How To Write A Business Plan (2023 Guide)
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Updated: Aug 20, 2022, 2:21am
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.
Drafting the Summary
An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.
Ask for Help
When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.
After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business.
The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.
Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.
Numbers-based Goals
Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.
Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.
Intangible Goals
Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.
The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.
If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.
This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.
You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.
Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.
Business Operations Costs
Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.
Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.
Other Costs
Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.
Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.
How do I write a simple business plan?
When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.
What are some common mistakes in a business plan?
The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.
What basic items should be included in a business plan?
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.
Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she manages a column at Inc. Magazine.
Business Plan Example and Template
Learn how to create a business plan
What is a Business Plan?
A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .
A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.
Contents of a Business Plan
A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:
1. Title Page
The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.
2. Executive Summary
The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.
3. Industry Overview
The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.
4. Market Analysis and Competition
The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.
Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.
A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.
5. Sales and Marketing Plan
The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.
6. Management Plan
The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.
Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.
7. Operating Plan
The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.
8. Financial Plan
The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.
9. Appendices and Exhibits
The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.
Business Plan Template
Here is a basic template that any business can use when developing its business plan:
Section 1: Executive Summary
- Present the company’s mission.
- Describe the company’s product and/or service offerings.
- Give a summary of the target market and its demographics.
- Summarize the industry competition and how the company will capture a share of the available market.
- Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements.
Section 2: Industry Overview
- Describe the company’s position in the industry.
- Describe the existing competition and the major players in the industry.
- Provide information about the industry that the business will operate in, estimated revenues, industry trends, government influences, as well as the demographics of the target market.
Section 3: Market Analysis and Competition
- Define your target market, their needs, and their geographical location.
- Describe the size of the market, the units of the company’s products that potential customers may buy, and the market changes that may occur due to overall economic changes.
- Give an overview of the estimated sales volume vis-à-vis what competitors sell.
- Give a plan on how the company plans to combat the existing competition to gain and retain market share.
Section 4: Sales and Marketing Plan
- Describe the products that the company will offer for sale and its unique selling proposition.
- List the different advertising platforms that the business will use to get its message to customers.
- Describe how the business plans to price its products in a way that allows it to make a profit.
- Give details on how the company’s products will be distributed to the target market and the shipping method.
Section 5: Management Plan
- Describe the organizational structure of the company.
- List the owners of the company and their ownership percentages.
- List the key executives, their roles, and remuneration.
- List any internal and external professionals that the company plans to hire, and how they will be compensated.
- Include a list of the members of the advisory board, if available.
Section 6: Operating Plan
- Describe the location of the business, including office and warehouse requirements.
- Describe the labor requirement of the company. Outline the number of staff that the company needs, their roles, skills training needed, and employee tenures (full-time or part-time).
- Describe the manufacturing process, and the time it will take to produce one unit of a product.
- Describe the equipment and machinery requirements, and if the company will lease or purchase equipment and machinery, and the related costs that the company estimates it will incur.
- Provide a list of raw material requirements, how they will be sourced, and the main suppliers that will supply the required inputs.
Section 7: Financial Plan
- Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.
Section 8: Appendices and Exhibits
- Quotes of building and machinery leases
- Proposed office and warehouse plan
- Market research and a summary of the target market
- Credit information of the owners
- List of product and/or services
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Thank you for reading CFI’s guide to Business Plans. To keep learning and advancing your career, the following CFI resources will be helpful:
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8 Sections of Every Successful Business Plan Format
Have you ever had a bright idea in the middle of dinner so you wrote it down on a napkin so you don’t forget it? What happens when the waiter accidentally takes that napkin, it blows away, or you forget it in your pocket and you do the laundry?
Transfer your ideas from the restaurant napkin into a more complete business plan format. This will help you fully envision your business idea, help you secure funding and investors, and set you up on a path for business success.
There are many business plan formats you can use, but here the eight sections every business plan should have to maximize your success.
Part 1: Executive Summary
This is your “make it or break it” section. After reading this a person will decide if it’s worth their time to keep reading or just toss it in the trash. This section is generally 1-2 pages long and summaries the key points from your business plan. It should also clearly state the problem your business is solving, who your key client or customers are, what your solution or product is, and some brief financial projections to entice the reader to keep reading.
In addition to your executive summary, this section of your business plan format should also include your:
- Mission Statement : Write a brief (usually a few sentences) summary of the long term goals for your business. Your mission statement governs all facets of your company and is the main purpose of your business. Be bold and brave here and avoid outrageous claims or missions that are too close to your competitors’ mission statements
- Vision Statement : Write one or two sentences about what the world will be like when your mission is achieved. Think of the bigger impact you seek to have in the world.
Part 2: Company Overview
Even the most innovative products won’t sell themselves. The way you structure your business will contribute to the success of your company. In this section, you will provide an overview of your company structure.
This section will often contain four parts:
- Company Summary : Think of this like an elevator pitch. You could discuss progress on prototypes and your minimal viable products, a brief story of how/why your company was formed, and any other high-level metrics about your progress so far.
- Your Team : Introduce the key players on your team. This should include owners, senior management, and key personnel. It’s also a place to mention any gaps that you are currently seeking to fill. A brief discussion of compensation details is helpful too.
- Milestones : Even if your company is new, you have milestones to note. That may include incorporation details, signing of property leases, ordering prototypes, or bringing in new investors.
- Critical Success Factors : This is where you will set some critical success factors (or goals) for the business. Unlike traditional goals, these do not have to be measurable. They may relate to client satisfaction, customer service standards, number of products sold, number of new hires every quarter, or streamlining fulfillment services.
Part 3: The Business Opportunity
This is the meat and bones of your business. This is where you talk about your specific products and services and the problems they solve for your target market.
This section is often divided into two sections:
- The Problem : The best businesses sell a product people actually need. In 2018 if you launched a business that sold face masks you probably struggled. But if you launched a face mask manufacturing business in 2020, your sales probably skyrocketed, because there was a clear, urgent need for the product. Use this section to talk about the pain points your target market has (as they relate to your offering).
- The Solution : This is where you get to talk about your offer. Talk about the features and benefits of that offer as they relate to meeting the pain points of your target market, and as they differentiate you from similar products on the market already.
Part 4: Industry Analysis
After you’ve looked at the pain points of your target market, it’s time to make sure that you’re targeting the right market and that the market isn’t oversaturated.
When you write your industry analysis section be sure to include:
- Total Available Market : Is your market targeted only at a handful of potential customers in a small geographical area? It’s important to know this because if your market of potential customers is small and there are already several competitors targeting them, you’ll need to find something new you can bring to the table to win these customers or else consider changing your target market.
- Market Trends and Growth Rate : Are people going to get tired of your products like they do with those fad diets? Talk to a market analyst to get insight into the future of the market for your product. Ideally, you’d want to see market trends in your favour.
- Key Competitors : Do some research to uncover who your main competitors are. Look at what they are already doing well and where there is room for you to do better than them. This information can help you while structuring your business, refining your products and services, and creating more effective marketing campaigns and strategies.
Part 5: Your Business Model
Two companies can sell the “same” product, but one can be profitable and the other could fail. Why? The way they structure their business may contribute to their success or failure.
In your business plan, talk about these 3 components of your business model:
- Your Unique Selling Point : What makes your product or how you run your business unique. This will be key to designing your product to be memorable and strategically plan your marketing to stand out in saturated markets.
- Revenue Streams : The COVID-19 pandemic taught businesses the value of multiple revenue streams. For your business plan, consider the different ways you will bring in cash. This could include product or service sales, selling tickets to events and workshops, membership programs, selling online content online, referral programs, or business partnerships that bring in new business.
- Business Pipeline : Most customers are not going to find your company at noon and buy your $997 product by dinner. There is a process to making a sale and it’s often referred to as a business pipeline or a sales funnel. Each step of the pipeline will lead people through various activities to gauge their engagement and potential for a sale. Categorizing and tracking prospects as they go through your pipeline can tell you a lot about the health of your business and the flow of leads for your business.
Part 6: Your Marketing Strategy
Another key component of your business plan format includes outlining your marketing strategy and plans. This could get quite in-depth depending on what marketing and advertising avenues you choose to use.
For the purposes of summarizing your marketing strategy in your business plan, consider including a summary of these key areas:
- Strengths – What are you doing better than the competition?
- Weaknesses – Where are your competitors doing better than you?
- Opportunities – What opportunities are open to you, what trends can you take advantage of, and how can you turn your strengths into opportunities.
- Threats – What could harm your business, how could your competition harm you, how could your weaknesses harm you.
- Target Audience : Use this section to go into more detail about your target customers as it relates to your product or service.
- Key Channels : Being on every single social media channel and advertising in every newspaper and magazine probably isn’t the best use of your marketing budget. Focus on channels where your target audience is likely to frequent and list them along with a high-level strategy for each one.
- Sales Plan : How do you plan to sell your product? Are you going to have a sales team, seek referral partners, or sell in other ways? Outline how you will bring in sales in this section.
- Key Performance Indicators (KPIs) : To track your progress and success, determine what your KPIs are. These are measurable goals and metrics that could include things like downloads of a free PDF, number of walk-in customers to your store, percentage of repeat customers, number or value of monthly sales.
Part 7: Investment Proposal
If your business plan will be used to secure loan, grant, or investor funding, this section is extremely critical. It’s basically your financial ask.
Be as detailed and specific as you can and include:
- Investment Proposal : Clearly outline your ask of the lender or investor. State if you are offering a stake in the company, are expecting the investor to be a silent partner, and what involvement the investor will plan (if any) in the company. Set clear expectations.
- Capital Allocations: Outline specifically how the funds will be used in the business. This may include allocating funds for R&D, inventory purchases, rent or property acquisitions, staff wages, marketing, investments.
