customer reviews and testimonials are also a treasure trove of insights into your current competitors and their products. Look at customers’ main complaints, compliments, and the types of products their customers are buying.

Evaluate your competitors based on these key factors:

• Product: What does their masterclasses contain? What resources do they include? What features are good or bad? 
• Pricing: How much does their masterclasses cost? Do their prices vary for different customers? Do they offer bundles and discounts?
• Promotion: What marketing tactics are they currently using to engage their customers? What social media channels do they use? What type of content are they posting?
• Place: Where are they based? Where are their customers based?
• Positioning: What is their unique selling proposition? How are they positioning themselves? What are their core messages? Who is their target audience?
• Reputation: What are people saying about their products and services? What problems are customers encountering? 

Throughout your competitor research, you’re aiming to be able to answer these questions:

• Who are my top competitors?
• What are their strengths and weaknesses?
• What are the opportunities and threats within this market?
• What are the characteristics of my ideal customers vs my competitors’ ideal customers?

Keep track of all your research in a spreadsheet to help you analyze the data from your findings and use it to come up with a unique plan for your masterclass.

Ask yourself: “What am I good at compared to my competition and what do I want to focus on?” 

The idea is to identify gaps in the market where your product could fit – this is your product niche .

If you’ve done your research, you should have a clear idea of your masterclass topic and niche – including who your target audience is and how you will differentiate your product from existing products on the market.

Next up, it’s time to plan your masterclass.

Choosing your format

Depending on your masterclass topic and your target audience, you’ll need to choose a specific format for your masterclass. For example, your masterclass could be:

• Video tutorials
• Live or recorded webinars
• Blog posts or ebooks

Opt for the format (or combination) you think will be most effective for presenting your content to your audience while keeping your masterclass engaging and interesting for customers. What is your target audience most likely to enjoy?

Creating an outline

Focus your masterclass by writing a detailed outline that’s built around your key learning objectives and goals. Your outline should include:

• What topics you’ll cover
• How long your masterclass will be
• What activities you’ll add
• What additional resources and materials you’ll provide
• What assessments or certifications learners will complete

By breaking your masterclass session down into specific topics, activities and assessments, you can develop your content in a structured way to make sure you include everything you want and deliver on your promises to your learners.

Writing a script or plan

When you’re got your outline, you can then get to work on drafting a detailed plan or script for your masterclass. To make sure your content feels natural and flows well, you’ll want to avoid reading from a script word-for-word – instead write out what you want to say and the key points you’ll cover to make sure you don’t miss anything.

Related: How To Build A Lesson Plan (+ Templates)

Now it’s time to create the content for your masterclass based on your outline and planning.

The exact steps for how to create a masterclass will depend on the type of masterclass you want to produce – including your chosen format and style.

Most masterclasses are pre-recorded video tutorials. These usually take the form of talking-head style videos with the expert or instructor speaking to the camera, aided by diagrams, visual prompts, and animations to help explain key concepts. 

To create this type of masterclass, you’ll need some basic equipment, including: 

• A camera or video recording equipment
• Lighting equipment
• Audio recording equipment
• Editing software

Check out our guide: How To Set Up A DIY Home Video Recording Studio For Cheap

This type of masterclass relies on the energy of the instructor or expert – including how engaging they are, how clearly they’re able to explain the topic, and how they convey their personality on camera. Don’t forget to smile!

It’s a good idea to get several takes of your masterclass to help you cut and edit the content to create the best possible resource for your audience.

For more help with how to create a masterclass in different formats, check out these guides:

• How to Create Training Videos (Step By Step Guide + Examples)
• How To Record Your Screen On Any Device
• How To Do A Voiceover On Google Slides Or PowerPoint

You’ll also want to create any extra resources and assessments at this stage. Here are some resources to help you make masterclass materials that will add extra value for your audience: 

• How to Write an Ebook: Beginners Guide
• How to Make a Workbook in Canva
• How to Create an Audio Lesson

And when it comes to editing your masterclass, check out these guides to the best software and top tips to ace your editing:

• How To Improve the Audio Quality of a Recording in 11 Easy Steps
• Best Equipment & Software For Creating Online Courses
• The 11 Best Video Editing Software and Apps for YouTube in 2022 (Free & Paid)

When you’ve successfully created a masterclass that you’re proud of and ready to sell, you’ll need to find a hosting platform to help you deliver your expertise directly to your audience.

There’s a wide range of hosting platforms out there from online course platforms to fully-fledged learning management systems (LMS) .

Here are three tips to help you choose the right hosting platform for you:

Know your payment structure

Knowing the type of payment structure you’re going to be using ahead of time helps you make sure that your platform supports and accepts your chosen payment type.

This might include:

• Subscriptions or memberships
• One-time payments with limited time access to content
• One-time payments with lifetime access to content
• Free access as a lead magnet

If you plan to create a series of masterclasses around a particular topic, following a subscription or membership business model will allow you to generate recurring revenue from your products. Users pay a monthly or annual subscription fee to access your content.

If you just want to create one or two masterclasses for now, it’s generally more suitable to charge a one-time fee for customers to access your learning content. You can either grant customers limited time access to your masterclass or charge more and provide lifetime access so they can return to your content and expertise whenever they want to.

Not all platforms allow for subscription-style payments, for example, so make sure that your platform includes the option to charge customers using the type of payment model you want.

Consider your marketing strategy

As well as thinking about your business model, it’s also important to consider your marketing strategy when choosing a hosting platform. Why? Because different hosting platforms include features designed to help you market and promote your masterclass and other digital products.

For example, Thinkific includes features for creating bundles, coupons, and cross-selling opportunities to help you sell more to your audience.

If you have a specific marketing strategy in mind – such as email marketing, live webinars and events, or dedicated landing pages – check if your hosting platform supports your plans and offers extra features to help you.

Read customer reviews

When it comes to choosing a hosting platform product for your business, current customers usually know best. 

Check out customer reviews and case studies to see what other business owners and creators are saying about different hosting platforms before you sign up – and if in doubt, opt for a free trial first to try it for yourself.

Related: A Buyer’s Guide to the Best Online Course Platforms

When you’ve signed up for a hosting platform and uploaded your masterclass content, it’s time to start marketing and promoting your content to get those first sales rolling in.

Here are some effective ways to promote your masterclass:

Social media

If you’re trying to sell masterclasses in 2023, you need to have a social media presence.

Choose the best social media channels for marketing your masterclass according to your target audience. For example, if you’re selling a B2B masterclass, consider promoting your product on LinkedIn. If your masterclass is on a lifestyle topic, Instagram and Pinterest are likely to be more effective for targeting your ideal customer.

If you’re just getting started, opt for 2-3 social media platforms to start promoting your masterclass. 

Create content that’s tailored to your target audience, including: 

• How-to posts
• Tips and tricks
• Behind-the-scenes
• Interviews with other experts

For more help in shaping your social media strategy, check out our guide: Social Media Strategy for Coaches: 4 Techniques for Better Results .

