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9 Business Plan Examples to Inspire Your Own (2024)
Need support creating your business plan? Check out these business plan examples for inspiration and guidance.
![samples of simple business plan a stock of books on purple background representing business plan examples](https://cdn.shopify.com/s/files/1/0070/7032/files/business_20plan_20examples.jpg?v=1685397795)
Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.
Here are some real-world and illustrative business plan examples to help you craft your business plan .
Business plan format: 9 examples
The business plan examples in this article follow this template:
- Executive summary
- Company description
- Market analysis
- Products and services
- Marketing plan
- Logistics and operations plan
- Financial plan
- Customer segmentation
1. Executive summary
Your executive summary is a page that gives a high-level overview of the rest of your business plan. While it appears at the beginning, it’s easiest to write this section last, as there are details further in the report you’ll need to include here.
In this free business plan template , the executive summary is four paragraphs and takes a little over half a page. It clearly and efficiently communicates what the business does and what it plans to do, including its business model and target customers.
![samples of simple business plan Executive summary for Paw Print Post detailing the business model and target customers.](https://cdn.shopify.com/s/files/1/0070/7032/files/pawprintexecutivesummary.png?v=1724921697)
2. Company description
You might repurpose your company description elsewhere, like on your About page , social media profile pages, or other properties that require a boilerplate description of your small business.
Soap brand ORRIS has a blurb on its About page that could easily be repurposed for the company description section of its business plan.
![samples of simple business plan ORRIS homepage promoting cleaner ingredients for skincare with a detailed description.](https://cdn.shopify.com/s/files/1/0070/7032/files/orrishomepage.png?v=1724921697)
You can also go more in-depth with your company overview and include the following sections, like in this business plan example for Paw Print Post:
Business structure
This section outlines how you registered your business —as an LLC , sole proprietorship, corporation, or other business type : “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
Nature of the business
“Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
“Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
Background information
“Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ’signature.’”
Business objectives
“Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and to have expanded into two new product categories.”
“Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”
Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its example business plan.
![samples of simple business plan Passionfruit About page with a person in a "Forever Queer" t-shirt.](https://cdn.shopify.com/s/files/1/0070/7032/files/passionfruit_3f81aaec-1f31-4324-b9e5-ff5bbefcf0f2.png?v=1724921697)
3. Market analysis
The market analysis consists of research about supply and demand , your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan.
Here’s an example SWOT analysis for an online tailored-shirt business:
![samples of simple business plan SWOT analysis chart with strengths, weaknesses, opportunities, and threats.](https://cdn.shopify.com/s/files/1/0070/7032/files/swotanalysischart.png?v=1724921697)
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you which businesses you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:
- Target customers
- Unique value proposition , or what sets the products apart
- Sales pitch
- Price points for products
- Shipping policy
4. Products and services
This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post that explains its line of custom greeting cards, along with details on what makes its products unique.
![samples of simple business plan Products and services section of Paw Print Post showing customized greeting cards with paw prints.](https://cdn.shopify.com/s/files/1/0070/7032/files/productsandservices.png?v=1724921697)
5. Marketing plan
It’s always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.
![samples of simple business plan Business plan sample showing marketing plan for Paw Print Post.](https://cdn.shopify.com/s/files/1/0070/7032/files/marketingplan.png?v=1724921697)
The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.
6. Logistics and operations plan
The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory. This includes any raw materials needed to produce the products.
![samples of simple business plan Business plan example with a logistics and operations plan for Paw Print Post.](https://cdn.shopify.com/s/files/1/0070/7032/files/logisticsandoperations.png?v=1724921697)
7. Financial plan
The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.
Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.
![samples of simple business plan Bar chart illustrating monthly expenses and direct costs for a business from January to December.](https://cdn.shopify.com/s/files/1/0070/7032/files/naturescandymonthlyexpenses.png?v=1724921697)
It then dives deeper into the financials to include:
- Funding needs
- Projected profit-and-loss statement
- Projected balance sheet
- Projected cash-flow statement
You can use a financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.
![samples of simple business plan Income statement template created by Shopify with sales, cost of sales, gross margin, and expenses.](https://cdn.shopify.com/s/files/1/0070/7032/files/incomestatement.png?v=1724921697)
8. Customer segmentation
Customer segmentation means dividing your target market into groups based on specific characteristics. These characteristics can be demographics, psychographics, behavior, or geography. Your business plan will provide detailed information on each segment, like its size and growth potential, so you can show why they are valuable to your business.
Airsign , an eco-friendly vacuum cleaner company, faced the challenge of building a sustainable business model in the competitive home appliance market. They identified three key customer personas to target:
- Design-oriented urban dwellers
- Millennials moving to suburbs
- Older consumers seeking high-quality appliances
The company utilized Shopify’s customer segmentation tools to gain insights and take action to target them. Airsign created targeted segments for specific marketing initiatives.
Put your customer data to work with Shopify’s customer segmentation
Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.
9. Appendix
The appendix provides in-depth data, research, or documentation that supports the claims and projections made in the main business plan. It includes things like market research, finance, résumés, product specs, and legal documents.
Readers can access detailed info in the appendix, but the main plan stays focused and easy to read. Here’s an example from a fictional clothing brand called Bloom:
Appendix: Bloom Business Plan
Types of business plans, and what to include for each
This lean business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the same sections in one-page business plan, but make sure they’re truncated and summarized:
- Executive summary: truncated
- Market analysis: summarized
- Products and services: summarized
- Marketing plan: summarized
- Logistics and operations plan: summarized
- Financials: summarized
A startup business plan is for a new business. Typically, these plans are developed and shared to secure funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example:
- Market analysis: in-depth
- Financials: in-depth
Your internal business plan is meant to keep your team on the same page and aligned toward the same goal:
A strategic, or growth, business plan is a big-picture, long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each:
- Market analysis: comprehensive outlook
- Products and services: for launch and expansion
- Marketing plan: comprehensive outlook
- Logistics and operations plan: comprehensive outlook
- Financials: comprehensive outlook
Feasibility
Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research:
Nonprofit business plans are used to attract donors, grants, and partnerships. They focus on what their mission is, how they measure success, and how they get funded. You’ll want to include the following sections in addition to a traditional business plan:
- Organization description
- Need statement
- Programs and services
- Fundraising plan
- Partnerships and collaborations
- Impact measurement
Set yourself up for success as a business owner
Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your business model .
Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.
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Business plan examples FAQ
How do i write a simple business plan.
To write a simple business plan, begin with an executive summary that outlines your business and your plans. Follow this with sections detailing your company description, market analysis, organization and management structure, product or service, marketing and sales strategy, and financial projections. Each section should be concise and clearly illustrate your strategies and goals.
What is the best format to write a business plan?
The best business plan format presents your plan in a clear, organized manner, making it easier for potential investors to understand your business model and goals. Always begin with the executive summary and end with financial information or appendices for any additional data.
What are the 4 key elements of a business plan?
- Executive summary: A concise overview of the company’s mission, goals, target audience, and financial objectives.
- Business description: A description of the company’s purpose, operations, products and services, target markets, and competitive landscape.
- Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
- Financial plan: A detailed description of the company’s financial forecasts and strategies.
What are the 3 main points of a business plan?
- Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
- Contents: Your content should include details about the products and services you provide, your target market, and your competition.
- Cash flow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.
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18 of My Favorite Sample Business Plans & Examples For Your Inspiration
![samples of simple business plan Clifford Chi](https://53.fs1.hubspotusercontent-na1.net/hub/53/hubfs/Screen%20Shot%202017-06-20%20at%2010.10.30%20AM.png?width=48&height=48&name=Screen%20Shot%202017-06-20%20at%2010.10.30%20AM.png)
Published: July 01, 2024
I believe that reading sample business plans is essential when writing your own.
![samples of simple business plan sample business plans and examples](https://www.hubspot.com/hs-fs/hubfs/sample-business-plan_11-1.webp?width=595&height=400&name=sample-business-plan_11-1.webp)
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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.
So 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 Types
Business plan format, sample business plan: section by section, sample business plan templates, top business plan examples.
Ultimately, the format of your business plan will vary based on your goals for that plan. I’ve added this quick review of different business plan types that achieve differing goals.
For a more detailed exploration of business plan types, you can check out this post .
![samples of simple business plan samples of simple business plan](https://www.hubspot.com/hubfs/assets/hubspot.com/web-team/WBZ/HubSpot%20Media/Blog%202021/Images/modules/full-width-cta/Image%20Hackathon%20%E2%80%93%20Vertical%20(54).webp)
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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
A strategic business plan is another business plan that's often shared internally. 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.
I’m going to focus on a startup business plan that needs to be detailed and research-backed as well as compelling enough to convince investors to offer funding. In my experience, the most comprehensive and convincing business plans contain the following sections.
Executive Summary
This all-important introduction to your business plan sets the tone and includes the company description as well as what you will be exchanging for money — whether that’s product lines, services, or product-service hybrids.
Market Opportunity
Information about gaps in your industry’s market and how you plan to fill them, focused on demand and potential for growth.
Competitive Landscape Analysis
An overview of your competitors that includes consideration of their strengths and how you’ll manage them, their weaknesses and how you’ll capitalize on them, and how you can differentiate your offerings in the industry.
Target Audience
Descriptions of your ideal customers, their various problems that you can solve, and your customer acquisition strategy.
Marketing Strategy
This section details how you will market your brand to achieve specific goals, the channels and tactics you’ll utilize to reach those goals, and the metrics you’ll be using to measure your progress.
Key Features and Benefits
This is where you’ll use plain language to emphasize the value of your product/service, how it solves the problems of your target audiences, and how you’ll scale up over time.
Pricing and Revenue
This section describes your pricing strategy and plans for building revenue streams that fit your audiences while achieving your business goals.
This is the final section, communicating with investors that your business idea is worth investing in via profit/loss statements, cash flow statements, and balance sheets to prove viability.
Okay, so now that we have a format established, I’ll give you more specific details about each section along with examples. Truthfully, I wish I’d had this resource to help me flesh out those first business plans long ago.
1. Executive Summary
I’d say the executive summary is the most important section of the entire business plan. It is essentially an overview of and introduction to your entire project.
Write this in such a way that it grabs your readers' attention and guides 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: your company description and your products and services.
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. This is a great opportunity to showcase your impact.
Need some extra help firming up your business goals? I’d recommend HubSpot Academy’s free course to help you set meaningful goals that matter most for your business.
Products and Services
Here, you will incorporate an overview of your offerings. This doesn’t have to be extensive, as it is just a chance to introduce your industry and overall purpose as a business. I recommend including snippets of information about your financial projections and competitive advantage here as well.
Keep in mind that you'll cover many of these topics in more detail later on in the business plan. The executive summary should be clear and brief, only including the most important takeaways.
Executive Summary Business Plan Examples
This example was created with HubSpot’s business plan template . What makes this executive summary good is that it tells potential investors a short story while still covering all of the most important details.
Our Mission
Maria’s Gluten Free Bagels offers gluten-free bagels, along with various toppings, other gluten-free breakfast sandwich items, and coffee. The facility is entirely gluten free. Our team expects to catch the interest of gluten-free, celiac, or health-conscious community members who are seeking an enjoyable cafe to socialize. Due to a lack of gluten-free bagel products in the food industry currently, we expect mild competition and are confident we will be able to build a strong market position.
The Company and Management
Maria’s Gluten Free Bagels was founded in 2010 by Maria Jones, who first began selling her gluten-free bagels online from her home, using social media to spread the word. In 2012 she bought a retail location in Hamilton, MA, which now employs four full-time employees and six part-time employees. Prior to her bagel shop, Maria was a chef in New York and has extensive experience in the food industry.
Along with Maria Jones, Gluten Free Bagel Shop has a board of advisors. The advisors are:
- Jeni King, partner at Winding Communications, Ltd.
- Henry Wilson, president of Blue Robin, LLP.
Our Product
We offer gluten-free products ranging from bagels and cream cheese to blueberry muffins, coffee, and pastries. Our customers are health-conscious, community-oriented people who enjoy gluten-free products. We will create a welcoming, warm environment with opportunities for open mic nights, poetry readings, and other community functions. We will focus on creating an environment in which someone feels comfortable meeting a friend for lunch, or working remotely.
Our Competitive Advantages
While there are other coffee shops and cafes in the North Shore region, there are none that offer purely gluten-free options. This restricts those suffering from gluten-free illnesses or simply those with a gluten-free preference. This will be our primary selling point. Additionally, our market research [see Section 3] has shown a demand for a community-oriented coffee and bagel shop in the town of Hamilton, MA.
Financial Considerations
Our sales projections for the first year are $400,000. We project a 15% growth rate over the next two years. By year three, we project 61% gross margins.
We will have four full-time employees. The salary for each employee will be $50,000.
Start-up Financing Requirements
We are seeking to raise $125,000 in startup to finance year one. The owner has invested $50,000 to meet working capital requirements, and will use a loan of $100,000 to supplement the rest.
Example 2 :
Marianne and Keith Bean have been involved with the food industry for several years. They opened their first restaurant in Antlers, Oklahoma in 1981, and their second in Hugo in 1988. Although praised for the quality of many of the items on their menu, they have attained a special notoriety for their desserts. After years of requests for their flavored whipped cream toppings, they have decided to pursue marketing these products separately from the restaurants.
Marianne and Keith Bean have developed several recipes for flavored whipped cream topping. They include chocolate, raspberry, cinnamon almond, and strawberry. These flavored dessert toppings have been used in the setting of their two restaurants over the past 18 years, and have been produced in large quantities. The estimated shelf life of the product is 21 days at refrigeration temperatures and up to six months when frozen. The Beans intend to market this product in its frozen state in 8 and 12-ounce plastic tubs. They also intend to have the products available in six ounce pressurized cans. Special attention has been given to developing an attractive label that will stress the gourmet/specialty nature of the products.
Distribution of Fancy's Foods Whipped Dream product will begin in the local southeastern Oklahoma area. The Beans have an established name and reputation in this area, and product introduction should encounter little resistance.
Financial analyses show that the company will have both a positive cash flow and profit in the first year. The expected return on equity in the first year is 10.88%
Tips for Writing Your Executive Summary
- Start with a strong introduction of your company that showcases your mission and impact, then outline the products and services you provide.
- Clearly define a problem, 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, you might emphasize finances and return on investment for venture capitalists, whereas you might emphasize community benefits and minimal environmental impact for progressive nonprofits.
For more guidance, check out our tips for writing an effective executive summary .
2. Market Opportunity
This is where you'll detail the opportunity in the market. Ask and answer: Where is the gap in the current industry, and how will my product fill that gap?
To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, SOM analysis , a SWOT analysis , and perform market research on your industry to get some insights for this section. More specifically, here’s what I’d include.
- 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
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.
Example: The market for Doggie Pause is all of the dog owners in the metropolitan area and surrounding areas of the city. We believe that this is going to be 2/3 of the population, and we have a goal of gaining a 50% market share. We have a target of a 20% yearly profit increase as the business continues.
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 Analysis
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 the following:
- 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 shows a clear outline of who the top competitors are. It also highlights specific industry knowledge and the importance of location. This demonstrates useful experience in the industry, helping to build trust in your ability to execute your business plan.
Competitive Environment
Currently, there are four primary competitors in the Greater Omaha Area: Pinot’s Palette Lakeside (franchise partner), Village Canvas and Cabernet, The Corky Canvas, and Twisted Vine Collective. The first three competitors are in Omaha and the fourth is located in Papillion.
Despite the competition, all locations have both public and private events. Each location has a few sold-out painting events each month. The Omaha locations are in new, popular retail locations, while the existing Papillion location is in a downtown business district.
There is an opportunity to take advantage of the environment and open a studio in a well-traveled or growing area. Pinot’s Palette La Vista will differentiate itself from its competitors by offering a premium experience in a high-growth, influential location.
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? I’d recommend building a buyer persona to get in the mindset of your ideal customers and be clear about why you're targeting them. Here are some questions I’d ask myself:
- 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?
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.
The Audience
Recognize that audiences are often already aware of important issues. Outreach materials should:
- Emphasize a pollution-prevention practice
- Tell audience a little about how to prevent pollution
- Tell audience where they can obtain information about prevention.
Message Content
- Focus the content for outreach materials on cost savings, such as when and where pollution prevention is as cheap as or cheaper than traditional techniques. Include facts and figures.
- Emphasize how easy it is to do the right thing and the impacts of not engaging in pollution prevention.
- Stress benefits such as efficiency or better relations with government, for businesses not primarily concerned with public image.
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 think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier. I’d suggest including these details:
- 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.
Marketing Strategy Business Plan Example
This business plan example includes the marketing strategy for the town of Gawler. In my opinion, it works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.
![samples of simple business plan Screenshot of sample marketing plan](https://knowledge.hubspot.com/hubfs/sample-business-plan-1-20240628-7175828.webp)
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
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23 of My Favorite Free Marketing Newsletters
![samples of simple business plan The 8 Best Free Flowchart Templates [+ Examples]](https://www.hubspot.com/hubfs/free-flowchart-template-1-20240716-6679104-1.webp)
The 8 Best Free Flowchart Templates [+ Examples]
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What is a Business Plan? Definition, Tips, and Templates
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7 Gantt Chart Examples You'll Want to Copy [+ 5 Steps to Make One]
![samples of simple business plan How to Write an Executive Summary Execs Can't Ignore [+ 5 Top Examples]](https://www.hubspot.com/hubfs/executive-summary-example_5.webp)
How to Write an Executive Summary Execs Can't Ignore [+ 5 Top Examples]
20 Free & Paid Small Business Tools for Any Budget
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Maximizing Your Social Media Strategy: The Top Aggregator Tools to Use
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The Content Aggregator Guide for 2024
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16 Best Screen Recorders to Use for Collaboration
2 Essential Templates For Starting Your Business
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Business Plan Samples & Examples
550+ business plan examples to inspire you
Jump-start your own business with real-world business plan examples created in LivePlan.
