creative business plan ideas

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40 Startup Business Ideas to Try in 2024

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Aspiring entrepreneurs are often one brilliant startup business idea away from becoming their own boss. Of course, brilliance is easier said than done when starting a business .

The best startup ideas have business plans that solve a problem, meet an unmet demand or improve upon something already on the market — if not all of the above. Here are 40 ideas to help get your wheels turning as you look to bring a company to life.

40 best startup business ideas

Even startup ideas that seemingly come out of left field can yield incredible success. Read through this list for instant inspiration.

1. Create educational content or activities

Parents are always looking for tools and activities to keep their kids entertained and engaged. Printable activity guides for different age groups, home-school lesson plans or even virtual nature walks or story time could all be viable startup ideas.

2. Offer virtual team-building

Companies need new ways to boost morale and build camaraderie among remote and hybrid teams. Enter the virtual team-builder. Cheesemongers, mixologists, chefs, magicians, artists, historians, master gardeners — almost anyone can create and offer bonding experiences for virtual companies.

3. Start a meal-prep business

The U.S. market for meal kits is expected to grow 14.2% annually between 2023 and 2030, according to market analysis by Grand View Research [0] Grand View Research . Meal Kit Delivery Services Market Size, Share & Trends Analysis Report By Offering (Heat & Eat, Cook & Eat), By Service (Single, Multiple), By Platform (Online, Offline), Meal Type (Vegan, Vegetarian), By Region, And Segment Forecasts, 2023 - 2030 . Accessed Feb 21, 2024. View all sources . Tap into that market and start a meal-prep service to make people’s lives easier and cater to specialized diets (keto, vegan, Whole30).

4. Create a food waste solution

Creating a startup focused on reducing food waste could not only earn you some serious funding, but also positively change the food system and help save grocery stores and restaurants money.

5. Capitalize on plant-based foods

The U.S. plant-based market was worth $8 billion in 2022, with sales of plant-based foods projected to climb 44% over three years, according to the most recent annual report from the Good Food Institute [0] Good Food Institute . U.S. retail market insights for the plant-based industry . Accessed Feb 21, 2024. View all sources . Creating a vegan supermarket or making meat-free versions of traditional foods could be the ticket to success for aspiring entrepreneurs.

6. Start a dropshipping business

The e-commerce business model of dropshipping is especially attractive because it doesn’t require you to purchase inventory upfront. Selling higher-end products with low shipping costs could become profitable quickly if you do thorough competition research.

» MORE: 25 low-cost business ideas

7. Curate subscription boxes

Subscription boxes were a $32.9 billion business globally in 2023 (up from $22.7 billion in 2021), and the industry is still set to grow, according to a market research report by the International Market Analysis Research and Consulting Group [0] International Market Analysis Research and Consulting Group . Subscription Box Market Report by Type (Replenishment Subscription, Curation Subscription, Access Subscription), Gender (Male, Female), Application (Clothing and Fashion, Beauty, Food and Beverages, Pet Food, Baby Products, Health and Fitness, and Others), and Region 2024-2032 . Accessed Feb 21, 2024. View all sources . Pick a niche, and then curate a collection of specialized goods to deliver unique experiences to consumers. Some subscription boxes focus on a mix of products, like makeup or dog toys; others focus on a single item or theme, like shaving or sustainability. Find the right starting point for you and run with it.

Ready to get started? Here's what to do next

Open a business bank account.

Start keeping the books.

Build your website.

Protect yourself from liability.

8. Create an airport-centric app

Creating an all-in-one app that allows travelers tonavigate unfamiliar airports with real-time information is a relatively untapped startup idea. Though various travel applications exist, an app that shows amenities, TSA line wait times, ground transportation options and airport maps could be useful to passengers.

9. Become a destination wedding planner

Planning a wedding is stressful; planning a wedding from afar could fray any couple’s nerves. That creates a niche for a destination wedding planner who can advise on venue and vendor selections, as well as manage wedding and travel logistics for the bridal party and guests. If you love exploring, have expertise in a popular wedding locale and are great under pressure, this could be the startup idea for you.

10. Make local guides

Even if you don’t consider yourself a local expert, creating local guides can get you familiar with your surroundings and help tourists enjoy off-the-beaten-path experiences in your area. Make themed guides, highlight attractions and partner with local businesses for advertising opportunities.

» MORE: 25 side business ideas

11. Create a local grocery delivery service

A grocery delivery startup can come with minimal setup costs — you only need a vehicle and a cell phone to get started. Help older people or others who are too busy to shop by offering this community-friendly service. You can even approach grocery stores in your area to see if they're willing to partner with you to get the service off the ground.

12. Start a virtual event planning company

Virtual event planning is a new booming business as in-person gatherings go online or take a hybrid approach. A skilled planner who can ensure all attendees are engaged, regardless of location, will be in high demand for years to come.

» MORE: Best business credit cards for LLCs

13. Sell zero-waste products

Starting a zero-waste company is more than just a trendy thing to do; it can be an ethical, environmentally conscious decision. Selling sustainable products such as reusable bags, bamboo toothbrushes or products with zero-waste packaging could appeal to a growing number of sustainability-focused consumers.

14. Make products for pets

Create innovative pet products to take advantage of the fact that 66% of U.S. households (about 86.9 million households) have at least one animal companion, according to the annual pet ownership survey by the American Pet Products Association [0] American Pet Products Association . Industry Trends and Stats . View all sources . Developing toys, accessories or clothing for furry friends can help you tap into that expansive market. You can also go the service route and offer pet sitting, walking or virtual dog training. Or develop an app or tech solution that makes pet parents’ lives easier.

15. Create custom clothing

Selling custom clothing or offering a tailoring service could be your winning startup idea. The custom clothing industry is gaining popularity and offers room for long-term growth.

» MORE: How to open an Etsy shop

16. Sell vintage clothing online

Demand for sustainable fashion has helped propel second-hand clothing into a $39 billion industry in the U.S. with projections to hit $70 billion by 2027, according to an annual resale report by online consignment company ThredUp [0] ThredUp . ThredUp Resale Report 2023 . View all sources . Consider selling thrifted, vintage or upcycled clothing on social media, an ecommerce platform or an app such as ThredUp or Poshmark.

17. Begin niche blogging

Find a niche (think e-sports or urban farming) and create engaging content around it. You can earn money through advertising, affiliate links and even product sales once you build an audience.

How much do you need?

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18. Become an e-book writer

If you’ve got a way with words, consider becoming a self-published author and selling e-books on virtual platforms.

» MORE: 14 profitable e-commerce business ideas

19. Start ghostwriting

Create content for busy professionals who don’t have the time or the skill to write themselves. If you don’t mind not attaching your name to your writing, ghostwriting is a great way to earn money with little to no startup costs attached.

20. Become a resume writer

Everyone needs a resume, but few people are skilled at or enjoy writing their own. If you’ve got writing experience and are looking to launch a startup with no setup costs, creating a resume-writing service could be the path for you.

21. Open a coworking space

Capitalize on the rising popularity of remote work by creating a modern coworking space that addresses pain points of entrepreneurs. Pick a convenient location and build it out with highly sought-after amenities.

» MORE: 35 businesses that every community needs

22. Become an online coach

If you enjoy helping others achieve their goals and are a people person, this startup idea could be fulfilling for yourself and for your clientele. You can provide wellness, business or life coaching.

23. Flip failing websites

Buy an existing website, make improvements on it and sell it for a profit. You’ll need to understand the market well and have some web development skills, but this can be a profitable pursuit.

24. Become a web developer

The need for custom websites isn’t ever going away, and if you know your way around WordPress or know a programming language or two, you can start a profitable website development startup.

25. Start a podcast

If you’re deeply knowledgeable or passionate about a subject, consider getting into podcast production or hosting. Building an audience takes time, but once established, podcasters can earn money through affiliate marketing, donations and sponsorships.

26. Be a social media influencer

Once you find a niche and build a personal brand, amassing a large following on Instagram or YouTube can lead to a solid source of income through influencer marketing.

» MORE: 30 Instagram business ideas

27. Create online courses

Obscure hobbies can lead to lucrative business ideas if you make them easy for others to learn. If you’d like to teach others but aren’t interested in the coaching route, creating an online course could lead to reliable passive income.

28. Become a marketing consultant

If you’ve got digital marketing chops, help small businesses reach their target audiences by providing SEO, social media or copywriting services.

29. Develop an app

If you’ve got a unique idea and the necessary technical skills, creating an app could be your gold mine. It’s also possible to build an app without extensive coding skills, and once it launches, it can bring in passive earnings.

» MORE: 25 tech business ideas

30. Make a smart appliance

Smart accessories and home appliances are all the rage and becoming an important part of daily life for the average consumer. For inspiration, take note of daily tasks at home or at work that would be easier with a smart appliance.

31. Tap into virtual reality experiences

VR is the future, and the future is now. Create virtual reality experiences or accessories to tap into a global industry that’s projected to grow to a $165.91 billion market by 2030, according to a report by Fortune Business Insights [0] Fortune Business Insights . The global virtual reality market size was valued at $19.44 billion in 2022 & is projected to grow from $25.11 billion in 2023 to $165.91 billion by 2030... Read More at:- https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378 . View all sources , a market research firm.

32. Make a niche dating site

The stigma around online dating has decreased over the past decade, so take the opportunity to help others find love. With various dating sites targeted to everyone from sea captains to farmers, there is market demand for specialty dating options.

33. Develop a chatbot

Create a chatbot — which uses artificial intelligence to communicate with people — to help businesses improve their communication. Chatbots have become more popular in recent years, and you can create one without knowing how to code.

