traditional business plan examples

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Business Plan Examples to Help You Write Yours

A business plan is crucial if you’re going to launch a business. Learn how to write a business plan and read a few examples for inspiration.

If you want to launch a business, it's important for you to have a firm business plan in place. However, if you're going through this process for the first time, you may not know where to start. Looking at a few examples can help guide you.

As you review business plan examples, you need to think about your industry, company size, and goals. That way, you can select the most suitable business plan template for your needs. By following a simple example, you can put your company in a position to succeed. What do you need to look for in a sample business plan? Take a look at a few hypothetical examples below.

8 business plan examples

When starting a business, creating a plan is essential to keeping your organization on track. Making a multiple or one page business plan can also provide a deeper understanding of your business idea.

A business plan often consists of the following sections:

Executive summary

Company details, market analysis, organizational structure, goods and services.

• Logistics and operations

Financial information

To help you create a thorough business plan, we'll look at a few examples for each essential element mentioned above.

The first part of our business plan example is the executive summary. This will give everyone a high-level overview of the rest of your plan and emphasize important components. It’s an integral part of your growth strategy.

Here are 2 examples of an executive summary:

“ABC company is a high-end sports training organization that helps young athletes reach their full potential. We combine the latest equipment with biometric information to customize training strategies and meet the needs of each individual athlete. Many parents are looking to get their kids involved in competitive sports at earlier ages, and this market has been projected to grow significantly during the next few decades. We are currently pre-launch, but we plan on generating $4,000 in monthly revenue within 6 months of launch. Our business is run by John Doe, who has years of experience in the athletic training sector.”

“XYZ company is a luxury cosmetics business. Our goal is to provide consumers with safe and sustainable products. We have a wide variety of options from which to choose, and we seek to capitalize on the emerging organic cosmetics industry, which is valued at several hundred million dollars per year. We believe there's a market for not only safe cosmetic products but also sustainable ones. Consumers care more about where they spend their money than ever before, and we market our sustainability for future growth. While we're pre-launch, we project that we'll generate more than $2,000 in monthly revenue within 3 months of launch. Our company is led by Jane Doe, who served as an executive at a major cosmetics brand before starting XYZ company.”

Next, you need to include your company details. You can pull your company details from your social media profile or “about” page . It's up to you to decide what you want to include, such as information about your industry, the nature of your business, or your business objectives.

Here are 2 simple business plan examples for the company description section:

“At ABC company, we believe that every athlete is special and has talent. We seek to bring out that talent using our innovative strategies. All of our training plans are customized to meet the needs of the athlete, taking advantage of the latest equipment, nutrition, and physical training methods. We also provide progress reports that allow you to see how your young athlete is doing.”

“At XYZ company, we know consumers want something different in the cosmetics industry. Our goal is to use quality ingredients that are sustainable, cruelty-free, and luxurious to help everyone look their best every day. We can provide you with the best beauty regimen possible based on rich, natural traditions steeped in hundreds of years of research.”

The next area is to perform a market analysis. This is where you'll conduct market research on your target audience, market size, competitors, and potential opportunities, such as industry trends.

For example, you may want to create a strengths and weaknesses list for ABC company:

• An innovative approach can grab the attention of our audience.
• We'll provide transparent reports that make it easier for people to see how their young athletes are doing.
• We focus on signing contracts, which can generate repeat business as the company grows.
• We have higher overhead expenses because of our equipment and biometrics.
• Some people may not know what to expect without another company in the industry to compare to.
• Our training methods may translate to only some sports.

There might also be situations where you need to do a competitive analysis, such as for XYZ company:

XYZ Company

• Market share: A startup company
• Target market: Women between the ages of 18 and 28
• Shipping: We offer free shipping on orders over $50
• Number of products: We have 5 products available right now.

Competitor A

• Market share: Approximately 10%
• Target market: Women between the ages of 18 and 35
• Shipping: Free shipping on orders over $20
• Number of products: At least 25

Having a strong organizational structure is also important. There are different elements you may want to incorporate in the section, including:

• Chief Executive Officer
• Chief Financial Officer
• Marketing Officer
• Public Relations

In general, startup businesses, such as ABC Company and XYZ Company, will be relatively limited in the number of positions they have. As the business grows, add more leadership roles to your business plan.