Part 8: Financial Projections
A successful business needs to be profitable. All successful business plan formats include a financial projections section.
This section of your business plan will often include:
- Opening Balance Sheet : A balance sheet is a spreadsheet with 2 columns: Assets (left) and liabilities and owner’s equity (right).
- Income Statement : This summarizes your income for the last 12 months in business or if you are a start-up, as much as you can to-date. Your summary should include gross revenue, gross profits, operating profits, profits before tax, and net profits.
- Business Ratios : These determine the health of your company. You may choose to report debt-to-asset ratios, debt-to-equity ratio, cash ratio, working capital ratio, net profit margin, return on investment, and return on equity.
Customizing your business plan format
A business plan is not a one-size-fits-all report. You will find many sections are similar for nearly every business, but you will likely need to customize the content based on your stage of business and your reason for writing a business plan.
To give you more samples of ideal business plan formats, download our free business plan samples . We look forward to helping you create the best business plan for your business.
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Top 10 Components of a Business Plan
Whether you’re planning to open a shop that makes the best coffee or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. That’s where your business plan comes in. It provides investors, lenders and potential partners with an understanding of your company’s structure and goals. If you want to gain the financial autonomy to run a business or become an entrepreneur, a financial advisor can help align your finances.
1. Executive Summary
Your executive summary should appear first in your business plan. It should summarize what you expect your business to accomplish. Since it’s meant to highlight what you intend to discuss in the rest of the plan, the Small Business Administration suggests that you write this section last.
A good executive summary is compelling. It reveals the company’s mission statement, along with a short description of its products and services. It might also be a good idea to briefly explain why you’re starting your company and include details about your experience in the industry that you’re entering.
2. Company Description
A company description includes key information about your business, goals and the target customers that you want to serve. This is where you explain why your company stands out from other competitors in the industry and break down its strengths, including how it offers solutions for customers, and the competitive advantages that will give your business an edge to succeed.
3. Market Analysis
This is where you show that you have a key understanding of the ins and outs of the industry and the specific market you plan to enter. Here you will substantiate the strengths that you highlighted in your company description with data and statistics that break down industry trends and themes. Show what other businesses are doing and how they are succeeding or failing. Your market analysis should also help visualize your target customers. This includes how much money they make, what their buying habits are, which services they want and need, among other target customer preferences. Above all, the numbers should help answer why your business can do it better.
4. Competitive Analysis
A good business plan will present a clear comparison of your business vs your direct and indirect competitors. This is where you prove your knowledge of the industry by breaking down their strengths and weaknesses. Your end goal is show how your business will stack up. And if there are any issues that could prevent you from jumping into the market, like high upfront costs, this is where you will need to be forthcoming. Your competitive analysis will go in your market analysis section.
5. Description of Management and Organization
Your business must also outline how your organization is set up. Introduce your company managers here and summarize their skills and primary job responsibilities. An effective way could be to create a diagram that maps out your chain of command.
Don’t forget to indicate whether your business will operate as a partnership, a sole proprietorship or a business with a different ownership structure. If you have a board of directors, you’ll need to identify the members.
6. Breakdown of Your Products and Services
While your company description is an overview, a detailed breakdown of your products and services is intended to give a complementary but fuller description about the products that you are creating and selling, how long they could last and how they will meet existing demand.
This is where you should mention your suppliers, as well as other key information about how much it will cost to make your products and how much money you are hoping to bring in. You should also list here all relevant information pertaining to patents and copyright concerns as well.
7. Marketing Plan
This is where you describe how you intend to get your products and services in front of your target customers. Break down here the steps that you will take to promote your products and the budget that you will need to implement your strategies.
8. Sales Strategy
This section should answer how you will sell the products that you are building or carry out the services that you intend to offer. Your sales strategy must be specific. Break down how many sales reps you will need to hire and how you will recruit them and bring them on board. Make sure to include your sales targets as well.
9. Request for Funding
If you need funding, this section focuses on the amount of money that you need to set up your business and how you plan to use the capital that you are raising. You might want to include a timeline here for additional funding that you may require to complete other important projects.
10. Financial Projections
This final section breaks down the financial goals and expectations that you’ve set based on market research. You’ll report your anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business.
If you’re trying to apply for a personal loan or a small business loan, you can always add an appendix or another section that provides additional financial or background information.
Bottom Line
Every company is different so your business plan might look nothing like another entrepreneur’s. But there are key components that every good plan needs to have, and it’s always a good idea to provide a clear and accurate summary of your business goals in your business plan.
Tips for Business Owners
- A financial advisor can help you align your personal finances to give you an edge as a business owner or an entrepreneur. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now .
- If you are thinking of buying real estate, equipment, developing new products and other big-ticket activities for your business, you should consider using a capital asset pricing model to determine whether an investment is worth your risk.
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8 Elements of a Successful Business Plan
Perhaps you’ve heard the old saying that failing to plan is the same as planning to fail.
It’s commonly attributed to Benjamin Franklin, the 18th century inventor and politician whose belief in the value of preparation was strong enough that he once made a list of more than 12 character traits around which he planned to structure his life.
Related: It Only Takes 6 Steps to Plan Your Success
Franklin’s preparation paid off. Today, he’s remembered not only for signing the Declaration of Independence but for researching electricity, serving as the U.S. ambassador to France and founding the University of Pennsylvania.
Accomplishments like those illustrate the importance of preparation for entrepreneurs starting or expanding their own businesses, especially since only half of all startups survive their first five years. The secret: A well-crafted business plan can help make yours one of the success stories .
Not only is having one often a prerequisite for lenders and investors, it’s a road map that helps owners identify both risks and opportunities in their markets so that they’re prepared for both.
Indeed, some of the most successful U.S. entrepreneurs were known for their careful strategy. John D. Rockefeller, the oil magnate whose name became a byword for wealth in the late 19th and early 20th centuries, often talked about “our plan” when he was developing Standard Oil Trust.
Rockefeller’s strategy was corralling what had been a haphazard oil supply that often outpaced demand and hurt producers by keeping prices low. His business expanded enough that it eventually controlled the majority of oil production in the U.S. Although it was later broken up by the U.S. government, its descendants—ExxonMobil, Chevron and ConocoPhillips—still dominate the industry today.
“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated, help align expectations with stakeholders and investors, and even reduce stress.”
“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated , help align expectations with stakeholders and investors, and even reduce stress,” wrote Robert Price, executive director of the Global Entrepreneurship Institute, in an article on the organization’s website.
“Writing a business plan forces you into disciplined thinking if you do an intellectually honest job,” he says. “An idea may sound great in your mind, but when you put down the details and numbers, it may fall apart.”
Related: Think Big, Start Small and Plan for Success
A further advantage of your roadmap is that, ideally, it changes with your business. It’s considered a living document, but despite its adaptability, there are basic elements the Small Business Administration says any plan should contain. They include:
1. Executive Summary:
A snapshot of your plan. This will be the last thing you write, but possibly the most important, since many readers will stop here if they’re unimpressed. If your company is a startup , focus on your background and experience as well as that of any partners to show the underpinnings of the company, the agency says. If you’re better established, make sure to include details such as when the business was started, the names of the founders and their roles, how many employees you have, and where your operations are situated.
2. Company Description:
Explain what your company does and how it stands out from competitors. List major customers as well as markets you plan to target in the future. You’ll want to include competitive advantages, such as expert personnel like the whiz-kid coder you just hired, or location: Perhaps your floral shop is next door to an all-night wedding chapel.
3. Market Analysis:
It’s crucial to understand the market you plan to enter. Find out who your competitors are, analyze their cash flow and profit margins, and research technological developments in the industry that might be game-changers. Part of describing your customers is a general awareness of how much they spend and when. For instance, Black Friday got its name because it kicks off the lucrative Christmas shopping season that moves many retailers into full-year profitability. If your business is grappling with a similar challenge, you’ll want to be sure you have the resources and cash flow to withstand operating at a loss for 11 months out of the year.
4. Organization and Management:
Spell out the details of ownership, including investors and show your organizational chart. Specify whether your business is a sole proprietorship, partnership or corporation, and if it’s the latter, what type.
5. Service or Product Line:
What do you sell, how will it help your customers, and how often will they need to replace it? The answers to those questions can be crucial factors in business sustainability . Include any patents or copyrights you own.
6. Marketing and Sales:
The best idea in the world won’t take off if you don’t let your potential customers know what you have. Are you going to rely on word of mouth, promotional discounts or advertising? Remember, your method will have to be tailored to your market. New York businesses are famous for paying people to stand on the sidewalk promoting everything from discounted pizza slices to bargain jewelry prices, but that doesn’t work nearly as well in cities without a high volume of foot traffic.
7. Funding Request:
You’ll want to include how much you need right now as well as how much more you might need over the next five years. A critical point is how you plan to repay borrowed money to creditors (if you opt for debt financing) or, alternatively, generate returns for investors. Both will want to know how you’re spending their money and when they’ll see a payoff.
8. Financial Projections:
If you need funding, provide realistic forecasts that show how you plan to generate future cash flow. Unless you’re borrowing from your parents, your funding sources will want to know. It’s easier if you can show recent financial statements and base your projections on those, since that will give lenders an idea of how realistic your numbers are.
Related: 11 Things That Can Spark Massive Success in Your Life
Michael Jones
Michael Jones is the Director of Community Management and Content at Bond Street, a company focused on making small business loans simple, transparent and fair.
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Home > TCI Insights > 8 Sections To Include To Create A Solid Business Plan
8 Sections To Include To Create A Solid Business Plan
December 7, 2015.
Whether you are thinking of starting up a business or wanting to revamp your existing one, a business plan is a must. There are several things you need to consider when creating your plan. Here are eight critical elements to include.