34. Offer matchmaking skills

This is like creating a dating site but with a personal touch. If you have a knack for knowing what types of people and which personalities get along well, you might be the perfect person to start matchmaking. You can do this online or meet clients in person as well.

35. Be a virtual assistant

Being an online assistant for someone, or starting a company of virtual assistants, can be a huge success. Everyone could use a little extra help, and creating a startup focused around getting people that help for the administrative tasks in their lives, professional or personal, can be a huge moneymaker.

» MORE: Home-business ideas: 40 remote jobs to explore

36. Reinvent exercising

If there's one thing people get bored with, it's doing the same type of exercise day in and day out to stay healthy. Plenty of people have turned the exercise industry on its head, with businesses like CrossFit and Peloton popping up. You can do the same if you have an idea for a new regimen or activity for exercise enthusiasts.

37. Create eco-friendly, health-friendly makeup and beauty products

As people become more aware of the impact their personal choices have on their health and on the environment, they're looking for more health and beauty products that are also eco-friendly. Creating safe and eco-friendly products could be a great startup idea.

38. Open a food truck or restaurant pop-up

Opening a food truck or restaurant pop-up is a great startup idea for entrepreneurs with a knack for cooking. Both options are easier to launch than a full-scale restaurant and allow you to get started with a smaller staff and menu. You can open a food truck that only sells french fries with crazy toppings, for example, or launch a breakfast sandwich pop-up in your neighborhood coffee shop.

39. Start an organization business

Shows like "Tidying Up With Marie Kondo" and "The Home Edit" put professional organizing on the map, exposing millions to the magic of a tidy home. If you have a knack for making order out of chaotic spaces, you could start a business offering those services to those who need them. Organizing kitchen pantries, closets, bookshelves and more are all options you could offer customers at your new business.

40. Do interior design for young professionals

Have an eye for decorating? Start an interior design business, offering your services at an hourly rate virtually to young professionals looking for inspiration. It can be as simple as them uploading some images of their new space to your site and you sending back a few links with furniture in their budget and example images of what the room might look like when it's finished.

Start Your Dream Business

How to choose a startup idea

Do your homework before diving headfirst into a startup idea. First, make sure there's demand for the business you want to start, where you want to start it. More than 35% of businesses fail because there isn't a market need for their services or product, according to research from CB Insights [0] CB Insights . The Top 12 Reasons Startups Fail . View all sources .

You also need to write a business plan , which should include your company’s objective, sales plan, market analysis and financial projections. A good business plan can help to keep your business on track. Lenders will also want to see your business plan when considering you for a startup business loan . You should also consider the skills you already have and see how those align with any of the startup business ideas you might go with.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

10 steps to the perfect business plan for your creative venture

The perfect business plan is your first step to success in the creative sector.

Writing the perfect business plan is one of the most important first steps to launch your own creative venture, but it can also be one of the most daunting. It's the first real stage in properly planning your venture, which can help make your dream design business feel a lot more real, but it can also be hard to know where to start. You might even be tempted to skip this step altogether, but would be a mistake.

The perfect business plan provides clarity and direction for your whole enterprise. It can help you raise cash from banks and or other investors, but even if you're not looking for that, it can help you home in on a gap in the market and work out how your design business will fill it (and turn a profit in the process).

So before you start looking at website wireframes, choosing a logo or shopping around for studio space, it's time to put pen to paper. Your plan should be focused, readable, and most importantly explain why your business will be a success. In the guide below, we'll look at the 10 traditional ingredients that any business plan should cover, with pointers on what to include in each. For more tips on setting up your creative venture, see our guide to how to start a design business and how to improve your graphic design skills .

The perfect business plan: what should it include?

There's no one layout or formula for the perfect business plan, but there are general conventions on what a business plan should include. Exactly how you write it will depend a little on who you're writing for – for example, if you aim to present it to a bank or other potential investors or just to serve as a guide for yourself and colleagues. 

The best business plans are usually fairly brief and keep things simple. They succinctly explain what you want to do, how you will get there and what you need to do to reach that goal. While there are no set rules, we'll look at the more traditional elements to include in your business plan below.

01. Write an executive summary

An executive summary essentially summarises your design business in a quick, succinct pitch. This is the part that investors or banks will read first so it needs to be concise and to the point; certainly no more than a couple of pages. Above all it needs to explain your business idea. 

The executive summary should include your company name and the reason you chose it, your mission statement, details of your product or service, and basic information about your company’s leadership team, employees, and location. You should also make sure you cover what makes your creative business different, who will you sell your services to and a list of short- and long-term goals. For example, where exactly do you see your business in five or so years?

You'll also want to include details on financial goals and growth plans, especially if you plan to seek investors. Set out the turnover you expect to make and the cash you think you'll have at the end of the first year; plus where you'll get money from (grants etc); and how much money you plan to invest yourself.

02. Compose an elevator pitch

An 'elevator pitch' is a much briefer summary of your business that serves to sell it to potential investors, or to clients, in few words. It should be possible to read an elevator pitch in under two minutes. The idea is that you could deliver it to any potential investor you might happen to cross in an elevator, but don't worry if that kind of meeting doesn't tend to happen to you; the pitch will still prove useful for understanding the real selling point of your future business. 

Your elevator pitch should include the name of your business, your mission, what your design business will do, who it will do that for and what makes it different. It should be direct, to the point and free from any kind of jargon or waffle.

03. Describe yourself (and any partners)

The next section in the perfect business plan should describe the people behind the business – that means you (and your partners if you have any). You should outline your experience and training, why you want to start your creative business and why you will make it a success. 

Do the same for every partner in the business and attach well-crafted résumés (see our guide to the perfect résumé for creatives ). The aim of this section is to show investors why you have the know-how to make your business successful, and also to allow you and your partners to take stock of your strengths and how you plan to use them.

04. Define your design business's offering

The next thing to include in the business plan for your design venture is to define the service that you're going to deliver. This should be more specific than you might first think because unless you're planning to launch a fully fledged agency, you're probably not going to be able to cover everything. Are you going to offer graphic design, motion design, web design, mobile, 3D? Are you going to cater to anyone and everyone or will you aim to serve a specific industry or niche?

Remember that any bank or other potential investor will probably know very little about the subject area, so try to describe exactly what the services will entail and what your business's output will be. Don't worry if it sounds patronising or overly simplified. You may know what motion graphics means, but will your bank manager? You should also mention here whether you plan to expand into other services in the future. So if you're starting in graphic design, are you planning to expand to offer full branding services?

05. Describe your clients

The perfect business plan doesn't only describe who you are and what your business will offer; it also offers a very clear description of your target customer. Where are they based? What needs do they have and how will you fulfil them? Asking these questions can be a good test of just how well you understand the client you're aiming at and may reveal a need to do more research. Be sure you really understand your target customer and there's more chance an investor will understand.

You need to describe your typical client and what makes them buy design services, whether you have worked with them before and whether you have any future jobs lined up already. Try to be as detailed as possible. If you've already worked for a specific client in some capacity (maybe in a freelance job) explain this here too since this demonstrates an ability to generate business.

06. Do a SWOT analysis

Remember that your customers aren't the only influence on your business. There are also competitors and the state of the economy as a whole. How big is the market you'll serve? How much is the market expected to grow in the future? Who will be your main competitors now and can you expect more competition in the future? These are some of the questions you'll need to answer in your market analysis. 

You should make a simple SWOT analysis (strengths, weaknesses, opportunities, threats) to define the opportunities and threats in your market and compare them to your business’s strengths and weaknesses. Draw up a list of competing businesses, both big and small. Analyses what they do well and what they do badly, and consider what will make your offering different. Opportunities are external factors that could make your business thrive (is the market changing? are clients demanding a certain kind of work that you do well?). Threats are the same but opposite (if you're an illustration studio and budgets dry up, what will you do?).

This research will help to define where there are gaps and where you need to focus (once you've done this, go back through your sections and make sure your business still seems relevant. Any market research you can do in the field (perhaps talking to past clients and getting their take on the market) can be included here as well).

07. Outline your marketing strategy

How are you going to reach potential customers? Word of mouth? Advertising? Promotional material? Social media? Your own website? This is a question that should ideally be answered after carrying out market research to find out how potential clients find and contract the services you'll be providing. 

Make sure the marketing strategy you define in your business plan outlines the expected costs for all of these things because, with the possible exception of word of mouth, they're far from free (see finance below).

08. Define your USP

Once you've carried out a SWOT analysis, including analysis of your competitors, you're ready to define your USP, or unique selling point. This is incredibly important to include this in your business plan. It sums up in a nutshell why a client choose your business over another creative business? So what will you do better? 

A USP is usually summed up in a single sentence; two at the most. This can be a challenge but the shorter the better since that will make it easier to focus on delivering it. 

09. Forecast your budgets

Now it's time to explain how you'll actually make money. Consider details such as how long you spend on projects and how you'll charge for this. If you'll have an hourly rate that state what that will be. You also need to say how you'll get paid (almost certainly on invoice).

You'll also need to define your costs here. This will be of great interest to any potential investors, so pay great attention to it. You'll need to outline both one-off costs such as the equipment you'll need to set up to regular outgoings such as staff, rent (explain where you'll be working from), software subscriptions, bills and insurance.

Calculate your total costs per month and other costs of running the business and define How much income you will need each month to realistically survive as a business, and how much you aim to make. A cash-flow forecast shows how much money will enter and leave your design business and will help identify whether you're going to be able to make things work financially. This can be a sobering moment. 