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Real business plan library
No business plan experience required
Looking at real business plan examples can help you visualize what a successful plan looks like. With LivePlan you’ll have access to over 550 free examples of a business plan to use as a starting point.
Browse real business plan examples covering a broad range of businesses to see how others have written effective executive summaries, planned marketing activities, created financial forecasts, and more.
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Welcome to a world without writers block
LivePlan asks you questions about your business, you simply plug in the answers. It's as easy as that. Get expert guidance, instructions, and examples for your business plan at each step.
Not sure where to start? The AI-Powered LivePlan Assistant will automatically generate ideas for each section of the plan and offer improved versions of your writing, adjusting for tone, voice, and grammar or spelling errors.
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Forget the complex formulas and spreadsheets — with automatic financials and drag-and-drop forecasting you can finish faster and be confident your numbers are accurate.
Instantly get tailored revenue and expense suggestions to add to your forecast using the AI-Powered LivePlan Assistant.
Plus, access over 40 benchmark financial metrics so you can see how your key metrics (like net profit margin and marketing spend) stack up against other businesses within your same industry.
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Business plan templates
From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.
![samples of simple business plan Big Data Startup Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/5ab1eba6-610d-4bc7-911a-8cf3faa731832F4852Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Big Data Startup Business Plan Template
Create a professional Big Data Startup business plan with our customizable Startup Business Plan Template.
![samples of simple business plan Virtual Assistant Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/b18cc659-3c5e-465f-85e6-d9b0d53d6fda2F4562Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Virtual Assistant Business Plan
Strategize your way to success with this customizable AI virtual assistant business plan template.
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Virtual Reality (VR) Business Plan
Our free virtual reality (VR) business plan helps you customize your document and create a winning strategy to land investors.
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Laundromat Business Plan
Create your success roadmap with a laundromat business plan template, designed to arrange the essentials of the laundry business.
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5-Year Business Plan Template
Empower your path to long-term success with our 5-year business plan template.
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Car Wash Business Plan Template
Launch and grow your car wash business with our customizable plan template.
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Airbnb Business Plan Template
Unlock your path to success with our Airbnb business plan template, made to guide you in structuring the fundamental aspects of your Airbnb business.
![samples of simple business plan Clothing Line Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/e7f4383b-7d3c-4002-ae3f-d3f47188019f2F7042Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Clothing Line Business Plan
Use this free and customizable clothing line business plan to appeal to investors and set up your fashion brand.
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Gym Business Plan Template
The Panda tips in this gym business plan template guide you through the process of researching and presenting information necessary to secure funding and partners for your business.
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Handyman Business Plan Template
Start a new handyman business using a well-researched handyman business plan template to meet your goals faster.
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Vending Machine Business Plan Template
If you’re starting a new vending machine business, a well-rounded vending machine business plan can improve your chances of success.
![samples of simple business plan Bar Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/85f25824-198b-4a5f-9c44-182f9e29bd7a2F4832Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Bar Business Plan Template
Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business.
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Massage Therapy Business Plan
This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.
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Bed and Breakfast Business Plan Template
Use a complete bed and breakfast business plan template to set up your business for growth and success.
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Catering Business Plan
Chart your path to success with our catering business plan template designed to help entrepreneurs organize their catering business.
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Event Venue Business Plan Template
Launch and grow your event venue with our customizable business plan template.
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Event Planning Business Plan
Prepare your event planning business for success with our ready-to-fill and easily downloadable event planning business plan template.
![samples of simple business plan Rental Property Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/833792a1-6c5c-4f09-870e-536447755ecb2F8232Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Rental Property Business Plan
Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.
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Coaching Business Plan Template
If you want to grow your new or existing coaching business, use our free coaching business plan template as a roadmap to success.
![samples of simple business plan Lawn Care Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/b5eeb3b9-2af9-4e1f-8c27-e73595a1ee462F5542Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Lawn Care Business Plan
Use a comprehensive lawn care business plan template that includes guidance and all critical information.
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T-shirt Business Plan Template
Craft a winning T-shirt business plan in a structured business format that attracts investors and funding.
![samples of simple business plan Candle-Making Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/f8ba8cad-ec4b-44cd-b254-33094236c5482F6822Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Candle-Making Business Plan Template
Use a candle-making business plan template to get together all of the information you need to ensure that your candle business succeeds.
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SBA Business Plan Template
Use our free and fully customizable SBA business plan template to get started when writing a successful proposal for an SBA loan.
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Cleaning Business Plan Template
Discover a hassle-free way to document a roadmap for your cleaning business with this free business plan template.
![samples of simple business plan Real Estate Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/c51d5cf3-13a7-46a0-a220-c7445602b2d82F9092Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-1-250x324.png)
Real Estate Business Plan Template
Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.
![samples of simple business plan Trucking Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d75be894-0cfb-4493-b3e3-094f30a544b02F8112Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Trucking Business Plan Template
Empower your journey to success with our trucking business plan template, designed as a valuable tool to organize the essentials of your trucking business.
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Food Truck Business Plan Template
Find a fully customizable, free food truck business plan template that helps you create an effective proposal for interested investors.
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Simple Business Plan Template
This simple business plan template walks you through the stages of establishing a successful business or seeking funding.
![samples of simple business plan Solar Farm Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/a1ea902e-2ee3-4739-bf19-7550c455c00c2F9922Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Solar Farm Business Plan
Give your solar farm business the best start by creating a professional business plan to keep your company on the right track.
![samples of simple business plan Ecommerce Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d9bc0eb7-ef9b-44ab-bade-e97691b6d2222F2812Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Ecommerce Business Plan Template
This Ecommerce Business Plan Template is tailored particularly to e-commerce companies, and all you require to do is add the elements related to your business.
![samples of simple business plan Accounting Firm Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/d59d7832-c4a0-4e3f-a2cb-d3ead23f4c4e2F132Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Accounting Firm Business Plan
Use this Accounting Firm Business Plan to achieve your goals. Accounting firms are comparable to other industries and need the Business Plan to help their development.
![samples of simple business plan Campground Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/d016c2cd-5541-4ac8-b1d7-abca0b887df52F82Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Campground Business Plan Template
This PandaDoc Campground Business Plan Template has all the essential information to help you develop a successful business strategy.
![samples of simple business plan Firewood Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/3606b651-3ffe-40f2-b35c-05d1d12bc6b62F72Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Firewood Business Plan
This Firewood Business Plan Template perfectly outlines the company structure of a probable firewood venture. It highlights the budgets needed to start and manage the unique business.
![samples of simple business plan Funeral Home Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/1ddf09f2-88dd-4122-85ce-2c4065ba2a212F72Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Funeral Home Business Plan
A Funeral Home Business Plan covers detailed data on the courtesies offered by the company, market analysis, administration strategies, personnel procedures, budget and financing plans, and other applicable topics.
![samples of simple business plan Community Center Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/f671e761-b334-4a1f-a300-9def8a06fce52F62Fef4afd3a-3709-442e-b600-7b38b06e7d3e2Foriginal-250x324.png)
Community Center Business Plan
You can use this Community Center Business Plan Template, it is perfect for anyone desiring to open and run a society center. It gives the center’s owner an outline of areas that must be disseminated with the investors to earn an acquisition.
![samples of simple business plan Gas Station Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/gas_station_business_plan-e1675342624651-250x324.png)
Gas Station Business Plan
Take the first step towards success in the fuel industry with our professionally crafted Gas Station Business Plan template.
![samples of simple business plan Beauty Supply Store Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/beauty_supply_store_business_plan_template-e1675341684182-250x324.png)
Beauty Supply Store Business Plan
This Beauty Supply Store Business Plan Template covers all the appropriate sections needed to invest in a beauty supply store. The template will help you to raise money for your business.
![samples of simple business plan Flower Shop Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/flower_shop_business_plan-e1675340805652-250x324.png)
Flower Shop Business Plan Template
The Flower Shop Business Plan Template is organized to help you achieve the awareness of various investors to invest in your company.
![samples of simple business plan Electrical Contractor Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/electrical_contractor_business_plan-e1675183226701-250x324.png)
Electrical Contractor Business Plan
This Electrical Contractor Business Plan template include information about the services you offer, who your target consumers are, why they should prefer you over your opponents and how much capital you require to get started.
![samples of simple business plan Car Dealership Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/car_dealership_business_plan_template-e1675174383423-250x324.png)
Car Dealership Business Plan
A Car Dealership Business Plan is a detailed plan that will help you take your business to the next level. Use this template to create your plan.
![samples of simple business plan Farm Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/farm_business_plan_template-e1674839078742-250x324.png)
Farm Business Plan
Farm Business Plan gives an overview of the company, including corporation history, owner backgrounds, creations and more. Use this template to quickly develop your farm company plan.
![samples of simple business plan Consultant Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/consultant_business_plan_template-e1674813070104-250x324.png)
Consultant Business Plan Template
An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.
![samples of simple business plan Construction Company Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/construction_company_business_plan-e1674810616356-250x324.png)
Construction Company Business Plan
The objectives and tactics of a construction company are described in a business plan for a construction company. For the creation of your business plan, use this Construction Company Business Plan Template.
![samples of simple business plan Fashion Business Plan Template](https://public-site.marketing.pandadoc-static.com/app/uploads/fashion_business_plan_template-e1674741600918-250x324.png)
Fashion Business Plan Template
Structural and action plans for a fashion firm are laid out in the fashion business plan template.
![samples of simple business plan Daycare Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/daycare_business_plan-e1674466993695-250x324.png)
Daycare Business Plan
The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.
![samples of simple business plan Convenience Store Business Plan](https://public-site.marketing.pandadoc-static.com/app/uploads/convenience_store_business_plan_template-e1674465061536-250x324.png)
Convenience Store Business Plan
Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.
![samples of simple business plan startup business plan](https://public-site.marketing.pandadoc-static.com/app/uploads/startup-business-plan-250x324.png)
Startup Business Plan Template
We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.
![samples of simple business plan business plan](https://public-site.marketing.pandadoc-static.com/app/uploads/business-plan-250x324.png)
Business Plan Template
This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.
What is a business plan?
A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.
Typically, a good business plan consists of the following:
- Executive summary
- Company description
- Mission statement
- Product and services
- Marketing plan
- Operations plan
- Management organization
- Financial plan
- Conclusion & appendix
Every section involved in a business plan is designed to help startup businesses reach their target market.
A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.
However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.
Should I use a business plan template?
Yes. If you’ve never written one, a business plan can be challenging to write.
Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.
However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.
Business plan templates for free
Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.
Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.
Grab a free template to get started!
Frequently asked questions
How many pages should my business plan be.
This depends on the kind of business plan you need to write and how you intend to use the plan that you create.
For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).
These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.
Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.
Who needs a business plan?
Every business should have a business plan. This is an essential guidance document for any founder or CEO.
Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.
Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.
What is the best business plan template?
Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.
If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.
PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.
Should I hire someone to write my business plan for me?
No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee. These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.
The reason for this is simple: You know the most about your business, and your business needs you to succeed.
A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.
Those ideas and guiding principles aren’t something you can outsource.
Should I use business planning software?
Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.
You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.
Get started with PandaDoc today
Step-by-Step Guide to Writing a Simple Business Plan
By Joe Weller | October 11, 2021
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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice.
Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .
What Is a Business Plan?
A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.
A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:
- Product goals and deadlines for each month
- Monthly financials for the first two years
- Profit and loss statements for the first three to five years
- Balance sheet projections for the first three to five years
Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.
While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.
For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .
Business Plan Steps
The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:
- Executive summary
- Description of business
- Market analysis
- Competitive analysis
- Description of organizational management
- Description of product or services
- Marketing plan
- Sales strategy
- Funding details (or request for funding)
- Financial projections
If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.
Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.
Do I Need a Simple or Detailed Plan?
Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.
How to Choose the Right Plan for Your Business
In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.
Use the chart below as a guide for what type of business plan to create:
Function | Audience | Type of Business Plan |
---|---|---|
Serve as a loose guide of objectives and timeline | Internal | Lean |
Serve as a detailed, brass-tacks blueprint of business goals and timeline | Internal | Traditional |
Serve as a strategic document with a narrative focus on organization-wide goals, priorities, and vision | Internal | Strategic |
Earn a company loan or grant | External | Traditional (with focus on financial documents) |
Attract investors or partners | External | Traditional/strategic (with focus on financials, as well as support departments, such as marketing, sales, product, etc.) |
To test a business or startup idea | Internal | Lean |
Is the Order of Your Business Plan Important?
There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.
The Difference Between Traditional and Lean Business Plans
A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.
In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.
How to Write a Business Plan Step by Step
Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.
Step 1: Executive Summary
The executive summary will always be the first section of your business plan. The goal is to answer the following questions:
- What is the vision and mission of the company?
- What are the company’s short- and long-term goals?
See our roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.
Step 2: Description of Business
The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:
- What business are we in?
- What does our business do?
Step 3: Market Analysis
In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:
- Who is our customer?
- What does that customer value?
Step 4: Competitive Analysis
In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:
- Who is the competition?
- What do they do best?
- What is our unique value proposition?
Step 5: Description of Organizational Management
In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.
Step 6: Description of Products or Services
In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.
Questions to answer in this section are as follows:
- What is the product or service?
- How do we produce it, and what resources are necessary for production?
Step 7: Marketing Plan
In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:
- Who is the target market (if different from existing customer base)?
- What channels will you use to reach your target market?
- What resources does your marketing strategy require, and do you have access to them?
- If possible, do you have a rough estimate of timeline and budget?
- How will you measure success?
Step 8: Sales Plan
Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts.
Start by answering the following questions:
- What is the sales strategy?
- What are the tools and tactics you will use to achieve your goals?
- What are the potential obstacles, and how will you overcome them?
- What is the timeline for sales and turning a profit?
- What are the metrics of success?
Step 9: Funding Details (or Request for Funding)
This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:
- How much capital do you currently have? How much capital do you need?
- How will you grow the team (onboarding, team structure, training and development)?
- What are your physical needs and constraints (space, equipment, etc.)?
Step 10: Financial Projections
Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years.
While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:
- How and when will the company first generate a profit?
- How will the company maintain profit thereafter?
Business Plan Template
![samples of simple business plan Business Plan Template](https://www.smartsheet.com/sites/default/files/2020-11/IC-Business-Plan-Template.png)
Download Business Plan Template
Microsoft Excel | Smartsheet
This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.
For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy.
If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.
How to Write a Simple Business Plan
A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.
Below are the steps for creating a generic simple business plan, which are reflected in the template below .
- Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company.
- Add a Company Overview Document the larger company mission and vision.
- Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
- Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
- Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
- Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
- Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
- Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
- Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting.
- Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.
Simple Business Plan Template
![samples of simple business plan Simple Business Plan Template](https://www.smartsheet.com/sites/default/files/2020-04/IC-Simple-Business-Plan-Template_WORD.png)
Download Simple Business Plan Template
Microsoft Excel | Microsoft Word | Adobe PDF | Smartsheet
Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.
Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates .
How to Write a Business Plan for a Lean Startup
A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.
While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:
- Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
- List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
- Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
- Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
- Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.).
- Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
- Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
- Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.
Lean Business Plan Template for Startups
![samples of simple business plan Lean Business Plan Templates for Startups](https://www.smartsheet.com/sites/default/files/2020-05/IC-Lean-Business-Plan-Template-for-Startups-Template_PDF.png)
Download Lean Business Plan Template for Startups
Microsoft Word | Adobe PDF
Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.
See our wide variety of startup business plan templates for more options.
How to Write a Business Plan for a Loan
A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.
In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.
Download free financial templates to support your business plan.
Tips for Writing a Business Plan
Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.
- Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
- Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
- Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
- Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
- Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”
Outside of these more practical tips, the language you use is also important and may make or break your business plan.
Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.
“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”
Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”
Resources for Writing a Business Plan
While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.
Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.
How a Business Plan Helps to Grow Your Business
A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships.
Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.
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How to Write a Business Plan in 9 Steps (+ Template and Examples)
Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.
If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.
Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.
You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.
Let’s get started.
What Do You Need A Business Plan For?
Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.
1. Secure Funds
One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.
For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.
A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.
Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.
2. Monitor Business Growth
A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:
- The business goals
- Methods to achieve the goals
- Time-frame for attaining those goals
A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.
You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.
3. Measure Business Success
A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.
Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.
You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.
4. Document Your Marketing Strategies
You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.
Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.
In your business plan, your marketing strategy must answer the questions:
- How do you want to reach your target audience?
- How do you plan to retain your customers?
- What is/are your pricing plans?
- What is your budget for marketing?
![samples of simple business plan Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Plan-Infographic.jpg)
How to Write a Business Plan Step-by-Step
1. create your executive summary.
The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
![samples of simple business plan Executive Summary of the business plan](https://www.founderjar.com/wp-content/uploads/2021/07/Executive-Summary-of-the-business-plan.jpg)
Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.
A good executive summary should do the following:
- A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
- Contain your Mission Statement which explains what the main objective or focus of your business is.
- Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
- The Team. Basic information about your company’s leadership team and employees
- Business Concept. A solid description of what your business does.
- Target Market. The customers you plan to sell to.
- Marketing Strategy. Your plans on reaching and selling to your customers
- Current Financial State. Brief information about what revenue your business currently generates.