Email marketing

As well as building a social media following to help promote your masterclass, you can also use email marketing for even more promotion. 

If you haven’t already, start building your email list to help you speak directly to your target audience and build closer connections with potential customers. 

Email marketing can include:

• Monthly newsletters
• Updates and product launches
• Round-ups and recommendations
• Industry news
• Tips and mini how-to guides

The number one rule for email marketing is to make sure that every piece of email content you create is helpful to your audience – no one likes spam emails, so make sure your content is providing value every time it drops in your subscribers’ inbox.

Need more help? Check out our full-length guide to How To Build Your Email Marketing Strategy (Steps & Examples) .

Related: How to Create Successful Email Drip Marketing Campaigns

Landing pages

Of course, you also want somewhere to direct your customers to a place they can learn more about your masterclass. This is where dedicated landing pages come in. 

Landing pages – or sales pages – tell your target audience exactly what they need to know to convert them from interested readers into paying customers.

The best landing pages include: 

• An attention-grabbing headline
• Enticing overview of your masterclass
• A bit about your instructor
• Highlights or key topics
• Customer testimonials
• Call-To-Action (CTA) e.g. a sign-up button

Learn more on how to create a top-converting landing page here: How To Build a Masterclass Landing Page and check out our guide: 9 Critical Elements of High Converting Landing Page Design .

Related: 25 Best Landing Page Examples

So you’ve created, launched, and started selling your masterclass – congratulations! But what comes next? 

Your work isn’t done when you’ve finished your first launch. The most successful businesses are the ones who keep refining and evolving their content to better suit their target audience and create an even more impressive product.

To help you do that, start collecting customer feedback after your masterclass, including:

• Post-attendance surveys
• 1:1 customer interviews
• Follow-up emails

The more feedback you can gather from past learners, the more you can improve your masterclass and tailor it to your target audience for improved customer satisfaction and more repeat sales. 

Customer feedback can also give you hints on what digital products to create next, as well as open opportunities to reconvert your existing customers in the future.

For many Creator Educators, creating a masterclass is just the start. Masterclasses are an ideal digital product to help you build your reputation as an expert in your industry and grow your brand, while also generating revenue for your business.

The trick is to expand on your success by opening up multiple revenue streams – for example, you might choose to create a full-length online course related to your masterclass or set up a membership community for your existing customers. 

When you’re ready to take the next steps to expand your business, check out these guides for inspiration:

• 7 Steps To Building An Online Community (With Examples)
• How to Create Digital Products
• 25+ Digital Product Ideas
• 10 Steps To Creating A Wildly Successful Online Course

Check out these examples of top masterclasses from successful Creator Educators to help you get inspired and generate ideas for your own masterclass.

George Pitts: The Money Management Masterclass

George Pitts was motivated to start his own personal finance business after successfully getting himself out of debt. Back in 2017, he was living paycheck to paycheck and had no idea how to change his financial situation – so he took a week off of work to learn exactly what he needed to do to fix his credit and his finances.

As a self-taught financial strategist, George became determined to help other people like him achieve financial freedom. Since starting his business, he has taught over 10,000 students through a series of masterclasses and online learning programs, and generated a seven-figure annual income in the process.

Check out George’s tips on creating and selling masterclasses here .

XayLi Barclay: Camera Confidence Masterclass

Content creation coach and Thinkific expert XayLi Barclay specializes in helping entrepreneurs be the best version of themselves online. This masterclass teaches creators to stand out from the crowd and make an impact through compelling visual content and videos. 

Since starting her business, XayLi has created multiple masterclasses to help deliver her expertise to more students – including her Camera Confidence Masterclass to give creators the chance to feel more confident in front of the camera.

Learn more about how she got started here.

Create your own masterclass

Taking the first step to create your own masterclass can be scary – but if you go one step at a time you can plan, produce, and deliver a masterclass that you’re proud of. You owe it to your audience to create that masterclass that’s hiding in the back of your mind. Don’t let imposter syndrome keep you down!

Ready to take the plunge? Try Thinkific for free and create your own masterclass today.

Elizabeth Harris is a content marketer and copywriter with a passion for helping businesses get the most out of their content, helping to educate, inspire, and engage audiences.

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Master of Business Administration

An Online MBA Degree That Prepares You to be a Successful Business Leader

You're ready to become a leader and rise to the next level in business. A master's degree in business administration is the step you need to take you further in your professional career and potentially earn a higher salary. A reputable online MBA degree program can be the difference-maker for your future by helping you understand business practices and management skills. This master's in business administration is focused on equipping you with skills and credentials that helps distinguish your value in the business world.

Compare this degree:  Also considering the MSML degree program?  This article can help you understand the differences .

Graduates can finish within 

WGU lets you set a schedule so you can finish your MBA in just one year. You are in control of the schedule and timing for your online MBA program.

*WGU Internal Data

Tuition per six-month term is

See what your online MBA will cost at our university. Tuition charged per term—rather than per credit—helps students control the ultimate cost of their degrees. Finish faster, pay less!

Average salary increase

Master of Business Administration graduates report an average salary increase of $14,025 after completing their WGU degree.

Ready to Start Your WGU Journey?

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Start Dates the 1st of Every Month

MBA Courses

Program consists of 11 courses

At WGU, we design our curriculum to be timely, relevant, and practical—all to help you show that you know your stuff.

This program is composed of the following business and management courses. You will typically complete them one at a time as you make your way through your program, working with your Program Mentor each term to build your personalized degree plan. You’ll work through each course as quickly as you can study and master the material. As soon as you’re ready, you’ll pass the assessment, complete the course, and move on. This means you can finish as many courses as you're able in a term at no additional cost.  One year MBA students can complete all of their coursework in just two WGU terms. You will set a schedule with your Program Mentor to enable you to finish your program quickly.  Learn more about the one year MBA program at WGU. 

To ensure WGU graduates acquire the knowledge and skills sought by today’s employers, our Master of Business Administration—like all of WGU's School of Business programs—was developed with significant input from experts and business leaders who serve on our Business Program Council.

This course covers principles of effective management and leadership that maximize organizational performance. The following topics are included: the role and functions of a manager, analysis of personal leadership styles, approaches to self-awareness and self-assessment, and application of foundational leadership and management skills.

This course focuses on strategies and tools that managers use to maximize employee contribution and create organizational excellence. You will learn talent management strategies to motivate and develop employees as well as best practices to manage performance for added value.

This course prepares students for the communication challenges in organizations. Topics examined include theories and strategies of communication, persuasion, conflict management, and ethics that enhance communication to various audiences.

This course focuses on the strategic importance of operations management to overall performance. This course also emphasizes principles of supply chain management relevant to a variety of business operations ranging from manufacturing goods to retail services. You will examine the various planning, control, and decision-making tools and techniques of the operations function.