The products and services section will provide information about what you'll sell to your customers. This area can vary depending on what you offer consumers.

For example, ABC Company focuses on selling a service. As such, this section may look like this:

“At ABC Company, our services focus on innovative athletic training. When athletes sign up, we'll take measurements, put them through diagnostic testing, and collect biometric information. Then, we'll work with them to determine their goals and how our services can best meet their needs. Some sports programs we cater to include:

As we get to know our athletes, we can fine-tune the plan according to our best practices.”

Then, the products offered by XYZ Company might look a bit different.

“At 123 Company, we specialize in providing cruelty-free, sustainable, safe cosmetics for young women. What sets us apart is our transparency. We provide clear information about where our ingredients come from and offer a wide variety of products, such as:

• Conditioner
• Nail polish

We regularly collect customer feedback to see how we can improve our business and introduce new products.”

You must have a strong marketing plan before launching your business. Your marketing plan is important because it outlines how you intend to promote your products or services.

There are different elements that are vital to any marketing strategy. Some of the aspects of a marketing plan for ABC Company may include:

• Website: This is going to act as your digital storefront. Your website will often be the first thing consumers see, so you must make sure it stands out.
• Social media : Because hundreds of millions of people use social media regularly, you need to figure out where your target market hangs out. Potential platforms include Facebook, Instagram, and Twitter.
• Direct mail: Direct mail marketing can be helpful for ABC company, especially if they send mail to addresses closely associated with fitness facilities.
• Flyers and billboards: ABC company also wants to use flyers and billboards at local gyms to recruit more athletes.

Logistics and operations plan

Thinking about how your logistics and operations will unfold is a good idea. How are you going to conduct your day-to-day operations? How are you going to get the supplies and equipment you need?

For ABC Company, this section may include information on where they would host their training sessions, how much it'll cost them to rent the building, and how much overhead they'll have to spend on purchasing equipment for various sports. It should also contain information on equipment maintenance.

For XYZ Company, this section may incorporate information on where they'll source their ingredients, how they'll preserve their products, and who will ship the items.

Finally, your traditional business plan should include information about your finances. For both example companies, a basic financial plan may consist of potential sales, revenue, profit, and expenses. If you need to get a business loan, make sure to also incorporate that information here.

Writing a business plan: Frequently asked questions

What elements should I include in a business plan?

It's best practice to include information about your organizational structure, market analysis, goods and services, marketing, and logistical operations. A sample of a business plan can help you determine what your document should contain.

How much does it cost to get a business plan made?

The price for having a business plan professionally made can vary depending on different factors, including industry, company size, and so forth.

However, you can cut costs by creating your own business plan.

Why is a business plan important?

Your business plan will act as a guide for how you run your company. It can also help you recruit investors and employees.

Are there different types of business plans?

Yes, there are different types of business plans, including:

• Annual growth

It’s best to customize the business plan format to meet the needs of your company. If you need help getting started, make sure to review examples of business plan types.

Find success with an effective business plan

If you want to put your company in a position to be successful, you must have a strong business plan. Use the examples above to help you create a thorough plan for your company that'll impress employees, stakeholders, and clients.

Once you're done with the business planning process, use it to guide your marketing and sales efforts. Whether you want to leverage email campaigns or audience segmentation, we're here to help.

Related Topics

• Marketing Tools
• Product-Market Fit
• Business Inspiration
• Create Your Brand
• Launching a Business

Simple Business Plan Templates

By Joe Weller | April 2, 2020

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In this article, we’ve compiled a variety of simple business plan templates, all of which are free to download in PDF, Word, and Excel formats.

On this page, you’ll find a one-page business plan template , a simple business plan for startups , a small-business plan template , a business plan outline , and more. We also include a business plan sample and the main components of a business plan to help get you started.

Simple Business Plan Template

Download Simple Business Plan Template

This simple business plan template lays out each element of a traditional business plan to assist you as you build your own, and it provides space to add financing information for startups seeking funding. You can use and customize this simple business plan template to fit the needs for organizations of any size.

One-Page Business Plan Template

Download One-Page Business Plan Template

Excel | Word | PDF  | Smartsheet

Use this one-page business plan to document your key ideas in an organized manner. The template can help you create a high-level view of your business plan, and it provides easy scannability for stakeholders. You can use this one-page plan as a reference to build a more detailed blueprint for your business. 