- Projected Financial State. Brief information about what you foresee your business revenue to be in the future.
The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.
Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.
View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:
- Who is your target audience?
- What sector or industry are you in?
- What are your products and services?
- What is the future of your industry?
- Is your company scaleable?
- Who are the owners and leaders of your company? What are their backgrounds and experience levels?
- What is the motivation for starting your company?
- What are the next steps?
Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.
The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.
If you are writing your business plan for your planning purposes, you do not need to write the executive summary.
2. Add Your Company Overview
The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.
Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.
Your company overview should contain the following:
- What products and services you will provide
- Geographical markets and locations your company have a presence
- What you need to run your business
- Who your target audience or customers are
- Who will service your customers
- Your company’s purpose, mission, and vision
- Information about your company’s founders
- Who the founders are
- Notable achievements of your company so far
When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.
If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.
- Who are you targeting? (The answer is not everyone)
- What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
- How does your product or service overcome that pain point?
- Where is the location of your business?
- What products, equipment, and services do you need to run your business?
- How is your company’s product or service different from your competition in the eyes of your customers?
- How many employees do you need and what skills do you require them to have?
After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.
![samples of simple business plan It describes what your business does](https://www.founderjar.com/wp-content/uploads/2021/07/Company-Description-describes-what-your-business-does.jpg)
The company description or overview section contains three elements: mission statement, history, and objectives.
- Mission Statement
The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.
Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”
When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:
- Founding Date
- Major Milestones
- Location(s)
- Flagship Products or Services
- Number of Employees
- Executive Leadership Roles
When you fill in this information, you use it to write one or two paragraphs about your company’s history.
Business Objectives
Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.
3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity
The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.
Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.
This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.
Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?
You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.
Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?
Illustrate the competitive landscape as well. What are your competitors doing well and not so well?
Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.
Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.
Market Analysis
Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.
![samples of simple business plan Market Analysis for Online Business](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-for-Online-Business.jpg)
The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.
A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.
- Market Research
To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.
- Your target market’s needs or pain points
- The existing solutions for their pain points
- Geographic Location
- Demographics
The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.
Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.
You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.
How to Quantify Your Target Market
One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:
- Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
- Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
- Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
- Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.
What Does a Good Market Analysis Entail?
Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.
![samples of simple business plan Market Analysis Steps](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-Steps.jpg)
You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:
- Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
- Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
- Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
- Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
- Market Share Potential: Does your business stand a good chance of taking a good share of the market?
- Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
- Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
- Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.
The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.
Here are some questions you can answer that can help you position your product or service in a positive light to your readers.
- Is your product or service of superior quality?
- What additional features do you offer that your competitors do not offer?
- Are you targeting a ‘new’ market?
Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.
Competitive Analysis
In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.
![samples of simple business plan Four Steps to Create a Competitive Marketing Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/Four-Steps-to-Create-a-Competitive-Marketing-Analysis.jpg)
Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.
Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.
The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.
Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.
When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.
Find answers to the following questions after you have identified who your competitors are.
- What are your successful competitors doing?
- Why is what they are doing working?
- Can your business do it better?
- What are the weaknesses of your successful competitors?
- What are they not doing well?
- Can your business turn its weaknesses into strengths?
- How good is your competitors’ customer service?
- Where do your competitors invest in advertising?
- What sales and pricing strategies are they using?
- What marketing strategies are they using?
- What kind of press coverage do they get?
- What are their customers saying about your competitors (both the positive and negative)?
If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.
![samples of simple business plan How to Perform Competitive Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/How-to-Perform-Competitive-Analysis.jpg)
If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.
Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.
The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.
Direct vs Indirect Competition
You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.
There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.
If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.
In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.
For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.
There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.
Factors that Differentiate Your Business from the Competition
There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.
1. Cost Leadership
A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.
A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.
2. Product Differentiation
Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.
Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.
3. Market Segmentation
As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.
If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.
4. Define Your Business and Management Structure
The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.
Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.
If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.
Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.
The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.
Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.
Management Team
The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.
Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.
![samples of simple business plan Create Management Team For Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/Create-Management-Team-For-Business-Plan.jpg)
A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.
Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.
Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.
If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.
Key Questions to Answer When Structuring Your Management Team
- Who are the key leaders?
- What experiences, skills, and educational backgrounds do you expect your key leaders to have?
- Do your key leaders have industry experience?
- What positions will they fill and what duties will they perform in those positions?
- What level of authority do the key leaders have and what are their responsibilities?
- What is the salary for the various management positions that will attract the ideal candidates?
Additional Tips for Writing the Management Structure Section
1. Avoid Adding ‘Ghost’ Names to Your Management Team
There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.
Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.
2. Focus on Credentials But Pay Extra Attention to the Roles
Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.
While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.
Organizational Chart
![samples of simple business plan Organizational chart Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/An-organizational-chart-helps-to-identify-how-best-to-structure-your-management-team.jpg)
Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.
If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.
An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.
You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.
5. Describe Your Product and Service Offering
In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.
Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.
The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.
If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”
Your product and service section in your business plan should include the following:
- A detailed explanation that clearly shows how your product or service works.
- The pricing model for your product or service.
- Your business’ sales and distribution strategy.
- The ideal customers that want your product or service.
- The benefits of your products and services.
- Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
- Plans for filling the orders you receive
- If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.
What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services
In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.
When describing the benefits of your products or services, here are some key factors to focus on.
- Unique features
- Translating the unique features into benefits
- The emotional, psychological, and practical payoffs to attract customers
- Intellectual property rights or any patents
When describing the product life cycle of your products or services, here are some key factors to focus on.
- Upsells, cross-sells, and down-sells
- Time between purchases
- Plans for research and development.
When describing the production process for your products or services, you need to think about the following:
- The creation of new or existing products and services.
- The sources for the raw materials or components you need for production.
- Assembling the products
- Maintaining quality control
- Supply-chain logistics (receiving the raw materials and delivering the finished products)
- The day-to-day management of the production processes, bookkeeping, and inventory.
Tips for Writing the Products or Services Section of Your Business Plan
1. Avoid Technical Descriptions and Industry Buzzwords
The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.
A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.
2. Describe How Your Products or Services Differ from Your Competitors
When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.
If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.
For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.
3. Long or Short Products or Services Section
Should your products or services section be short? Does the long products or services section attract more investors?
There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.
If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.
Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.
The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.
If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.
A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.
4. Describe Your Relationships with Vendors or Suppliers
Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.
Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.
5. Your Primary Goal Is to Convince Your Readers
The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.
When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.
While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.
Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.
Key Questions to Answer When Writing your Products and Services Section
Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.
- Are your products existing on the market or are they still in the development stage?
- What is your timeline for adding new products and services to the market?
- What are the positives that make your products and services different from your competitors?
- Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
- Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
- How much does it cost to produce your products or services? How much do you plan to sell it for?
- What is the price for your products and services compared to your competitors? Is pricing an issue?
- What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
- What is your plan for acquiring your products? Are you involved in the production of your products or services?
- Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
- Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
- How do you plan to distribute your products or services to the market?
You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.
6. Show and Explain Your Marketing and Sales Plan
Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.
The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.
There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.
In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.
Outline Your Business’ Unique Selling Proposition (USP)
![samples of simple business plan Unique Selling Proposition (USP)](https://www.founderjar.com/wp-content/uploads/2021/07/Unique-Selling-Proposition-USP.jpg)
The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).
Target Market and Target Audience
Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.
![samples of simple business plan Target Market Vs Target Audience](https://www.founderjar.com/wp-content/uploads/2021/07/Target-Market-Vs-Target-Audience.jpg)
Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.
Creating a Smart Marketing and Sales Plan
Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.
Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.
Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.
Your Positioning Statement
Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.
Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?
Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market
- What are the unique features or benefits that you offer that your competitors lack?
- What are your customers’ primary needs and wants?
- Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
- How does your company’s solution compare with other solutions in the market?
After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.
All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.
Here is a simple template you can use to develop a positioning statement.
For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].
For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.
“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”
You can edit this positioning statement sample and fill it with your business details.
After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.
Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.
You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.
Basic Rules to Follow When Pricing Your Offering
Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.
- Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
- Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
- Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.
Pricing Strategy
Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.
![samples of simple business plan Pricing strategy influences the price of offering](https://www.founderjar.com/wp-content/uploads/2021/07/Pricing-strategy-influences-the-price-of-offering.jpg)
- Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
- Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
- Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.
After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.
As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.
There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.
Advertising
Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.
Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.
Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.
A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.
Public Relations
A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.
Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.
Content Marketing
Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,
![samples of simple business plan The Benefits of Content Marketing](https://www.founderjar.com/wp-content/uploads/2021/07/The-Benefits-of-Content-Marketing.jpg)
Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.
Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.
If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.
Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.
When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.
- Is your choice of packaging consistent with your positioning strategy?
- What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
- How does your packaging compare to that of your competitors?
Social Media
Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.
You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.
![samples of simple business plan Most popular social media platforms](https://www.founderjar.com/wp-content/uploads/2021/07/Most-popular-social-media-platforms.jpg)
Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.
Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.
You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.
![samples of simple business plan Choosing the right social media platform](https://www.founderjar.com/wp-content/uploads/2021/07/Choosing-the-right-social-media-platform.jpg)
Strategic Alliances
If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.
Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.
The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.
Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.
Steps Involved in Creating a Marketing and Sales Plan
1. Focus on Your Target Market
Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.
2. Evaluate Your Competition
One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.
You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.
These questions can help you know your competition.
- What makes your competition successful?
- What are their weaknesses?
- What are customers saying about your competition?
3. Consider Your Brand
Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.
4. Focus on Benefits
The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.
Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.
5. Focus on Differentiation
Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.
Key Questions to Answer When Writing Your Marketing and Sales Plan
- What is your company’s budget for sales and marketing campaigns?
- What key metrics will you use to determine if your marketing plans are successful?
- What are your alternatives if your initial marketing efforts do not succeed?
- Who are the sales representatives you need to promote your products or services?
- What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
- Where will you sell your products?
You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.
The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.
7. Clearly Show Your Funding Request
If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’
A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.
Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.
In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.
Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.
If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.
Funding Request: Debt or Equity?
When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.
Case for Equity
If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.
Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.
Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.
Case for Debt
You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.
When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.
Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.
Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.
You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.
Additional Tips for Writing the Funding Request Section of your Business Plan
The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.
If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.
You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.
If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .
Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.
8. Detail Your Financial Plan, Metrics, and Projections
If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.
The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.
If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.
Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.
If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.
When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.
The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.
Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.
Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.
Use Graphs and Charts
The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.
Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.
Address the Risk Factors and Show Realistic Financial Projections
Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.
You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.
What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan
The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.
A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.
Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.
1. Sales Forecast
Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.
One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.
For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.
![samples of simple business plan Benefits of Sales Forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Benefits-of-Sales-Forecasting.jpg)
Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.
Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.
For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.
![samples of simple business plan Factors that affect sales forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Factors-that-affect-sales-forecasting.jpg)
2. Personnel Plan
The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.
However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.
The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.
![samples of simple business plan True HR Cost Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/True-HR-Cost.jpg)
3. Income Statement
The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.
![samples of simple business plan The income statement section](https://www.founderjar.com/wp-content/uploads/2021/07/The-income-statement-section.jpg)
Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.
The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.
- Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
- Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
- Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
- Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
- Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
- Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
- Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
- Net profit shows whether your business has made a profit or taken a loss during a given timeframe.
4. Cash Flow Statement
The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.
![samples of simple business plan Cash Flow Statement Example](https://www.founderjar.com/wp-content/uploads/2021/07/Cash-Flow-Statement-Example.jpg)
5. Balance Sheet
The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.
You can get the net worth of your company by subtracting your company’s liabilities from its assets.
![samples of simple business plan Balance sheet Formula](https://www.founderjar.com/wp-content/uploads/2021/07/Balance-sheet-Formula.jpg)
6. Exit Strategy
The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.
You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.
Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.
Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.
![samples of simple business plan Exit Strategy Section of Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Exit-Strategy-Section-of-Business-Plan-Infographic.jpg)
Key Questions to Answer with Your Financial Plan, Metrics, and Projection
Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.
You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.
Here are some key questions to answer to help you develop this section.
- What is your sales forecast for the next year?
- When will your company achieve a positive cash flow?
- What are the core expenses you need to operate?
- How much money do you need upfront to operate or grow your company?
- How will you use the loans or investments?
9. Add an Appendix to Your Business Plan
Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.
The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.
When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.
Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.
You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.
If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.
A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.
The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.
People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.
Common Items to Include in the Appendix Section of Your Business Plan
The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:
- Additional data about the process of manufacturing or creation
- Additional description of products or services such as product schematics
- Additional financial documents or projections
- Articles of incorporation and status
- Backup for market research or competitive analysis
- Bank statements
- Business registries
- Client testimonials (if your business is already running)
- Copies of insurances
- Credit histories (personal or/and business)
- Deeds and permits
- Equipment leases
- Examples of marketing and advertising collateral
- Industry associations and memberships
- Images of product
- Intellectual property
- Key customer contracts
- Legal documents and other contracts
- Letters of reference
- Links to references
- Market research data
- Organizational charts
- Photographs of potential facilities
- Professional licenses pertaining to your legal structure or type of business
- Purchase orders
- Resumes of the founder(s) and key managers
- State and federal identification numbers or codes
- Trademarks or patents’ registrations
Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.
Tips and Strategies for Writing a Convincing Business Plan
To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.
1. Know Your Audience
When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.
The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.
Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.
- A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
- A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
- A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.
2. Get Inspiration from People
Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.
To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.
When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.
3. Avoid Being Over Optimistic
Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.
The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.
In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.
The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.
To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.
4. Keep it Simple and Short
When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.
One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.
Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.
You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.
To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.
5. Make an Outline and Follow Through
A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.
For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.
To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.
This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:
- Table of contents
- Introduction
- Product or service description
- Target audience
- Market size
- Competition analysis
- Financial projections
Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.
6. Ask a Professional to Proofread
When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.
You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.
In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.
Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.
Business Plan Examples and Templates That’ll Save You Tons of Time
1. hubspot's one-page business plan.
![samples of simple business plan HubSpot's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-One-Page-Business-Plan.jpg)
The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.
Hubspot’s one-page business plan template is divided into nine fields:
- Business opportunity
- Company description
- Industry analysis
- Target market
- Implementation timeline
- Marketing plan
- Financial summary
- Funding required
2. Bplan’s Free Business Plan Template
![samples of simple business plan Bplan’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Bplans-Free-Business-Plan-Template.jpg)
Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.
The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.
3. HubSpot's Downloadable Business Plan Template
![samples of simple business plan HubSpot's Downloadable Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-Downloadable-Business-Plan-Template.jpg)
HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.
The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.
There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.
4. Business Plan by My Own Business Institute
![samples of simple business plan The Business Profile](https://www.founderjar.com/wp-content/uploads/2021/07/The-Business-Profile.jpg)
My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.
The comprehensive template consists of a whopping 15 sections.
- The Business Profile
- The Vision and the People
- Home-Based Business and Freelance Business Opportunities
- Organization
- Licenses and Permits
- Business Insurance
- Communication Tools
- Acquisitions
- Location and Leasing
- Accounting and Cash Flow
- Opening and Marketing
- Managing Employees
- Expanding and Handling Problems
There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.
5. Score's Business Plan Template for Startups
![samples of simple business plan Score's Business Plan Template for Startups](https://www.founderjar.com/wp-content/uploads/2021/07/Scores-Business-Plan-Template-for-Startups.jpg)
Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.
The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.
There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.
The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.
6. Minimalist Architecture Business Plan Template by Venngage
![samples of simple business plan Minimalist Architecture Business Plan Template by Venngage](https://www.founderjar.com/wp-content/uploads/2021/07/Minimalist-Architecture-Business-Plan-Template-by-Venngage.jpg)
The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .
There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.
7. Small Business Administration Free Business Plan Template
![samples of simple business plan Small Business Administration Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Small-Business-Administration-Free-Business-Plan-Template.jpg)
The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.
There are five sections in the two SBA’s free business plan templates.
- Executive Summary
- Company Description
- Service Line
- Marketing and Sales
8. The $100 Startup's One-Page Business Plan
![samples of simple business plan The $100 Startup's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/The-100-Startups-One-Page-Business-Plan.jpg)
The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.
There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.
9. PandaDoc’s Free Business Plan Template
![samples of simple business plan PandaDoc’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/PandaDocs-Free-Business-Plan-Template.jpg)
The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.
There are 11 sections in PandaDoc’s free business plan template.
- Executive summary
- Business description
- Products and services
- Operations plan
- Management organization
- Financial plan
- Conclusion / Call to action
- Confidentiality statement
You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)
PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.
10. Invoiceberry Templates for Word, Open Office, Excel, or PPT
![samples of simple business plan Invoiceberry Templates Business Concept](https://www.founderjar.com/wp-content/uploads/2021/07/Invoiceberry-Templates-Business-Concept.jpg)
InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.
Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.
Alternatives to the Traditional Business Plan
A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.
Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.
Business Model Canvas (BMC)
The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.
![samples of simple business plan Business Model Canvas (BMC) Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Model-Canvas-BMC.jpg)
The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.
Segments of the Business Model Canvas
The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.
![samples of simple business plan Segments of the Business Model Canvas](https://www.founderjar.com/wp-content/uploads/2021/07/Segments-of-the-Business-Model-Canvas.jpg)
- Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
- Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
- The Product’s Value Propositions: What does your product do? How will it be different from other products?
- Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
- Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
- Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
- Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
- Cost Structure: What is the estimated cost of production? How much will distribution cost?
- Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?
Lean Canvas
The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.