This course examines how economic tools, techniques, and indicators can be used for solving organizational problems related to competitiveness, productivity, and growth. You will explore the management implications of a variety of economic concepts and effective strategies to make decisions within a global context.

Marketing Fundamentals introduces students to principles of the marketing environment, social media, consumer behavior, marketing research, and market segmentation. Students will also explore marketing strategies that are related to products and services, distribution channels, promotions, sales, and pricing.

This course provides you with the accounting knowledge and skills to assess and manage a business. Topics include the accounting cycle, financial statements, taxes, and budgeting. This course will improve students’ ability to understand reports and use accounting information to plan and make sound business decisions.

This course examines the ethical issues and dilemmas managers face. This course provides a framework for analysis of management-related ethical issues and decision-making action required for satisfactory resolution of these issues.

This course covers practical approaches to analysis and decision-making in the administration of corporate funds, including capital budgeting, working capital management, and cost of capital. Topics include financial planning, management of working capital, analysis of investment opportunities, sources of long-term financing, government regulations, and global influences. This course will improve students’ ability to interpret financial statements and manage corporate finances.

This course presents critical problem-solving methodologies, including field research and data collection methods that enhance organizational performance. Topics include quantitative analysis, statistical and quality tools. You will improve your ability to use data to make informed decisions.

MBA Capstone is the culminating course in the MBA program that provides an integrative experience with all competencies and assessment topics throughout the program. Students synthesize concepts from previously completed coursework and demonstrate an understanding of responsible practices for growing and running a business. This course promotes a meaningful connection between the academic work and career experience.

Program consists of 11 courses

Capstone Project

Special requirements for this program

At the end of your program, you will complete a capstone project that represents the culmination of all your hard work—a project that allows you to take what you’ve learned and apply it to a real-world situation, proposing a solution to an actual issue you face in your place of business.

Skills For Your Résumé

As part of this program, you will develop a range of valuable skills that employers are looking for. 

• Management: Identified and determined the resources required to effectively support an organization or process, ensuring optimal functionality and efficiency.
• Operations: Developed comprehensive systems with standard operating procedures (SOPs) for distinct parts of a business, promoting consistency, compliance, and operational excellence.
• Communication: Leveraged appropriate communication techniques to effectively persuade and guide outcomes.
• Data Analysis:  Applied analytical and logical reasoning skills to uncover valuable information crucial for decision-making processes.
• Written Communication:  Addressed internal and external stakeholders using the most suitable written communication strategy for each audience, fostering effective communication and engagement.
• Business Development:  Developed strategic plans for acquiring new business and expanding existing business in collaboration with the business development team.

“Because of WGU's competency-based program, I didn't have to get into things that I already knew. Instead I was able to use that for the things that were more challenging for me to learn.”

—Alvyn Joy Halili MBA

WGU vs. Traditional Universities Compare the Difference

Traditional Universities

TUITION STRUCTURE

Per credit hour

Flat rate per 6-month term

Schedule and wait days or even weeks to meet with one of many counselors

Simply email or call to connect with your designated Program Mentor who supports you from day one

Scheduled time

Whenever you feel ready

Professor led lectures at a certain time and place

Courses available anytime, from anywhere

TIME TO FINISH

Approximately 2 years, minimal acceleration options

As quickly as you can master the material, can finish programs in 1 year

Earning Potential

After graduation, WGU MBA master's degree graduates report earning $16,200 more per year*. Are you ready to make more money?

Entirely Online

Competency-based education means you can move as quickly through your degree as you can master the material. You don't have to log in to classes at a certain time—you are truly in the driver's seat of your education.  

The Master of Business Administration degree at WGU is 100% online, which means it works wherever you are. You can do your coursework at night after working at your full-time job, on weekends, while you're traveling the world or on vacation—it's entirely up to you.

Accredited, Respected, Recognized™

One important measure of a degree’s value is the reputation of the university where it was earned. When employers, industry leaders, and academic experts hold your alma mater in high esteem, you reap the benefits of that respect. WGU is a pioneer in reinventing higher education for the 21st century, and our quality has been recognized.

COST & TIME

Affordable Online Degree Programs

By charging per term rather than per credit—and empowering students to accelerate through material they know well or learn quickly—WGU helps students control the ultimate cost of their degrees. The faster you complete your program, the less you pay for your degree.

A College Degree Within Reach

There is help available to make paying for school possible for you:

The average student loan debt of WGU graduates in 2022 (among those who borrowed) was less than half* the national average.

Most WGU students qualify for financial aid, and WGU is approved for federal financial aid and U.S. veterans benefits. 

Many scholarship opportunities are available. Find out what you might be eligible for.

* WGU undergraduate students have approximately half the debt at graduation compared to the national average, according to the Institute for College Access and Success (2022).

Flexible schedule, you control where, when, and how fast you learn and graduate.

Schedules are tight and often unpredictable for busy professionals. That’s why we offer a flexible, personalized approach to how education should be. No interruptions to your work and family obligations. No rigid class schedules. No barriers to earning your degree on your own terms. Just a solid, career-focused online MBA program that meshes seamlessly with your current lifestyle.

"I was fortunate enough to finish my WGU degree program in six months because I was able to show what I knew and not have to sit in needless classes. I was able to showcase my strengths and still have plenty of time to work on my weaknesses, which really helped me finish my degree. I couldn't have done this anywhere else.”

—David Burks MBA

CAREER OUTLOOK

A Respected MBA Degree That Can Prepare You for a Successful Management Career

Goldman Sachs. Google. MGM. Microsoft. Apple. These giant organizations are changing the world, and WGU MBA graduates are there in the thick of it—making decisions as key leaders in top organizations. An online MBA degree from WGU has prepared these graduates to stand out from the competition, to take charge, and to make change. And a master's in business administration degree could do the same thing for you. Get an MBA online that is focused on helping you excel as a business leader and reach all your career aspirations.

WGU’s online MBA degree is designed for business professionals who are ready to advance their career. It is a university program that focuses on management, strategy, and business skills that are vital to your success as a leader. Earn an online MBA that gives you the skills to become the impactful business leader your organization needs.

Return on Your Investment

On average, wgu graduates see an increase in income post-graduation.

Average income increase from all degrees in annual salary vs. pre-enrollment salary. Source:  2023 Harris Poll Survey  of 1,655 WGU graduates.

Survey was sent to a representative sample of WGU graduates from all colleges. Respondents received at least one WGU degree since 2017.

Employment of top executives is projected to grow 6% from 2021 to 2031.

—U.S. Bureau of Labor Statistics

MBAs from WGU Are Leading Teams and Businesses in Diverse Industries

Problem-solving leaders are required in every industry, and strategic thinking is necessary at every successful company. If you're ready to broaden your business knowledge and advance your career, WGU's MBA program online can prepare you to be an effective leader and produce successful results wherever you go. Your business management career starts here! Our 5,300-plus MBA grads have great jobs and satisfying careers.