For additional single page plans, take a look at " One-Page Business Plan Templates with a Quick How-To Guide ."

Simple Fill-in-the-Blank Business Plan Template

Download Simple Fill-in-the-Blank Business Plan Template

Use this fill-in-the-blank business plan template to guide you as you build your business plan. Each section comes pre-filled with sample content, with space to add customized verbiage relevant to your product or service.

For additional free, downloadable resources, visit " Free Fill-In-the-Blank Business Plan Templates ."

Simple Business Plan for Startup

‌ Download Startup Business Plan Template — Word

This business plan template is designed with a startup business in mind and contains the essential elements needed to convey key product or service details to investors and stakeholders. Keep all your information organized with this template, which provides space to include an executive summary, a company overview, competitive analysis, a marketing strategy, financial data, and more. For additional resources, visit " Free Startup Business Plan Templates and Examples ."

Simple Small-Business Plan Template

Download Simple Small-Business Plan Template

This template walks you through each component of a small-business plan, including the company background, the introduction of the management team, market analysis, product or service offerings, a financial plan, and more. This template also comes with a built-in table of contents to keep your plan in order, and it can be customized to fit your requirements.

Lean Business Plan Template

Download Lean Business Plan Template

This lean business plan template is a stripped-down version of a traditional business plan that provides only the most essential aspects. Briefly outline your company and industry overview, along with the problem you are solving, as well as your unique value proposition, target market, and key performance metrics. There is also room to list out a timeline of key activities.

Simple Business Plan Outline Template

Download Simple Business Plan Outline Template

Word  | PDF

Use this simple business plan outline as a basis to create your own business plan. This template contains 11 sections, including a title page and a table of contents, which details what each section should cover in a traditional business plan. Simplify or expand this outline to create the foundation for a business plan that fits your business needs.

Simple Business Planning Template with Timeline

Download Simple Business Planning Template with Timeline

Excel | Smartsheet

This template doubles as a project plan and timeline to track progress as you develop your business plan. This business planning template enables you to break down your work into phases and provides room to add key tasks and dates for each activity. Easily fill in the cells according to the start and end dates to create a visual timeline, as well as to ensure your plan stays on track.

Simple Business Plan Rubric Template

Download Simple Business Plan Rubric

Excel | Word | PDF | Smartsheet

Once you complete your business plan, use this business plan rubric template to assess and score each component of your plan. This rubric helps you identify elements of your plan that meet or exceed requirements and pinpoint areas where you need to improve or further elaborate. This template is an invaluable tool to ensure your business plan clearly defines your goals, objectives, and plan of action in order to gain buy-in from potential investors, stakeholders, and partners.

Basic Business Plan Sample

Download Basic Business Plan Sample

This business plan sample serves as an example of a basic business plan that contains all the traditional components. The sample provides a model of what a business plan might look like for a fictional food truck business. Reference this sample as you develop your own business plan.

For additional resources to help support your business planning efforts, check out “ Free Strategic Planning Templates .”

Main Components of a Business Plan

The elements you include in your business plan will depend on your product or service offerings, as well as the size and needs of your business. 

Below are the components of a standard business plan and details you should include in each section:

• Company name and contact information
• Website address
• The name of the company or individual viewing the presentation
• Table of Contents
• Company background and purpose
• Mission and vision statement
• Management team introduction
• Core product and service offerings
• Target customers and segments
• Marketing plan
• Competitive analysis
• Unique value proposition
• Financial plan (and requirements, if applicable)
• Business and industry overview
• Historical timeline of your business
• Offerings and the problem they solve
• Current alternatives
• Competitive advantage
• Market size
• Target market segment(s)
• Projected volume and value of sales compared to competitors
• Differentiation from competitors
• Pricing strategy
• Marketing channels
• Promotional plan
• Distribution methods
• Legal structure of your business
• Names of founders, owners, advisors, etc.
• Management team’s roles, relevant experience, and compensation plan
• Staffing requirements and training plans
• Physical location(s) of your business
• Additional physical requirements (e.g., warehouse, specialized equipment, facilities, etc.)
• Production workflow
• Raw materials and sourcing methods
• Projected income statement
• Projected cash flow statement
• Projected balance sheet
• Break-even analysis
• Charts and graphs
• Market research and competitive analysis
• Information about your industry
• Information about your offerings
• Samples of marketing materials
• Other supporting materials

Tips for Creating a Business Plan

It’s easy to feel overwhelmed at the thought of putting together a business plan. Below, you’ll find top tips to help simplify the process as you develop your own plan. 