![samples of simple business plan The lean canvas is a problem oriented alternative to the standard business model canvas](https://www.founderjar.com/wp-content/uploads/2021/07/The-lean-canvas-is-a-problem-oriented-alternative-to-the-standard-business-model-canvas.jpg)
Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:
- Problem: Simple and straightforward number of problems you have identified, ideally three.
- Solution: The solutions to each problem.
- Unfair Advantage: Something you possess that can't be easily bought or replicated.
- Key Metrics: Important numbers that will tell how your business is doing.
Startup Pitch Deck
While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.
Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.
![samples of simple business plan Startup Pitch Deck Presentation](https://www.founderjar.com/wp-content/uploads/2021/07/Startup-Pitch-Deck-Presentation.jpg)
Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.
Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.
![samples of simple business plan Airbnb Pitch Deck](https://www.founderjar.com/wp-content/uploads/2021/07/Airbnb-Pitch-Deck.jpg)
Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.
- Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
- Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
- Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
- Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
- Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
- Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
- Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
- Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
- Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
- Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
- Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
- Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.
It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.
Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.
Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan
- Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
- Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
- Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
- Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.
Business Plan FAQ
Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time. They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.
Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans. A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.
A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs. Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.
The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.
A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.
Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.
Exlore Further
- 12 Key Elements of a Business Plan (Top Components Explained)
- 13 Sources of Business Finance For Companies & Sole Traders
- 5 Common Types of Business Structures (+ Pros & Cons)
- How to Buy a Business in 8 Steps (+ Due Diligence Checklist)
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Martin luenendonk.
Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.
This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.
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How To Write A Business Plan (2024 Guide)
![samples of simple business plan Julia Rittenberg](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/juliaheadshot_2020-016-88x88.jpeg)
Updated: Apr 17, 2024, 11:59am
![samples of simple business plan How To Write A Business Plan (2024 Guide)](https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2022/06/Image_-_Busines_plan_.jpeg.jpg)
Table of Contents
Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.
Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.
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Drafting the Summary
An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.
Ask for Help
When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.
After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business.
The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.
Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.
Numbers-based Goals
Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.
Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.
Intangible Goals
Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.
The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.
If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.
This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.
You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.
Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.
Business Operations Costs
Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.
Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.
Other Costs
Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.
Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.
How do I write a simple business plan?
When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.
What are some common mistakes in a business plan?
The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.
What basic items should be included in a business plan?
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
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![samples of simple business plan Jacqueline Nguyen, Esq.](https://www.forbes.com/advisor/wp-content/uploads/2022/02/Nguyen-Headshot-1.png)
Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.
How to Write a Business Plan (Plus Examples & Templates)
![samples of simple business plan samples of simple business plan](https://www.upflip.com/wp-content/uploads/2024/06/1554309957717-150x150.jpeg)
Have you ever wondered how to write a business plan step by step? Mike Andes, told us:
This guide will help you write a business plan to impress investors.
Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses. He knows a thing or two about writing business plans!
We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!
What Is a Business Plan?
A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including:
- Finding customers
- Plans for developing a team
- Competition
- Legal structures
- Key milestones you are pursuing
If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .
Get a Business Idea
Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills.
Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:
- What am I good at?
- What would I enjoy doing?
- What can I get paid for?”
![How to Write a Business Plan (Plus Examples & Templates) 1 Three adjoining circles about business opportunity](https://www.upflip.com/wp-content/uploads/2021/05/business-opportunity-for-business-plan-writing.jpg)
If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it.
As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”
If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video
Conduct Market Analysis
Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.
Product and Service Demand
![How to Write a Business Plan (Plus Examples & Templates) 2 An image showing product service and demand](https://www.upflip.com/wp-content/uploads/2021/05/product-service-and-demand.jpg)
A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.
With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services.
If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.
You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.
I ran a quick test of how many people between 18-65 you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.
Identify Demographics of Target Market
Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:
- Other Interests
- Marital Status
- Do they have kids?
Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,
“It helps you quickly evaluate what the best areas are for your business to be located.”
How to Write a Business Plan
![How to Write a Business Plan (Plus Examples & Templates) 3 Business plan development](https://www.upflip.com/wp-content/uploads/2021/04/business-plan-development.jpg)
Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan.
Each of the following should be a section of your business plan:
- Business Plan Cover Page
- Table of Contents
- Executive Summary
- Company Description
- Description of Products and Services
SWOT Analysis
- Competitor Data
- Competitive Analysis
- Marketing Expenses Strategy
Pricing Strategy
- Distribution Channel Assessment
- Operational Plan
- Management and Organizational Strategy
- Financial Statements and/or Financial Projections
We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go.
How to Write a Business Plan Step 1. Create a Cover Page
The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.
A good business plan should have the following elements on a cover page:
- Professionally designed logo
- Company name
- Mission or Vision Statement
- Contact Info
Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.
How to Write a Business Plan Step 2. Create a Table of Contents
Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.
A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.
Check out Canva’s article about creating a table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.
How to Write a Business Plan Step 3. Write an Executive Summary
![How to Write a Business Plan (Plus Examples & Templates) 4 A notepad with a written executive summary for business plan writing](https://www.upflip.com/wp-content/uploads/2021/05/executive-summary-for-business-plan-writing.jpg)
An executive summary is where your business plan should catch the readers interest. It doesn’t need to be long, but should be quick and easy to read.
Mike told us,
How long should an executive summary bein an informal business plan?
For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches . This can also be used for the content of emails to get readers’ attention.
It consists of three basic parts:
- An introduction to you and your business.
- What your business is about.
- A call to action
Example of an informal executive summary
One of the best elevator pitches I’ve used is:
So far that pitch has achieved a 100% success rate in getting partnerships for the business.
What should I include in an executive summary for investors?
Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:
- Introduction of yourself and company.
- An origin story (Recognition of a problem and how you came to solution)
- An introduction to your products or services.
- Your unique value proposition. Make sure to include intellectual property.
- Where you are in the business life cycle
- Request and why you need it.
Successful business plan examples
The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.
Here’s the interview with the owner of Urbanity:
When to write an executive summary?
Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.
What mistakes do people make when writing an executive summary?
Business owners commonly go into too much detail about the following items in an executive summary:
- Marketing and sales processes
- Financial statements
- Organizational structure
- Market analysis
These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.
How to Write a Business Plan Step 4. Company Description
Every business plan should include a company description. A great business plan will include the following elements while describing the company:
- Mission statement
- Philosophy and vision
- Company goals
Target market
- Legal structure
Let’s take a look at what each section includes in a good business plan.
Mission Statement
A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements.
Company Philosophy and Vision
![How to Write a Business Plan (Plus Examples & Templates) 5 Writing the company philosophy and vision](https://www.upflip.com/wp-content/uploads/2021/05/company-vision-for-business-plan-writing.jpg)
The company philosophy is what drives your company. You’ll normally hear them called core values. These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.
What makes your company different?
Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity.
Examples of core values
One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:
- Prioritize communication.
- Never stop learning.
- Be transparent.
- Start small and grow incrementally.
These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .
What is a vision statement?
A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.
Example vision statements
The Alzheimer’s Association is a great example of a vision statement:
A world without Alzheimer’s Disease and other dementia.
It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.
Business Goals
You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.
Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.
How far in advance should a business plan?
Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.
Example of great business goals
My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.
If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).
![How to Write a Business Plan (Plus Examples & Templates) 6 A man holding an iPad with a cup of coffee on his desk](https://www.upflip.com/wp-content/uploads/2021/04/target-market-for-charter-boat-business.jpg)
You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources.
Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.
A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:
- What is the industry outlook long-term and short-term?
- How will your business take advantage of projected industry changes and trends?
- What might happen to your competitors and how will your business successfully compete?
Industry resources
Some helpful resources to help you establish more about your industry are:
- Trade Associations
- Federal Reserve
- Bureau of Labor Statistics
Legal Structure
There are five basic types of legal structures that most people will utilize:
- Sole proprietorships
- Limited Liability Companies (LLC)
Partnerships
Corporations.
- Franchises.
Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.
You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.
Sole Proprietorship
A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.
To start a sole proprietorship, fill out a special tax form called a Schedule C . Sole proprietors can also join the American Independent Business Alliance .
Limited Liability Company (LLC)
An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.
Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.
Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.
Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .
![How to Write a Business Plan (Plus Examples & Templates) 7 An iPad with colored pens on a desk](https://www.upflip.com/wp-content/uploads/2020/12/franchise-for-car-rental-business.jpg)
There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.
How to Write a Business Plan Step 5. Products and Services
This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:
- Unique features that differentiate your business products from competitors
- Intellectual property
- Your supply chain
- Cost and pricing structure
Questions to answer about your products and services
Mike gave us a list of the most important questions to answer about your product and services:
- How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
- How do you let them know they need a product?
- How do you communicate the message?
- How will you do transactions?
- How much will you be selling it for?
- How many do you think you’ll sell and why?
Make sure to use the worksheet on our business plan template .
How to Write a Business Plan Step 6. Sales and Marketing Plan
The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer. It should contain the following sections:
SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.
Business owners need to do a thorough job documenting how their service or product stacks up against the competition.
If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .
SWOT Examples
![How to Write a Business Plan (Plus Examples & Templates) 8 Business plan SWOT analysis](https://www.upflip.com/wp-content/uploads/2021/05/SWOT-analysis-for-writing-a-business-plan-1.jpg)
Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.
Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:
- Adding offerings that fit with your current small business
- Increase sales to current customers
- Reducing costs through bulk ordering
- Finding ways to reduce inventory
- And other areas you can improve
Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.
The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing.
Include Competitor Data in Your Business Plan
When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.
For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .
What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.
Marketing Strategy
The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.
If you haven’t already included it, Mike recommends:
“They’ll want to know about Demographics, ages, and wealth of your target market.”
Make sure to include the Total addressable market . The term refers to the value if you captured 100% of the market.
Advertising Strategy
You’ll explain what formats of advertising you’ll be using. Some possibilities are:
- Online: Facebook and Google are the big names to work with here.
- Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
- Radio : iHeartMedia is one of the best ways to advertise on the radio
- Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
- Billboards: Attracting customers with billboards can be beneficial in high traffic areas.
You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.
Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”
Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .
![How to Write a Business Plan (Plus Examples & Templates) 9 An iPad with graph about pricing strategy](https://www.upflip.com/wp-content/uploads/2021/05/pricing-strategy-for-business-plan-writing-1.jpg)
This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.
Some common pricing strategies are:
- Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
- Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
- Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
- Freemium services – Commonly used for software, where there is a free plan, then purchase options for more functionality.
HubSpot has a great calculator and blog on pricing strategies.
Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.
Distribution Plan
This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.
Supply Chain Examples
For instance, lawn care companies would need to cover aspects such as:
- Suppliers for lawn care equipment and tools
- Any chemicals or treatments needed
- Repair parts for sprinkler systems
- Vehicles to transport equipment and employees
- Insurance to protect the company vehicles and people.
Examples of Supply Chains
These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:
- Raw materials
- Shipping of raw materials
- Converting of raw materials to thread
- Shipping thread to produce garments
- Garment producer
- Shipping to company
- Company storage
- Shipping to retail stores
There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.
The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.
According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.
How to Write a Business Plan Step 7. Company Organization and Operational Plan
This part of the business plan is focused on how the business model will function while serving customers. The business plan should provide an overview of how the team will manage the following aspects:
Quality Control
- Legal environment
Let’s look at each for some insight.
Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.
If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.
![How to Write a Business Plan (Plus Examples & Templates) 10 A wooden stamp with the words "quality control"](https://www.upflip.com/wp-content/uploads/2021/05/quality-control-for-business-plan-writing-1.jpg)
Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.
Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.
There are a variety of organizations that help define quality control including:
- International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
- AICPA – Standard defined for accounting.
- The Joint Commission – Healthcare
- ASHRAE – HVAC best practices
You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.
For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.
- The size of your location
- The type of building (retail, industrial, commercial, etc.)
- Zoning restrictions – Urban Wire has a good map on how zoning works in each state
- Accessibility – Does it meet ADA requirements?
- Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
- Utilities – b.e.f. has a good energy calculator .
Legal Environment
The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:
- Any licenses and/or permits that are needed and whether you’ve obtained them
- Any trademarks, copyrights, or patents that you have or are in the process of applying for
- The insurance coverage your business requires and how much it costs
- Any environmental, health, or workplace regulations affecting your business
- Any special regulations affecting your industry
- Bonding requirements, if applicable
Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.
Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:
- What is the current leadership structure and what will it look like in the future?
- What types of employees will you have? Are there any licensing or educational requirements?
- How many employees will you need?
- Will you ever hire freelancers or independent contractors?
- What is each position’s job description?
- What is the pay structure (hourly, salaried, base plus commission, etc.)?
- How do you plan to find qualified employees and contractors?
One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:
![How to Write a Business Plan (Plus Examples & Templates) 11 Organization chart](https://www.upflip.com/wp-content/uploads/2021/05/the-organization-chart.jpg)
Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.
How to Write a Business Plan Step 8. Financial Statements
No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.
Provide All Financial Income from an Existing Business
An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.
You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.
If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:
- Higher Revenue if expanding business
- Lower Cost of Goods Sold if purchasing inventory with bulk discounts
- Adding interest if utilizing financing (not equity deal)
- Changes in expenses
- Addition of financing information to the cash flow statement
- Changes in Earnings per Share on the balance sheet
Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.
Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.
Financial Projections For A Startup Business Plan
Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.
Mike gave the following advice in his interview:
Financial Forecasting Mistakes
One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.
Let’s use custom t-shirts as an example.
Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.
With that data, you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.
Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.
Here’s a table for easier viewing of that information.
![How to Write a Business Plan (Plus Examples & Templates) 12 A table showing yearly revenue of a business](https://www.upflip.com/wp-content/uploads/2021/05/projection-of-revenue-for-business-plan-writing.jpg)
The point here is to make sure your business proposal examples make sense.
You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.
Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.
How to Write a Business Plan Step 9. Business Plan Example of Funding Requests
What is a business plan without a plan on how to obtain funding?
The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.
In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.
Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.
Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.
Ways to get funding for a small business
There are a variety of ways to cover this. the most common are:
- Bootstrapping – Using your savings without external funding.
- Taking out debt – loans, credit cards
- Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
- Crowdsourcing – Promising a good for funding to create the product
Keep reading for more tips on how to write a business plan.
How funding will be used
When asking for business financing make sure to include:
- How much to get started?
- What is the minimum viable product and how soon can you make money?
- How will the money be spent?
Mike emphasized two aspects that should be included in every plan,
How to Write a Business Plan Resources
Here are some links to a business plan sample and business plan outline.
- Sample plan
It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:
- Wise Plans – Shares a lot of information on starting businesses and is a business plan writing company.
- Optimus Business Plans – Another business plan writing company.
- Venture Capital – A venture capital thread that can help give you ideas.
How to Write a Business Plan: What’s Next?
We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:
- The definition of a business plan
- Coming up with a business idea
- Performing market research
- The critical components of a business plan
- An example business plan
In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.
Don’t forget to check out the rest of our business hub .
Have you written a business plan before? How did it impact your ability to achieve your goals?
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nice work https://binarychemist.com/
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Blog Business 15+ Best Business Plan Examples for Entrepreneurs & Startups
15+ Best Business Plan Examples for Entrepreneurs & Startups
Written by: Jennifer Gaskin Jun 09, 2021
![samples of simple business plan 15+ Business Plan Examples to Win Your Next Round of Funding Blog Header](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/15-Business-Plan-Examples-to-Win-Your-Next-Round-of-Funding-Blog-Header-1.png)
Not having a solid plan makes it unlikely for you to achieve the goals you seek, whether it’s getting your to-do list done or launching a successful organization.
In the early stages of a company, that means developing things like pitch decks, business plans, one-sheeters and more. With Venngage’s Business Plan Builder , you can easily organize your business plan into a visually appealing format that can help you win over investors, lenders or partners.
Learn more about how to create a business plan so you can hit the ground running after reading through this list for inspirational business plan templates .
15+ Best business plan examples for entrepreneurs and startups
Simple business plan example, startup business plan example, small business plan example, nonprofit business plan example, strategic business plan example, market analysis business plan example, sales business plan example, organization and management business plan example, marketing and sales strategy business plan example, apple business plan example, airbnb business plan example, sequoia capital business plan example.
While your business plan should be supported by thorough and exhaustive research into your market and competitors, the resulting document does not have to be overwhelming for the reader. In fact, if you can boil your business plan down to a few key pages, all the better.
Simple business plan outline:
- Table of contents : List all sections and sub-sections within the business plan.
- Business review : Include an overview of the business’s purpose, history, and key objectives.
- The market : Analyze the target market, including customer demographics and market needs.
- The competition : Evaluate the main competitors and their strengths and weaknesses in the market.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Green-Simple-Business-Plan-Template.png)
The simple, bold visual aesthetic of this business plan template pairs well with the straightforward approach to the content and various elements of the business plan itself.
Use Venngage’s My Brand Kit to automatically add your brand colors and fonts to your business plan with just a few clicks.
An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.
For a typical startup, the need to appear disruptive in the industry is important. After all, if you’re not offering anything truly new, why would an investor turn their attention toward your organization. That means establishing a problem and the ways in which you solve it right away.
Startup business plan outline:
- The problem : Identify the specific issue or pain point your startup aims to solve.
- Target market & opportunity : Define your customers and the potential market size.
- The solution : Describe the product or service that addresses the identified problem.
- Traction and validation/roadmap : Outline the progress made so far and the future milestones and goals.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Red-Investor-Pitch-Deck-Template.png)
Whether it’s a full-scale business plan or, in this case, a pitch deck, the ideal way for a startup to make a splash with its plans is to be bold. This successful business plan example is memorable and aspirational.