• President and CEO
• Vice president
• Executive director
• Chief strategic officer

Top Industries

• Private companies
• Healthcare organizations
• Nonprofit organizations
• Colleges and universities

Top Employers

• American Airlines
• Edward Jones
• Intermountain Healthcare
• Mayo Clinic

WGU Grads Hold Positions With Top Employers

ADMISSIONS & TRANSFERS

MBA Admission Requirements

To be considered for this program, you must:

• Submit a transcript verifying receipt of your bachelor’s degree from a recognized, accredited institution.

NOTE: You do not need to take the GRE or GMAT to be admitted to this program.  Learn why we don't require these tests.

Transfer Credits

Get Your Enrollment Checklist

Download your step-by-step guide to enrollment.

Get Your Questions Answered

Talk to an WGU Enrollment Counselor.

FINISH FASTER

The One-Year MBA

WGU's unique competency-based model allows you to move faster through your degree program. This online Master of Business Administration degree gives you the flexibility you need to earn your degree on your terms. You don't have to leave your job to pursue a master's in business administration—something you and your employer will both appreciate. No logging in, no set class times—you are in the driver's seat of your education.

WGU's one-year* MBA allows you to finish your Master in Business Administration program in only 12 months for just $9,510.

* Program can be completed in as little as 12 months. Pricing is based on 12-month completion of the program. Students that do not complete in 12 months and need longer to complete the program will need to pay for additional terms.

Frequently Asked Questions about MBA Programs

• General MBA FAQs
• Online MBA FAQs

What is an MBA?

MBA stands for Master’s of Business Administration. An MBA is a graduate-level business management degree that teaches you leadership skills for the modern business world. Those with an MBA often stand out among candidates for upper management positions.

Is it Masters or Master of Business Administration?

Both terms are commonly used, but the technical correct usage is Master of Business Administration, or a Master's in Business Administration. 

What can you do with a Master in Business Administration?

There are many job opportunities with an MBA degree. They include:

• Chief executive officer
• Chief financial officer
• Marketing manager
• International business development
• Chief marketing officer
• Sales manager
• Operations manager
• Human resources manager

What is the purpose of an MBA degree?

An MBA gives you additional skills and training that can help you progress in your career. You'll learn about strategy, communication, management, and leadership that will help you move into larger roles in an organization. An MBA trains you to become a business leader in many different kinds of industries.

What do you learn in an MBA program?

In an MBA program you'll have courses in accounting, finance, marketing, strategy, leadership, management, and more. 

Is a Master's in Business Administration worth it?

Yes! An MBA can help you boost your résumé and help you get higher pay, better job opportunities, and more. In fact, WGU MBA graduates earn an average of $16,200 more per year after graduation.

Why should you pursue an MBA?

An MBA is a great option for those who want to progress into management or leadership roles in an organization. Whether you want to move to a new company or have upward mobility in your current organization, an MBA can help you be prepared to move up.

What is an MBA good for?

An MBA teaches you leadership skills that can help you excel as an executive in a business setting. Earning an MBA can set you apart when you’re looking to advance into a management role within a corporation. The skills you learn in an MBA program may also help you start and manage your own business.

How long does it take to get an MBA degree?

In general, it takes around two years to earn an MBA degree. That said, through a competency-based online MBA program like the one offered at WGU, students may be able to earn their degree more quickly, sometimes in 18 months or less.

How many years does it take to get an MBA degree?

The number of years it takes to earn an MBA degree can vary depending on the university.

• Traditional university: 2 years
• Competency-based MBA program: 1 to 1.5 years
• Part-time MBA program: around 3 years

Can you earn an MBA completely online?

Yes. You can earn an MBA completely online. This unique model enables students to keep their current job while working toward their degree. Competency-based education models and on-demand classes, tests, and assignments make earning a degree online a valid option for busy working professionals or those with limited access to a brick and mortar university.

Does online MBA have any value?

Yes. With the growing prevalence and availability of online MBA programs, curriculum and acceptance criteria have become more rigorous. As higher education has moved increasingly to online formats, more employers are respecting online MBAs and finding online MBA grads to possess the skills necessary to add value to their business. 

Is an online MBA respected?

Yes. If you earn an MBA from an accredited and reputable university, it will likely be respected by employers. Many online MBA programs have gained enough of a reputation that employers now seek out graduates specifically from certain online programs and universities.

Which online MBA program is best?

The best online MBA programs in terms of ROI include:

• Excelsior College; 497% ROI
• Western Governors University; 267% ROI
• American Public University; 249% ROI
• Arizona State University—Skysong; 225% ROI
• Capella University; 171% ROI

Is an online MBA easy?

No. An online MBA is not necessarily easy. While an online MBA may offer more flexibility and accessibility than a typical in-person program, online programs are still competitive and rigorous. Many students, however, find that an online MBA is easier in the sense that it fits more seamlessly into their busy lives, as they can access courses, take exams, and complete projects anywhere they have internet access.

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• Online MBA Master Business Administration

Online Master's Degree in Business Administration (MBA)

Master of business administration overview.

The U.S. expects 883,900 new management jobs in the next decade. It’s time to earn your MBA and be ready to meet the growing demand.

• Attain a degree you can be proud of — and that employers will respect — from Purdue’s online university for working adults.
• Customize your online MBA by choosing from  seven optional concentrations .
• Build relevant, practical skills you can use right away in your career.
• Gain the real-world tools you need to take on leadership positions in a competitive marketplace.
• Study a curriculum developed by a select panel of global business professionals featuring international business case studies as well as unique examples.

See Notes and Conditions below for important information.

Education Abroad

Take part in a virtual or in-person international experience to grow global, marketable skills. Earn the internationally recognized  Global Competence Certificate (GCC) or a discipline-specific certificate in intercultural communication.

• Learn About Education Abroad

Purdue Global’s business programs are accredited by the Accreditation Council for Business Schools and Programs (ACBSP) .

The human resources concentration aligns with the Society for Human Resource Management's HR Curriculum Guidebook and Templates .

Purdue Global Is Accredited by the Higher Learning Commission

The HLC ( HLCommission.org ) is an institutional accreditation agency recognized by the U.S. Department of Education.

Admissions Requirements

A bachelor’s degree is required to enroll in a graduate program. You will need to provide an official transcript that shows completion of your bachelor’s degree from an accredited institution, though an unofficial copy may be provided during the application process. Refer to the University Catalog or speak to an Advisor to learn more.

Purdue Global Career Outcomes 2020–2021

94% of graduates in Purdue Global's Master of Business Administration program were employed or continued their education within 18 months of graduation.

Each year, our Center for Career Advancement sends a NACE First Destination survey to our graduating class to learn more about their career choices and potential income within 18 months of graduation. We’re proud of our recent Purdue Global alumni accomplishments.