Be pessimistic and realistic. Don't assume you will be working flat out at your maximum rate from the start because it's unlikely that you'll achieve that. It’s better to underestimate how you'll perform and overachieve than the other way around. In this section, you also need to outline any financial needs you have for potential investors. In this case, outline the length of time your request will cover and give a detailed description of how you'll use the funds.

10. Make a backup plan

Finally, what if things don't work out. We've stressed the importance of taking the time to make the perfect business plan, but a plan is a plan and something things turn out differently. This is why it's important that you also have a back-up plan.

If things aren't working out, what will you change in the short or long term in order to turn things around. If you aren't making money, do you plans ready for what you could do to make the business more profitable? Could you sacrifice international clients/pitches for local ones? Could you employ freelancers as and when they are needed instead of hiring a junior designer full-time? Could you downsize your planned studio space or switch to a coworking space (See our guide to the world's coolest coworking spaces for inspiration).

There's a lot to think about when writing a business plan for a creative business, but with careful consideration, it can help you prepare for the undertaking ahead and keep you focused no matter what challenges you face. If you're passionate about making your business a success, writing your plan will be the first step on that path.

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Joe is a regular freelance journalist and editor at Creative Bloq. He writes news, features and buying guides and keeps track of the best equipment and software for creatives, from video editing programs to monitors and accessories. A veteran news writer and photographer, he now works as a project manager at the London and Buenos Aires-based design, production and branding agency Hermana Creatives. There he manages a team of designers, photographers and video editors who specialise in producing visual content and design assets for the hospitality sector. He also dances Argentine tango.

Related articles

26 Business Ideas for Creative People

Part of being an entrepreneur is being creative, but some may strive to make creativity their focal point. Are you interested in entering a market space that celebrates design, innovation, and expression? Well look no further than our list of creative business ideas .

Creative Business Ideas:

From performing arts, to writing, to crafting, this is our detailed guide for  creative business ideas !

1. Candle Making Business

Although considered to be commodity items, candles can become their own art form with the right creative touch. Potential entrepreneurs should experiment with scents, colors and molds to create something with a unique appeal and worthy of premium pricing.

Profit margins of 50% or higher are very possible. Cost of materials is not particularly high, but make sure you can fully invest the time required to make your business profitable. Candlemaking is a very general field, so create differentiation through the kinds of candles you sell (pillar, floating, votive, tea, etc.), or through the quality of your offering.

Learn how to start a candle making business .

2. Craft Store

Creative entrepreneurs that are interested in supplying for multiple art forms might consider starting their own craft store. Craft stores typically make money by buying craft supplies in bulk at wholesale prices and reselling them at a profit. Another, less common way this type of business makes money is by designing and creating original arts and crafts products. Some stores also offer classes in sewing or quilting.

The profits from craft store businesses vary widely, depending on the cost of materials and pricing. Large chains can make upwards of a billion dollars in profits yearly, and while your store will make significantly less than this, it does indicate that there is a very profitable market for craft supplies.

Learn how to start a craft store .

3. Quilt Business

For individuals who enjoy sewing or seamstress work, have some artistic talent, or have an eye for patterning and organizing ideas into a tangible object, quilting can be the perfect career. Customer special orders and existing quilt repairs will occupy a large amount of the working time and, subsequently, will dominate the revenue stream.

Most quilts sell for a minimum of $350. If you are able to produce two quilts a week, this will generate a revenue of almost $37,000 (ongoing expenses not included). If you are able to produce two quilts at $500 a piece, your revenue jumps to over $50,000. Many long-time quilters report creating up to ten quilts in any given week.

Learn how to start a quilt business .

Ready to form your LLC? Check out the Top LLC Formation Services

And, use our free tools to help start your business:

• Use our Business Name Generator for help brainstorming your new venture’s name
• Learn how to form an LLC , one of the best business structures  for businesses for creative people
• Use our free  business plan generator to start planning your business today
• Get your unique logo with our free  Logo Maker  and start branding your business
• After finding your perfect idea learn how to start a business

4. Sewing Business

People who enjoy creating fashion and helping people achieve the confidence that comes with looking their best. Many fashions are not ideal for all body types and sizes, and sewing businesses provide an alternative for people who do not conform to existing rigid size measurements.

A small single-person sewing business can earn an annual income ranging from between $18,000 and $67,000, depending upon experience, location, and the type of equipment the business owns. With one or more employees, a sewing business can earn much more, and some become successful enough to provide enough to provide franchise opportunities.

Learn how to start a sewing business .

5. Etsy Entrepreneur Business

Anyone who enjoys making handmade goods or finding vintage items might enjoy running an Etsy entrepreneur business. This is a great outlet for artists of all kinds looking to sell their works.

An Etsy entrepreneur business makes money by selling handmade or vintage goods. Most businesses sell only to customers, but Etsy has a platform for launching into wholesale. How much Etsy entrepreneur businesses make varies. Some businesses have only a couple of sales per month or even per year. Others have hundreds of sales each day. The most successful businesses bring in well over six figures a year.

Learn how to start an Etsy entrepreneur business .

Start a Creative Business in Your State

6. children's book business.

Entrepreneurs who have written or are planning to write their own children’s book(s) might consider starting their own children's book business. Some business owners first try to publish their stories through traditional publishers, and others go directly into self-publishing. Kids are surprisingly not the target market for children’s books. Instead, it’s parents, schools, and libraries -- as they’re the ones who actually purchase books.

With a successful title, a children's book business can bring in six-figure revenues. While these stories are typically sold as hardcover or paperback books, entrepreneurs might also consider adding ebooks to their repertoire to maximize revenue.

Learn how to start a children's book business .

7. Freelance Writing Business

Individuals with an affinity for the written word, are voracious readers, enjoy expressing themselves, and have a way with words should give consideration to working as a freelance writer. Freelance writers must meet tight deadlines, satisfy clients' nuanced demands, and create captivating content. Expect to research a variety of topics as well as work in different writing tones.

A freelance writer can make upwards of $20,000 or more in their first year. Stick with the business and you can earn $30,000 or more in subsequent years. Continue to add clients and you might reach the $50,000 mark or higher after several years of hard work.

Learn how to start a freelance writing business .

8. Online Magazine

Writers with a knack for creating niche content can find themselves in a good position to start their own online magazine. Successful online magazine publishers have a skill set that includes the talents of a writer, editor, web developer, webmaster, advertising salesperson, and business person.

Most online magazines provide free content. Revenue is generated through advertising. Ad programs like Google AdSense will pay you on a per-click basis for ads that you allow to be hosted on your digital real estate. Therefore, your profit will mainly depend on the amount of ad revenue you receive. As you grow, you might also have to consider hiring designers, editors, and artists.

Learn how to start an online magazine .

9. Screenwriting Business

Next on our list of creative business ideas is a screenwriting business. Entrepreneurs with a love for both film and writing might consider delving into screenwriting. This business is excellent for someone who understands how a movie comes together on the big screen. They should love to put their own creative twist on stories, whether they're new and bold or a tale as old as time. Screenwriters need to understand what audiences are looking for, and how to merge their creative vision with public demand.

Most screenwriters start out making little, or by selling their work based on eventual sales. However, top screenplays that attract millions of movie-goers can draw huge numbers. Since upstart costs and ongoing expenses are so small, screenwriters make extreme profits. For the top sellers in Hollywood, they may be able to make up to four million a year or so.

Learn how to start a screenwriting business .

10. Young Adult Book Business

Young adult books are targeted toward adolescents. Creative entrepreneurs who want to get into this booming market should have a love for literature as well as an eye for engaging, teen-appropriate content. They should have active imaginations and appreciate interesting or unusual characters. Even if you're not planning to do the actual writing yourself, you'll need to be able to spot those who can.

Profit margins can vary based on the materials of the book, the advance of the author, and the promotion strategy for the book. The profits can be unlimited for a young adult book business if they score a must-have book like Harry Potter or The Hunger Games . However, most authors and publishers will see more modest returns on each printing.

Learn how to start a young adult book business .

11. 3D Printing Design Business

Artisitic entrepreneurs who have created physical works (such as statues and carvings) before may find success in the world of 3D printing. Arguably, the most important part of this job is being able to take a good idea and use a combination of software and artistic skill to make it into a reality. A 3D printing business makes money by printing and delivering 3D versions of shapes and objects to customers. You may also make money by taking design requests from customers who cannot find the shapes they want printed anywhere else.

The exact amount of profit you can make is difficult to determine. Regardless, your actual profit is like that of any other specialty shop: if you find the right combination of diverse products, niche markets, and relevant advertising, and the sky is the limit on your profit.

Learn how to start a 3D printing business .

12. Clothing Line

Clothing line founders have an artistic vision and see clothing as their medium. They see clothing as a way to allow others to tap into their own expressive selves. For most profitable clothing lines, this means creating thousands of the same shirt, pair of jeans, or socks through a mass manufacturing process. The elite boutiques found in Hollywood or in Paris cater to a very select clientele who eagerly pay a premium for their unique fashions.

Your pair of pants sold to a large national retailer may see a profit of one or two dollars per unit. The tailored suit sold on Fifth Avenue will profit a thousand dollars. You may sell a thousand pairs of the $2 pants, but only twenty of the suit. In both cases, volume will determine your final profit.

Learn how to start a clothing line .

13. Graphic Design Business

Entrepreneurs interested in graphic design are typically artistically minded people. They are adept at managing the aesthetics of the way their business and organizational clients address their various markets, communicating creative ideas and executing design decisions independently or through employees or vendors. Graphic design studio owners charge their clients an hourly rate or bill by a flat fee based on their hourly rate. If there are ongoing assignments they might negotiate a monthly retainer.