In the Venngage editor, you can upload images of your business. Add these images to your plans and reports to make them uniquely your own.
All businesses start out small at first, but that doesn’t mean their communications have to be small. One of the best ways to get investors, lenders and talent on board is to show that you’ve done your due diligence.
Small business plan outline:
- Table of contents : List down of all the sections and sub-sections in the business plan.
- Business overview : Include a quick overview of what your business is all about, including your mission and goals.
- The market : Analyzes who your customers are, what they need, and how big the market is.
- The competition : Look into your main competitors and what they’re good at (and not so good at).
- Sales and marketing plan : Lay out your game plan for attracting and keeping customers.
- Operating plan : Explain how you’ll run the day-to-day operations and manage the business.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Comprehensive-Business-Proposal.png)
In this small business plan example, the content is spread over many pages, which is useful in making lengthy, in-depth research feel less like a chore than packing everyone on as few pages as possible.
Organizations that set out to solve problems rather than earning profits also benefit from creating compelling business plans that stir an emotional response in potential donors, benefactors, potential staff members or even media.
Nonprofit business plan outline:
- Table of contents : Lists all sections and sub-sections of your nonprofit business plan.
- Introduction : Provide an overview of your mission and purpose.
- Goal : State the specific objectives your nonprofit organization aims to achieve.
- Impact & strategy : Explain how you plan to create positive change and the methods you will use.
![samples of simple business plan Green Tree Nonprofit Business Plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Nonprofit-Impact-Report.png)
Simplicity is the goal for nonprofits when it comes to business plans, particularly in their early days. Explain the crisis at hand and exactly how your organization will make a difference, which will help donors visualize how their money will be used to help.
Business plans are also helpful for companies that have been around for a while. Whether they’re considering new products to launch or looking for new opportunities, companies can approach business plans from the strategy side of the equation as well.
Strategic business plan outline:
- The problem, issue, or job at hand : Define the specific challenge or task the strategic plan addresses.
- Approach & methodology : Describe the methods and strategies that will be used to tackle the problem or achieve the objective.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Professional-Business-Action-Plan-Template.png)
Strategic business plans or strategy infographics should be highly focused on a single area or problem to be solved rather than taking a holistic approach to the entire business. Expanding scope too much can make a strategy seem too difficult to implement.
Easily share your business plan with Venngage’s multiple download options, including PNG, PNG HD, and as an interactive PDF.
One-page business plan example
For organizations with a simple business model, often a one-page business plan is all that’s needed. This is possible in any industry, but the most common are traditional ones like retail, where few complex concepts need to be explained.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Light-Strategic-Sales-Action-Plan-Template.png)
This one-page strategic business plan example could be easily replicated for an organization that offers goods or services across multiple channels or one with three core business areas. It’s a good business plan example for companies whose plans can be easily boiled down to a few bullet points per area.
Especially when entering a saturated market, understanding the landscape and players is crucial to understanding how your organization can fit it—and stand out. That’s why centering your business plan around a market analysis is often a good idea.
Market analysis business plan outline:
- Table of contents : Lists all sections and sub-sections of the market analysis business plan.
- Executive summary : Provide a brief overview of the key points of the market analysis.
- Business overview : Summarize your business’s mission, vision and core activities.
- The market : Analyze the target market, including customer demographics and market trends.
- The competition : Review the main competitors and their market positioning.
- Sales & marketing plan : Outline strategies for reaching and engaging customers.
- Operating plan : Details the day-to-day operations and management structure.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Design-Consultant-Business-Plan-Template.png)
In this example, the majority of the content and about half the pages are focused on the market analysis, including competitors, trends, pricing, demographics and more. This successful business plan example ensures the artwork and style used perfectly matches the company’s aesthetic, which further reinforces its position in the market.
You can find more memorable business plan templates to customize in the Venngage editor. Browse Venngage’s business plan templates to find plans that work for you and start editing.
Company description business plan example
Depending on the market, focusing on your company story and what makes you different can drive your narrative home with potential investors. By focusing your business plan on a company description, you center yourself and your organization in the minds of your audience.
Company description business plan outline:
- Executive summary : Briefly summarize the key components and objectives of the company description section.
- Approach & direction : Outline the company’s strategy, goals and the direction it intends to take in achieving them.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Simple-Interior-Design-Business-Plan-Template.png)
This abbreviated plan is a good business plan example. It uses most of the content to tell the organization’s story. In addition to background about the company, potential investors or clients can see how this design firm’s process is different from their rivals.
With Venngage Business , you can collaborate with team members in real-time to create a business plan that will be effective when presenting to investors.
Five-year business plan example
For most startups or young companies, showing potential investors or partners exactly how and when the company will become profitable is a key aspect of presenting a business plan. Whether it’s woven into a larger presentation or stands alone, you should be sure to include your five-year business plan so investors know you’re looking far beyond the present.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Red-Orange-Sales-Plan-Proposal-Table-Template.png)
With Venngage’s Business Plan Builder , you can customize a schedule like this to quickly illustrate for investors or partners what your revenue targets are for the first three to five years your company is in operation.
The lifeblood of any company is the sales team. These are the energetic folks who bring in new business, develop leads and turn prospects into customers. Focusing your energy on creating a sales business plan would prove to investors that you understand what will make your company money.
Sales business plan outline:
- Table of contents : List all sections and subsections within the sales business plan.
- Target market : Identify the specific segment or segments of customers the sales efforts will focus on.
- Customer profile : Provide detailed descriptions of the ideal customers, including demographics, preferences and needs.
- Action plan : Outline the specific steps and strategies to be taken to reach and engage the target market and achieve sales objectives.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Food-Customer-Sales-Action-Plan-Template.png)
In this example sales business plan, several facets of ideal buyers are detailed. These include a perfect customer profile that helps to convey to your audience that customer relationships will be at the heart of your operation.
You can include business infographics in your plan to visualize your goals. And with Venngage’s gallery of images and icons, you can customize the template to better reflect your business ethos.
Company mergers and shakeups are also major reasons for organizations to require strong business planning. Creating new departments, deciding which staff to retain and charting a course forward can be even more complex than starting a business from scratch.
Organization and management business plan outline:
- Table of contents : List all sections and subsections within the organization and management business plan.
- About us : Provide an overview of the organization, its mission, vision and values.
- Project summary : Summarize the key details and objectives of the project.
- Project timeline : Outline the milestones and schedule for completing the project.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Gradient-Business-Consulting-Proposal-Template.png)
This organization and management business plan focuses on how the company can optimize operations through a few key organizational projects.
Executive summary for business plan example
Executive summaries give your business plan a strong human touch, and they set the tone for what’s to follow. That could mean having your executive leadership team write a personal note or singling out some huge achievements of which you’re particularly proud in a business plan infographic .
Executive summary business plan outline:
- Table of contents : Lists all sections and subsections within the executive summary business plan.
- Executive summary : Provide a concise overview of the entire business plan, highlighting key points and objectives.
- Statement of problem : Clearly define the specific issue or challenge the business aims to address.
- Approach & methodology : Outline the methods and strategies that will be employed to solve the stated problem or achieve the desired goals.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Interior-Design-Business-Plan-Template.png)
In this executive summary for a business plan, a brief note is accompanied by a few notable achievements that signal the organization and leadership team’s authority in the industry.
Marketing and sales are two sides of the same coin, and clever companies know how they play off each other. That’s why centering your business plan around your marketing and sales strategy can pay dividends when it comes time to find investors and potential partners.
Marketing and sales strategy business plan outline:
- Table of contents : List all sections and subsections within the marketing and sales strategy business plan.
- Positioning : Describe how the business intends to position its products or services in the market to stand out from competitors.
- Value prop : Highlight the unique value proposition that the business offers to its target customers, including its benefits and advantages.
- Marketing strategy : Outline the overall approach and tactics that will be used to promote the products or services and attract customers.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Dark-Sales-Action-Plan-Template.png)
This marketing and sales business plan example is the picture of a sleek, modern aesthetic, which is appropriate across many industries and will speak volumes to numbers-obsesses sales and marketing leaders.
Do business plans really help? Well, here’s some math for you; in 1981, Apple had just gone public and was in the midst of marketing an absolute flop , the Apple III computer. The company’s market cap, or total estimated market value, could hit $3 trillion this year.
Did this Apple business plan make the difference? No, it’s not possible to attribute the success of Apple entirely to this business plan from July 1981, but this ancient artifact goes to show that even the most groundbreaking companies need to take an honest stock of their situation.
![samples of simple business plan business plan example](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Macintosh-business-plan-1.png)
Apple’s 1981 business plan example pdf covers everything from the market landscape for computing to the products that founder Steve Jobs expects to roll out over the next few years, and the advanced analysis contained in the document shows how strategic Jobs and other Apple executives were in those early days.
Inviting strangers to stay in your house for the weekend seemed like a crazy concept before Airbnb became one of the world’s biggest companies. Like all disruptive startups, Airbnb had to create a robust, active system from nothing.
Airbnb business plan outline:
- Problem : Identify the specific challenge or need in the accommodation industry that the Airbnb business aims to address.
- Solution : Describe how Airbnb’s platform provides a solution to the identified problem by connecting hosts with guests.
- Market validation : Demonstrate through research or evidence that there is demand for Airbnb’s services.
- Market size : Estimate the total addressable market for Airbnb’s accommodation services.
- Product : Detail the features and functionalities of the Airbnb platform for both hosts and guests.
- Business model : Explain how Airbnb generates revenue and sustains its operations.
- Market adoption : Discuss the rate at which Airbnb’s services are being embraced by hosts and guests.
- Competition : Identify other players in the accommodation industry offering similar services to Airbnb.
- Competitive advantages : Highlight the unique strengths or advantages that set Airbnb apart from its competitors.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Airbnb-Pitch-Deck.png)
As this Airbnb business plan pitch deck example shows, for companies that are introducing entirely new concepts, it’s helpful not to get too into the weeds. Explain the problem simply and boil down the essence of your solution into a few words; in this case, “A web platform where users can rent out their space” perfectly sums up this popular company.
Sequoia Capital is one of the most successful venture capital firms in the world, backing startups that now have a combined stock market value of more than $1 trillion, according to a Forbes analysis .
For young companies and startups that want to play in the big leagues, tailoring your pitch to something that would appeal to a company like Sequoia Capital is a good idea. That’s why the company has a standard business plan format it recommends .
Sequoia capital business plan outline:
- Company purpose : Clarify the core reason for the business and its overarching goals.
- Problems : Identify specific challenges or pain points that the business aims to solve.
- Solution : Describe how the business addresses the identified problems with its products or services.
- Market potential : Assess the size and growth opportunities within the target market for the business.
- Competition : Analyze existing competitors and their strengths and weaknesses in the market.
- Business model : Outline how the business plans to generate revenue and sustain its operations.
- Our team : Introduce the key members of the team and their relevant expertise and experience.
- Financials : Provide projections and forecasts for the financial performance of the business.
- Vision : Articulate the long-term aspirations and goals that the business seeks to achieve.
![samples of simple business plan samples of simple business plan](https://venngage-wordpress.s3.amazonaws.com/uploads/2021/06/Modern-Sequoia-Capital-Pitch-Deck-Template.png)
Using Sequoia Capital’s business plan example means being simple and clear with your content, like the above deck. Note how no slide contains much copy, and even when all slides appear on the screen at once, the text is legible.
Use Venngage to design business plans that will impress investors
Not every business plan, pitch deck or one-sheeter will net you billions in investment dollars, but every entrepreneur should be adept at crafting impressive, authoritative and informative business plans.
Whether you use one of the inspirational templates shared here or you want to go old school and mimic Apple’s 1981 business plan, using Venngage’s Business Plan Builder helps you bring your company’s vision to life.
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Simple business plan template for startup founders
![samples of simple business plan samples of simple business plan](https://res.cloudinary.com/monday-blogs/w_42,h_42,c_fit/fl_lossy,f_auto,q_auto/wp-blog/2021/08/MONDAY-298-1-scaled-e1627826612492.jpg)
Most new businesses that fail do so for one of two reasons: (1) lack of market need and/or (2) no more cash.
These two reasons account for more than 70% of new businesses not making it. However, both causes can often be avoided if founders invest upfront time in developing a carefully researched business plan.
A simple business plan template provides a proven framework to start from, concisely helps structure ideas, and shows potential investors what an organized and professional team looks like — one that can bring this business idea to market.
This article will share our custom-developed, simple business plan template, cover what should be included, and more.
Get the template
What is a simple business plan template?
A business plan is a written document outlining how a company intends to achieve its primary objectives — obtaining a particular market share, growing revenue, or reaching the next round of funding.
Download Excel template
While companies of all stages and sizes use business plans, they are beneficial for startups, as they can be the key to attaining funding.
A business plan template is a customizable document that provides all the crucial and necessary elements of a great business plan, allowing company leaders to start from a solid and established foundation rather than from scratch.
A simple business plan template typically includes:
- table of contents
- executive summary
- company description
- analysis of the target market
- description of the management team
- details of the product or service
- financial forecasts
- funding requirements
- appendices such as legal documents, permits, patents, and licenses
Business plans can quickly become huge, cumbersome documents, requiring a significant time investment from the creator. The U.S. Small Business Administration recommends business plans be between 30 and 50 pages long.
While there is some benefit to spending this time developing a comprehensive business plan, agility is often more critical in the startup business world. That’s the main reason why simple business plan templates exist.
Simple business plan templates typically follow a structure outlining goals, teams, and financials.
- Company description : What does the business do? What problems does it solve?
- Team : Who is involved? What key hires have been made? What expertise do they bring to the table? Why are they the right team to get the job done?
- Industry and competitive analysis: Who are the company’s competitors? What are they doing well and not so well? What opportunities exist to differentiate and be successful in this industry?
- Target market: Who are the customers being targeted? What are their interests? What are their everyday challenges and goals?
- Timeline : What are the critical dates for tasks/goals?
- Marketing plan : How will the plan attract new customers?
- Financial plan : What do current revenue streams, cash on hand, revenue structure, required funding or funding already received, etc., look like.
Why use a simple business plan template?
We highly recommend founders use a simple business plan template, mainly for the speed and agility they offer.
Creating a business plan takes time and effort, no matter how many times it’s been done. Even a simple, one-page business plan designed for small businesses requires a fair bit of research.
Each section of the business needs to be analyzed. First, it’s essential to understand the market conditions and have a step-by-step plan. Then finally, it’s necessary to determine the plan’s structure.
Templates are even more crucial for first-time startup founders.
It’s understandable not to be super-confident in the first (or 2nd or 3rd) business plan writing process. A proven framework will help all — even seasoned veterans, ensure they:
- Don’t miss any critical elements.
- Structure ideas neatly and concisely.
- Foster a sense of professionalism, improving the confidence of potential investors
What are some examples of simple business plan templates?
These sample business plan templates serve as a great jumping-off point. Use them as inspiration. Take note of the similarities across the different examples.
1. One-page business plan template
A one-page business plan template is perfect for creating a plan to bring to the next startup pitch. But of course, supplementing the template with appendices for financial reports like balance sheets or income statements is important.
Summarizing the entire business into a single page is a great exercise. It ensures a robust and concise knowledge of each area of operation, creating more confidence to discuss each point with potential investors.
![A simple business plan template A breakdown how to create a simple business plan template in five steps](https://monday.com/blog/wp-content/uploads/2022/03/image6-8.png)
( Image Source )
2. Simple business plan template in Excel
While Excel does not have all the bells and whistles, it’s still a popular and widely-used platform — one that many founders choose to use to create simple business plans. This template can be used for any type of business, though it’s built for early-stage startups to plan out the first few months in business.
Notice how the template breaks overall costs down into smaller, more detailed items. This is useful to understand better the costs associated with starting a new business. Noting when those costs are owed also helps business owners monitor cash flow.
![Simple business plan template in Excel Simple business plan template in an Excel spreadsheet](https://monday.com/blog/wp-content/uploads/2022/03/image3-27.png)
3. Startup business plan template
Here’s another excellent example of a business plan template built for startups.
What’s great about this template is rather than providing simple headers for each section, it includes questions and prompts to help guide the necessary information.
![A simple business plan template for small businesses A simple business plan template with prompt questions](https://monday.com/blog/wp-content/uploads/2022/03/image4-18.png)
4. Lean business plan template
Lean business is a style of startup operation that focuses on minimizing waste, moving fast, and keeping costs low. It’s a popular methodology for companies wanting to get off the ground quickly and build revenue without raising significant funding.
This business plan template supports startups based on the lean concept, allowing for a simple, single-page business plan with minimal time investment.
![A lean, simple business plan template A table detailing how to fill out a lean, simple business plan template](https://monday.com/blog/wp-content/uploads/2022/03/image5-17.png)
monday.com’s simple business plan template
Most free business plan templates come in PDF, Google Docs, or Microsoft Word formats. Unfortunately, while these are popular formats and tools, they don’t tend to be particularly collaborative.
Have a distributed team? The monday.com simple business plan template will be your best friend.
![monday.com simple business plan template A screenshot of a simple business plan template from monday.com](https://monday.com/blog/wp-content/uploads/2022/03/image2-7.jpg)
Customize it to include all the fields necessary for a stellar business plan plus any additional ones unique to your business. But the most significant benefit of the template is the platform it’s built on .