Don’t expect to write a business plan in one or two sittings. Take your business plan apart section by section. Revisit it several times. There are many things you might not think of right away.
Create a Solid Business Plan & Make Sure These 8 Areas are Covered
1. executive summary.
The executive summary is an overview of your company. Basically, it summarizes your entire business plan. There is no set length of the executive summary, but a page or two should suffice. Think of it as an elevator pitch of your business plan that covers the key points. If you are looking for investors, make sure to make the executive summary intriguing enough that they will want to keep reading. As you are writing your business plan, you may find yourself revisiting the executive summary section – adding, removing and adjusting the copy based on other verbiage you include in other sections.
2. Company Overview
Although this may sound similar to the executive summary, it is a bit different. While the executive summary covers the key points of the entire business plan, the company overview will focus on the products and/or services your company offers. Although you might want to list the features, try to concentrate on the benefits instead.
3. Industry
Analyze your industry. Give an overview of the market including size, characteristics and the market share you are expecting to achieve. Remember to be realistic with your goals and numbers. It is also advised to set tiered goals such as 1 year, 3 years, 5 years and so on.
When writing your business plan, think for the future – not just the next few years, but also long term goals and plans for your business.
4. Competitors
Competition is good. It means your products or services are needed by others. Take a deep look at your competitors. Write down their strengths, weaknesses and the benefits they provide. Look at their online presence. Do they have a website, social media channels or a blog? Make sure to ask yourself how your products and/or services differ from your competition. What extra benefits are you going to provide? How are you going to stand out from your competition?
5. Customers
Who is your target audience? Start by thinking of your ideal customer and develop a buyer persona. A buyer persona includes information such as demographics, goals, job title, married, single, number of kids, etc. The more information you can include on your buyer personas, the better. And remember, you don’t have to have just one buyer persona. You may have three, five or even 10. Think in terms of your ideal customer – who are they? If you already have an existing business and are revisiting your business plan, don’t just make up your buyer persona. Interview your customers and get to know them. You can even do this by offering something of value to them such as a discount or a giveaway for filling out a survey. That way, you know exactly who your ideal customer is. This will make it easier to target and acquire more customers and leads if you know who your existing ones really are.
6. Marketing
Once you have your buyer personas created, it will be easier to create a marketing plan because you will know who your ideal customers are. Is your customer more likely to look at print or digital media? Are they on social media channels such as Facebook or LinkedIn ? Do they prefer to read emails or get mail in their mailboxes? Knowing your ideal customers can help you save money and create the most effective plan to give you the best return on investment.
Your business needs people to cover and run day-to-day operations. Think about the different job duties and roles that will need to be covered. How will your company operate and how many people will you need to fulfill these duties? Outline the main job titles and duties in your plan.
8. Finances
How are you going to finance your company? What’s the best option for your business – bank loans , invoice factoring , investors or a combination? Weigh out the options to see what fits your needs the best.
Hopefully this list can help you get started in creating or revising your existing business plan. It can be an overwhelming task, but using some online resources and finding a good template can help you get the start you need to create a solid business plan that sets your company up for success.
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How to Write a Business Plan, Step by Step
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1. Write an executive summary
2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. add additional information to an appendix, business plan tips and resources.
A business plan is a document that outlines your business’s financial goals and explains how you’ll achieve them. A strong, detailed plan will provide a road map for the business’s next three to five years, and you can share it with potential investors, lenders or other important partners.
Here’s a step-by-step guide to writing your business plan.
» Need help writing? Learn about the best business plan software .
This is the first page of your business plan. Think of it as your elevator pitch. It should include a mission statement, a brief description of the products or services offered, and a broad summary of your financial growth plans.
Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.
» MORE: How to write an executive summary in 6 steps
Next up is your company description, which should contain information like:
Your business’s registered name.
Address of your business location .
Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.
Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.
Lastly, it should cover the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.
» MORE: How to write a company overview for a business plan
The third part of a business plan is an objective statement. This section spells out exactly what you’d like to accomplish, both in the near term and over the long term.
If you’re looking for a business loan or outside investment, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.
For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and how much you think sales will increase over the next three years as a result.
In this section, go into detail about the products or services you offer or plan to offer.
You should include the following:
An explanation of how your product or service works.
The pricing model for your product or service.
The typical customers you serve.
Your supply chain and order fulfillment strategy.
Your sales strategy.
Your distribution strategy.
You can also discuss current or pending trademarks and patents associated with your product or service.
Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.
Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.
» MORE: R e a d our complete guide to small business marketing
If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.
You may also include metrics such as:
Net profit margin: the percentage of revenue you keep as net income.
Current ratio: the measurement of your liquidity and ability to repay debts.
Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.
This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.
» NerdWallet’s picks for setting up your business finances:
The best business checking accounts .
The best business credit cards .
The best accounting software .
This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.
List any supporting information or additional materials that you couldn’t fit in elsewhere, such as resumes of key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts and personal and business credit history. If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.
Here are some tips to help your business plan stand out:
Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well. Providing unreasonable sales estimates can hurt your chances of loan approval.
Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.
Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. You can search for a mentor or find a local SCORE chapter for more guidance.
The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.
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What Is a Business Plan?
Understanding business plans, how to write a business plan, elements of a business plan, special considerations.
- Business Plan FAQs
- Investopedia
Business Plan: What It Is, What's Included, and How To Write One
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
:max_bytes(150000):strip_icc():format(webp)/adam_hayes-5bfc262a46e0fb005118b414.jpg "8 sections of a business plan")
Investopedia / Ryan Oakley
A business plan is a document that defines in detail a company's objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing , financial, and operational standpoints. Both startups and established companies use business plans.
A business plan is an important document aimed at a company's external and internal audiences. For instance, a business plan is used to attract investment before a company has established a proven track record. It can also help to secure lending from financial institutions.
Furthermore, a business plan can serve to keep a company's executive team on the same page about strategic action items and on target for meeting established goals.
Although they're especially useful for new businesses, every company should have a business plan. Ideally, the plan is reviewed and updated periodically to reflect goals that have been met or have changed. Sometimes, a new business plan is created for an established business that has decided to move in a new direction.
Key Takeaways
- A business plan is a document describing a company's core business activities and how it plans to achieve its goals.
- Startup companies use business plans to get off the ground and attract outside investors.
- A business plan can also be used as an internal guide to keep an executive team focused on and working toward short- and long-term objectives.
- Businesses may create a lengthier traditional business plan or a shorter lean startup business plan.
- Good business plans should include an executive summary and sections on products and services, marketing strategy and analysis, financial planning, and a budget.
Want Funding? You Need a Business Plan
A business plan is a fundamental document that any new business should have in place prior to beginning operations. Indeed, banks and venture capital firms often require a viable business plan before considering whether they'll provide capital to new businesses.
Operating without a business plan usually is not a good idea. In fact, very few companies are able to last very long without one. There are benefits to creating (and sticking to) a good business plan. These include being able to think through ideas before investing too much money in them and working through potential obstacles to success.
A good business plan should outline all the projected costs and possible pitfalls of each decision a company makes. Business plans, even among competitors in the same industry, are rarely identical. However, they can have the same basic elements, such as an executive summary of the business and detailed descriptions of its operations, products and services, and financial projections. A plan also states how the business intends to achieve its goals.
While it's a good idea to give as much detail as possible, it's also important that a plan be concise to keep a reader's attention to the end.
A well-considered and well-written business plan can be of enormous value to a company. While there are templates that you can use to write a business plan, try to avoid producing a generic result. The plan should include an overview and, if possible, details of the industry of which the business will be a part. It should explain how the business will distinguish itself from its competitors.
Start with the essential structure: an executive summary, company description, market analysis, product or service description, marketing strategy, financial projections, and appendix (which include documents and data that support the main sections). These sections or elements of a business plan are outlined below.
When you write your business plan, you don’t have to strictly follow a particular business plan outline or template. Use only those sections that make the most sense for your particular business and its needs.
Traditional business plans use some combination of the sections below. Your plan might also include any funding requests you're making. Regardless, try to keep the main body of your plan to around 15-25 pages.
The length of a business plan varies greatly from business to business. Consider fitting the basic information into a 15- to 25-page document. Then, other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and included as appendices.
As mentioned above, no two business plans are the same. Nonetheless, they tend to have the same elements. Below are some of the common and key parts of a business plan.
- Executive summary: This section outlines the company and includes the mission statement along with any information about the company's leadership, employees, operations, and location.
- Products and services: Here, the company can outline the products and services it will offer, and may also include pricing, product lifespan, and benefits to the consumer. Other factors that may go into this section include production and manufacturing processes, any patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
- Market analysis: A firm needs a good handle on its industry as well as its target market. This section of the plan will detail a company's competition and how the company fits in the industry, along with its relative strengths and weaknesses. It will also describe the expected consumer demand for a company's products or services and how easy or difficult it may be to grab market share from incumbents.
- Marketing strategy: This section describes how the company will attract and keep its customer base and how it intends to reach the consumer. A clear distribution channel must be outlined. The section also spells out advertising and marketing campaign plans and the types of media those campaigns will use.
- Financial planning: This section should include a company's financial planning and projections. Financial statements, balance sheets, and other financial information may be included for established businesses. New businesses will include targets and estimates for the first few years plus a description of potential investors.
- Budget: Every company needs to have a budget in place. This section should include costs related to staffing, development, manufacturing, marketing, and any other expenses related to the business.
Unique Business Plans Help
The best business plans aren't generic ones created from easily accessed templates. A company should entice readers with a plan that demonstrates its singularity and potential for success.
Types of Business Plans
Business plans help companies identify their objectives and remain on track to meet goals. They can help companies start, manage themselves, and grow once up and running. They also act as a means to attract lenders and investors.