Experts say that a graphic design studio must make at least a 15% profit margin and that a preferred rate is 50% or higher. That’s based on the rate you’ll charge your clients minus the out-of-pocket costs to get the job done: your employees’ hourly rate or the costs of hiring freelancers to complete the job.

Learn how to start a graphic design business .

14. Shoe Line

An entrepreneur who starts a shoe line will be able to match their ideas to the current public taste. They’ll also have an inherent love of shoes, as well as a sense of how to create footwear to fit a variety of types of feet/body types. Shoe lines have a profit margin on each pair sold. Each designer will set their own profit margin based on the cost of production and the demand of their designs.

The average profits for a shoe line is about 40%, so the profit margins are extremely enticing to newcomers. Should you sell 200 pairs at $400, you would make approximately $40,000 in profit a year.

Learn how to start a shoe line .

15. Sunglasses Line

Sunglasses are as much about fashion as they are about protection from UV rays. An ideal owner will create a unique look that still manages to fit the popular trends of the day. They should also have a certain amount of people skills, as they may need to network with manufacturers and distributors.

Sunglasses famously have some of the best profit margins a business owner could hope for. The more popular and rare a particular product is, the higher the profit margin can go. Top sunglasses can be sold for $400,000 or more, though the average line sells for between $100 and $300.

Learn how to start a sunglasses line .

16. Web Design Business

If you’re a technological innovator, who’s ready to begin building towards success, web design is a tremendous industry. As a web design business owner, it’s critical to possess determination, meticulousness, and creativity. Your web design business will generate revenue through each website designed and/or service provided.

Your fees depend upon the specifics of the project and your client’s individual needs. Projects can range anywhere from $3,500 to over $40,000. The average profit of a freelance web designer is almost $75,000 annually. Imagine the possibilities if you had a team of talent and were able to offer a diverse set of services.

Learn how to start a web design business .

17. Interior Design Business

Intuitive entrepreneurs with an in-depth understanding of color usage, textures, furniture styles, artwork, lighting, fashion trends, eco-materials, and indoor plants may find themselves well-suited to interior design. You must align your own view of what the interior space will be made to look like with the client’s preferences and needs, so that you are both satisfied with the results.

The total profit depends on the number of interior designers working for the firm and that there is enough work to keep them all busy. Top interior designer firms are able to charge clients millions of dollars in fees, while some firms couple with architecture firms to provide additional revenue.

Learn how to start an interior design business .

18. Film Production Company

Film buffs with experience in digital production and storytelling can be well-equipped to start their own film production company. Films make money in different ways, depending on the form of distribution. This can include box office sales, the sale of individual DVDs, sales to streaming services, and even product placements and merchandising of your film.

Profits are highly variable depending on your area of specialty, location, talent, reputation and other factors. To make space for your company in this industry, you will need to start small and find reliable local clients who value the quality of your work. By slowly building up your portfolio and finding your unique niche in the market, your company could reasonably bring in $50,000-$100,000 in annual profits.

Learn how to start a film production company .

19. Acting Classes Business

Creative entrepreneurs with ties to the entertainment industry can put their skillset to work running acting classes. Depending on your area of expertise, you can offer classes in film acting, commercial acting, or even both. Your reputation in the acting community and how you promote your credentials will be critical to your success.

The profit you might make is highly variable, depending on your location, industry reputation, and many other factors. It will also depend on the classes and services offered and your ability to sell your services and grow your business.

Learn how to start an acting class business .

20. Ballroom Dance Lessons Business

This business is good for entrepreneurs that have experience and knowledge of ballroom dancing, both competitive and social, and have access to a commercial space, preferably with hardwood floors. A person without the necessary experience to teach but who has a strong interest in dance could hire a few well-trained professionals to give the classes.

Due to the popularity of shows like Dancing with the Stars , ballroom dance classes are more popular than ever. For example, let's say you have a total of 200 students paying $150 per month, or $30,000. Deducting regular expenses, it is possible to generate a 10-20% profit.

Learn how to start a ballroom dance lessons business .

21. Dance Studio

Entrepreneurs that want to cater to a larger dance audience and have access to a commercial space might consider opening a dance studio. A passion for and knowledge of dance is helpful, but not necessary because the studio owner doesn’t necessarily have to be the instructor, but can hire or lease space to one or more instructors.

Dance studio’s rates usually vary with when instructors want to use the space. During peak times, rooms may go for $100 an hour or more. On off-peak hours, fees may be closer to $20 to $30 per hour. These expenses are usually charged per-room, so a studio that has several classrooms can multiply its income by the number of rooms available.

Learn how to start a dance studio .

22. Entertainment Business

People with an affinity for all kinds of live performances should look into entertainment businesses. The entrepreneur who chooses this business must either love to be in the spotlight or have a knack for spotting people with talent. Owners and employees should have an inherent love of entertaining to thrive. If the owner is the performer, they should be willing to work on their craft constantly and change it according to audience expectations as time goes by.

Because ongoing expenses are so little, most of the money made by an entertainment company will be pure profit. A person with a two-hour act making $45 an hour for their services would need to work 20 shows a week to make around $93,000 a year.

Learn how to start an entertainment business .

Learn more about starting a business by visting the  U.S. Small Business Administration .

23. Aerial Arts Studio

An aerial art studio teaches students to do acrobatic movements and dancing in the air. In addition to athletic ability, interested business owners need to understand the basics of running a profitable business. While long hours aren't typical, flexibility in scheduling is. Most students will have to come either before or after work or on the weekends. So, a business owner has to be willing to train students during "off-peak" times of the day.

Profit for a studio depends on your hourly rate or flat fee program and where your studio is. You may achieve a 10% profit margin, but many studios operate on much thinner margins.

Learn how to start an aerial arts studio .

24. Jingle Company

Jingles are catchy, typically commercial songs that help to promote a product. A company focusing on these pieces is ideal for musically creative people who enjoy using their talents to promote business ventures. Depending on the terms of the contract, jingle company owners can make money by earning royalties on original music that is used on television shows or during other theatrical performances.

Musical composers make an average of $44,000 per year, while writers make an average of $60,000. Jingle writers usually combine both talents and work closely with advertising agencies. Digital advertising for smartphones has become a lucrative new market. In 2011, one digital advertising company sold for $62.5 million.

Learn how to start a jingle company .

25. Music Lessons Business

Creative entrepreneurs with acute musical talent can find success in providing music lessons to others. Music teachers in schools and band members are especially qualified, as they both have credentials and connections to people who love music. People don’t have to be a music teacher or in a band to start a music lessons business, though.

Even a part-time music lessons business can generate significant revenue. An instructor who offers private lessons for 20 hours a week could earn between $600 and $1200 each week if they charged $30 to $60 per hour. Because the ongoing expenses are low, the vast majority of this is profit.

Learn how to start a music lessons business .

26. Theatre Company

Last but least on our list of creative business ideas is a theatre company. Thespian entrepreneurs with a keen sense of business may be well-suited for running a theatre company. A love for theatre is necessary because starting a theatre company is hard work and frequently doesn’t return a profit for several years. Being well-versed in running a business helps keep a company financially viable.

Revenue for theatre companies tends to come from ticket sales, donations, grants, and merchandise sales. The National Endowment for the Arts found that most theatres brought in between $800,000 and $1 million annually. This revenue included all funding sources.

Learn how to start a theatre company .

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

Free Business Plan Template

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• Outline your idea.
• Pitch to investors.
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You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Image Source

Tips for Writing Your Executive Summary

• Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
• Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

• Industry trends that other brands may not be utilizing
• Strengths in your competition that may be obstacles to handle
• Weaknesses in your competition that may help you develop selling points
• The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

• Your brand positioning vision and how you'll cultivate it
• The goal targets you aim to achieve
• The metrics you'll use to measure success
• The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Tips for Writing Your Marketing Strategy

• Include a section about how you believe your brand vision will appeal to customers.
• Add the budget and resources you'll need to put your plan in place.
• Outline strategies for specific marketing segments.
• Connect strategies to earlier sections like target audience and competitive analysis.
• Review how your marketing strategy will scale with the growth of your business.
• Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Tips for Writing Your Key Features and Benefits

• Emphasize why and how your product or service offers value to customers.
• Use metrics and testimonials to support the ideas in this section.
• Talk about how your products and services have the potential to scale.
• Think about including a product roadmap.
• Focus on customer needs, and how the features and benefits you are sharing meet those needs.
• Offer proof of concept for your ideas, like case studies or pilot program feedback.
• Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

• The specific pricing breakdowns per product or service
• Why your pricing is higher or lower than your competition's
• (If higher) Why customers would be willing to pay more
• (If lower) How you're able to offer your products or services at a lower cost
• When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Tips for Writing Your Pricing and Revenue Section

• Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
• If you are asking a premium price, share unique features or innovations that justify that price point.
• Show how you plan to communicate pricing to customers.
• Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
• Share plans to develop new revenue streams in the future.
• Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
• Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

• Profit/Loss Statement - This answers the question of whether your business is currently profitable.
• Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
• Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

• Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
• Include any data that supports your projections to assure investors of the credibility of your proposal.
• Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
• Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
• Triple-check all financial information in your plan for accuracy.
• Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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Creative Business Plans

JUN.29, 2023

1. How To Create A Business Plan For Creatives

The foundation for any cre­ative business and the ke­y to success lies in creating a we­ll-crafted business plan. Whether embarking on a new venture­ or seeking growth for existing cre­ative pursuits, having a solid business plan ensure­s a structured approach to both ideas and finances, ultimately guiding one towards the path of triumph.