The monday.com Work OS means building apps and workflows is simple. Customizing fields and columns to fit what the company is already doing, not the other way around. For example, once a business plan has been created using the monday.com simple template, it’s super-easy to set up a collaborative board to manage the marketing plan , assign tasks and due dates to employees and freelancers, and turn that business plan into reality.
![monday.com simple business plan template main table view A main table view of the monday.com simple business plan template](https://monday.com/blog/wp-content/uploads/2022/03/image7.jpg)
Simple business plan template tips & tricks
Here are a few tips to make the most of this template and create a business plan that works.
1. Use simple, approachable language.
The goal is for people to read the business plan, right? Using everyday language over complex jargon and corporate terminology is an excellent place to start. Then, ensuring anyone who comes across the plan will have no issue understanding its meaning.
2. Write the executive summary last.
The executive summary is a short section that summarizes every aspect of the business plan. So, first, write the entire plan. THEN write the executive summary.
3. Supplement the business plan with supporting documents
While simple business plans are fast and effective, they leave out a lot of information by nature. Consider supplementing the plan with appendices such as financial statements , data sets, and market analyses.
4. Be conservative with financial estimates.
Where possible, financial projections should be based on real-life data. But even with the most accurate and up-to-date information out there, there’s always room for interpretation. So it’s best to give a range where possible, and if not, stay conservative with financial estimates.
5. Include thorough research and analysis
Invest the time early on and capture accurate, comprehensive data to support all claims. Interview customers and prospects to get a realistic picture of the target audience. Consider hiring a professional firm to provide a market research report.
FAQs about simple business plan templates
How do i write a simple business plan.
Simple business plans can be as little as one page with concise writing. Include information for each of these sections:
- Company description : What does the company do and sell? What problems does it solve?
- Team : Who works for the company, and what value do they provide?
- Industry : What competitors or other options exist?
- Target market : What does the ideal customer look like?
- Marketing strategy and plan : What is the plan to bring in new customers?
- Financial plan : What do the revenue streams look like?
What are the 7 parts of a business plan?
A 7-part business plan starts with the executive summary, moves on to describe the company, and finishes with financials.
- Executive summary
- Company description
- Organization and management team
- Products and services
- Market analysis
- Strategy and implementation timeline
- Financial plan and projections
What are common mistakes in a business plan?
Typical business plan mistakes include:
- not being research-driven
- unrealistic financial estimates
- providing too much information
- not using data to back up claims
- not offering an analysis of the competitive landscape
- only outlining vague goals and priorities
![samples of simple business plan samples of simple business plan](https://res.cloudinary.com/monday-blogs/w_120,h_120,c_fit/fl_lossy,f_auto,q_auto/wp-blog/2021/08/MONDAY-298-1-scaled-e1627826612492.jpg)
8 Business Plan Templates You Can Get for Free
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8 min. read
Updated July 3, 2024
![samples of simple business plan Download Now: Free Business Plan Template →](https://no-cache.hubspot.com/cta/default/467363/interactive-174330637568.png)
A business plan template can be an excellent tool to simplify the creation of your business plan.
The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.
The only issue? There are SO many free business plan templates out there.
So, which ones are actually worth using?
To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now.
These are listed in no particular order, and each has its benefits and drawbacks.
What to look for in a business plan template
Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:
- Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
- Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections.
- Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
- Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum.
1. Bplans — A plan with expert guidance
![samples of simple business plan Preview of Bplans' free business plan template download asset.](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10092643/Bplans-Business-Plan-Template-Preview.png?format=auto)
Since you’re already on Bplans, I have to first mention the templates that we have available.
Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.
The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources.
Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.
Download: Traditional lender-ready business plan template or a simple one-page plan template .
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2. SBA — Introduction to business plans
![samples of simple business plan samples of simple business plan](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10093326/SBA-Business-Plan-Template-Preview.png?format=auto)
The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide.
While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.
The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.
Explore: The SBA’s planning guide and free templates
3. SCORE — Planning workbook
![samples of simple business plan samples of simple business plan](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10111455/Score-Business-Plan-Template-Preview.png?format=auto)
SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.
The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.
You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.
Download: SCORE’s business plan template
4. PandaDoc — A template with fillable forms
![samples of simple business plan samples of simple business plan](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10111902/PandaDoc-Business-Plan-Templates.png?format=auto)
PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions.
These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.
But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options.
Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.
Explore: PandaDoc’s business plan template library
5. Canva — Pitch with your plan
![samples of simple business plan A sample of the 696 free business plan templates available from Canva. The templates represented here are for a restaurant and two options designed around a minimalist beige aesthetic.](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10112626/Canva-Business-Plan-Template-Gallery.png?format=auto)
Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.
You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan.
You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.
Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used.
To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva.
Explore: Canva’s business plan gallery
6. ClickUp — The collaborative template
![samples of simple business plan Preview of ClickUp's business plan template within the project management platform. It includes a number of fillable cells to help guide the creation process.](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10113031/ClickUp-Business-Plan-Template.png?format=auto)
Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.
Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool.
There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team.
These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors.
But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.
Sign Up: Get a free trial of ClickUp and explore their template library
7. Smartsheet — A wide variety of templates
![samples of simple business plan A preview of the Smartsheet business plan template. It provides a preview of the cover page, directory, and small views of the remaining template pages.](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10113708/Smartsheet-Business-Plan-Template-Gallery.png?format=auto)
I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide.
They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.
Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.
At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.
8. ReferralRock affiliate marketing business plan
![samples of simple business plan Preview of the ReferralRock affiliate marketing business plan template. It just represents the cover page of the full template.](https://pas-bp-wp-cdn.s3.amazonaws.com/bplans/content/uploads/2024/04/10113944/Referral-Rock-Business-Plan-Template.png?format=auto)
I’m adding ReferralRock’s template to this list due to its specificity.
It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business.
Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.
So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.
Download: ReferralRock affiliate marketing business plan template
Does it matter what business plan template you use?
The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work.
What it ultimately comes down to, is what sort of value you hope to get from the template.
- Do you need more guidance?
- A simple way to structure your plan?
- An option that works with a specific tool?
- A way to make your plan more visually interesting?
Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit.
And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running.
If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool .
If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.
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Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.
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Table of Contents
- Qualities of a good template
- ReferralRock
- Does the template matter?
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BUSINESS STRATEGIES
How to write a business plan in 7 easy to follow steps
- Amanda Bellucco Chatham
![samples of simple business plan Free business plan template for your new business](https://static.wixstatic.com/media/1f6616_4f9ca8ede74442ee8cbb6796460290b8~mv2.png/v1/fill/w_46,h_30,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/1f6616_4f9ca8ede74442ee8cbb6796460290b8~mv2.png)
Creating a successful business is about more than launching a business website or hanging a shingle on your front door. It requires a well-crafted plan that keeps you on track, anticipates obstacles and acts as a concrete roadmap for launching or improving your small business.
Business planning allows you to clarify your vision while providing information to both intrigue and reassure potential investors. The process may seem daunting, but creating a business plan isn’t difficult—and templates like the one below can help simplify the process even further.
Ready to launch your business? Create a website today.
What is a business plan?
A business plan is used by small business owners and entrepreneurs when starting a new business venture. It’s a strategic document that outlines the goals, objectives and strategies of your new or expanding business, including the company's vision, target market, financial projections and operational plans.
A business plan can attract potential partners, convince investors and banks to help you raise capital, and serve as a resource for future growth. Most importantly, you’ll be able to use your business plan as a roadmap for how to structure, operate and manage your new venture, whether it’s a sole proprietorship, a partnership or something larger.
Who needs a business plan?
Every business owner needs a business plan. They’re an essential tool for any person or entity interested in starting a business . There are many benefits, including:
Defining your business idea
Clarifying the market and competitive landscape
Outlining your marketing strategy
Stating your value proposition
Identifying/anticipating potential risks
Seeking investments from banks and other sources
Setting benchmarks, goals and key performance indicators (KPIs)
A business plan also gives you a way to assess the viability of a business before investing too much time or money into it. While all business involves risk, taking the time to create a plan can help mitigate fallout and avoid potentially costly mistakes.
When creating a business plan, it's important to establish your business goals up front and be prepared to spend time researching the market, performing a competitor analysis and understanding your target market .
How to write a business plan in 7 steps
In terms of types of business plans , there are two main formats to choose from: traditional and lean. Here we'll rundown the most traditional plan first, while touching on how to write a more lean business plan for a startup.
A traditional business plan includes every detail and component that defines a business and contributes to its success. It's typically a sizable document of about 30 to 50 pages. Here are the steps to creating one.
Executive summary
Company description, market analysis, organization and management, service or product line, marketing and sales strategies, financial projections and funding requests, 01. executive summary.
Your executive summary should contain a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch ). Many authors like to write this section last after fleshing out the sections below.
02. Company description
A company description should include essential details like your business name, the names of your founders, your locations and your company’s mission statement .
Briefly describe your core services (or products if you’re writing an eCommerce business plan ), but don't go into too much detail since you’ll elaborate on this in the service/product section.
Wix offers some helpful mission statement examples if you get stuck. It’s also a good idea to create a vision statement . While your mission statement clarifies your company’s purpose, a vision statement outlines what you want your company to achieve over time.
03. Market analysis
One of the most extensive sections of the business plan, this section requires that you conduct market research and write your conclusions. Include findings for the following: industry background, a SWOT analysis , barriers/obstacles, target market and your business differentiators.
04. Organization and management
This is where you outline how your business is structured and who's in charge, including founders, executive team members, board members, employees and key stakeholders. To this end, it can be helpful to create a visual layout (e.g., org chart) to illustrate your company structure.
05. Service or product line
Create a detailed list of your current and future products and services. If you’re still working on your idea, create a concept statement to describe your idea or product. You should also include a proof of concept (POC), which demonstrates the feasibility of your idea. Wherever applicable, include diagrams, product images and other visual components to illustrate the product life cycle.
06. Marketing and sales strategies
Detail how your business idea translates into selling and delivering your offerings to potential customers. You can start by outlining your brand identity, which includes the colors and fonts you plan to use, your marketing and advertising strategy, and details about planned consumer touchpoints (like your website, mobile app or physical storefront).
07. Financial projections and funding requests
Include financial statements, such as a balance sheet, profit-and-loss statement (P&L), cash flow statement and break-even analysis. It's not uncommon for a business plan to include multiple pages of financial projections and information. You’ll also want to mention how much funding you seek and what you plan to do with it. If you’ve already secured funding, provide details about your investments.
![samples of simple business plan essential parts of a business plan](https://static.wixstatic.com/media/1f6616_7fb418f888974a9a8d8a43218c04ae79~mv2.png/v1/fill/w_46,h_27,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/1f6616_7fb418f888974a9a8d8a43218c04ae79~mv2.png)
Lean startup business plan format
A lean startup business plan—also referred to as a “lean canvas”—is presented as a problem/solution framework that provides a high-level description of your business idea. A lean plan is a single-page document that provides a basic overview of the most essential aspects of your business. It’s a good way to dip a toe into business planning since it doesn't require the same level of detail as a traditional plan. This includes:
Problem: What problem does your product or service solve, or what need does it fulfill?
Solution: How do you intend to solve it?
Unique value proposition (UVP): Why should people use your product or service versus someone else’s?
Unfair advantage: What do you have that other companies don’t?
Customers: Who are your ideal customers?
Channels: How will those customers find you?
Key metrics: How do you define success? How will you track and measure it?
Revenue streams: How will your business make money?
Cost structure: What will you spend money on (fixed and variable costs)?
Sample business plan for a small business
Want to see what a business plan should look like? We've put together this sample plan, for a beauty business to show you.
Our beauty studio, aims to establish a luxury beauty salon in a prime location, offering a range of premium beauty services and products to cater to upscale clientele. With a focus on exceptional customer service, professional expertise and a relaxing atmosphere, ABC Beauty Studio seeks to become a top destination for people seeking high-quality treatments and personalized care.
Our beauty studio will be a full-service salon offering a variety of beauty services, including skincare treatments, hair styling, makeup services and nail care. Our team of experienced beauty professionals will provide customized solutions to meet each client's unique needs and preferences. The salon will feature a modern and elegant design to create a luxurious and tranquil environment for clients to relax and rejuvenate.
The beauty industry is a thriving market with a growing demand for quality beauty services and products. The target market for our beauty studio includes affluent individuals who value premium beauty experiences and are willing to invest in high-end treatments. The salon's strategic location in a busy shopping district with high foot traffic and visibility will help attract a steady flow of clientele.
ABC Beauty Studio will be led by a team of seasoned beauty professionals with expertise in various areas of the industry, including skincare, haircare, makeup, and business management. The management team will focus on delivering exceptional service, fostering a positive work culture, and implementing effective operational strategies to ensure the salon's success.
Our service line will include facial treatments, haircuts and styling, bridal makeup, manicures and pedicures, waxing services and retail products from top beauty brands. We will also offer personalized beauty consultations to help clients create customized beauty routines and achieve their desired look.
Our beauty studio will implement a multi-faceted marketing approach, including social media campaigns, influencer partnerships, local advertising and promotional events to build brand awareness and attract new clients. We'll also focus on building customer loyalty through loyalty programs, referral incentives, and exclusive promotions.
Initial funding of $200,000 is sought to cover start-up costs, including leasehold improvements, equipment purchases, inventory, marketing expenses, and working capital. Financial projections indicate a steady revenue growth over the first three years, with a focus on achieving profitability by the end of year 2. Sales are forecasted to increase through the expansion of services, repeat business, and targeted marketing initiatives. Continued funding may be required for future growth and expansion plans, including additional locations and service offerings.
Download Wix’s free business plan template
Creating a successful business plan is no easy feat. That’s why we’ve put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.
![samples of simple business plan Download your free Wix business plan template](https://static.wixstatic.com/media/6542d9_ad35fe6bfcf9456aa2ee1e93db4ea719~mv2.jpg/v1/fill/w_139,h_11,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/6542d9_ad35fe6bfcf9456aa2ee1e93db4ea719~mv2.jpg)
What are the main benefits of writing a business plan?
Writing a business plan offers a range of benefits that can significantly impact the success and sustainability of a business. Here are the main advantages of creating a well-thought-out one:
Clarity and focus: A business plan helps clarify your company's mission, vision, goals, and strategies, providing a clear roadmap for your business's direction and focus. This can be what takes your business idea from just an idea, to an actual business so it's important.
Strategic planning : It enables the identification of strengths, weaknesses, opportunities and threats (SWOT analysis), allowing for informed decision-making, effective resource allocation and proactive risk management. When running a business, the more prepared you are for any eventuality, the more successful you're likely to be long term — a business plan helps you plot the potential risks or downturns.
Goal setting: Writing a business plan helps set measurable objectives, timelines, and key performance indicators (KPIs) to track progress and evaluate the business's performance against targets.
Communication and alignment: A business plan serves as a communication tool to share the company's vision, objectives, and strategies with stakeholders, employees, investors and partners, ensuring alignment and shared understanding.
Attracting funding and investment : Investors, lenders and potential partners often require a detailed business plan to assess the viability, potential return on investment, and growth prospects of the business.
Continuous improvement: Regularly reviewing and updating the business plan facilitates ongoing evaluation, adjustment and improvement of strategies, operations, and goals to adapt to changing market conditions and drive long-term success.
Tips for filling out your business plan
The hardest part of a journey is always the first step, or so the saying goes. Filling out your business plan can be daunting, using a template helps and we would always recommend doing that.
Remember also, these are best practices—they’re not rules. Do what works for you. The main thing to remember is that these tips can help you move more easily through the planning process, so that you can advance onto the next (exciting) step, which is launching your business.
Consider your goals
What's the purpose of your business? Are you looking to expand, launch a new product line or fund a specific project? Identifying your goals helps you prioritize important information in your business plan.
Fill out what you can
You may already have a vague—or specific—idea of what you want your business to achieve. Go through each section of the template and fill out what you can. We suggest leaving the executive summary blank for now, since it'll be the last thing you write. At the same time be realistic, even though this document is meant to serve as a marketing tool for potential investors, don't exaggerate any numbers or make any false promises.
Dig into the research
Nothing's more motivating than getting some intel about your competitors and your market. If you're truly stuck, a little research can help motivate you and provide valuable insight about what direction to take your business. For example, if you plan to start a landscaping business, learn about the specific pricing offered in your area so that you can differentiate your services and potentially offer better options.
Get help from others
Bouncing your ideas off a friend, mentor or advisor is a great way to get feedback and discover approaches or products to incorporate into your plan. Your network can also give you valuable insight about the industry or even about potential customers. Plus, it's nice to be able to talk through the challenges with someone who understands you and your vision.
Revise and review your business plan
Once complete, step back from your plan and let it "cook." In a day or two, review your plan and make sure that everything is current. Have other people review it too, since having another set of eyes can help identify areas that may be lacking detail or need further explanation.
Once you’ve completed your business plan template, it can become a meaningful resource for developing your mission statement, writing business proposals and planning how to move forward with the marketing, distribution and growth of your products and services.
After launch, you can also analyze your value chain to identify key factors that create value for your customers and maximum profitability for you. This can help you develop a more effective business plan that considers the entire value chain, from research and development to sales and customer support.
Business plan template FAQ
What is the easiest way to write a business plan.
The easiest way to write a business plan is to utilize a template. Templates provide a structured format and guide you through each section, simplifying the process of creating a comprehensive plan.
Is there a template for how to write a business plan?
What are the 7 essential parts of a business plan, related posts.