• Use a business plan template (you can choose from the variety above), or refer to the previous section to create a standard outline for your plan.
• Modify your outline to reflect the requirements of your specific business. If you use a standard business plan outline, remove sections that aren’t relevant to you or aren’t necessary to run your business.
• Gather all the information you currently have about your business first, and then use that information to fill out each section in your plan outline.
• Use your resources and conduct additional research to fill in the remaining gaps. (Note: It isn’t necessary to fill out your plan in order, but the executive summary needs to be completed last, as it summarizes the key points in your plan.)
• Ensure your plan clearly communicates the relationship between your marketing, sales, and financial objectives.
• Provide details in your plan that illustrate your strategic plan of action, looking forward three to five years.
• Revisit your plan regularly as strategies and objectives evolve.
• What product or service are we offering?
• Who is the product or service for?
• What problem does our product or service offering solve?
• How will we get the product or service to our target customers?
• Why is our product or service better than the alternatives?
• How can we outperform our competitors?
• What is our unique value proposition?
• When will things get done, and who is responsible for doing them?
• If you need to obtain funding, how will you use the funding?
• When are payments due, and when do payments come in?
• What is the ultimate purpose of your business?
• When do you expect to be profitable?

To identify which type of business plan you should write, and for more helpful tips, take a look at our guide to writing a simple business plan .

Benefits of Using a Business Plan Template

Creating a business plan can be very time-consuming, especially if you aren’t sure where to begin. Finding the right template for your business needs can be beneficial for a variety of reasons. 

Using a business plan template — instead of creating your plan from scratch — can benefit you in the following ways:

• Enables you to immediately write down your thoughts and ideas in an organized manner
• Provides structure to help outline your plan
• Saves time and valuable resources
• Helps ensure you don’t miss essential details

Limitations of a Business Plan Template

A business plan template can be convenient, but it has its drawbacks — especially if you use a template that doesn’t fit the specific needs of your business.

Below are some limitations of using a business plan template:

• Each business is unique and needs a business plan that reflects that. A template may not fit your needs.
• A template may restrict collaboration with other team members on different aspects of the plan’s development (sales, marketing, and accounting teams).
• Multiple files containing different versions of the plan may be stored in more than one place.
• You still have to manually create charts and graphs to add to the plan to support your strategy.
• Updates to the plan, spreadsheets, and supporting documents have to be made in multiple places (all documents may not update in real time as changes are made).

Improve Your Business Plan with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

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

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

Business Plan Templates

Free Download

2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

• Write a company description that sells your story
• Plan for the future: lay out goals and metrics for success
• Describe your product line in detail and plan for how to stand out from competitors
• Consider any legal formalities that require attention when starting your business
• Put together necessary financial projections to make a strong start
• Create your buyer persona and determine your product/marketing fit

Build A Business Plan That Works

Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

Why do I need to fill out the information requested?

We will always keep your personal information safe..

We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .

Where can I get a free business plan template?

HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.

Is this really free?

Absolutely.

Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!

What are the basic format of a business plan?

A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

What is needed to start a business?

If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

Set yourself up for success with this business plan template

Download the free business plan template.

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Blog Business

How to Write a Business Plan Outline [Examples + Templates] 

By Letícia Fonseca , Aug 11, 2023

When venturing into crafting a business plan, the initial hurdle often lies in taking that first step.

So, how can you evade those prolonged hours of staring at a blank page? Initiate your journey with the aid of a business plan outline.

As with any endeavor, an outline serves as the beacon of clarity, illuminating the path to confront even the most formidable tasks. This holds particularly true when composing pivotal documents vital to your triumph, much like a business plan.

Nonetheless, I understand the enormity of a business plan’s scope, which might make the task of outlining it seem daunting. This is precisely why I’ve compiled all the requisite information to facilitate the creation of a business plan outline. No need to break a sweat!