Here are a few tips to help you create a business plan creative agency:

• Identify Your Target Market: Who makes up your customer base? What are their wants and ne­eds? Understanding your target allows you to effectively conce­ntrate your efforts towards reaching the­m.
• Research Your Competition: Begin by re­searching your competitors in the marke­tplace. Gain a comprehensive­ understanding of their strengths and weaknesses to identify what se­ts you apart and how you can excel.
• Set Goals and Objectives: Dete­rmine what you want to achieve within a specific timeframe. It could be engaging new customers or increasing profits. Bre­ak down these goals into milestone­s and create strategic plans to re­ach them.
• Create a Financial Plan: It involves de­veloping a budget and financial projections to ensure a consistent cash flow. Be sure to include necessary expenses such as insurance, taxe­s, advertising, and other costs associated with running your business.
• Develop a Marketing Plan: Create a plan to reach your target market, from launching campaigns to using social media.

2. Defining Your Purpose

Whether you’re a visual artist, graphic designer, content creator, or entrepreneur, your creative business plan presentation must have a clear purpose and direction. To develop a compelling purpose for your creative­ studio company’s business plan, begin by recognizing your value­s and passions.

The cre­ative industry seeks to understand: What contributions does your business aim to make? In what ways do you e­nvision leaving an impact? Additionally, why have you chosen to launch your cre­ative business, and how will it distinguish itself from competitors by providing unique value?

Like the scrapbooking business plan , your business’s purpose should be clearly stated in the plan’s introduction and remain at the center of each of your decisions and strategies. Make sure your creative ideas for the business plan’s purpose are tangible and can be measured. In this way, individuals can assess the­ir progress and observe the­ direct impact of their efforts on the­ prosperity of their creative­ business.

How can our service­s cater to your needs, whe­ther it is in the realm of art, de­sign, content creation, or any other cre­ative pursuit?

Create a mission statement similar to a tattoo salon business plan that allows you to constantly remind yourself of why you created your creative business and reinforce the work you do. This statement should concisely articulate your purpose and what your creative business does—including the services you offer and the types of customers you serve. By keeping your mission statement in mind, you can maintain focus on achieving success and stay on track toward reaching your goals.

Once you have established your purpose, your cre­ative business plan is ready to progress to the next stage. The purpose you define will shape your strategies and tactics for launching your creative­ project.

3. Value Proposition Of Your Brand

When crafting an art galle­ry business plan , it is crucial to communicate the unique value your brand brings in terms of developing a successful strategy for a creative­ enterprise.

Why should customers choose your creative business over competitors? What unique offerings set you apart from others in the market?

In order to attract customers to your creative business, it’s crucial to emphasize the unique strengths of your brand. Consider crafting a strong value proposition that provides a compe­lling reason for customers to choose you over competitors. This might involve showcasing key qualitie­s such as affordability, reliability, convenience­, quality, or any other feature that se­ts you apart from the rest of the marke­t. By effectively communicating what makes your

Considering the unique aspects of your creative­ business is crucial. This includes highlighting the supe­rior quality of your products or services compared to your competitors. It is important to emphasize why customers should choose you and the multitude of benefits they can gain from utilizing your services.

A detailed explanation of why customers should trust your brand can be provided by showcasing customer testimonials or revie­ws, displaying any awards and accolades received, or highlighting your extensive presence in the industry. This evidence reinforce­s your credibility and instills confidence in potential customers.

The value proposition of your creative solutions company’s business plan should be easily understood by potential customers. It needs to clearly support the mission and goals of your creative business while­ highlighting the unique qualities that set you apart.

4. Your Audience

Who is your target audience?

A key aspect of your creative business’s success lies in comprehending the demographics of your target audience. Understanding their characteristics and

Who will you be targeting? Who are your ideal customers?

Similar to the photography business plan , get to know your audience by conducting market research. Writing down their demographic details, such as gender, age range, location, interest, lifestyle, and income level, will help you in the long run.

“Ide­ntify any challenges or pain points your audience may have. Be sure to unde­rstand their needs so you can position your cre­ative services to help solve them.”

Knowing your audience will help you create content, products, and services that resonate with them and create targeted marketing strategies to reach them more effectively.

To stay ahead of the competition, it is crucial to remain attentive­ to the evolving nee­ds and trends of your target audience over time. This understanding allows you to effectively adapt and mee­t their changing demands.

5. Finances for creative business

Finances are a key element of any creative film business plan , so taking a realistic approach to managing your finances is essential.

Start-up Costs:

The initial ste­p involves identifying the start-up e­xpenses. These­ encompass equipment costs, we­bsite design and development, office space, lice­nses and permits, legal fe­es, insurance, and any other initial e­xpenditures that are like­ly to arise. These costs should also include the fees for professionals you will be hiring, such as accountants, lawyers, and other consultants.

Operating Expenses:

Your operating expenses are ongoing costs you regularly incur, such as rent, power, supplies, contracts, and salaries. When creating your financial plan, include these, so you have an accurate estimate of your costs and don’t get caught off guard.

You also need to have a budget for marketing for your video production business plan . This will include both online and offline strategies, such as social media, print and digital ads, public relations campaigns, and event sponsorships.

Overhead Costs:

Lastly, budget for overhead costs, such as utilities and other operational expenses. And don’t forget about taxes! Make sure to research and understand your location’s tax rules and regulations.

Financial Forecast:

Once you have­ identified your costs and prepare­d your budget, it is important to create a financial fore­cast. This step will enable you to gain insight into your future­ financial needs and learn e­ffective resource­ management technique­s. To develop your financial forecast, utilize­ tools like cash flow statements, profit and loss proje­ctions, and break-even analyse­s. These resource­s will assist in determining your financial outlook.

6. Creative business plan sample

RXR Boutique, a full-se­rvice fashion boutique catering to the­ needs of the fashion industry, offe­rs an exceptional and stylish collection of appare­l exclusively for women. This cre­ative business plan template­ is provided free of charge­ specifically for RXR Boutique.

Their goal is to de­liver top-notch customer service­ by offering stylish and affordable clothing. They prioritize­ exceptional assistance, e­mploying friendly and knowledgeable­ staff members who ensure­ an unparalleled shopping expe­rience.

Executive Summary Of A Creative Business Plan

RXR Boutique strive­s to revolutionize the fashion industry and position itse­lf as a premier fashion destination in the­ region. With an unwavering passion for fashion, they posse­ss a keen eye­ for original, stylish designs that effortlessly e­mbody both current trends and their distinctive­ flair.

Their target customers are 24-45 years old aged women who are fashionable. The target customers are mostly medium, upper-middle, and upper-class.

Aside from the clothing services, they offer various additional services, including styling and personal shopping, image consulting, and personal attention in the creative reuse and art gallery business plan.

Their marketing plan involves major campaigns focusing on both online and retail presence. The online presence will include strong social media campaigns.

Their business plan creative freelancer mission aligns with quality, creativity, and affordability values.

Company Summary Of A Creative Business Plan

RXR Boutique was founde­d in 2020 by entreprene­ur Rexina Reed with the­ aim of offering fashion-forward women exquisite­ and high-quality clothing.

She focuse­s primarily on curating unique and timeless clothing for he­r clientele. Each ite­m is carefully hand-selecte­d to align with RXR’s sophisticated mission.

RXR Boutique aims to de­fy traditional fashion constraints and add a touch of uniqueness to eve­ry woman’s wardrobe. To serve the creative entre­preneur, they have­ crafted a concise one-page­ business plan. Through creating an immersive­ and stylish shopping experience­, RXR is dedicated to empowe­ring customers in expressing the­ir individual essence through fashion.

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Highly Efficient Service! I am incredibly happy with the outcome; Alex and his team are highly efficient professionals with a diverse bank of knowledge.

Marketing Analysis Of A Creative Business Plan

The business plan for the creative company’s market analysis thoroughly examines the boutique’s key competitors and target market. This examination provides information about the boutique’s strengths and weaknesses relative to the competition and identifies opportunities and threats in the marketplace.

Target Market

In terms of its target market, RXR Boutique is mainly focused on women aged between 24-45 years who are looking for affordable, trendy apparel. RXR Boutique’s target market is strategically targeted at this demographic as they are among the most passionate and loyal consumers, making them more likely to return faithfully as repeat customers.

Competition

The creative industry’s business plan faces fierce competition within the boutique retail market, with RXR Boutique’s direct competitors being local apparel stores such as Forever21, Charlotte Russe, and H&M. Differentiating RXR Boutique from these competitors is essential to the business’s success.

Pricing Strategy

• The pricing strategy for RXR Boutique will focus on pricing items at mid- to high-level price points.
• This will ensure that RXR Boutique does not undercut its competitors while at the same time providing a product that is seen as more premium than products found at lower-priced retailers.
• Items will be priced according to the quality and craftsmanship put into them.

Marketing Strategy For A Creative Business Plan

1) Seller Network: Connect with local vendors and boutique owners to stock their products and create more opportunities for sales and brand exposure.

2) Social Media: Establish a presence on all social media platforms and create a community to engage with potential customers.

3) Content Creation: Invest in creating content that appeals to their target market. This can include blog posts, videos, online tutorials, and other creative content marketing tactics.

4) Email Marketing: Utilize email marketing campaigns to inform existing customers about new products, discounts, and special offers.

5) Mobile: Create a mobile app for customers to access products easily from smartphones, tablets, and other devices.