Although there is no right or wrong business plan, they can fall into two different categories—traditional or lean startup. According to the Small Business Administration (SBA) , the traditional business plan is the most common. It contains a lot of detail in each section. These tend to be longer than the lean startup plan and require more work.
Lean startup business plans, on the other hand, use an abbreviated structure that highlights key elements. These business plans aren't as common in the business world because they're short—as short as one page—and lack detail. If a company uses this kind of plan, it should be prepared to provide more detail if an investor or lender requests it.
Financial Projections
A complete business plan must include a set of financial projections for the business. These forward-looking financial statements are often called pro-forma financial statements or simply the " pro-formas ." They include an overall budget, current and projected financing needs, a market analysis, and the company's marketing strategy.
Other Considerations for a Business Plan
A major reason for a business plan is to give owners a clear picture of objectives, goals, resources, potential costs, and drawbacks of certain business decisions. A business plan should help them modify their structures before implementing their ideas. It also allows owners to project the type of financing required to get their businesses up and running.
If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing, if needed. For example, Tesla Motors' electric car business essentially began only as a business plan.
Importantly, a business plan shouldn't be a static document. As a business grows and changes, so too should the business plan. An annual review of the company and its plan allows an entrepreneur or group of owners to update the plan, based on successes, setbacks, and other new information. It provides an opportunity to size up the plan's ability to help the company grow.
Think of the business plan as a living document that evolves with your business.
A business plan is a document created by a company that describes the company's goals, operations, industry standing, marketing objectives, and financial projections. The information it contains can be a helpful guide in running the company. What's more, it can be a valuable tool to attract investors and obtain financing from financial institutions.
Why Do Business Plans Fail?
Even if you have a good business plan, your company can still fail, especially if you do not stick to the plan! Having strong leadership with focus on the plan is always a good strategy. Even when following the plan, if you had poor assumptions going into your projections, you can be caught with cash flow shortages and out of control budgets. Markets and the economy can also change. Without flexibility built in to your business plan, you may be unable to pivot to a new course as needed.
What Does a Lean Startup Business Plan Include?
The lean startup business plan is an option when a company prefers a quick explanation of its business. The company may feel that it doesn't have a lot of information to provide since it's just getting started.
Sections can include: a value proposition, a company's major activities and advantages, resources such as staff, intellectual property, and capital, a list of partnerships, customer segments, and revenue sources.
Small Business Administration. " Write Your Business Plan ."
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- 8 minute read
Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan . But few resources provide business plan templates and relatable examples to really help guide you through writing one of your own.
That’s why we took some real-world and hypothetical examples of product-based ecommerce businesses to show how you can write your business plan.
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7 Business plan examples: section by section
The business plan examples we’ll look at below follow this example template:
- Executive summary. An introductory overview of your business.
- Company description. A more in-depth and detailed description of your business and why it exists.
- Market analysis. Research-based information about the industry and your target market.
- Products and services. What you plan to offer in exchange for money.
- Marketing plan. The promotional strategy to introduce your business to the world and drive sales.
- Logistics and operations plan. Everything that happens in the background to make your business function properly.
- Financial plan. A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
Below, we have some real-world and hypothetical examples of each of these sections to show you how a business plan comes together.
- Executive summary
Your executive summary is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.
In our business plan template for Paw Print Post , the executive summary is four paragraphs and takes a little over half a page:
- 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 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.
You can also go more in-depth with your company overview and include the following sections, like we did for Paw Print Post:
- Business structure. This section outlines how you registered your business —as an LLC , sole proprietorship, corporation, or other business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
- Nature of the business. “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
- Industry. “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
- Background information. “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
- Business objectives. “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
- Team. “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”
Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its business plan example.
- Market analysis
The market analysis consists of research about supply and demand, your target market, 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 we did for an online tailored-shirt business:
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. Your competitive analysis might look like this:
- Products and services
This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s what we wrote for Paw Print Post:
- 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.
For Paw Print Post, we focused 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. It’s OK to go high level here.
- Logistics and operations plan
- For Paw Print Post, we looked at suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.
Financial plan
The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.
Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.
It then dives deeper into the financials to include:
- Funding needs
- Projected profit-and-loss statement
- Projected balance sheet
- Projected cash-flow statement
You can use this financial plan template to build your own income statement, balance sheet, and cash-flow statement.
Types of business plans + what to include for each
A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:
- Executive summary: truncated
- Market analysis: summarized
- Products and services: summarized
- Marketing plan: summarized
- Logistics and operations plan: summarized
- Financials: summarized
A startup business plan is for a new business. Typically, these plans are developed and shared to secure outside funding . As such, there’s a bigger focus on the financials as well as on other sections that determine viability of your business idea—market research, for example.
- Market analysis: in-depth
- Financials: in-depth
Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.
A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.
- Market analysis: comprehensive outlook
- Products and services: for launch and expansion
- Marketing plan: comprehensive outlook
- Logistics and operations plan: comprehensive outlook
- Financials: comprehensive outlook
Feasibility
Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.
More resources for validating your ideas:
- Product Research: The 15-Step Checklist for Finding Profitable, In-Demand Product Ideas
- Video: How to Validate Your Product Ideas
Set yourself up for success
Building a business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your growth 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 intentional business planning—and with the business plan examples above to guide your own path.
Ready to create your first business? Start your free trial of Shopify—no credit card required.
Business plan faq, what 5 things should a business plan include.
- 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 projections and strategies.
- Implementation Plan: An outline of the steps, resources, and timeline required to bring the business plan to fruition.
What are the 3 C's of a business plan?
- Concept – your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
- Contents – your content should include details about the products and services you provide, your target market, and your competition.
- Cashflow – your cashflow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.
What are 5 common mistakes of a business plan?
- Poor financial projections: Business plans should provide realistic financial projections based on market research and sound assumptions.
- Lack of competitive analysis: Business plans should contain a competitive analysis that outlines the competitive landscape, identifies key competitors, and assesses the competitive advantages and disadvantages of the proposed business.
- Inconsistent formatting: Business plans should be presented in a professional, consistent format that is easy to read and understand.
- Insufficient research: Business plans should be thoroughly researched and include accurate and up-to-date information.
- Unrealistic goals: Business plans should set realistic and achievable goals that are in line with the proposed business’s resources and financial abilities.
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What is a Business Plan? Definition, Tips, and Templates
Published: April 13, 2023
In an era where more than 20% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.
The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.
Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?
In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.
What is a business plan?
A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.
What is a business plan used for?
The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.
Business Plan Template [ Download Now ]
Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.
Purposes of a Business Plan
Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:
1. Securing financing from investors.
Since its contents revolve around how businesses succeed, break even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.
All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.
Therefore, these investors need to know if — and when — they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.
2. Documenting a company's strategy and goals.
A business plan should leave no stone unturned.
Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.
To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies — from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.
These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.
Free Business Plan [Template]
Fill out the form to access your free business plan., 3. legitimizing a business idea..
Everyone's got a great idea for a company — until they put pen to paper and realize that it's not exactly feasible.
A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.
As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics — and that's exactly what the business plan is for.
It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.
4. Getting an A in your business class.
Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.
If that's the case, might we suggest checking out this post on How to Write a Business Plan — providing a section-by-section guide on creating your plan?
What does a business plan need to include?
- Business Plan Subtitle
- Executive Summary
- Company Description
- The Business Opportunity
- Competitive Analysis
- Target Market
- Marketing Plan
- Financial Summary
- Funding Requirements
1. Business Plan Subtitle
Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.
2. Executive Summary
Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.
3. Company Description
This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.
4. The Business Opportunity
The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high level information about your target market.
5. Competitive Analysis
Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.
6. Target Market
Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.
7. Marketing Plan
Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice.
Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.
8. Financial Summary
Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all useful adds here.
So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The "team" section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.
10. Funding Requirements
Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.
Types of Business Plans
- Startup Business Plan
- Feasibility Business Plan
- Internal Business Plan
- Strategic Business Plan
- Business Acquisition Plan
- Business Repositioning Plan
- Expansion or Growth Business Plan
There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans.
For even more examples, check out these sample business plans to help you write your own .
1. Startup Business Plan
As one of the most common types of business plans, a startup business plan is for new business ideas. This plan lays the foundation for the eventual success of a business.
The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans often reference existing industry data. They also explain unique business strategies and go-to-market plans.
Because startup business plans expand on an original idea, the contents will vary by the top priority goals.
For example, say a startup is looking for funding. If capital is a priority, this business plan might focus more on financial projections than marketing or company culture.
2. Feasibility Business Plan
This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include:
- A detailed product description
- Market analysis
- Technology needs
- Production needs
- Financial sources
- Production operations
According to CBInsights research, 35% of startups fail because of a lack of market need. Another 10% fail because of mistimed products.
Some businesses will complete a feasibility study to explore ideas and narrow product plans to the best choice. They conduct these studies before completing the feasibility business plan. Then the feasibility plan centers on that one product or service.
3. Internal Business Plan
Internal business plans help leaders communicate company goals, strategy, and performance. This helps the business align and work toward objectives more effectively.
Besides the typical elements in a startup business plan, an internal business plan may also include:
- Department-specific budgets
- Target demographic analysis
- Market size and share of voice analysis
- Action plans
- Sustainability plans
Most external-facing business plans focus on raising capital and support for a business. But an internal business plan helps keep the business mission consistent in the face of change.
4. Strategic Business Plan
Strategic business plans focus on long-term objectives for your business. They usually cover the first three to five years of operations. This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders.
These types of business plans may include:
- Relevant data and analysis
- Assessments of company resources
- Vision and mission statements
It's important to remember that, while many businesses create a strategic plan before launching, some business owners just jump in. So, this business plan can add value by outlining how your business plans to reach specific goals. This type of planning can also help a business anticipate future challenges.