“Career Outcomes Rate” is not the same as an “employment rate” — it includes graduates who are: (1) employed (whether full or part time); (2) participating in a program of voluntary service, (3) serving in the U.S. Armed Forces, or (4) enrolled in a program of continuing education. This rate may also include graduates employed in jobs unrelated to their degree or who were employed while attending Purdue Global. (9,106 graduates surveyed across associate's, bachelor's, master's, JD, EJD, and DNP programs from July 1, 2019, to December 31, 2020. 7,803 of 9,106 replied.)

What Courses Will I Take?

Courses in the MBA program put a focus on the knowledge, skills, and abilities necessary to make sound business and management decisions.

Sample Courses

• Business Analytics
• Economics for Global Decision Makers
• Managing the Value Chain
• Leadership Strategies for a Changing World
• Designing, Improving, and Implementing Processes

Program Requirements

Requirements with optional concentration, upcoming start dates.

We offer multiple start dates to give you flexibility in your education, life, and work schedules.

Optional MBA Degree Concentrations

Specialized knowledge and expertise can prepare you for leadership roles in today’s competitive business environments. Complete four or more additional courses in one of these MBA concentrations:

Analyze strategies for investing in various markets and explore mergers and acquisitions and financial management issues for international businesses.

Concentration Outcomes:

• Evaluate the different types of financial institutions.
• Examine theories of risk management and types of risk.
• Analyze financial statements using standard financial ratios.
• Evaluate business performance through analysis of financial statements.

Learn the practical and research-based competencies needed to understand the impact of differences in cultural, political, economic, and legal systems. This concentration includes a study abroad option that will allow students to participate either virtually or in person as they work with organizations and scholars outside of the U.S. This real-world experience will help prepare students with the critical knowledge and skills needed to pursue globally oriented management roles.

• Explain the influence of cultural, political, legal, and economic differences on both international organizations and the wider global marketplace.
• Recognize the unique skills necessary for the successful international manager, including culturally-focused methodologies related to leadership, communication, motivation and teamwork.
• Evaluate critical decision points for the management of global corporate functions, including marketing, logistics, HRM, and finance.
• Analyze the strategic factors that influence an organization's choice of entry mode into a global market.

Focus on navigating the changing health care field, including rigorous patient-privacy regulations, staffing challenges, and issues of cost control.

• Evaluate business strategies for quality management and continuous improvement of operations.
• Outline components of the American health care system regarding policies and procedures within major health-related issues.
• Illustrate effective practices for employing marketing tools to specific situations in the healthcare environment.

Explore recruitment and hiring practices, employee training, corporate policies, change management, and executive leadership.

• Determine the manager’s role in establishing and maintaining sound employee relations in an organization.
• Construct an effective training program.
• Evaluate the relationship between strategic reward systems and an organization’s ability to achieve business objectives.
• Assess the implications of current models of talent management.

Examine critical concepts relevant to the IT professional including systems analysis and design and the management of technology in a business environment.

• Analyze emerging technologies as solutions to real-world business problems and as strategic resources.

Apply marketing research methods and techniques to analyze and implement strategic advertising and develop the skills to manage a sales force.

• Synthesize advertising concepts effectively by creating an integrated advertising campaign.
• Analyze measurement, instrument development, and sample design techniques for obtaining reliable market research results.
• Apply theories related to building and organizing an effective sales force.
• Analyze application of the four types of consumer behavior situational influences in marketing strategy.

Strategize, plan, schedule, implement, and determine project deliverables and milestones, and address business needs and manage costs.

• Integrate process groups and knowledge areas in project development.
• Evaluate the integration of project management plans according to industry standards.
• Evaluate strategies to ensure effective resource allocation.
• Create a structured plan for the closing phase of the project life cycle.

Accelerate Your MBA Degree With ExcelTrack®

ExcelTrack® is a personalized, competency-based degree path that gives you more control over how you learn—allowing you to earn your online MBA faster, for less money. Build off your existing knowledge and experience and concentrate only on the skills you need to learn.

• Why Should You Earn an MBA?

Ways to Save on Time and Tuition

Purdue Global works with students to find ways to reduce costs and make education more accessible. Contact us to learn about opportunities to save on your educational costs.

Earn credit for prior coursework completed at eligible institutions.

Learn about federal financial aid programs available for many of our degree programs.

Employees of Purdue Global partner organizations may be eligible for special tuition reductions .

Graduate tuition savings for military include a 17–30% reduction per credit for current servicemembers and, 14% per credit for veterans for graduate programs.

Earn credit for your military training . We offer credit for ACE-evaluated training and CLEP and DANTES examinations.

International students living outside of the United States are eligible for a 25% international student tuition reduction .

View the total cost of attendance for your program.

This professionally focused program is designed to provide you with knowledge and skills to become a more effective leader and more valued employee in your current career. As a graduate of Purdue Global’s online MBA program, you can pursue employment opportunities in areas such as finance, marketing, operations, management of information systems, and human resources.

Average Salary

In Your State

General labor market and salary data are provided by Lightcast and may not represent the outcomes experienced by Purdue Global graduates in these programs. Purdue Global graduates in these programs may earn salaries substantially different or less than the amounts listed above. Salary and employment outcomes vary by geographic area, previous work experience, education, and opportunities for employment that are outside of Purdue Global's control.

Purdue Global does not guarantee employment placement, salary level, or career advancement.

Why Choose an MBA

Learn how an online MBA can help you grow your career while you’re still working.

You have many options when it comes to your education. Learn what you should consider when choosing an online MBA program.

Employers are increasingly requiring more education. An online master’s degree in business administration can help you gain the marketable skills they look for in candidates.

Is an online MBA worth it? Most people who earn an MBA say it grew their skills and network to create better career opportunities.

Knowledge of how different cultures operate is key in today’s global business economy. Education abroad can help you gain fluency in global business skills.

Earn a Law Degree 1 Year Sooner

Upon graduating, you can apply some of your courses toward an Executive Juris Doctor (EJD) degree at Purdue Global Law School . Save up to $14,250 in tuition and graduate a year sooner. You could earn both a master’s and EJD degree in as few as 4 years. See which courses transfer .

Unlike the JD, which prepares you to sit for the bar exam and practice law, the online EJD is designed to help you build legal expertise to use in your career.

Download the Program Brochure

Download our brochure to learn more about the online Master of Business Administration and the benefits of earning your degree at Purdue Global.

Prepare yourself for success with a master’s degree in business administration.

Get to Know Our Faculty

Purdue Global faculty members are real-world practitioners who bring knowledge gained through the powerful combination of higher learning and industry experience.

Faculty members who have advanced degrees

Faculty members who hold a doctorate

Faculty publications in 2022–2023

Professional development hours logged by faculty in 2022–2023

Statistics include all Purdue Global faculty members and are not school- or program-specific calculations. Source: Purdue Global Office of Reporting and Analysis, July 2023. 2022–2023 academic year.