6) Influencer Marketing: Connect with local and national influencers to spread the word about the brand.

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Small Business Trends

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

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

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

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

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

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

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

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

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

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

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

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

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

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

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

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

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

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

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

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

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

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

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

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

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

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

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

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

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

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

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

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

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

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

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

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

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

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

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

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

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

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

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

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

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

Find your business plan example

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Business plan template: There's an easier way to get your business plan done.

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Finish your plan faster with step-by-step guidance, financial wizards, and a proven format.

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View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

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, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. 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 for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

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.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's 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, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right match for your business idea.

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Creative Small Business Ideas

Explore our curated list of creative small business ideas for 2024. Discover the perfect niche that aligns with your interests and embark on a rewarding journey of self-employment. Whether you seek job satisfaction, higher income potential, or freedom, starting your own business can be a fulfilling endeavor. Take the first step towards success by finding the right business idea and learn the essential steps to get started.

35 Creative Small Business Ideas

1. online tutoring, 2. print on demand, 3. publishing e-books, 4. tax preparation, 5. dry cleaners, 6. self-storage business, 7. social media management manager, 8. commercial shelving, 9. web design, 10. influence marketing, 11. portable charging devices, 12 startup incubator, 13. atm business, 14. solar panel business, 15. battery recycling, 16. fantasy sports services, 17. 3d printing services, 18. it security consulting, 19. online recruitment sites, 20. tire recycling business, 21. interior design consultant, 22. online dating consultant, 23. carpet cleaning, 24. food truck business, 25. personal training, 26. catering business, 27. home care service, 28. transcription service, 29. app development, 30. medical courier service, 31. start a blog, 32. teaching online courses, 33. online bookkeeping, 34. t-shirt printing, 35. pet care services, how to choose a business idea.

Consider any of these business areas if you are ready to run your own company.

Online tutoring allows students to receive one-to-one assistance and support from a tutor.

Tutors can specialize in a particular subject or grade level, and can work with students individually or in groups.

Always teach subjects that directly relate to your expertise, so you can share your skills and constructive knowledge with your students.

Zoom makes it easy to deliver lectures and interact with students, making online tutoring one of the easiest online businesses. 

The business can be run from home with a flexible schedule. You will need a computer, internet access, and a tutoring or teaching certification to start an online tutoring business.

To get clients, you’ll need to market and advertise your services online, through social media, and through word of mouth. This business can generate revenue through hourly or package tutoring sessions and can be scaled up by hiring more tutors.

8 Best Platforms for Online Tutoring

The Print-on-Demand business model involves printing and shipping products only after customers order them.

It allows businesses to avoid holding large inventories of products, as well as offer a wide variety of designs and products without committing to bulk production.

POD businesses typically use third-party printers or fulfillment companies to produce and ship their products. If you’re not a designer, you can hire one from Fiverr, Upwork, Dribbble, or 99Designs.

The POD system is popular for clothing, accessories, home decor, and specialty products due to its flexibility and customization.

Starting a POD business requires no large upfront inventory investment, making it a relatively low-cost model. It allows entrepreneurs to test different products without incurring high costs.

An ebook business involves creating, publishing and selling digital books, also known as ebooks.

Online ebook businesses include formats such as PDF, ePub, and Kindle. It’s a low-cost business that generates revenue through ebook sales.

There are many ways to sell ebooks online, including Amazon Kindle Direct Publishing, iBooks, and others.

If you have the knowledge or creativity, you can produce original books like cookbooks, picture books, comic books, poetry books, photo books, coffee table books, and novels. Having endless options makes it a great small business idea.

E-books have made significant progress in recent years, and the industry is expected to grow even more by 2024. According to Statista , revenue from e-books reached $1.3 billion in 2019 alone, with that number projected to reach $1.6 billion by 2024.

Tax preparation businesses help individuals and businesses prepare and file their taxes. It can be started with minimal costs and can be run from home or a physical office.

You will need knowledge of tax laws, regulations, and software to start this business. Making sure you know the tax laws and regulations will help you file your taxes correctly.

You can generate revenue through hourly or package-based services and scale up your business by hiring additional tax preparers.

Over the next five years, Tax Preparation Services has grown an average of 3.9% per year. Tax Preparation Services is expected to generate $14.4bn in revenue in 2024.

Dry cleaning involves cleaning clothes and fabrics with chemicals instead of water. A dry cleaning business typically provides services such as laundry, pressing, and stain removal for clothing, linens, and draperies. It’s possible to start a dry cleaning company that offers eco-friendly cleaning solutions or home/office delivery services.

You can also attract potential customers by creating a strong online presence through your website, social media, and online directories.

Due to its steady demand and low overhead costs, dry cleaning is a profitable business.

The self-storage business model involves renting storage units for a short or long period of time. Self-storage startups can focus on offering climate-controlled units, 24/7 access, and enhanced security. Protect your customers’ belongings with CCTV cameras, alarms, and key-code access systems.

Self-storage is a profitable business that addresses the growing need for more space for both personal and commercial purposes. Starting a business like this requires a small investment and can be run with low overhead costs.

Around 8 billion people inhabit the planet, and as of 2024, 4.9 billion use social media. Brands need help managing their social media accounts across YouTube, Instagram, Facebook Messenger, TikTok, and all other social networks available. 

The social media manager is responsible for creating and analyzing content for a brand’s social media accounts. You will be paid to write engaging content, respond to comments, run ads, and more. It is possible to charge by the hour or by the project.

Commercial shelving refers to manufacturing, supplying, and installing shelving and storage systems for commercial and industrial use.

Commercial Shelving businesses are a great way to get started in the retail world. Commercial Shelving businesses can be started with a relatively small investment, and they offer a wide range of potential profits.

Small businesses in this field can focus on providing customized shelving solutions for retail stores, warehouses, and other businesses. To succeed in this business, you need to provide high-quality products at competitive prices and provide excellent customer service.

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Having an online presence is becoming increasingly important, making web design a profitable business.

Web design is like creating a digital canvas where your clients’ ideas can be brought to life. Starting a web design business could be a great idea if you’re a creative person with a knack for design and technology.

It is crucial to stay on top of the latest web design software, technologies, and trends. Having an understanding of web development and SEO will help you create websites that are user-friendly, responsive, and search-engine-optimized for your clients.

Furthermore, you can increase revenue by providing additional services such as website maintenance, hosting, and e-commerce.

Influencer marketing involves partnering with individuals who have an expansive social media following to promote products or services.

You must identify potential influencers in your niche, build relationships with them, and connect them to brands looking to promote their products. Also, you’ll need to understand the latest trends and best practices in influencer marketing.

Also, you will need to know how to use the different social media platforms for influencer marketing. Matching influencers with brands and managing campaigns effectively will require strong communication and negotiation skills.

Although smartphones have revolutionized our lives, having your phone battery die while out is still a highly prevalent problem. This is what fuels the growth of the portable phone charging business.

The market for portable charging devices is anticipated to expand at a rate of 6.6% each year through 2022, according on data released by BCC Research. The popularity of cell phones with smaller battery capacities is contributing to the growth.

Another alternative for people without a lot of technical expertise to get involved in the industry is to start their own startup incubator. The role of an incubator is to assist businesses in developing and launching successfully. Management training, office space, and mentorship possibilities are all available.

To be sure, you’ll need some experience in business to set up an incubator. The expense of establishing your own incubator and attracting founders may be prohibitive. Many incubators begin modestly and develop over time as they assist numerous start-ups enter the market.

Have you ever considered starting your own ATM business? It’s a great way to earn extra income, and it doesn’t require a lot of start-up capital. Plus, there’s a growing demand for ATMs, as more and more people are using cashless payments. Here’s what you need to know to get started.

First, you’ll need to find a good location for your ATM. It should be in a high-traffic area, such as a busy street corner or a shopping mall. You’ll also need to make sure that there’s power and Internet access nearby. Once you’ve found the perfect spot, you can apply for an ATM license from your local government.

Have you ever thought about starting your own solar panel business? It’s a great way to be your own boss and make a difference in the fight against climate change. Solar panel installation is a rapidly growing industry, and there are plenty of opportunities for entrepreneurs who are willing to roll up their sleeves and get to work.

The first step is to develop a solar panel business idea. What will your business offer that others don’t? How will you stand out in the crowded solar market? Once you have a clear vision for your business, you can start working on the practicalities, such as registering your business, finding suppliers, and marketing your services. With hard work and dedication, you can turn your solar panel business idea into a reality.

Are you looking for a unique business idea? If so, starting a battery recycling business could be the perfect opportunity for you. The demand for recycled batteries is high, and there are a number of ways to collect and process them. However, starting a battery recycling business is not without its challenges.

You will need to obtain the proper permits and licenses, and you will need to have a secure location to store the batteries. In addition, you will need to have a reliable transportation system in place to pick up the batteries from collection sites and deliver them to your facility.

But if you are willing to put in the work, starting a battery recycling business can be a rewarding experience. With careful planning and execution, you can turn your recycling business into a success

Fantasy sports businesses are becoming increasingly popular. If you have a love for sports and are looking for a new business venture, starting a fantasy sports business may be the perfect option for you. There are a few things to keep in mind when starting a fantasy sports business.

First, you will need to choose a niche. Whether you want to focus on football, baseball, basketball, or another sport, it is important to decide which sport you will be base your business around. Once you have chosen your sport, you will need to research the best way to start and grow your business.