5. Business Acquisition Plan
Investors use business plans to acquire existing businesses, too — not just new businesses.
A business acquisition plan may include costs, schedules, or management requirements. This data will come from an acquisition strategy.
A business plan for an existing company will explain:
- How an acquisition will change its operating model
- What will stay the same under new ownership
- Why things will change or stay the same
- Acquisition planning documentation
- Timelines for acquisition
Additionally, the business plan should speak to the current state of the business and why it's up for sale.
For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include:
- What the new owner will do to turn the business around
- Historic business metrics
- Sales projections after the acquisition
- Justification for those projections
6. Business Repositioning Plan
When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.
This plan will:
- Acknowledge the current state of the company.
- State a vision for the future of the company.
- Explain why the business needs to reposition itself.
- Outline a process for how the company will adjust.
Companies planning for a business reposition often do so — proactively or retroactively — due to a shift in market trends and customer needs.
For example, shoe brand AllBirds plans to refocus its brand on core customers and shift its go-to-market strategy. These decisions are a reaction to lackluster sales following product changes and other missteps.
7. Expansion or Growth Business Plan
When your business is ready to expand, a growth business plan creates a useful structure for reaching specific targets.
For example, a successful business expanding into another location can use a growth business plan. This is because it may also mean the business needs to focus on a new target market or generate more capital.
This type of plan usually covers the next year or two of growth. It often references current sales, revenue, and successes. It may also include:
- SWOT analysis
- Growth opportunity studies
- Financial goals and plans
- Marketing plans
- Capability planning
These types of business plans will vary by business, but they can help businesses quickly rally around new priorities to drive growth.
Getting Started With Your Business Plan
At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan — and the business it outlines — will be.
When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.
Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.
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What Is a Business Plan? Definition and Planning Essentials Explained
Posted february 21, 2022 by kody wirth.
What is a business plan? It’s the roadmap for your business. The outline of your goals, objectives, and the steps you’ll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance.
A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It’s more than just a stack of paper and can be one of your most effective tools as a business owner.
Let’s explore the basics of business planning, the structure of a traditional plan, your planning options, and how you can use your plan to succeed.
What is a business plan?
A business plan is a document that explains how your business operates. It summarizes your business structure, objectives, milestones, and financial performance. Again, it’s a guide that helps you, and anyone else, better understand how your business will succeed.
Why do you need a business plan?
The primary purpose of a business plan is to help you understand the direction of your business and the steps it will take to get there. Having a solid business plan can help you grow up to 30% faster and according to our own 2021 Small Business research working on a business plan increases confidence regarding business health—even in the midst of a crisis.
These benefits are directly connected to how writing a business plan makes you more informed and better prepares you for entrepreneurship. It helps you reduce risk and avoid pursuing potentially poor ideas. You’ll also be able to more easily uncover your business’s potential. By regularly returning to your plan you can understand what parts of your strategy are working and those that are not.
That just scratches the surface for why having a plan is valuable. Check out our full write-up for fifteen more reasons why you need a business plan .
What can you do with your plan?
So what can you do with a business plan once you’ve created it? It can be all too easy to write a plan and just let it be. Here are just a few ways you can leverage your plan to benefit your business.
Test an idea
Writing a plan isn’t just for those that are ready to start a business. It’s just as valuable for those that have an idea and want to determine if it’s actually possible or not. By writing a plan to explore the validity of an idea, you are working through the process of understanding what it would take to be successful.
The market and competitive research alone can tell you a lot about your idea. Is the marketplace too crowded? Is the solution you have in mind not really needed? Add in the exploration of milestones, potential expenses, and the sales needed to attain profitability and you can paint a pretty clear picture of the potential of your business.
Document your strategy and goals
For those starting or managing a business understanding where you’re going and how you’re going to get there are vital. Writing your plan helps you do that. It ensures that you are considering all aspects of your business, know what milestones you need to hit, and can effectively make adjustments if that doesn’t happen.
With a plan in place, you’ll have an idea of where you want your business to go as well as how you’ve performed in the past. This alone better prepares you to take on challenges, review what you’ve done before, and make the right adjustments.
Pursue funding
Even if you do not intend to pursue funding right away, having a business plan will prepare you for it. It will ensure that you have all of the information necessary to submit a loan application and pitch to investors. So, rather than scrambling to gather documentation and write a cohesive plan once it’s relevant, you can instead keep your plan up-to-date and attempt to attain funding. Just add a use of funds report to your financial plan and you’ll be ready to go.
The benefits of having a plan don’t stop there. You can then use your business plan to help you manage the funding you receive. You’ll not only be able to easily track and forecast how you’ll use your funds but easily report on how it’s been used.
Better manage your business
A solid business plan isn’t meant to be something you do once and forget about. Instead, it should be a useful tool that you can regularly use to analyze performance, make strategic decisions, and anticipate future scenarios. It’s a document that you should regularly update and adjust as you go to better fit the actual state of your business.
Doing so makes it easier to understand what’s working and what’s not. It helps you understand if you’re truly reaching your goals or if you need to make further adjustments. Having your plan in place makes that process quicker, more informative, and leaves you with far more time to actually spend running your business.
What should your business plan include?
The content and structure of your business plan should include anything that will help you use it effectively. That being said, there are some key elements that you should cover and that investors will expect to see.
Executive summary
The executive summary is a simple overview of your business and your overall plan. It should serve as a standalone document that provides enough detail for anyone—including yourself, team members, or investors—to fully understand your business strategy. Make sure to cover the problem you’re solving, a description of your product or service, your target market, organizational structure, a financial summary, and any necessary funding requirements.
This will be the first part of your plan but it’s easiest to write it after you’ve created your full plan.
Products & Services
When describing your products or services, you need to start by outlining the problem you’re solving and why what you offer is valuable. This is where you’ll also address current competition in the market and any competitive advantages your products or services bring to the table. Lastly, be sure to outline the steps or milestones that you’ll need to hit to successfully launch your business. If you’ve already hit some initial milestones, like taking pre-orders or early funding, be sure to include it here to further prove the validity of your business.
Market analysis
A market analysis is a qualitative and quantitative assessment of the current market you’re entering or competing in. It helps you understand the overall state and potential of the industry, who your ideal customers are, the positioning of your competition, and how you intend to position your own business. This helps you better explore the long-term trends of the market, what challenges to expect, and how you will need to initially introduce and even price your products or services.
Check out our full guide for how to conduct a market analysis in just four easy steps .
Marketing & sales
Here you detail how you intend to reach your target market. This includes your sales activities, general pricing plan, and the beginnings of your marketing strategy. If you have any branding elements, sample marketing campaigns, or messaging available—this is the place to add it.
Additionally, it may be wise to include a SWOT analysis that demonstrates your business or specific product/service position. This will showcase how you intend to leverage sales and marketing channels to deal with competitive threats and take advantage of any opportunities.
Check out our full write-up to learn how to create a cohesive marketing strategy for your business.
Organization & management
This section addresses the legal structure of your business, your current team, and any gaps that need to be filled. Depending on your business type and longevity, you’ll also need to include your location, ownership information, and business history. Basically, add any information that helps explain your organizational structure and how you operate. This section is particularly important for pitching to investors but should be included even if attempted funding is not in your immediate future.
Financial projections
Possibly the most important piece of your plan, your financials section is vital for showcasing the viability of your business. It also helps you establish a baseline to measure against and makes it easier to make ongoing strategic decisions as your business grows. This may seem complex on the surface, but it can be far easier than you think.
Focus on building solid forecasts, keep your categories simple, and lean on assumptions. You can always return to this section to add more details and refine your financial statements as you operate.
Here are the statements you should include in your financial plan:
- Sales and revenue projections
- Profit and loss statement
- Cash flow statement
- Balance sheet
The appendix is where you add additional detail, documentation, or extended notes that support the other sections of your plan. Don’t worry about adding this section at first and only add documentation that you think will be beneficial for anyone reading your plan.
Types of business plans explained
While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. So, to get the most out of your plan, it’s best to find a format that suits your needs. Here are a few common business plan types worth considering.
Traditional business plan
The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you’ll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or any other situation where the full details of your business must be understood by another individual.
This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix. We recommend only starting with this business plan format if you plan to immediately pursue funding and already have a solid handle on your business information.
Business model canvas
The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.
The structure ditches a linear structure in favor of a cell-based template. It encourages you to build connections between every element of your business. It’s faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations. This is really best for those exploring their business idea for the first time, but keep in mind that it can be difficult to actually validate your idea this way as well as adapt it into a full plan.
One-page business plan
The true middle ground between the business model canvas and a traditional business plan is the one-page business plan. This format is a simplified version of the traditional plan that focuses on the core aspects of your business. It basically serves as a beefed-up pitch document and can be finished as quickly as the business model canvas.
By starting with a one-page plan, you give yourself a minimal document to build from. You’ll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan. This plan type is useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.
Now, the option that we here at LivePlan recommend is the Lean Plan . This is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.
It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27-minutes . However, it’s even easier to convert into a full plan thanks to how heavily it’s tied to your financials. The overall goal of Lean Planning isn’t to just produce documents that you use once and shelve. Instead, the Lean Planning process helps you build a healthier company that thrives in times of growth and stable through times of crisis.
It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.
Try the LivePlan Method for Lean Business Planning
Now that you know the basics of business planning, it’s time to get started. Again we recommend leveraging a Lean Plan for a faster, easier, and far more useful planning process.
To get familiar with the Lean Plan format, you can download our free Lean Plan template . However, if you want to elevate your ability to create and use your lean plan even further, you may want to explore LivePlan.