Your Path to Success Begins Here

Connect with an Advisor to explore program requirements, curriculum, credit for prior learning process, and financial aid options.

*Average Completion Time: Completion time based on a full-time schedule. Programs will take longer for part-time students to complete.

Employment and Career Advancement: Purdue Global does not guarantee employment placement or career advancement. Actual outcomes vary by geographic area, previous work experience, and opportunities for employment. Prior experience may be required for leadership roles. Certain finance positions may require further certification and/or licensing by individual states. Programs were not designed to meet any specific state’s requirements for licensure or certification, and Purdue Global makes no representations or warranties as to whether the degree or any individual courses meet such requirements. Refer to Purdue Global's State Licensure and Certifications page for state-specific information on licensure and state authorizations.

Job Growth: Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, Management Occupations, https://www.bls.gov/ooh/management/ . National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.

Most Innovative: https://www.usnews.com/best-colleges/rankings/national-universities/innovative . Rankings apply to Purdue University West Lafayette and not to Purdue Global.

Most Innovative Companies: https://www.fastcompany.com/most-innovative-companies/list . Ranking applies to Purdue University West Lafayette and not to Purdue Global.

Purdue Global Law School EJD Degree: Purdue Global alumni are eligible for a 20% tuition reduction on Purdue Global Law School programs. Tuition savings calculated as 36 credit hours x reduced per credit tuition rate of $412 = $14,832. Savings will vary based on the courses completed in the student’s master’s degree program. Credits apply toward open elective and/or specialty electives in the EJD program. Time savings based on a student who applies 36 credit hours from the MBA with a concentration in human resources toward the 3-year EJD program; remaining 36 credits can be completed in 2 years of study. MBA with a concentration in human resources can be completed in 2 years of study when adhering to the recommended course-load each term, taking courses in sequence, and without interruptions such as a leave of absence.

Testimonial: Testimonials obtained by Purdue Global. The views and opinions expressed are those of the individual; student experiences may vary.

Business Plan Development

Masterplans experts will help you create business plans for investor funding, bank/SBA lending and strategic direction

Investor Materials

A professionally designed pitch deck, lean plan, and cash burn overview will assist you in securing Pre-Seed and Seed Round funding

Immigration Business Plans

A USCIS-compliant business plan serves as the foundation for your E-2, L-1A, EB-5 or E-2 visa application

Customized consulting tailored to your startup's unique challenges and goals

Our team-based approach supports your project with personal communication and technical expertise.

Pricing that is competitive and scalable for early-stage business services regardless of industry or stage.

Client testimonials from just a few of the 18,000+ entrepreneurs we've worked with over the last 20 years

Free tools, research, and templates to help with business plans & pitch decks

Business plan development that works for you

Collaborate with skilled consultants, researchers, financial modelers, and writers so that you can concentrate on achieving business success., trusted by 18,000+ entrepreneurs worldwide.

The team that helps you design a feasible and fundable business plan , your way.

Increase funding prospects and establish research-based goals by building a customized plan..

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Manage your time for maximum entrepreneurial effect

Eliminate all obstacles and organize your planning efforts with a unified team. Bring together consultants and collaborators, swiftly build and develop to provide financiers and other stakeholders with a sound business plan.

"The bank and potential investors were completely blown away by my presentation and business plan from Masterplans."

Travis Grappo Director of Operations, Metro Diner

Bring team members together to build business success

Effectively collaborate throughout the enterprise to generate materials that incorporate all seven business systems. Stay informed through personal correspondence and alerts.

“I see a business plan as a living document, not something you use once and put on a shelf. When it comes to strategic planning, Masterplans has become an arm of my organization."

Ty Cross CEO, CLJI Worldwide

Stay on track to reach your goals faster

Streamline your organization's communication with the materials you need, when you need them. Deliver a powerful elevator pitch, a persuasive executive summary, and flawless presentations and financial predictions.

“Working with Masterplans really helped me see aspects of my business that I had not yet considered. The only thing I wish I had done different is enlist the services of Masterplans sooner."

Bruce Temmis Founder, F.A.S.T. Academy

Everything you need for your business and funding scenario

Easily develop your ideal materials stack with the communication tools you need. .

Transform ideas into action. Collaborate with a team that interacts from every perspective, ensuring that you have a thorough business plan that encompasses the seven major business systems and demonstrates your seriousness to stakeholders.

Learn More »

In a pitch, you have less than twenty minutes to make your case and draw attention. Get experienced copy, research, coaching, and design to create a high-level, strategic pitch deck that drives your fundraising initiatives.

Communicate with an eye toward investors. Your executive summary must express your business model, how you intend to generate revenue, and how investors will profit by participating in your company. We assist you in doing this work properly.

Demonstrate responsible spending throughout the startup stages. Early on, you must determine and convey your burn rate budget , which is your fully burdened cost per person, including rent, user licenses, insurance and more.

Develop a concise pitch that investors cannot ignore. The maxim "less is more" is never more applicable than in an elevator pitch . Reduce your pitch to 300 words that address the who, the why, the opportunity, and the why now.

Certain situations necessitate a simple, streamlined lean plan that focuses on the basics. Work with a team to distill a strategy, tactics, OKRs, and cash flow into fewer than 10 pages of important information for financiers.

Full-suite business planning and investor documents development to help execute startup, early stage, acquisition and growth initiatives. 

The 7 elements of business planning.

Our customized "scientific" method for conveying information about your organization's seven core systems.

It is essential for founders to understand how investors evaluate firms. Your executive communications, such as your elevator pitch, pitch deck, and executive summary, must deliver pertinent facts vital to financier decision-making in a succinct and persuasive manner.

It is vital — and sometimes forgotten early on — that your intellectual property stack, capitalization, and incorporation are all effectively communicated to your stakeholders.

Financiers want to know "why" you do what you do, but new organizations tend to focus on "what" they do. It's important to explain how your products and services help customers get jobs done and solve problems.

"Knowledge is power" is never more true than it is in a business plan. Investors want to know the potential of your organization, and if you understand the trends, competitors, and industry facts that affect your business.

Sales and marketing are the lifeblood of your business, and you should have a plan for the methods and models you'll use to bring in, keep, and grow customer lifetime value.

Organizations are made up of people, so you need to be clear about who will run your business and how, and show that you have a plan for hiring, training, and guiding your team.

Our skilled financial modelers assist you in creating a realistic and informed pro forma financial model. They will help you to understand which line items you need to show, and how to show them.

Supporting your growth every step of the way

Our development teams are only a phone call away, so you can focus on leading your organization without limits. .

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Based on 18,000+ client plans created, deliver your best with masterplans.com, free 30-minute consultation .

Schedule a 30-minute meeting so we can better understand your objectives, advise you on next steps, and develop a scope-of-work for your business plan project.