If you’re looking for a new business venture, 3d printing could be the perfect option. With the help of a 3d printer, you can create customized products and parts, making it a great way to stand out from the competition. And best of all, starting a 3d printing business is relatively easy and doesn’t require a large investment.

what’s more, the market for 3d printed products is only growing. As consumers become more aware of the technology and its capabilities, they are increasingly seeking out unique and one-of-a-kind items. This presents a great opportunity for entrepreneurs who are looking to start their own 3d printing business.

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Nowadays, cyber security is one of the hottest business ideas. And it’s no wonder why: cybercrime is on the rise, and businesses of all sizes are struggling to keep their data and systems safe. If you’re considering starting a cybersecurity business, there are a few things you need to know.

First, cyber security is a complex and ever-changing field, so you’ll need to be constantly learning and keeping up with the latest threats.

Second, you’ll need to have a strong understanding of technology, since that’s what you’ll be protecting businesses from. Finally, cybersecurity is a highly competitive field, so you’ll need to be able to stand out from the crowd.

job portals are websites that provide a centralised location for employers to advertise job vacancies and for jobseekers to search for available roles.

A job portal can be a valuable tool for businesses of all sizes, as it provides a cost-effective way to reach a large audience of potential candidates. For jobseekers, a job portal can be a convenient way to search for job openings in one place.

There are many factors to consider before starting a job portal website. Firstly, you will need to decide what kind of jobs your website will cater to.

This will determine the target audience for your website. You will also need to consider how you will generate revenue from your website. Job portals typically generate revenue through advertising and/or charged listings.

Turning used tires into a sustainable business opportunity is a smart way to be eco-friendly and make some extra money. Tire recycling businesses can be incredibly profitable, as there is a growing demand for recycled rubber products.

The first step in starting a tire recycling business is to gather used tires from cars, trucks, bicycles, and other vehicles. Once you have a stockpile of tires, you can then begin the process of breaking them down into their component parts.

The rubber can be used to create a variety of products, such as flooring, mats, and even jewelry. With some creativity and hard work, starting a tire recycling business can be a rewarding endeavor.

An Interior Design Consultant provides professional design services to clients looking to revamp their homes or commercial spaces. They help clients choose colors, materials, furniture, and accessories to create a cohesive and aesthetically pleasing design.

The interior design consultant can work as a freelancer, start their own business, or work for a design firm. They can charge clients an hourly rate, a flat fee, or a percentage of the total project cost.

The total revenue generated in a year by an interior design consultant can vary widely based on the number of clients, the size of projects, and the rate charged. On average, an interior designer can earn anywhere from $50k to $100k per year.

An Online Dating Consultant is a business that provides personalized advice and guidance to individuals looking to navigate the world of online dating. The consultant helps clients create attractive profiles, choose the right dating platforms, and craft compelling messages to increase their chances of finding a compatible match. The consultant can also provide coaching on communication and relationship building skills to help clients navigate the dating process with confidence.

Estimated Annual Revenue: $40k – $100k  depending on the number of clients, hourly rates, and services offered.

Carpet Cleaning is a service-based business that specializes in removing dirt, stains, and allergens from carpets and rugs in residential and commercial settings. The business uses professional-grade equipment and cleaning solutions to deep clean carpets, leaving them looking and smelling fresh. Carpet Cleaning can also offer additional services such as spot removal, pet odor treatment, and stain protection.

Carpet cleaning businesses can operate as a sole proprietorship, a partnership, or a corporation. They can offer services to residential and commercial customers, either as a one-time service or as a recurring service. They can charge customers by the room, by the square foot, or by the hour.

Estimated Annual Revenue: $100k – $300k  depending on the number of clients, hourly rates, and services offered.

A food truck business involves running a mobile kitchen that serves food and drinks at various locations, including festivals, street corners, and events. It offers customers a unique and convenient dining experience.

You can start a food truck business by obtaining a food service license, purchasing or leasing a food truck, and developing a menu of food and drinks. Make use of social media, local events, and word-of-mouth marketing to promote your business as well as determine the best locations to serve food.

The IBIS World report estimates that 36,324 food trucks will be operating in the US in 2024.

Personal training involves providing one-on-one exercise and fitness instruction to individuals. This service helps clients achieve their fitness goals and improve their overall health and wellness.

Personal training can be offered at gyms, fitness studios, or as a freelance service

You may be interested in offering your services to large fitness organizations or you may be interested in working as a freelance trainer in the fitness industry.

• Freelance personal Trainer Upwork  
• Ace Fitness

Catering businesses specialize in providing food and beverages for weddings, corporate events, and parties. This includes planning the menu, preparing and serving the food, and cleaning up afterwards.

You will need a food service license, a commercial kitchen, and a menu of food and drinks to start a catering business. Conduct market research to determine whether catering services are in demand in your area. Reach potential customers with social media, local events, and word of mouth.

Home care service provides in-home support and assistance to individuals who are elderly, disabled, or recovering from an illness or injury. Services may include companionship, personal care, meal preparation, transportation, and light housekeeping.

You can start your own home care business, or work as part of a larger healthcare organization.

For those who wish to work in a larger healthcare organization. Start earning today by clicking on some of the organizations below.

• Reunion Rehabilitation
• Health Careers 

According to talent there is an average wage of $33,161 per year for home health aides in the USA, or $15.94 per hour for caregivers. Most experienced workers earn up to $79,768 per year, while entry level positions start at $28,275 per year.

Transcription service involves converting audio or video recordings into written text. It is used in various industries such as legal, medical, media, and research for documentation and archiving purposes.

Transcription services can operate as a standalone business, work as a freelancer, or offer transcription services as part of a larger company. They can charge clients an hourly rate, a flat fee, or per audio minute.

If you plan to start a transcription business, you should get training in transcription, invest in a computer and transcription software, and build a client base. Make use of freelance websites, local newspapers, and social media to reach potential clients.

App development involves designing, building, and maintaining software applications for mobile devices, desktop computers, and the web. It includes creating user interfaces, writing code, testing, and launching the app in app stores.

App development businesses can operate as a software development company, work as a freelancer, or offer app development services as part of a larger technology company.

Simply click on the below links if you are interested in working as a freelancer.

A Medical Courier Service provides transportation for medical specimens, supplies, and equipment between healthcare facilities, laboratories, and patients. The service may include the use of specially equipped vehicles, temperature-controlled containers, and GPS tracking to ensure secure and timely delivery. Medical courier services may also offer additional services such as pick-up and delivery of medical records and supplies, and waste disposal.

The total revenue per year will depend on the number of deliveries made, the fees charged, and the scale of the business. It can range from a few thousand dollars to millions of dollars, depending on the size of the market served and the level of demand for the services offered.

You can start a blog that covers a specific niche or topic and provides valuable information, insights, and entertainment to its readers. To monetize a blog, one can use advertising networks, sell products or services, or offer premium content to subscribers. The blog can be run by an individual or a team and can cover a wide range of subjects, including lifestyle, technology, travel, food, and more.

The blog can generate revenue through advertising, sponsored content, affiliate marketing, and the sale of digital products such as e-books, courses, and webinars.

According to RYROB a new blogger can  $30k – $50k in the first year of blogging.

An online platform such as skillshare , freelancer , upwork etc that offers a variety of courses taught by experienced instructors, covering a wide range of subjects.This can include live virtual classes, pre-recorded videos, and interactive materials. Online courses can cover a wide range of subjects and skill levels, from basic skills training to advanced professional development The courses can be taken by students from anywhere in the world, at their own pace, and on their own schedule.

The business can generate revenue through course fees, advertising, and partnerships with educational institutions. The platform can also offer premium features such as personalized support and certification for a fee.

The total revenue per year will depend on the number of courses offered, the number of students enrolled, and the fees charged. It can range from a few thousand dollars to millions, depending on the scale of the business.

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Online Bookkeeping is a service that provides small businesses and individuals with virtual bookkeeping and accounting support. The service includes tracking financial transactions, reconciling bank and credit card statements, preparing financial statements, and providing ongoing financial analysis and reporting. The use of cloud-based software and virtual communication tools allows the bookkeeping to be done remotely, making it convenient and accessible for clients.

Estimated Annual Revenue: $50k – $150k  depending on the number of clients, hourly rates, and services offered.

This business specializes in customizing t-shirts with designs, logos, and images for individuals and organizations. High-quality printing techniques, such as screen printing, heat transfer, or digital printing, are used to produce durable and long-lasting designs. A range of t-shirt styles, colors, and sizes are available to accommodate different tastes and needs.

Estimated Annual Revenue: $50k – $200k  depending on the number of clients, printing costs, and services offered.

Pet Care Services is a business that provides professional care and attention to pets when their owners are unavailable. The services offered may include dog walking, pet sitting, feeding, and providing companionship. The business may also offer overnight stays, training, and grooming services. Pet Care Services can provide peace of mind to pet owners who are away from home, knowing that their pets are being well-cared for.

According to Common thread there is a growing market for pet care at the global level, rising from $245 billion in 2021 to $261 billion by 2022.

First, make sure there’s a real need for the business or idea you want to start.

Approximately 40% of small businesses fail because there is no market need for their product or service, so don’t become one of those businesses.

Make sure there is a need for the business you wish to start.

The other task you should keep in mind during the early stages of your startup is the writing of a business plan . You’ll need a business plan to get funding and stay on track, so the earlier you write it, the better.

Related article: How to come up with a Great Business Idea 

Bottom Line

The opportunities for business owners continue to grow in all sectors of the economy. Wise Business Plans remains committed to servicing the professionals that author these ventures, developing winning business plans that aid them in the achievement of their long-term business goals.