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How to create a virtual assistant business plan
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Examples of Business Plans That Drive Success
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A robust business plan is more than just a document; it’s a blueprint for success, guiding entrepreneurs through the complexities of building a thriving company. For instance, the early business plan of Starbucks outlined a strategy for turning a local coffee shop into a national phenomenon through an aggressive expansion and unique customer experience, which became key drivers of their widespread success. Similarly, Google’s initial business plan focused on improving the speed and accuracy of search results, emphasizing a user-friendly interface and algorithmic innovations, which helped them dominate the internet search industry.
These examples highlight the critical role a well-constructed business plan plays in setting the stage for a company’s success. A successful business plan not only details what the company plans to do but also articulates how it plans to outperform competitors by addressing a specific market need in a unique way. By studying such successful business plans, new entrepreneurs can learn how to craft plans that attract investors, guide internal operations, and achieve sustainable growth, turning visionary ideas into profitable realities.
The Importance of a Well-Structured Business Plan
The cornerstone of any successful business journey is often a comprehensive and well-structured business plan. Whether you are an entrepreneur seeking funding , an investor evaluating opportunities, or a finance professional advising clients, the importance of a meticulously crafted business plan cannot be overstated. A robust business plan not only acts as a roadmap for growth and sustainability but also fosters confidence among stakeholders, thereby driving success. In this article, we will delve deep into various examples of business plans that have led to flourishing enterprises, aiming to provide you with a collection of insightful templates and strategies.
A solid business plan plays several key roles in driving business success:
- Acts as a roadmap for growth and sustainability
- Fosters stakeholder confidence
- Serves as a basis for capital allocation decisions
The roles outlined above are critical in shaping the direction and viability of any business. Acting as a detailed strategic document, a business plan underpins sustainable growth, instills confidence among investors and stakeholders, and guides sound investment decisions.
Key Components of a Business Plan
To build an effective business plan, several components must be carefully structured. These components form the backbone of the plan, each contributing to its overall strength and functionality.
Strategic Goal Setting
Strategic goals provide clarity and focus, driving the business towards its long-term vision. Setting specific, measurable, achievable, relevant, and time-bound ( SMART ) goals ensures that each step taken is aligned with the overall objectives of the enterprise.
Market Analysis
Understanding the market landscape is crucial. Comprehensive market analysis offers insights into customer needs, competitor actions, and industry trends. This information is indispensable for positioning the business strategically and identifying competitive advantages.
Budget Planning
Effective budget planning entails creating a detailed financial blueprint that forecasts revenue, expenses, and profitability. It is essential for ensuring the sustainable financial health of the business, guiding operational decisions, and managing resources efficiently.
Feasibility Studies
Feasibility studies assess the practicality and potential success of a business idea. By evaluating market demand, economic factors, and operational challenges, these studies help in making informed decisions and mitigating risks.
Practical Examples of Business Plans
To illustrate how these components come together to form a robust business plan, let us explore a few real-world examples:
Example | Key Components | Outcome |
---|---|---|
Tech Startup | Secured $5M in initial funding and surpassed growth targets in the first two years. | |
E-commerce Platform | Expanded internationally, achieving a 35% increase in revenue from new markets. |
These examples illustrate how integrating strategic goal setting, market analysis, budget planning, and feasibility studies can lead to tangible business successes. By leveraging these elements, entrepreneurs and finance professionals alike can construct business plans that not only map out the path to success but also adapt flexibly to changing market conditions.
Understanding the importance of these components and seeing their application in real-world scenarios can significantly enhance your ability to create effective business plans. Let’s embark on this journey to understanding why a concrete business plan is indispensable and how real-world examples can guide you toward achieving your business objectives.
Creating a Business Plan for a Tech Startup
Creating a business plan for a tech startup involves addressing unique challenges and leveraging specific opportunities within the technology sector. A well-rounded business plan typically includes key components such as the executive summary, market analysis, marketing strategy, and financial plan. This was excellently demonstrated by TechInspire, a hypothetical startup focused on an innovative Software as a Service platform. Below, we provide a comprehensive breakdown of their approach.
Key Components
Executive summary.
TechInspire’s mission is to streamline project management for small to medium-sized enterprises through their Software as a Service product, aiming to offer a more efficient and effective tool tailored to this market segment’s needs.
A thorough analysis identified a growing demand for cloud-based solutions, with projections showing a 20% annual market growth rate, highlighting a rife opportunity for expansion and dominance.
Marketing Strategy
The strategy emphasized a multifaceted approach including digital marketing, partnerships with industry influencers, and a freemium pricing model designed to attract initial users and build a strong customer base swiftly.
Financial Plan
The financial plan outlined critical financial metrics such as break-even analysis, projected cash flow, and detailed funding requirements essential for scaling operations effectively and sustainably.
Key Data Points
To provide a quick snapshot of the most critical information in TechInspire’s business plan, refer to the table below, which outlines key data points like market growth rate and projected cash flow.
Data Point | Details |
---|---|
Market Growth Rate | 20% annually |
Projected Cash Flow | Positive cash flow by Year 2 |
Break-even Point | Year 3 |
Initial Funding Requirement | $500,000 |
This table highlights the actionable insights derived from the market analysis and financial projections, giving potential investors a clear picture of TechInspire’s financial health and growth prospects. By ensuring that critical data points are easily accessible, TechInspire enhances the business plan’s readability and impact.
Challenges and Unique Solutions
Tech startups face numerous challenges, but TechInspire’s business plan takes specific strategies to overcome these obstacles. Here is a breakdown of common challenges and TechInspire’s approach to addressing them:
- Technical Development: In the highly competitive tech sector, staying ahead with cutting-edge technology is crucial.
- Market Penetration: Gaining initial user traction can be difficult amidst numerous competing solutions.
- Resource Management: Efficiently managing limited resources to maximize growth and scalability.
TechInspire addresses these challenges with the following strategies:
- Investing in continuous development and hiring top-tier talent to maintain a technological edge.
- Implementing a freemium pricing model to attract users and build a community base quickly.
- Focusing on strategic partnerships and digital marketing to increase visibility and customer acquisition.
By understanding the specific challenges faced by tech startups and developing targeted solutions, TechInspire’s business plan demonstrates foresight and strategic planning. This ensures a more resilient and adaptive business model capable of navigating the dynamic tech landscape successfully.
The Importance of a Well-Developed Business Plan in the Retail Clothing Industry
In the competitive world of retail clothing, having a well-developed business plan is not just beneficial but essential. It can be the strategic difference between thriving in a crowded market and being forced to close shop. Consider the fictional case of FashionForward, a retail clothing store that meticulously crafted a detailed business plan to steer its operations and growth strategy toward success.
Key Components of FashionForward’s Business Plan
Each component of a business plan plays a crucial role in ensuring the smooth functioning and strategic direction of the business. Below are the key sections of FashionForward’s plan, each introduced with a brief explanation.
FashionForward strives to become a leading brand in the retail sector by focusing on trendy, affordable, and eco-friendly clothing options that appeal to a growing segment of environmentally-conscious consumers.
The market analysis section includes
- Identification of target demographics
- In-depth competitor analysis
- Assessment of market trends, particularly the shift toward sustainable fashion
Understanding these elements helps FashionForward position itself appropriately and strategize its market entry effectively.
Operational Plan
The operational plan covers the nuts and bolts of running the business, including:
- Selected store locations
- Advanced inventory management system
- Strong relationships with suppliers
- Clear staffing requirements
These details ensure that operations run smoothly and efficiently, providing a seamless experience for customers.
Financial Projections
The financial projections provide a blueprint for potential profitability and include:
- Startup costs
- Sales forecasts
- Profit margins
- Break-even analysis
These projections are vital for attracting potential investors by demonstrating the financial viability of the business.
Comparing Industry Trends with FashionForward’s Market Positioning
FashionForward’s business plan also considers industry trends to ensure it remains competitive. The table below compares key industry trends with FashionForward’s market positioning and projected financial data.
Industry Trend | FashionForward’s Strategy |
---|---|
Sustainability in Fashion | Eco-friendly materials and production processes |
Increasing Online Sales | Robust e-commerce platform and digital marketing |
Personalization | Customizable clothing options |
Fast Fashion Demand | Quick turnaround from design to shelf |
By aligning its strategies with these industry trends, FashionForward is better positioned to capture market share and achieve long-term growth. Investors will be more inclined to fund a business that is responsive to current market conditions and consumer needs.
By thoroughly addressing each of these components, FashionForward’s business plan provides a robust foundation for not only launching but also sustaining and growing the business in a competitive retail market. The detailed planning in each component assures stakeholders of the business’s potential for success and profitability.
Consulting Firms and the Importance of Business Plans
Consulting firms rely heavily on their business plans to strategize growth and establish credibility. Consider Strategic Solutions, a mock consulting firm specializing in financial advisory services. Their business plan illustrates a well-rounded approach to capturing market share and delivering value to clients by offering unique services and differentiating themselves from competitors.
Key Components and Strategic Objectives
The following table outlines the key components of Strategic Solutions’ business plan and illustrates how each element supports the firm’s overarching strategic objectives.
Component | Description | Strategic Objective |
---|---|---|
Executive Summary | Provides bespoke financial advisory services tailored to mid-sized companies aiming for strategic growth. | Establishes credibility and outlines the value proposition to potential clients and investors. |
Service Offerings | Detailed descriptions of core services such as financial planning, risk management, and investment advice. | Highlights specialized services that set Strategic Solutions apart from competitors. |
Market Positioning | Outlines competitive advantages, market segments, and marketing strategies focused on brand authority and client acquisition. | Targets high-value clients through strategic positioning and effective marketing. |
Financial Plan | Projected earnings, cost structures, and scalable models for service expansion and profitability. | Ensures financial sustainability and prepares for scalable growth. |
Each component of the business plan plays a pivotal role in ensuring that Strategic Solutions remains competitive in the financial advisory market. From the executive summary that sets the tone and credibility of the firm to the detailed financial plan that maps out future profitability, every facet is geared towards reinforcing the firm’s strategic objectives.
Key Tactics for Market Share and Brand Authority
In addition to a well-structured business plan, Strategic Solutions employs various tactics to capture market share and establish brand authority. The following bullet points outline these key tactics:
- Customized Service Packages: Tailoring services to meet the specific needs of mid-sized companies.
- Thought Leadership: Publishing white papers and conducting webinars to establish expertise in financial advisory services.
- Client Testimonials and Case Studies: Showcasing successful projects and satisfied clients to build trust and credibility.
- Partnerships and Alliances: Forming strategic alliances with other firms to expand service offerings and market reach.
- Digital Marketing Campaigns: Leveraging SEO, content marketing, and social media to enhance online presence and attract new clients.
These tactics allow Strategic Solutions to differentiate themselves in the competitive consulting landscape. By focusing on customized service packages and thought leadership, the firm attracts and retains high-value clients. Additionally, client testimonials and strategic partnerships further bolster their market position, while digital marketing campaigns ensure a broad reach and sustained online visibility.
Well-Structured Business Plans: The Foundation of Success
Well-structured business plans are fundamental to the success of any enterprise. By taking inspiration from diverse examples, whether it’s for a tech startup, a retail clothing business, or a consulting firm, entrepreneurs can glean valuable insights into effectively presenting their vision, strategies, and financial forecasts. Each element, from the executive summary to the financial plan, plays a crucial role in addressing stakeholder concerns and steering the business toward its goals. Below, we summarize the key takeaways from each example discussed in the article.
Key Takeaways from Business Plan Examples
Drawing from various business plan examples, here are the essential elements that contribute to a successful business plan:
- Executive Summary: Offers a concise overview of the business, including its mission, vision, and objectives. It should capture the reader’s interest and provide a snapshot of the overall plan.
- Market Analysis: Analyzes the target market, industry trends, and competitive landscape. Essential for demonstrating the demand for the product or service and how the business will meet this demand.
- Marketing Strategy: Details the methods for reaching and attracting customers, including advertising, sales tactics, and promotional activities. It should outline how the business will build its brand and gain market share.
- Financial Plan: Includes detailed financial projections, such as income statements, cash flow statements, and balance sheets. This section should justify financial needs and illustrate the potential for profitability and growth.
Understanding these key elements are critical for anyone involved in business planning. The executive summary sets the stage and draws in stakeholders, while the market analysis provides the necessary context and justification for the venture. The marketing strategy outlines how the business will penetrate its market, and the financial plan offers concrete evidence of financial viability. Together, these components form a comprehensive picture that can persuade investors, guide strategic decisions, and keep the business on course for success.
The Elements of a Successful Business Plan
Here is a table summarizing the vital elements that ensure a business plan is robust and impactful:
Element | Description |
---|---|
Executive Summary | A brief overview that includes the mission, vision, and primary objectives of the business. |
Market Analysis | An examination of the industry, target market, and competitors. Provides insights into the market demand and business potential. |
Marketing Strategy | Plans for product or service promotion to attract and retain customers. Covers advertising, sales tactics, and promotional efforts. |
Financial Plan | Financial projections including income statements, cash flow summaries, and balance sheets. Shows financial needs, potential profitability, and growth projections. |
This table serves as a quick reference to the vital elements of a well-structured business plan. Each component plays an irreplaceable role in painting a complete picture of the business’s pathway to success. By paying close attention to these elements, entrepreneurs, investors, and financial professionals can ensure their business planning is comprehensive and impactful.
Final Thoughts
In conclusion, whether you are an aspiring entrepreneur, a seasoned investor, or a financial professional, understanding these examples of business plans can significantly bolster your planning process and pave the way for success. The relevance of structured plans in achieving business success cannot be overstated, as they provide a clear, detailed roadmap for navigating the complexities of business growth and development. A meticulously crafted business plan helps address stakeholder concerns and equips your enterprise with a guide to steer it toward its goals effectively.
What is the Significance of an Executive Summary in a Business Plan?
The executive summary is a pivotal section of your business plan, offering a brief yet comprehensive overview of your proposed venture. It encapsulates key elements like the business concept, market potential, financial highlights, and strategic goals. This section is particularly crucial because it usually is the first part that potential investors and stakeholders read, setting the tone for the entire document.
**Key Points to Include in an Executive Summary:**
- Business Concept: What your business does, its mission, and its vision.
- Market Potential: The size and characteristics of your target market.
- Financial Highlights: Summary of projections, including revenue and profit forecasts.
- Strategic Goals: Short-term and long-term objectives.
These key points serve as a snapshot that should entice potential investors and stakeholders to read further into your business plan. By clearly summarizing your business idea and its merits, you provide a compelling reason for readers to continue exploring the finer details.
How Detailed Should the Market Analysis Be in a Business Plan?
A well-executed market analysis is a cornerstone of a robust business plan. This section should demonstrate your deep understanding of the industry landscape, target market, and competitive environment. It is advisable to be as detailed and data-driven as possible.
**Elements to Include in Market Analysis:**
- Market Size: Quantitative data on your market’s size and potential.
- Growth Trends: Historical data and future projections for the market.
- Customer Segments: Detailed description of the primary customer groups.
- Competitor Analysis: Insights into key competitors, their strengths, and weaknesses.
An in-depth market analysis not only underscores your business’s growth potential but also builds confidence among stakeholders and investors. It shows that you have conducted rigorous research and are prepared to navigate the complexities of the market.
What Financial Projections are Essential in a Business Plan?
Financial projections are essential to providing an objective view of your business’s financial viability. This section should include comprehensive projections for income statements, cash flow statements, and balance sheets over a minimum period of three to five years.
**Essential Financial Projections:**
- Income Statements: Expected revenue, costs, and profits over the defined period.
- Cash Flow Statements: Forecasts of cash inflows and outflows.
- Balance Sheets: Snapshot of your business’s financial position at specific points in time.
Providing detailed financial projections allows potential investors to gauge the financial health of your business. Including the assumptions behind your projections—such as revenue growth rates, expense margins, and capital requirements—adds another layer of transparency and reliability.
Can a Business Plan Evolve Over Time?
Yes, a business plan is inherently a dynamic document that must evolve. Regular reviews and updates ensure that the plan remains aligned with current market conditions, business performance, and strategic goals.
**Reasons to Update Your Business Plan:**
- Market Changes: Adapt to new trends, technologies, or regulations.
- Business Performance: Modify based on actual performance versus projections.
- Strategy Adjustments: Realign objectives and strategies as needed.
A living business plan offers the flexibility to pivot or scale according to emerging opportunities and challenges. Consistent updates make sure your business stays on the right path toward achieving its goals.
Is Professional Help Necessary to Create a Business Plan?
Although you can create a business plan independently, seeking professional assistance can add substantial value. Experts in financial modeling, business consultancy, and market analysis bring specialized skills that can enhance both the credibility and depth of your plan.
**Advantages of Professional Help:**
- Expertise: Specialized knowledge to cover essential elements comprehensively.
- Credibility: A polished, expert-reviewed plan enhances investor confidence.
- Strategic Insights: Objective perspectives to guide your business strategy.
Engaging professionals not only elevates the quality of your business plan but also significantly increases its chances of attracting investors and guiding effective strategic decisions.
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How to Write a Business Plan: Beginner’s Guide (& Templates)
![samples of simple business plan How to Write a Business Plan: Beginner’s Guide (& Templates)](https://visme.co/blog/wp-content/uploads/2021/09/business-plan-header.png)
Written by: Chloe West
![samples of simple business plan An illustration showing a woman standing in front of a folder containing her business plan.](https://visme.co/blog/wp-content/uploads/2021/09/business-plan-header.png)
Thinking about starting a business? One of the first steps you’ll need to take is to write a business plan. A business plan can help guide you through your financial planning, marketing strategy, unique selling point and more.