And if you’re seeking further assistance, a business plan maker and readily available business plan templates can offer valuable support in shaping your comprehensive plan.

Read on for answers to all your business plan outline questions or jump ahead for some handy templates. 

Click to jump ahead:

What is a business plan outline (and why do you need one), what format should you choose for your business plan outline, what are the key components of a business plan outline.

• Business plan template examples
• Writing tips to ace your outline 

A business plan outline is the backbone of your business plan. It contains all the most important information you’ll want to expand on in your full-length plan. 

Think of it this way: your outline is a frame for your plan. It provides a high-level idea of what the final plan should look like, what it will include and how all the information will be organized. 

Why would you do this extra step? Beyond saving you from blank page syndrome, an outline ensures you don’t leave any essential information out of your plan — you can see all the most important points at a glance and quickly identify any content gaps. 

It also serves as a writing guide. Once you know all the sections you want in your plan, you just need to expand on them. Suddenly, you’re “filling in the blanks” as opposed to writing a plan from scratch!

Incidentally, using a business plan template like this one gives you a running head start, too: 

Perhaps most importantly, a business plan outline keeps you focused on the essential parts of your document. (Not to mention what matters most to stakeholders and investors.)  With an outline, you’ll spend less time worrying about structure or organization and more time perfecting the actual content of your document. 

If you’re looking for more general advice, you can read about  how to create a business plan here . But if you’re working on outlining your plan, stick with me.

Return to Table of Contents

Most business plans fit into one of two formats. 

The format you choose largely depends on three factors: (1) the stage of your business, (2) if you’re presenting the plan to investors and (3) what you want to achieve with your business plan. 

Let’s have a closer look at these two formats and why you might choose one over the other.

Traditional format

Traditional business plans  are typically long, detailed documents. In many cases, they take up to 50-60 pages, but it’s not uncommon to see plans spanning 100+ pages. 

Traditional plans are long because they cover  every aspect  of your business. They leave nothing out. You’ll find a traditional business plan template with sections like executive summary, company description, target market, market analysis, marketing plan, financial plan, and more. Basically: the more information the merrier.

This business plan template isn’t of a traditional format, but you could expand it into one by duplicating pages:

Due to their high level of detail, traditional formats are the best way to sell your business. They show you’re reliable and have a clear vision for your business’s future. 

If you’re planning on presenting your plan to investors and stakeholders, you’ll want to go with a traditional plan format. The more information you include, the fewer doubts and questions you’ll get when you present your plan, so don’t hold back. 

Traditional business plans require more detailed outlines before drafting since there’s a lot of information to cover. You’ll want to list all the sections and include bullet points describing what each section should cover. 

It’s also a good idea to include all external resources and visuals in your outline, so you don’t have to gather them later. 

Lean format

Lean business plan formats are high level and quick to write. They’re often only one or two pages. Similar to a  business plan infographic , they’re scannable and quick to digest, like this template: 

This format is often referred to as a “startup” format due to (you guessed it!) many startups using it. 

Lean business plans require less detailed outlines. You can include high-level sections and a few lines in each section covering the basics. Since the final plan will only be a page or two, you don’t need to over prepare. Nor will you need a ton of external resources. 

Lean plans don’t answer all the questions investors and stakeholders may ask, so if you go this route, make sure it’s the right choice for your business . Companies not yet ready to present to investors will typically use a lean/startup business plan format to get their rough plan on paper and share it internally with their management team. 

Here’s another example of a lean business plan format in the form of a financial plan: 

Your business plan outline should include all the following sections. The level of detail you choose to go into will depend on your intentions for your plan (sharing with stakeholders vs. internal use), but you’ll want every section to be clear and to the point. 

1. Executive summary

The executive summary gives a high-level description of your company, product or service. This section should include a mission statement, your company description, your business’s primary goal, and the problem it aims to solve. You’ll want to state how your business can solve the problem and briefly explain what makes you stand out (your competitive advantage).

Having an executive summary is essential to selling your business to stakeholders , so it should be as clear and concise as possible. Summarize your business in a few sentences in a way that will hook the reader (or audience) and get them invested in what you have to say next. In other words, this is your elevator pitch.