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What’s the best MBA school? These schools produce the most Fortune 1000 c-suite executives

There are quite literally hundreds of universities around the country that offer one of the most coveted degrees and experiences for aspiring business leaders: the master’s in business administration (MBA). 

While it is true that many global business leaders, such as Mark Zuckerberg, Bill Gates, and Elon Musk, do not hold the degree, for many students, it is still considered a rite of passage toward leading a successful company. Popular executives like Tim Cook, Satya Nadella, and Jamie Dimon are examples of those who do have an MBA (from Duke, UChicago, and Harvard, respectively). 

UNC Kenan-Flagler’s top-ranked online MBA

It may come as a shock that the latter group of leaders is actually in the minority when it comes to top business leaders with MBAs. Recent analysis by Fortune’s education team of all Fortune 1000 companies and their c-suite executives’ educational background found that only about 46% of CEOs, CFOs, and relevant technology leads ( CIO , CTO, or CISO) have the graduate management degree. But for those Fortune 1000 leaders with an MBA , Harvard Business School (HBS), University of Chicago (Booth), and Northwestern University (Kellogg) are the schools producing the most.

When it comes to chief executives in particular, Harvard is the clear leader; nearly 6% of all Fortune 1000 CEOs are alumni from HBS’s MBA program . For financial leaders, UChicago leads; about 4% of all Fortune 1000 CFOs have an MBA from the Booth School of Business .

According to Matt Weinzierl, senior associate dean and chair of the HBS MBA program, one of the reasons the school remains one of the most coveted programs is because students are always wrestling with learning through challenging real world problems, together.

“In an era of pervasive distraction, the immersive HBS case method—which has been at the heart of what we do for over a century—teaches something it’s otherwise very hard to get: what we call higher order skills,” Weinzierl tells Fortune .

Are the M7 still dominant in the business education world?

It is no question that one of the biggest factors in the MBA space is prestige. Graduating from one of the “Magnificent 7” or M7 business schools has historically brought along a sense of clout because of their notoriously rigorous curriculum, expert professors, and competitive admissions process. 

These are the M7 business schools: Harvard Business School Stanford University University of Pennsylvania (Wharton) Columbia Business School Northwestern University (Kellogg) University of Chicago (Booth) MIT (Sloan)

However, an M7 doesn't always necessarily mean success: Among executives with MBAs at Fortune 1000 companies, the  University of Michigan , for example, has more alumni than two M7 schools: Stanford and MIT.

Many of the same students that apply to schools like Michigan are also applying for the traditional M7 schools, but as Sharon Matusik, dean of University of Michigan Ross School of Business says, students’ ultimate choice comes down to where they think they can best achieve their goals.

“We win some, we lose some,” she says—adding that Michigan emphasizes four key areas in its program: excellence, action, impact, and community, which touches on everything from faculty expertise and learning-by-doing to balancing economic and social impact as well as school spirit.

Michigan is just one example that counters the myth that M7 institutes are the be-all and end-all of graduate business education. In fact, of those executives with the degree, 69% of them got it at an institute other than an M7. 

When looking at the top 20 programs, ranked in accordance with Fortune’s list of the best MBA programs , that number drops to 46.30%. This still means over half of the top executives at Fortune 1000 companies are MBA alumni of programs outside the 20 best.

However, there are some notable outliers, such as Washington University in St. Louis (Fortune ranked No. 39), Indian Institute of Management (unranked), Vanderbilt University (No. 26), University of Minnesota (No. 30), and Michigan State University (No. 31), all of which are in the top 20 in terms of number of MBA alumni leading a top company. On the flip side, Yale University , which is ranked No. 4 in Fortune’s ranking, is tied for having only the 43rd most MBA alumni. 

Is an expensive, private school MBA worth it?

According to the U.S. Department of Education , there are slightly more public higher education programs than private nonprofit ones (1,892 versus 1,754 in 2020-2021).

However, historically, many of the schools with the highest academic prestige are private institutions. Case in point, all of the Ivy League and M7 universities are private. 

But as anyone who graduates from a private school will tell you, it is not cheap—whatsoever, especially for a business management education. According to the Education Data Initiative , the average cost of an MBA is $56,850. At Harvard, the initiative predicts the entire cost of a 2-year degree program is $231,276. 

Whether it be prestige, alumni networks, faculty, curriculum, or other factors to credit, private institutions do tend to produce more Fortune 1000 executives with MBAs. In fact, alumni from private schools outpace public schools by double. 

This is not to say an expensive MBA is a requirement to become a business leader; the private school alumni still only make up 1 in 3 of the executives. Moreover, according to data collected by the Wall Street Journal , some of the private institutions, like Harvard, Stanford, and MIT are seeing a growing number of job-seeking graduates who are unable to find roles directly after their program.

What region dominates business school education?

Along with the university itself, one major factor of consideration when picking an MBA program is location. For current Fortune 1000 executives with the degree, an overwhelming majority of them decided to learn on the East Coast. 

Boston, Chicago, and New York are three areas with a large concentration of successful students, which makes sense considering the locations are home to multiple top institutions. However, in many parts of the country, there is clearly a business school education drought. While cities like Austin, St. Louis, and Minneapolis are hubs for business students, cities like Denver, Seattle, and Miami are lacking.

What makes a business school great?

Ultimately, many business school programs have similar offerings: an innovative curriculum, top-notch faculty, immersive learning opportunities, network building, lifelong connections. But, for students, what truly can make their education more impactful than the next is how much effort they put into their learning experience. 

"We talk a lot about what it takes to convert potential into impact, and the short version is ' hard work, with humility, for humanity .' Knowing that you always have more to learn and being willing to put in the work to learn it—especially by listening to others—is at the core of what we do at HBS to help our students achieve their goals and make a difference in the world," explains Weinzierl.

An MBA experience is all about which classes you spend a little extra time studying for, who you seek out to build connections with, and the ideas you take away and apply to your future goals. By and large, Fortune 1000 executives do not become leaders overnight nor do they just get their role handed to them on a silver platter. Hard work pays off.

Thousands of successful business leaders carve their own journeys in the business world. The data speaks for itself. While it may feel like otherwise, obtaining an MBA from an M7 school is the path taken by a relatively low percentage.

The age-old question: Is an MBA worth it?

The short answer is that it all depends on what you want to do and what your goals are. Many executives will tell you that while a graduate-level business education certainly may have helped get them to their current role—it definitely was not the sole reason. However, the universities, at least for one, hope that an MBA will be part of your experience—not only to help you understand and solve some of the most pressing challenges of today, but also so you can later come back and teach the next generation of students the lessons you learned along the way.

“At the end, for prospective students who are looking to make an impact, business, I think, is a really powerful tool that maybe is not obvious to everyone. So hopefully, they'll consider business education in the future,” Matusik says.