Making sure you start your new business off on the right foot is key, and we’re here to help. We’ve put together this guide to help you write your first business plan. Or, you can skip the guide and dive right into a business plan template .
Ready to get started?
Here’s a short selection of 8 easy-to-edit business plan templates you can edit, share and download with Visme. View more templates below:
![samples of simple business plan samples of simple business plan](https://visme.co/blog/wp-content/uploads/2021/09/real-estate-business-plan-template.jpg)
8-Step Process for Writing a Business Plan
What is a business plan, why is a business plan important, step #1: write your executive summary, step #2: put together your company description, step #3: conduct your market analysis, step #4: research your competition, step #5: outline your products or services, step #6: summarize your financial plan, step #7: determine your marketing strategy, step #8: showcase your organizational chart, 14 business plan templates to help you get started.
A business plan is a document that helps potential new business owners flesh out their business idea and put together a bird’s eye view of their business. Writing a business plan is an essential step in any startup’s ideation process.
Business plans help determine demographics, market analysis, competitive analysis, financial projections, new products or services, and so much more.
Each of these bits of information are important to have on hand when you’re trying to start a business or pitching investors for funds.
Here’s an example of a business plan that you can customize to incorporate your own business information.
![samples of simple business plan A business plan template available to customize with your own information in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/business-plan-template.jpg)
We’re going to walk you through some of the most important parts of your business plan as well as how to write your own business plan in 8 easy steps.
If you’re in the beginning stages of starting a business , you might be wondering if it’s really worth your time to write out your business plan.
We’re here to tell you that it is.
A business plan is important for a number of reasons, but mostly because it helps to set you up for success right from the start.
Here are four reasons to prove to you why you need to start your business off on the right foot with a plan.
Reason #1: Set Realistic Goals and Milestones
Putting together a business plan helps you to set your objectives for growth and make realistic goals while you begin your business.
By laying out each of the steps you need to take in order to build a successful business, you’re able to be more reasonable about what your timeline is for achieving everything as well as what your financial projections are.
The best way to set goals is using the SMART goals guidelines, outlined below.
![samples of simple business plan An infographic on creating smart goals.](https://visme.co/blog/wp-content/uploads/2021/02/4-1.jpg)
Reason #2: Grow Your Business Faster
Having a business plan helps you be more organized and strategic, improving the overall performance of your business as you start out. In fact, one study found that businesses with a plan grow 30% faster than businesses that don’t.
Doesn’t that sound reason enough alone to start out your business venture with a solidified plan? We thought so too, but we’ve still got two more reasons.
Reason #3: Minimize Risk
Starting a new business is uncharted territory. However, when you start with a roadmap for your journey, it makes it easier to see success and minimize the risks that come with startups.
Minimize risk and maximize profitability by documenting the most important parts of your business planning.
Reason #4: Secure Funding
And finally, our last reason that business plans are so important is that if you plan to pitch investors for funding for your new venture, they’re almost always going to want to see a detailed business plan before deciding whether or not to invest.
You can easily create your business plan and investor pitch deck right here with Visme. Just sign up for a free account below to get started.
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- Spend less time on presentations and more time strategizing
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![samples of simple business plan Hey executives! Looking to cut design costs?](https://visme.co/blog/wp-content/themes/blog/img/shortcodes/executive-1.png)
The executive summary is a brief overview of your entire business plan, giving anyone who reads through your document a quick understanding of what they’re going to learn about your business idea.
However, you need to remember that some of the people who are going to read your business plan don’t want to or have time to read the entire thing. So your executive summary needs to incorporate all of the most important aspects of your plan.
Here’s an example of an executive summary from a business plan template you can customize and turn into your own.
![samples of simple business plan An executive summary page from a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/executive-summary-1.jpg)
Your executive summary should include:
- Key objective(s)
- Market research
- Competitor information
- Products/services
- Value proposition
- Overview of your financial plan
- How you’re going to actually start your business
One thing to note is that you should actually write your executive summary after the rest of your business plan so that you can properly summarize everything you’ve already created.
So at this point, simply leave a page blank for your executive summary so you can come back to it at the end of your business plan.
![samples of simple business plan An executive summary section of a business plan.](https://visme.co/blog/wp-content/uploads/2021/09/executive-summary.jpg)
The next step is to write out a full description of your business and its core offerings. This section of your business plan should include your mission statement and objectives, along with your company history or overview.
In this section, you may also briefly describe your business formation details from a legal perspective.
Mission Statement
Don’t spend too much time trying to craft this. Your mission statement is a simple “why” you started this business. What are you trying to achieve? Or what does your business solve?
This can be anything from one single quote or a paragraph, but it doesn’t need to be much longer than that. In fact, this could be very similar to your value proposition.
![samples of simple business plan A mission statement page from a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/mission-statement.jpg)
What are your goals? What do you plan to achieve in the first 90 days or one year of your business? What kind of impact do you hope to make on the market?
These are all good points to include in your objectives section so anyone reading your business plan knows upfront what you hope to achieve.
History or Overview
If you’re not launching a brand new business or if you’ve previously worked on another iteration of this business, let potential investors know the history of your company.
If not, simply provide an overview of your business, sharing what it does or what it will do.
![samples of simple business plan A business overview page from a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/business-overview.jpg)
Your third step is to conduct a market analysis so you know how your business will fit into its target market. This page in your business plan is simply meant to summarize your findings. Most of your time should be spent actually doing the research.
Your market analysis needs to look at things like:
- Market size, and if it’s grown in recent years or shrinking
- The segment of the market you plan to target
- Demographics and behavior of your target audience
- The demand for your product or service
- Your competitive advantage or differentiation strategy
- The average price of your product or service
Put together a summary of your market analysis and industry research in a 1-2 page format, like we see below.
![samples of simple business plan A market analysis page in a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/market-analysis.jpg)
Your next step is to conduct a competitive analysis. While you likely touched on this briefly during your market analysis, now is the time to do a deep dive so that you have a good grasp on what your competitors are doing and how they are generating customers.
Start by creating a profile of all your existing competitors, or at the very least, your closest competitors – the ones who are offering very similar products or services to you, or are in a similar vicinity (if you’re opening a brick and mortar store).
Focus on their strengths and what they’re doing really well so that you can emulate their best qualities in your own way. Then, look at their weaknesses and what your business can do better.
Take note of their current marketing strategy, including the outlets you see a presence, whether it’s on social media, you hear a radio ad, you see a TV ad, etc. You won’t always find all of their marketing channels, but see what you can find online and on their website.
![samples of simple business plan A competitive analysis page in a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/competitive-analysis.jpg)
After this, take a minute to identify potential competitors based on markets you might try out in the future, products or services you plan to add to your offerings, and more.
Then put together a page or two in your business plan that highlights your competitive advantage and how you’ll be successful breaking into the market.
Step five is to dedicate a page to the products or services that your business plans to offer.
Put together a quick list and explanation of what each of the initial product or service offerings will be, but steer clear of industry jargon or buzzwords. This should be written in plain language so anyone reading has a full understanding of what your business will do.
![samples of simple business plan A products and services page in a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/products-and-services-page-scaled.jpg)
You can have a simple list like we see in the sample page above, or you can dive a little deeper. Depending on your type of business, it might be a good idea to provide additional information about what each product or service entails.
The next step is to work on the financial data of your new business. What will your overhead be? How will your business make money? What are your estimated expenses and profits over the first few months to a year? The expenses should cover all the spending whether they are recurring costs or just one-time LLC filing fees .
There is so much that goes into your financial plan for a new business, so this is going to take some time to compile. Especially because this section of your business plan helps potential cofounders or investors understand if the idea is even viable.
![samples of simple business plan A financial analysis page from a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/financial-analysis.jpg)
Your financial plan should include at least five major sections:
- Sales Forecast: The first thing you want to include is a forecast or financial projection of how much you think your business can sell over the next year or so. Break this down into the different products, services or facets of your business.
- Balance Sheet: This section is essentially a statement of your company’s financial position. It includes existing assets, liabilities and equity to demonstrate the company’s overall financial health.
- Income Statement: Also known as a profit and loss statement (P&L), this covers your projected expenses and revenue, showcasing whether your business will be profitable or not.
- Operating Budget: A detailed outline of your business’s income and expenses. This should showcase that your business is bringing in more than it’s spending.
- Cash Flow Statements: This tracks how much cash your business has at any given point, regardless of whether customers or clients have paid their bills or have 30-60+ days to do so.
While these are the most common financial statements, you may discover that there are other sections that you want to include or that lenders may want to see from you.
You can automate the process of looking through your documents with an OCR API , which will collect the data from all your financial statements and invoices.
The next step is coming up with a successful marketing plan so that you can actually get the word out about your business.
Throughout your business plan, you’ve already researched your competitors and your target market, both of which are major components of a good marketing strategy. You need to know who you’re marketing to, and you want to do it better than your competition.
![samples of simple business plan A marketing plan page from a business plan template.](https://visme.co/blog/wp-content/uploads/2021/09/marketing-plan.jpg)
On this page or throughout this section of your business plan, you need to focus on your chosen marketing channels and the types of marketing content you plan to create.
Start by taking a look at the channels that your competitors are on and make sure you have a good understanding of the demographics of each channel as well. You don’t want to waste time on a marketing channel that your target audience doesn’t use.
Then, create a list of each of your planned marketing avenues. It might look something like:
- Social media ( Facebook, Instagram, Pinterest)
- Email newsletter
- Digital ads
Depending on the type of business you’re starting, this list could change quite a bit — and that’s okay. There is no one-size-fits-all marketing strategy, and you need to find the one that brings in the highest number of potential customers.
Your last section will be all about your leadership and management team members. Showcasing that you have a solid team right from the start can make potential investors feel better about funding your venture.
You can easily put together an organizational chart like the one below, with the founder/CEO at the top and each of your team leaders underneath alongside the department they’re in charge of.
![samples of simple business plan An organizational chart template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/organizational-chart.jpg)
Simply add an organizational chart like this as a page into your overall business plan and make sure it matches the rest of your design to create a cohesive document.
If you want to create a good business plan that sets your new business up for success and attracts new investors, it’s a good idea to start with a template.
We’ve got 14 options below from a variety of different industries for you to choose from. You can customize every aspect of each template to fit your business branding and design preferences.
If you're pressed for time, Visme's AI business plan generator can churn out compelling business plans in minutes. Just input a detailed prompt, choose the design, and watch the tool generate your plan in a few seconds.
Template #1: Photography Business Plan Template
![samples of simple business plan A photography business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/photography-business-plan-template.jpg)
This feminine and minimalistic business plan template is perfect for getting started with any kind of creative business. Utilize this template to help outline the step-by-step process of getting your new business idea up and running.
Template #2: Real Estate Business Plan Template
![samples of simple business plan A real estate business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/real-estate-business-plan-template.jpg)
Looking for a more modern business plan design? This template is perfect for plainly laying out each of your business plans in an easy-to-understand format. Adjust the red accents with your business’s colors to personalize this template.
Template #3: Nonprofit Business Plan Template
![samples of simple business plan A nonprofit business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/nonprofit-business-plan-template.jpg)
Creating a business and marketing plan for your nonprofit is still an essential step when you’re just starting out. You need to get the word out to increase donations and awareness for your cause.
Template #4: Restaurant Business Plan Template
![samples of simple business plan A restaurant business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/restaurant-business-plan-template.jpg)
If your business plan needs to rely heavily on showcasing photos of your products (like food), this template is perfect for you. Get potential investors salivating at the sight of your business plan, and they’re sure to provide the capital you need.
Template #5: Fashion Business Plan Template
![samples of simple business plan A fashion business plan template available to customize in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/fashion-business-plan-template.jpg)
Serifs are in. Utilize this template with stunning serif as all the headers to create a contemporary and trendy business plan design that fits your business. Adjust the colors to match your brand and easily input your own content.
Template #6: Daycare Business Plan Template
![samples of simple business plan A daycare business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/daycare-business-plan.jpg)
Creating a more kid-friendly or playful business? This business plan template has bold colors and design elements that will perfectly represent your business and its mission.
Use the pages you need, and remove any that you don’t. You can also duplicate pages and move the elements around to add even more content to your business plan.
Template #7: Consulting Business Plan Template
![samples of simple business plan A consulting business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/consulting-business-plan-template.jpg)
This classic business plan template is perfect for a consulting business that wants to use a stunning visual design to talk about its services.
Template #8: Coffee Shop Business Plan Template
![samples of simple business plan A coffee shop business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/coffee-shop-business-plan-template.jpg)
Customize this coffee shop business plan template to match your own business idea. Adjust the colors to fit your brand or industry, replace photos with your own photography or stock photos that represent your business, and insert your own logo, fonts and colors throughout.
Template #9: SaaS Business Plan Template
![samples of simple business plan A SaaS business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/saas-business-plan-template.jpg)
A SaaS or service-based company also needs a solid business plan that lays out its financials, list of services, target market and more. This template is the perfect starting point.
Template #10: Small Business Plan Template
![samples of simple business plan A small business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/small-business-plan-template.jpg)
Every startup or small business needs to start out with a strong business plan in order to start off on the right foot and set yourself up for success. This template is an excellent starting point for any small business.
Template #11: Ecommerce Business Plan Template
![samples of simple business plan An ecommerce business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/ecommerce-business-plan-template.jpg)
An ecommerce business plan is ideal for planning out your pricing strategy of all of your online products, as well as the site you plan to use for setting up your store, whether WordPress, Shopify, Wix or something else.
Template #12: Startup Business Plan Template
![samples of simple business plan A startup business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/startup-business-plan-template.jpg)
Customize this template and make it your own! Edit and Download
This is another generic business plan template for any type of startup to customize. Switch out the content, fonts and colors to match your startup branding and increase brand equity.
Template #13: One-Page Business Plan Template
![samples of simple business plan A single page business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/one-page-business-plan-template.jpg)
Want just a quick business plan to get your idea going before you bite the bullet and map out your entire plan? This one-page template is perfect for those just starting to flesh out a new business idea.
Template #14: Salon Business Plan Template
![samples of simple business plan A salon business plan template available in Visme.](https://visme.co/blog/wp-content/uploads/2021/09/salon-business-plan-template.jpg)
This salon business plan template is easy on the design and utilizes a light color scheme to put more focus on the actual content. You can use the design as is or keep it as a basis for your own design elements.
Create Your Own Business Plan Today
Ready to write your business plan? Once you’ve created all of the most important sections, get started with a business plan template to really wow your investors and organize your startup plan.
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About the Author
Chloe West is the content marketing manager at Visme. Her experience in digital marketing includes everything from social media, blogging, email marketing to graphic design, strategy creation and implementation, and more. During her spare time, she enjoys exploring her home city of Charleston with her son.
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This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and ...
5. Marketing plan. It's always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you'll get the word out about your business, and it's an essential component of your business plan as well. The Paw Print Post focuses on four Ps: price, product, promotion, and place.
Download Simple Small-Business Plan Template. Word | PDF. This template walks you through each component of a small-business plan, including the company background, the introduction of the management team, market analysis, product or service offerings, a financial plan, and more. This template also comes with a built-in table of contents to ...
This simple, modern, investor-approved business plan sample 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.
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
What You'll Get: A complete business plan Unlike other blank templates, our business plan examples are complete business plans with all of the text and financial forecasts already filled out. Edit the text to make the plan your own and save hundreds of hours. A professional business plan template All 550 of our business plans are in the SBA-approved format that's proven to raise money from ...
Top Business Plan Examples. 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
Looking at real business plan examples can help you visualize what a successful plan looks like. With LivePlan you'll have access to over 550 free examples of a business plan to use as a starting point. Browse real business plan examples covering a broad range of businesses to see how others have written effective executive summaries, planned ...
This simple business plan template walks you through the stages of establishing a successful business or seeking funding. ... For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast ...
Write the Executive Summary. This section is the same as in the traditional business plan — simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company. Add a Company Overview. Document the larger company mission and vision.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
Use this simple business plan example and template to effortlessly share your timeline and scheduled launches with others. 2 Creative Business Plan Example. Making your company stand out from the crowd is essential to running a successful business. Use this creative business plan example and template to showcase how your ideas and plans for the ...
Find a template with a title page and table of contents to keep your business plan looking professional and organized. 3. Fill in each section. Work through your business plan by filling in one section at a time. This way, you can keep your thoughts more organized.
How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:
Target market & opportunity: Define your customers and the potential market size. The solution: Describe the product or service that addresses the identified problem. Traction and validation/roadmap: Outline the progress made so far and the future milestones and goals. EDIT THIS BUSINESS PLAN TEMPLATE.
The executive summary is a short section that summarizes every aspect of the business plan. So, first, write the entire plan. THEN write the executive summary. 3. Supplement the business plan with supporting documents. While simple business plans are fast and effective, they leave out a lot of information by nature.
Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template. Download: ... They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style ...
01. Executive summary. Your executive summary should contain a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch). Many authors like to write this section last after fleshing out the sections below. 02.
Key Takeaways from Business Plan Examples. Drawing from various business plan examples, here are the essential elements that contribute to a successful business plan: Executive Summary: Offers a concise overview of the business, including its mission, vision, and objectives. It should capture the reader's interest and provide a snapshot of ...
Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
10 steps to start your business; Plan your business. Market research and competitive analysis; Write your business plan; Calculate your startup costs; Establish business credit; ... Sample business plans. Traditional and Lean business plan templates for new small business owners. About this document and download.