It features step-by-step guidance that ensures you cover everything necessary while reducing the time spent on formatting and presenting. You’ll also gain access to financial forecasting tools that propel you through the process. Finally, it will transform your plan into a management tool that will help you easily compare your forecasts to your actual results.
Check out how LivePlan streamlines Lean Planning by downloading our Kickstart Your Business ebook .
Posted in Business Plan Writing
- ZenBusiness > …
- Start A Business
- > 8 Things Every Business Plan Should Include
8 Things Every Business Plan Should Include
Some entrepreneurs may think a business plan is an irrelevant piece of paperwork that will just get lost in the shuffle, or a pointless exercise getting in the way of pursuing the fun part of running a business.
Nothing could be further from the truth.
Your business plan should be treated as a birth certificate or formal constitution. This document lays out, in explicit detail, every aspect of what you hope your business will be, the ethics on which it’s founded, and your specific plan for how to sustain and grow it over time. That’s incredibly useful info!
Sure, every business is different, and different businesses mean different approaches to business plans, but below we’ll walk you through eight essential items that every business plan should include in order to be effective.
What is a business plan?
In the simplest of terms, a business plan is a blueprint or guide showcasing your business’s goals and your detailed plan for how those goals will be met. Again, this isn’t just a feel-good exercise to do: Banks, potential partners, investors, and even the state where you register your company will want to see a copy of your business plan in this kind of detail.
This will often be the document that seals or breaks your ability to land an account, loan, or merger. Not having a business plan is like not having a photo ID; your business basically can’t get in anywhere without it. Don’t think of your business plan as a best practice but rather a founding, critical step in the successful launching of your idea.
8 Things to Include in Your Business Plan
The elements of a business plan can be every bit as unique as your business. You should spend the time to think about how you want your plan to reflect the core values and ethics of your company.
Detailed planning? Core values? Ethics? If this is starting to sound intimidating, don’t worry — you’ve got this! You can start by familiarizing yourself with the small business statistics related to your market. A bit of research like this will help you make educated decisions about the parts of your business plan. That said, there are key elements that you don’t want to forgo. Add these eight essential components to your business plan:
Business Plan Elements:
- Executive Summary
- Company Description
- Market Research
- Product or Service Description
- Marketing and Customer Acquisition Strategy
- Business and Team Structure
- Company Financials
- Request for Funding
Remember that you don’t need to be worried if you don’t have all the answers to these at the moment. You have time to find them and reflect on how you want to incorporate them meaningfully into your business plan.
1. Executive Summary
The executive summary should lead your business plan and appear directly after your title page. This is where you state what you want for your venture in clear and concise language. This document will ideally be no longer than a page in length and offer a good synopsis of the entire business plan. List your business’s previous accomplishments, current market position , and financial features where these items apply.
For example, if you are a fledgling graphic design business but have already done work for big-name, recognized clients, include evidence of that in your executive summary to highlight your company’s established positive connections. This section is meant to provide a road map of your company’s placement in your industry and its hoped-for trajectory.
2. Company Description
This is the section of your business plan to talk about the essential elements of your company’s objectives and prior accomplishments. Give the reader your company’s history and mission statemen t here. What kind of operation is your business — retail, manufacturing, service-related? What sort of format have you adopted: LLC , corporation , or sole proprietorship ?
Name your company’s principals and leaders in your description and include any other support networks available to your business. For example, if you are running a small carpentry venture but have done work for major construction contractors in your area, let your readers know about these larger allies, as they lend your business further credibility in your field. It’s advisable to write this section more like a bulleted list or profile than in paragraph or narrative form.
3. Market Research
This portion of your business plan addresses your target and potential market. Here, you’ll paint a verbal picture of your ideal customer, including age, gender, vocation, education, and even hobbies. The more specific you can be in your market analysis, the better it looks to investors, as identifying too broad a market indicates too little research and too much risk. You need to offer an educated estimate of your target market’s size, monetary value, and stability, which you can determine through completing a thorough market analysis.
Use this section to showcase that you understand your competition and have sized up the opportunity related to your venture. For example, suppose you’re launching a boutique printing and graphics company in a town where there is already a larger printing group. In that case, you might detail that your operation will be positioned within walking distance of the town’s big university and offer scholastic demographics on the students who attend there to illustrate the demand for the work you’ll be doing.
Conduct a detailed competitive analysis of other businesses in your area based on your target market. What are their primary marketing channels and average costs per project? Is your industry sector affected by the gig economy ? If so, how much? It’s helpful to present the information relating to your active competitors in a spreadsheet or table to be more immediately readable.
4. Product or Service Description
This part of your business plan is your chance to spotlight your company’s products or services. Provide highly specific details about your production process, the product life cycle of what you’re offering, and especially the benefits. What is unique about what you are selling? Do you have any patents or intellectual property protection in place? Where do you get the raw materials you use to make or supply your items? Do you currently have anything in the research and development pipeline?
Offering detailed info on these kinds of questions and addressing the assembly, quality control, supply chain logistics, and daily operations associated with your products or services helps demonstrate why your business is different from others in your market — and it’s also useful for you yourself to think through if you’re just getting started.
Use this space to show just how creative and vital your company’s work is. For instance, if you are founding a consulting agency for sustainable design, perhaps showcasing that your service plans make heavy use of local quarry rock would be wise here, as this is an element other green entrepreneurs might not have.
5. Marketing and Customer Acquisition Strategy
Documenting your revenue model is a crucial component of your business plan. This section outlines your sales strategy, helps position your brand, and reduces the risk of your company barking up the wrong revenue tree or timing your product/service in a disadvantageous way. This is the section of your business plan where you’re going to detail everything from the pricing to the predicted margins of your business. What marketing strategy will your company employ? How does it differ from or exceed those of other business models?
True, much of this financial information will be speculative if you’re just starting out. However, getting specific about how you’ll handle your revenue channels should be based on existing information at your disposal — remember, you’ll want potential investors to see you’ve taken the time to be realistic in your planning and projections. Has your company made any money to date? If so, how much, and how was it generated? What relationship does your cost of goods sold (COGS) have to your bottom line and market share? Does your marketing plan include payments from customers that will be collected on a one-time basis, recurrently, based on service time spent, or some combination of the above?
A good example here might be a small electrician’s company that, unlike its competitors, doesn’t charge a “come and see” or service fee for estimates. While this might initially seem to bring in less money for the company, the traction it will give the business with appreciative customers in the long run is likely to increase the company’s demand and revenue.
6. Business and Team Structure
The section of your business plan that addresses your management team is where you have the pleasure of introducing the people that power your business. This is a chance for you to further showcase your seriousness to potential lenders, investors, or partners by highlighting each of your team member’s qualifications, backgrounds, and credentials.
Create brief biographies of three to five sentences for each of your principal team members, including why this person is qualified for the role they play in your business. For example, your small business may have a co-founder who has obtained a law degree, but you’re going to run a freelance accounting firm.
Use this space to show how that person’s background in law makes them the perfect partner and will help your company comply with federal and local regulations. Remember that your goal is to prove, beyond a shadow of a doubt, that the team you have assembled to help run your business are not only professionals but also the best people for the job.
If you haven’t made many hires yet, you’ll also want to spend a moment in this segment of your business plan forecasting your staffing needs. Who do you still need to hire to make this business as good as it can be? What do you predict will cost to hire these experts? Will you outsource any component of your team? Take time here to show that you have thought ahead to potential staffing scenarios and your responses.
7. Company Financials
Demonstrating that you have a realistic understanding of your company’s financial needs is essential. Even if you have a new business idea and don’t have formal financial statements yet, this sector of your business plan should provide your business’s established budget, cash flow analysis, any income statements and balance sheets you have, and your debt-to-liquidity ratio . Don’t forget to factor in business taxes that will impact your company and gauge the frequency with which those taxes will be imposed (some are yearly; others are quarterly).
Let’s say you are starting a small IT consulting business. You may not have much financial data yet, but you do have a wealth of information from companies you have worked for in the past and their technological trends, needs, and financial projections. Take this information and make very thorough profit and loss projections for your company based on current, factual industry data.
Remember that every projection you make in your financial plan needs to have a direct justification. It’s also wise to project conservatively on profits and liberally on losses to account for the unpredictability in your target market.
8. Request for Funding
Now for the really fun part of your business plan: officially asking for money. Your request for funding should start with what the investor will get by partaking in your small business. Spell out your capital needs, why you need them, and why providing them is beneficial to the funder.
It’s imperative in this section for business owners to outline key milestones that investor money will aid in achieving. What are the long-range goals for this money? How will investors be rewarded in the short and long term?
For example, suppose you are founding a freelance landscaping company in a city showing a steady statistical uptick in suburban, residential development. In that case, you can couch your investor’s long-term benefits in terms of the exponential growth your connections to contractors/builders suggest. In short, your investors can get in on the ground floor of what your network will give you access to. Make your funding request all about positives, and you are much more likely to receive favorable results from it.
Find More Small Business Resources
A good business plan can help you understand your industry and customers more efficiently, help you mark business milestones, and focus your entrepreneurial efforts in the right direction. Setting yourself up for success early through this kind of planning is the smartest step you can take toward guaranteeing the life and growth of your business.
If you find that you need help brainstorming, organizing, or formulating your new company, ZenBusiness can assist you in everything from running your business virtually to defeating burnout .
Free Business Plan Resources
Find more answers to your questions about creating a business plan in our free library of articles and resources
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How To Write A Business Plan – 7 Essential Sections in Your Business Plan
Now that you have your business idea set up and ready to give it a go, it’s time to come up with a business plan to identify future steps. Business plan is a statement of your business strategies to achieve goals. It is where you defined your ideas, concepts, strategies and any appropriate information of how to make your business successful.
To make it simple, a business plan is a guidance or a roadmap for your business that describe business goals and how your plan to achieve these goals. There’s no absolute idea that business plan has to be formal and long. As long as you get the point and know which path to take, it is good to go.