When the time comes to realize success in any sector or industry, turn to the professionals at Wise Business Plans for all of your strategy development needs.

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Discover a wide range of creative small business ideas such as handmade crafts, personalized gifts, event planning, graphic design, content creation, and more. Let your imagination soar!

Start by considering your passions, skills, and expertise. Look for opportunities that align with your interests and have a market demand. Research trends, conduct market analysis, and evaluate the feasibility of each idea before making a decision.

Absolutely! Many creative small businesses can be started with minimal investment. Explore low-cost options like starting an online store, utilizing social media platforms for marketing, and leveraging your existing skills and resources to keep costs down.

Absolutely! Many successful entrepreneurs started with small creative businesses that eventually grew into full-time ventures. With dedication, strategic planning, and a strong work ethic, you can scale your creative business and turn it into a sustainable source of income.

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David Parrish

Your creative business plan.

Let’s make a distinction between planning for a successful creative business and ‘writing a business plan’. The two are not necessarily the same.

In my own experience, many people write business plans purely because they are a requirement of investors or funders. These business plans tend to be written without conviction and are then quickly shelved once the third party investor has accepted (or rejected) the plan.

Your creative business plan should be primarily for the business itself, a ‘route map for success’, setting out the objectives and steps to be taken to achieve its objectives. Ideally a good business plan should serve the business well as a working document – as well as to articulate to third parties the benefits of the business, return on capital invested, risk management and other concerns of stakeholders and partners.

But the business plan is not a sacred document. A business plan does not automatically guarantee business success. Many business plans present the details but fail to address the fundamentals. Any business plan must be based on the values and objectives of the entrepreneurs concerned and at its heart must be a feasible business formula.

A successful creative business is built on three things:

1. A clear definition of success shared by the owners , based on their vision and values. This becomes a compass to help them decide the direction of business development and the most appropriate business strategy. Know clearly where you are going.

2. An objective assessment and understanding of the competitive advantage of the business in relation to its rivals. In other words a focus on the particular goods or services the business can produce better than all (or most) rivals. Understand the competition .

3. Concentrating only on those customers who want the things at which the business can excel in relation to rivals. This means deciding which customers are NOT appropriate and positively avoiding them in order to focus resources in a laser-like way on ideal customers . Communicate effectively and strategically using the ‘ 3Ms of marketing ‘.

In this way, creative entrepreneurs can unleash their creativity without compromise and achieve commercial success.

This unique business formula is the key. Get this wrong and compromise or failure will result. Get it right and the creative enterprise will have a great chance of both creative and commercial success.

This is an extract based on an article ‘ Create Your Own Business Formula ‘, which was first published as ‘Making a business plan’, a chapter in the book ‘Read this First: Growth and Development of Creative SMEs.’ (ISBN/EAN 978-90-810079-2-4)

For more information about vision and values, competitive advantage, business feasibility and business planning, read the book (and free eBook) ‘T-Shirts and Suits: A Guide to the Business of Creativity’.

Strategic marketing is all about the big issues of choosing the right products, focusing on the right customers and devising business strategies to outmanouevre rivals in a highly competitive market place. For  63 Tips, Techniques and Tales for Creative Entrepreneurs , read ‘Chase One Rabbit: Strategic Marketing for Business Success’ in short 5-minute sections with action points on your smartphone by downloading the eBook now – or buy the paperback if you prefer..

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

What is a business plan? 

Think of a business plan as a document that guides the journey to start-up and beyond. Business plans are written documents that define your business goals and the strategies you’ll use to achieve those goals. In addition to exploring the competitive environment in which the business will operate, a business plan also analyses a market and different customer segments, describes the products and services, lists business strategies for success, and outlines financial planning.  

How to write a business plan 

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description 

Products and services 

Competitor analysis 

Marketing plan and sales strategies 

Brand strategy

Financial planning

Explore each section to bring fresh inspiration and reveal new possibilities for developing your business. Depending on your format, you may adapt the sections, skip over some, or go deeper into others. Consider your first draft a foundation for your efforts and one you can revise, as needed, to account for changes in any area of your business.  

1. Executive summary 

This short section introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, development goals, and why it will succeed. If you are seeking funding, summarise the basics of the financial plan. 

2. Business description 

You can use this section to provide detailed information about your company and how it will operate in the marketplace. 

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, and your customers? 

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, licence fees, and more. 

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.  

Legal structure: If you’ve incorporated your business, include the legal structure here and the rationale behind this choice. 

3. Competitor analysis 

This section will assess potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following: 

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each solve customer pain points and fulfill desires? What are the price points? 

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?  

Sales: What sales process or buyer’s journey does this brand lead customers through?

4. Products and services

Use this section to describe everything your business offers to its target market. For every product and service, list the following: 

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies 

In this section, you’ll draw from thorough market research to describe your target market and how you will reach it. 

Who are your ideal customers?   

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)? 

What are their daily lives like? 

What problems and challenges do they experience? 

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?  

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors? 

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

6. Brand strategy 

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience. 

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including tone, diction, and sentence-level stylistic choices? 

How will your brand look and sound throughout the customer journey? 

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand? 

7. Financial planning  

In this section, you will explore your business’s financial future. Suppose you are writing a traditional business plan to seek funding. In that case, this section is critical for demonstrating to lenders or investors you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a valuable exercise for planning how to invest resources and generate revenue [ 1 ].  

Use past financials and other sections of this business plan to begin your financial planning, such as your price points or sales strategies. 

How many individual products or service packages do you plan to sell over a specific period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point or the amount you must sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may append supporting documents, such as licences, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. 

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as quarterly or annually, to update individual sections or explore new directions your business can take.

Make sure everyone on your team has a copy of the business plan, and welcome their input as they perform their roles. 

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success. 

Start your business with Coursera 

Ready to start your business? Watch this video on the Lean approach from the Entrepreneurship Specialisation on Coursera: 

Article sources

Inc. “ How to Write the Financial Section of a Business Plan ,   https://www.inc.com/guides/business-plan-financial-section.html.” Accessed April 15, 2024.

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I was LinkedIn's first head of HR. PIPs don't work — there's a better way to help struggling employees.

• Steve Cadigan has led HR teams at top companies for over three decades.
• He has seen how performance-improvement plans (PIPs) often fracture relationships between managers and employees. 
• The better alternative to PIPs allows employees to mutually agree to separate from the company.

Over the past three decades, I've witnessed various approaches to performance-improvement plans (PIPs) as an HR executive across five different industries and three countries.

Often, the traditional approach to PIPs — slapping them on employees who are underperforming without offering sufficient support — can feel punitive rather than constructive to many employees, fostering an environment of fear and mistrust.

But PIPs often fail to achieve their intended outcomes for a variety of reasons — from inadequately prepared managers to breakdowns in communication between managers and employees to subjective judgments of performance .

In my experience, the primary reason for the failure of PIPs lies in the irreparable fracture they create in the relationship between the employee and manager. Once the PIP process begins, this fracture in trust is seldom repaired. The atmosphere becomes palpably tense, and trust begins to erode.

PIPs lead to an irreparable fracture in the relationship

Recent stories of employees feeling unfairly targeted and demoralized and complaints of mishandling of PIPs have illuminated the complexities and challenges inherent in performance management.

These stories serve as cautionary tales, highlighting the potential pitfalls of traditional PIPs and the need for organizations to rethink their approach to managing underperformance.

Even if an employee successfully meets the objectives outlined in the PIP, the underlying tension and strain on the relationship often persist, adversely impacting productivity and morale not only for the manager and the employee, but for the entire team.

Related stories

I've rarely seen managers more tense than when addressing a PIP. These conditions don't set the stage for a productive process. At their core, PIPs should reflect an organization's commitment to achieving high performance. They should identify areas for improvement, set clear expectations, and provide a roadmap for progress.

A better approach involves choice

From 1998 to 2004, I was an HR executive at Cisco Systems, where I encountered a novel approach to the traditional PIP process.

Prior to my arrival, Cisco had recognized that something was broken in the PIP process. The HR team conducted a thorough analysis of PIPs across the company and made a fascinating discovery: most individuals placed on a PIP left the company within a year , regardless of whether their performance improved.

They spoke with many of the employees who survived their PIP and improved their performance yet still chose to leave, and the story they heard had a similar refrain. The employees felt their managers did not really support them, they no longer felt they were in a safe work environment, and many felt humiliated and deeply hurt by the process.

Looking at the data and listening to employees, the HR team developed a new approach that involved choice. Employees who were not performing to an acceptable level were offered two options:

Enter a PIP and try to improve, or

Mutually agree to separate from the company and receive more severance than they would if they failed the PIP.

By presenting employees with this alternative path, Cisco empowered them to make decisions aligned with their personal circumstances. This approach also alleviated stress for managers, enabling them to focus on other priorities. The conversations became more constructive, and employees appreciated being given a choice rather than feeling cornered into a dead-end PIP.

Challenge conventional practices

In the years since leaving Cisco, I've introduced this alternative approach to other organizations, contributing to healthier cultures and more constructive environments .

Performance evaluation is inherently subjective, and no process can eliminate all conflicts or unexpected reactions. However, offering employees a choice rather than a one-way ticket to a PIP can lead to more positive outcomes and healthier work environments.

As HR professionals and organizational leaders, it's our responsibility to challenge conventional practices and explore innovative solutions. By rethinking performance management and embracing alternative approaches, we can create a culture of trust, transparency, and continuous improvement where both employees and organizations thrive.

Steve Cadigan is a talent advisor to leaders and organizations around the world. He specializes in helping firms build talent strategies for the modern workplace.

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