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Planning commission recommends changes for Bailey’s

By tiffany repecki / [email protected] - | may 24, 2024.

J.R. EVANS ENGINEERING The draft master master concept plan for the redesigned Bailey's Shopping Center on Sanibel.

The Sanibel Planning Commission supported the adoption of an ordinance to amend the Master Development Plan for the Bailey’s Shopping Center’s Planned Unit Development at a recent meeting.

On May 14, the commission voted 6-0 on a resolution recommending that the Sanibel City Council adopt an ordinance amending the Land Development Code to amend the PUD and to revise the master plan for the property at 2477 Periwinkle Way — the shopping center — and 2431 Periwinkle Way.

In approving the resolution, the commissioners found that the LDC amendments proposed by the applicant were consistent with the Sanibel Plan and met the requirements of the LDC sections.

The application requesting the amendments was submitted by land use planner Dan DeLisi, with DeLisi Inc., on behalf of the property owners, Baileys Center LLP and Periwinkle Adventures LLP.

Before the vote, Deputy Planning Director Craig Chandler outlined the city staff’s report for the commission, which included the issues under consideration, background on the property, proposal by the applicant and analysis of the draft Master Development Plan and proposed text amendments.

The proposed plan reconfigures building placement and size, to include expanding parking areas under and around structures, and increases required vegetation buffers for the redevelopment of the center.

Staff added that the plan provides other information including commercial zoning designations, off-street parking, commercial floor area, developed area and impermeable coverage totals. It also proposes combining the parcels to eliminate a shared property line and setback/landscape buffer requirements.

Staff noted that subsequent to the LDC process, the applicant will complete an application for a conditional use permit and development permit, which will need the commission’s approval.

Chandler reported that staff recommended the following in relation to the LDC and PUD:

– Deletion of Section 126-1474 — Master Vegetation Plan, as redevelopment is required to comply with landscaping and environmental performance standards, the section is now obsolete.

In addition, staff recommended the following in terms of the master plan:

– A landscape plan is required for submittal with the conditional use permit application in compliance with landscape buffer, vegetation screening, parking islands and environmental performance standards. Revise the vegetation buffer area at the southeast corner of the landscape buffer area so as not to overlap the 15-foot-wide buffer with an open body of water.

– Approve four points of ingress-egress for efficient traffic circulation, in compliance with Section 126-1404(2)(c), as it relates to maintaining 200 feet from driveway location to the Periwinkle Way/Tarpon Bay Road intersection.

– Consistent with the Sanibel Plan for scenic preservation, which states concrete and asphalt paving of parking areas should be minimized, encourage the use of suitable pervious surfacing for parking areas to lessen lawful noncompliance to coverage standards (82%) of the Town Center General Commercial District.

Following the staff presentation, DeLisi spoke on behalf of his client.

“The site has been significantly redesigned,” he said, referencing the original design plan brought forward in 2021, before Hurricane Ian hit and the entire center had to be demolished due to the extent of the damage. “The buildings are broken apart — not all one continuous strip center, if you will.”

“There’s a lot more pedestrian orientation, a sidewalk kind of right through the middle of the site, so it’s a lot more pedestrian focused,” DeLisi continued. “We are adding more landscaping, the buffers.”

“We’re not asking for any increase in intensity with this Land Development Code change. It was 60,000 square feet under the existing code, that’s all we’re asking for,” he added, explaining that the changes are mostly for conformance. “It makes now the building in conformance with the city of Sanibel’s codes.”

DeLisi noted that the family business has been operating within the same site since 1965.

“All we’re doing is redeveloping a property that had already been in continuous operation for a very long time,” he said. “It’s a benefit to the city, it’s something that Sanibel residents have enjoyed for a long time, and I think people are eager to see it redeveloped and get back up and running.”

During public comment, a few members of the Bailey’s family spoke.

“The catastrophic storm surge destroyed Bailey’s center, requiring us to redevelop the entire site,” fourth-generation owner-operator Bailie Johnson said. “Our new store and shopping center design will meet all current code requirements and keep us above future storm surge. We are not asking for any exceptions.”

“We are eager to move forward rebuilding resiliently and are confident we will redevelop in a way that will make our past, present and future community proud,” she added. “Thank you for your continued support. We look forward to serving this community and its visitors for the next 125 years.”

Fourth-generation owner-operator Dane Johnson thanked city staff for their assistance and time.

“The plans that you see before you today are a culmination of almost two years of meeting every other week with our planning team,” he said. “Our focus on that is resiliency and to better serve the community, as well as serve our needs to make it easier to serve the community.”

The motion to approve included the staff recommendations.

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Bartlett adopts parks master plan with look to future

Bartlett Parks and Recreation has a master plan to renovate their existing 29 parks and includes plans for one more. W. J. Freeman Park hosted the suburb’s annual Easter egg hunt on Saturday, April 1, 2023. (Ziggy Mack/Special to The Daily Memphian file)

“Most of the citizens are looking for more outdoor opportunities,” said Bartlett Parks and Recreation Director Paul Wright.

Thank you for supporting local journalism.

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Michael Waddell

Michael Waddell is a native Memphian with more than 20 years of professional writing and editorial experience, working most recently with The Daily News and High Ground News.

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City of Zephyrhills wants public input on parks

PASCO COUNTY, Fla. — The City of Zephyrhills is once again asking the public to weigh in on the city’s future.

This time, city officials want the public’s take on what they’d like to see when it comes to its parks.

What You Need To Know

Zephyrhills asking public what they'd like in new parks  part of the effort to update the city’s parks and recreation master plan newly built hercules park is a $7.4 million project residents can still give input for consideration in the parks and rec master plan.  click on the link to take the city survey on parks.

An Open House was held Thursday night where people could weigh in on what programming they want to see and any changes they’d like made. 

It’s part of the effort to update the city’s parks and recreation master plan.

More aquatic activities and programs for teens were among the suggestions.

“Well, for one thing, they’re free,” Zephyrhills resident Erica Freeman said of what she’d like to see. “In this economy, it’s so important to have someplace you can go where you don’t have to spend money, but you get a lot from it.”

One big change on the way is construction is taking place at Hercules Park.

It’s the first newly built park in Zephyrhills in more than 40 years.

The $7.4 million project sits next to two schools and townhomes that are under construction.

Officials say the city’s population increased by 64% in the past decade.

Public Works Director Shane LeBlanc said parks are an important part of adapting to that growth.

“It’s a little rough right now because it’s under construction, but the end product is going to be a jewel for the community,” LeBlanc said. “I think the demand is there. The more development that we have, the more residential, the more demand for parks.”

Residents can still give input for consideration in the Parks and Rec master plan. Click on the link to take the city survey on parks.

• Wednesday, May 29, 2024

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• Updated On May 27, 2024 at 07:35 AM IST

• By Anoop Verma ,
• Published On May 27, 2024 at 07:35 AM IST

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