Read about 5 Important Questions to Answer Before Writing A Business Plan .
However, there are some basic information you have to write down and need to describe clearly in the plan. Following is the list of seven essential sections to be included in your business plan. Let’s jump right in.
1. Executive Summary
This is usually the first section in your business plan, which outlines the ideas and clearly define what you actually want in this business venture. So if your business plan shall be read by others such as business partners, investors or appropriate team, it is easily understandable.
2. Business Information
This section defines which industry are you going to enter. And when we say industry, it normally become too general. So, you have to break down which niche within the industry are you going to shoot at. You need to write down all those description as detailed as possible.
- The general business idea
- The concept of your business
- The detail product or service
- The unique selling point or unique selling proposition (USP) of your products or services.
3. Market Strategies
When you came out with the business idea, you could have known which market you’re going to get in. In general, there are three market layers: low, medium and high. But this information may not enough. You have to go much deeper. You can go through this list to better defined the market.
- Are you going to get into low, middle or high-end target market?
- Describe much deeper by describing the right niche within your chosen target market.
- Are you going to sell to a business (Business to Business – B2B) or selling directly to end user (Business to Consumer – B2C)?
- What strategies are you going to use to penetrate the audiences?
- Which advertising or promotional channels are you going to use to reach the market?
4. Competitive Analysis
The purpose of this section is to define the specific strengths and weaknesses of your business compared to the existing competitors within the market. So, roll up your sleeve and do your research. If there’s not much competitions in the industry, you have bigger chance to grab the market. But if there are already many players, you have to come out with the uniqueness, build your strategies and get tactical to steal market share. Not easy indeed, but there is always opportunity.
5. Development Plan
Development plan includes business strategies and development plan. It contains estimation of future business development and strategic point to achieve it. You can come out with tables or charts describing growth predictions of the business, usually yearly.
6. Management and Operational Resources
In order to run your business, you need management and operational plan. It is developed to describe how to manage and operate the business. Here are what you need to plan:
- Who is in charge in the management team and who is the key person or CEO.
- What are the responsibilities of the management team.
- What are the responsibilities of the CEO.
- Define how many team you need and how many people in each team.
- What are the job description of each team and each person within the team.
If you are going to set up a team leader within each team, you need to describe his responsibilities in managing the team.
7. Financial Factors
In every business startup, financial plays an important role. You have to write down certain financial requirements as such:
- Where is the location of your business and how much it will cost?
- How many business tools do you need and how much are they going to cost?
- How many human resources do you need and how much are they going to get paid.
- How much is the operational cost?
- And when sum up, how much do you need to run the business.
When you have written down all the financial aspects of your business, you need to know where to find this capital. There are some sources where you can try to such as:
- Personal savings
- Business partners
- Private investors
- Venture capitals
So, here they are, 7 essential sections to be included in your business plan. If you have other thoughts, do submit them in the following comment box. And if you find this business blog post useful, please share. Sharing knowledge is always a good thing.
Wahidin Wong is a digital marketer at Adkomu.com and an editor at Tobeeko.com. He is also a jazz and bossa lover.
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Step-by-Step Guide to Writing a Simple Business Plan
Smartsheet Contributor Joe Weller
October 11, 2021
A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice.
Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .
What Is a Business Plan?
A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.
A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:
- Product goals and deadlines for each month
- Monthly financials for the first two years
- Profit and loss statements for the first three to five years
- Balance sheet projections for the first three to five years
Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.
While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.
For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .
Business Plan Steps
The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:
- Executive summary
- Description of business
- Market analysis
- Competitive analysis
- Description of organizational management
- Description of product or services
- Marketing plan
- Sales strategy
- Funding details (or request for funding)
- Financial projections
If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.
Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.
Do I Need a Simple or Detailed Plan?
Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.
How to Choose the Right Plan for Your Business
In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.
Use the chart below as a guide for what type of business plan to create:
Is the Order of Your Business Plan Important?
There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.
The Difference Between Traditional and Lean Business Plans
A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.
In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.
How to Write a Business Plan Step by Step
Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.
Step 1: Executive Summary
The executive summary will always be the first section of your business plan. The goal is to answer the following questions:
- What is the vision and mission of the company?
- What are the company’s short- and long-term goals?
See our roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.
Step 2: Description of Business
The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:
- What business are we in?
- What does our business do?
Step 3: Market Analysis
In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:
- Who is our customer?
- What does that customer value?
Step 4: Competitive Analysis
In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:
- Who is the competition?
- What do they do best?
- What is our unique value proposition?
Step 5: Description of Organizational Management
In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.
Step 6: Description of Products or Services
In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.
Questions to answer in this section are as follows:
- What is the product or service?
- How do we produce it, and what resources are necessary for production?
Step 7: Marketing Plan
In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:
- Who is the target market (if different from existing customer base)?
- What channels will you use to reach your target market?
- What resources does your marketing strategy require, and do you have access to them?
- If possible, do you have a rough estimate of timeline and budget?
- How will you measure success?
Step 8: Sales Plan
Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts.
Start by answering the following questions:
- What is the sales strategy?
- What are the tools and tactics you will use to achieve your goals?
- What are the potential obstacles, and how will you overcome them?
- What is the timeline for sales and turning a profit?
- What are the metrics of success?
Step 9: Funding Details (or Request for Funding)
This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:
- How much capital do you currently have? How much capital do you need?
- How will you grow the team (onboarding, team structure, training and development)?
- What are your physical needs and constraints (space, equipment, etc.)?
Step 10: Financial Projections
Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years.
While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:
- How and when will the company first generate a profit?
- How will the company maintain profit thereafter?
Business Plan Template
Download Business Plan Template
Microsoft Excel | Smartsheet
This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.
For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy.
If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.
How to Write a Simple Business Plan
A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.
Below are the steps for creating a generic simple business plan, which are reflected in the template below .
- Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company.
- Add a Company Overview Document the larger company mission and vision.
- Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
- Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
- Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
- Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
- Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
- Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
- Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting.
- Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.
Simple Business Plan Template
Download Simple Business Plan Template
Microsoft Excel | Microsoft Word | Adobe PDF | Smartsheet
Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.
Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates .
How to Write a Business Plan for a Lean Startup
A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.
While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:
- Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
- List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
- Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
- Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
- Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.).
- Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
- Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
- Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.
Lean Business Plan Template for Startups
Download Lean Business Plan Template for Startups
Microsoft Word | Adobe PDF
Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.
See our wide variety of startup business plan templates for more options.
How to Write a Business Plan for a Loan
A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.
In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.
Download free financial templates to support your business plan.
Tips for Writing a Business Plan
Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.
- Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
- Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
- Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
- Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
- Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”
Outside of these more practical tips, the language you use is also important and may make or break your business plan.
Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.
“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”
Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”
Resources for Writing a Business Plan
While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.
Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.
How a Business Plan Helps to Grow Your Business
A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships.
Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.
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Easy-to-use one-page business plan template
A one-age business plan is a useful tool for providing an overview of your goals and targets and how you and your team will achieve them. Before you get into the details, a one-page business plan can help you feel out your ideas, set priorities, and provide an outline for a more extensive standard business plan.
You can also keep your single-page plan on hand to keep you laser-focused on the scope and objectives of your business at all times.
In this article, we’ll show you how to use a one-page business plan to create a robust foundation for your business and share some ready-to-use business plan templates .
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What is a one-page business plan template?
A one-page business plan encompasses your entire business strategy condensed onto one-page. A one-page business plan template is a document that outlines a business’s strategies and goals.
A traditional business plan goes into great detail and could be dozens of pages long. With a one-pager, the idea is to condense all the important information into one high-level document.
However, if it’s a one-page business plan to hand out to prospective investors, you’ll likely focus more on something like financial projections .
In general, your one-page business plan can include:
- Vision statements and strategic objectives of your business
- Customer segments your business will serve
- Overview of the product or service you’ll provide
- Sales goals and marketing strategy
- High-level business overview of financial projections
Why use a one-page business plan template?
Understanding the benefits of writing a single-page business plan helps keep you focused when condensing lots of important information onto a one-page template.
Provide an overview of your business plan
A one-page plan provides you with an overview of everything you need to consider about your business venture. One-page plans provide a snapshot of multiple moving parts of your strategy and operations to keep you focused on what matters.
One-page business plan templates are a very useful starting point for developing a more detailed standard business plan . By creating a high-level document, you can begin to sketch out your ideas and assumptions and test them before spending lots of time developing a long business plan that you end up rewriting. Once you’re satisfied with your one-page plan, you have a step-by-step outline for a more in-depth version.
Manage operations and finances
As you grow your business, the operations and finances side of things often become more complex and difficult to manage. In times like these, when you need to make important decisions, a one-page business plan helps keep the core objectives of your venture in mind at all times. Nailing down your template means you don’t waste time deciding what the most important details are, so you can focus your time and energy into growing your business instead.
Synthesize business information
Another key benefit of having a one-page business plan on hand is the ability to provide anyone with a snapshot of your business whenever needed. This situation could apply to your management team, potential business partners, or potential investors who want a fast, easy-to-digest rundown of your business.
While you might have an elevator pitch ready, a one-page plan helps back up your claims, especially when it comes to items like financial projections or your cash flow statement . A one-page business plan template means it’s easy for you to quickly synthesize relevant information for the required audience. Simply drop the latest information into your template and get ready to present.
What are some examples of one-page business plans?
Before you write a one-page business plan, it’s helpful to get familiar with the various types of templates available and decide which one is best for your needs.
Startup one-page business plan template
Writing a business plan for a startup is a very different process than creating a plan for an established business. Startups are beginning from the very start of their journey with little historical data to go on. By nature, they need to be a lot more flexible with their ideas and decisions as they decide what works.
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So a one-page plan for startups is more about laying the groundwork for more in-depth strategic analysis and taking an agile approach to developing a business model.
Business model canvas
The business model canvas is a well-known template for business plans. A single page is divided into squares, with each square representing an important component of the business strategy.
With a business model canvas, you’ll be able to quickly outline items like your target markets, value proposition, and revenue streams. Writing and comparing these sections on one-page allows you to validate your business model against your market analysis and quickly iterate on different elements of your business strategy .
Business idea action plan template
While many business plan templates focus on strategy and high-level objectives, some businesses require more focus on operations and action right from the start. In those instances, a business idea action plan template can be more beneficial.
This type of one-page business plan focuses on what you are going to do and how you are going to do it, rather than analysis and projections. It enables business owners to develop tactics for how they’ll design, develop, market, and sell their products or services.
Small business plan template
Small businesses are often operating with limited funding and narrow profit margins. These constraints make revenue targets and cost-effective operations critically important to success, especially for a service business.
When this is the case, a shorter business plan template for small businesses which focuses on defining your business niche, setting clear targets, and creating detailed timelines keeps your strategy aligned to the bottom line at all times.
monday.com’s one-page business plan template
Building a one-page business planning template from scratch involves a lot of key elements for consideration, but it doesn’t have to be a tricky process. Having a template to keep you on track enables you to effectively shape your strategy, goals, key activities, and targets in one place.
monday.com has created a one-page business plan template to help you create an effective one-page business plan that will keep your goals and targets at the front of your mind as you grow your business. The monday.com template includes:
- Digital visualization of your entire business strategy in one location, so you can easily share your plan and make updates
- Extensive customization options so you can create a business plan that aligns fully with your company branding
- The ability to add your own visuals such as tables, images, and videos that are relevant to your business plan
- The ability to collaborate in real-time with business partners and senior management on the creation and development of your one-page plan
- Integrations with popular business tools such as Excel and Outlook so you can move your business plan seamlessly from creation to execution
Have your one-page business plan created quickly and seamlessly with monday.com. Sign up for our free trial and select the one-page business plan template to stay aligned with your business objectives and core goals.
One-page business plan tips & tricks
Although a one-page business plan is not as extensive as a full-length business plan, there are some best practices you should follow to get the most out of it. With these tips and tricks, you’ll have a one-page business plan that’s realistic, accurate, and functional.
Understand your target market
Before you start outlining your business activities and tactics, it’s imperative that you fully understand your target market and your product-market fit. This understanding includes considerations such as customer price sensitivity, buying preferences, demographics, and more.
Without understanding your target market, building a business model can lead to sales targets and timelines that don’t materialize, a marketing plan or marketing materials that miss the mark, and unrealistic financial projections.
Fine-tune your products and services
Another key element of your business plan is the outline of the products and services you’ll offer. In this area, business owners need to thoroughly understand the cost of production, how to price products and services so they remain profitable, and how your offering measures up against competitors in the market.
By getting a firm grasp of your value offering, you can more accurately project costs, revenue, and profitability over the long term.
Keep your goals and projections realistic
When creating your one-page business plan, use the hard numbers regarding costs and budget to remain realistic about your business goals.
This approach applies to your timelines, too. Although your goals and targets may be ambitious, there needs to be an achievable timeline and resource allocation attached to them.
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FAQs about one-page business plans
How do you write a business plan in one page.
It might be more beneficial for some business owners to start with a long business plan and then work on synthesizing it into a one-page template. That way, you can gain a deep understanding of your strategy before selecting the most important highlights for your one-page business plan.
You can also use visuals in place of written text where appropriate to save on space. For example, you can condense the highlights of your financial projections onto a single graph that’s understandable at a glance.
What is the primary characteristic of a one-page business plan?
The primary characteristics of a one-page business plan are clarity and brevity. Anyone who picks up your one-page plan should quickly get a clear idea of what your business does, its goals, and how you plan to achieve them. So it’s essential to keep all the information extremely clear and concise. Using a template like one on monday.com already gives you a leg up with a helpful outline.
What should a simple business plan include?
While every business is unique in some way, there are fundamental pieces of information you should incorporate into all simple business plans, including:
- Business mission and objectives
- Target audiences
- Competitor analysis
- Products/services outline
- Key operational considerations
- Time-bound financial projections
Depending on the purpose of your plan, you might choose to leave some items off the page. For example, if it’s for internal use by a wider team, you might omit elements like business financing plans, income statements, cost structure, etc.
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Fox News Fires Its Biggest Star
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Less than a week after Fox News agreed to pay $787.5 million to settle the Dominion lawsuit, the network has abruptly fired Tucker Carlson — an anchor at the center of the case.
Jeremy W. Peters, who covers media and politics for The Times, explains why the network decided to cut ties with one of its biggest stars.
On today’s episode
Jeremy W. Peters , a media and politics correspondent for The New York Times.
Background reading
Tucker Carlson was one of the network’s top-rated hosts for many years.
Here is the latest on Mr. Carlson’s departure.
There are a lot of ways to listen to The Daily. Here’s how.
We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.
Jeremy W. Peters contributed reporting.
The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Anita Badejo, Rob Szypko, Elisheba Ittoop, Chelsea Daniel, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Sofia Milan, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong and Devon Taylor
Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Wendy Dorr, Julia Simon, Isabella Anderson, Desiree Ibekwe, Renan Borelli, Mahima Chablani, Nell Gallogly, Jeffrey Miranda, Elizabeth Davis-Moorer and Maddy Masiello.
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We discuss nine components of a model business plan here: Key partnerships Note the other businesses or services you'll work with to run your business. Think about suppliers, manufacturers, subcontractors, and similar strategic partners. Key activities List the ways your business will gain a competitive advantage.
There are eight components of a business plan entrepreneurs must know as they lay out how their business will work. Email address Create your store Build your dream business for $1/month Start your free trial, then enjoy 3 months of Shopify for $1/month when you sign up for a monthly Basic or Starter plan. Sign up for a free trial
This section allows for a more complete explanation of the kinds of goods or services the business will be selling or providing. Make the descriptions compelling and engaging. Pro Tip: List a...
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...
Section 8: Appendices and Exhibits Quotes of building and machinery leases Proposed office and warehouse plan Market research and a summary of the target market Credit information of the owners List of product and/or services Related Readings Thank you for reading CFI's guide to Business Plans.
The most important parts of a business plan include: 1. Executive summary The executive summary is the first and one of the most critical parts of a business plan. This summary provides an overview of the business plan as a whole and highlights what the business plan will cover.
There are many business plan formats you can use, but here the eight sections every business plan should have to maximize your success. Part 1: Executive Summary This is your "make it or break it" section. After reading this a person will decide if it's worth their time to keep reading or just toss it in the trash.
8. Sales Strategy. This section should answer how you will sell the products that you are building or carry out the services that you intend to offer. Your sales strategy must be specific. Break down how many sales reps you will need to hire and how you will recruit them and bring them on board. ... Every company is different so your business ...
Spell out the details of ownership, including investors and show your organizational chart. Specify whether your business is a sole proprietorship, partnership or corporation, and if it's the...
Here are 10 sections of a business plan that you may wish to include: 1. Executive summary This is an essential part of a successful business plan that often takes the most time to complete. It's also one that you may consider completing last, even though it's usually the first thing that the reader sees.
8 Sections To Include To Create A Solid Business Plan December 7, 2015. Whether you are thinking of starting up a business or wanting to revamp your existing one, a business plan is a must. There are several things you need to consider when creating your plan. Here are eight critical elements to include. TIP
An annual strategic business plan should include 8 key sections. Follow these steps to write an effective annual strategic business plan: State information that defines the company. Perform a SWOT analysis. Identify business goals. Identify key performance indicators. Perform and summarize market research. Outline the business marketing plan.
Here is a list of our partners and here's how we make money. 3. State your business goals 5. Do your market research 6. Outline your marketing and sales plan 7. Perform a business financial...
Good business plans should include an executive summary and sections on products and services, marketing strategy and analysis, financial planning, and a budget. Want Funding? You Need a...
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The company description's role in a business plan is to introduce your business to the reader in a compelling and concise way. 4. The Business Opportunity The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can.
It's the roadmap for your business. The outline of your goals, objectives, and the steps you'll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance. A business plan can help you explore ideas, successfully start a business, manage operations, and ...
Add these eight essential components to your business plan: Business Plan Elements: Executive Summary Company Description Market Research Product or Service Description Marketing and Customer Acquisition Strategy Business and Team Structure Company Financials Request for Funding
This is usually the first section in your business plan, which outlines the ideas and clearly define what you actually want in this business venture. So if your business plan shall be read by others such as business partners, investors or appropriate team, it is easily understandable. 2. Business Information. This section defines which industry ...
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.
A one-page business plan template helps you map out what elements are the most important to include and how you'll organize them to make the most sense to the audience. A traditional business plan goes into great detail and could be dozens of pages long. With a one-pager, the idea is to condense all the important information into one high ...
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First, you have to sign up, and then follow a simple 10-minute order process. In case you have any trouble signing up or completing the order, reach out to our 24/7 support team and they will resolve your concerns effectively. Orders of are accepted for higher levels only (University, Master's, PHD). Please pay attention that your current order ...
This page contains resources to help you through the transition from DUNS Number to Unique Entity ID (SAM). Sometimes you may see UEI used as an abbreviation of Unique Entity ID. On this page, you can: Learn about how this transition affects you, based on the work you do in SAM.gov. Explore general information about the UEI and this change.
Less than a week after Fox News agreed to pay $787.5 million to settle the Dominion lawsuit, the network has abruptly fired Tucker Carlson — an anchor at the center of the case. Jeremy W. Peters ...