2. Product and services description

This is where you should go into more detail about your product or service. Your product is the heart of your business, so it’s essential this section is easy to grasp. After all, if people don’t know what you’re selling, you’ll have a hard time keeping them engaged!

Expand on your description in the executive summary, going into detail about the problem your customers face and how your product/service will solve it. If you have various products or services, go through all of them in equal detail. 

3. Target market and/or Market analysis

A market analysis is crucial for placing your business in a larger context and showing investors you know your industry. This section should include market research on your prospective customer demographic including location, age range, goals and motivations. 

You can even  include detailed customer personas  as a visual aid — these are especially useful if you have several target demographics. You want to showcase your knowledge of your customer, who exactly you’re selling to and how you can fulfill their needs.

Be sure to include information on the overall target market for your product, including direct and indirect competitors and how your industry is performing. If your competitors have strengths you want to mimic or weaknesses you want to exploit, this is the place to record that information. 

4. Organization and management

You can think of this as a “meet the team” section — this is where you should go into depth on your business’s structure from management to legal and HR. If there are people bringing unique skills or experience to the table (I’m sure there are!), you should highlight them in this section. 

The goal here is to showcase why your team is the best to run your business. Investors want to know you’re unified, organized and reliable. This is also a potential opportunity to bring more humanity to your business plan and showcase the faces behind the ideas and product. 

5. Marketing and sales

Now that you’ve introduced your product and team, you need to explain how you’re going to sell it. Give a detailed explanation of your sales and marketing strategy, including pricing, timelines for launching your product and advertising.

This is a major section of your plan and can even live as a separate document for your marketing and sales teams. Here are some  marketing plan templates to help you get started .

Make sure you have research or analysis to back up your decisions — if you want to do paid ads on LinkedIn to advertise your product, include a brief explanation as to why that is the best channel for your business. 

6. Financial projections and funding request

The end of your plan is where you’ll look to the future and how you think your business will perform financially. Your financial plan should include results from your income statement, balance sheet and cash flow projections. 

State your funding requirements and what you need to realize the business. Be extremely clear about how you plan to use the funding and when you expect investors will see returns.

If you aren’t presenting to potential investors, you can skip this part, but it’s something to keep in mind should you seek funding in the future. Covering financial projections and the previous five components is essential at the stage of business formation to ensure everything goes smoothly moving forward.

7. Appendix

Any extra visual aids, receipts, paperwork or charts will live here. Anything that may be relevant to your plan should be included as reference e.g. your cash flow statement (or other financial statements). You can format your appendix in whatever way you think is best — as long as it’s easy for readers to find what they’re looking for, you’ve done your job!

Typically, the best way to start your outline is to list all these high-level sections. Then, you can add bullet points outlining what will go in each section and the resources you’ll need to write them. This should give you a solid starting point for your full-length plan.

Business plan outline templates

Looking for a shortcut? Our  business plan templates  are basically outlines in a box! 

While your outline likely won’t go into as much detail, these templates are great examples of how to organize your sections.

Traditional format templates

A strong template can turn your long, dense business plan into an engaging, easy-to-read document. There are lots to choose from, but here are just a few ideas to inspire you… 

You can duplicate pages and use these styles for a traditional outline, or start with a lean outline as you build your business plan out over time:

Lean format templates

For lean format outlines, a simpler ‘ mind map ’ style is a good bet. With this style, you can get ideas down fast and quickly turn them into one or two-page plans. Plus, because they’re shorter, they’re easy to share with your team.

Writing tips to ace your business plan outline

Business plans are complex documents, so if you’re still not sure how to write your outline, don’t worry! Here are some helpful tips to keep in mind when drafting your business plan outline:

• Ask yourself why you’re writing an outline. Having a clear goal for your outline can help keep you on track as you write. Everything you include in your plan should contribute to your goal. If it doesn’t, it probably doesn’t need to be in there.
• Keep it clear and concise. Whether you’re writing a traditional or lean format business plan, your outline should be easy to understand. Choose your words wisely and avoid unnecessary preambles or padding language. The faster you get to the point, the easier your plan will be to read.
• Add visual aids. No one likes reading huge walls of text! Make room in your outline for visuals, data and charts. This keeps your audience engaged and helps those who are more visual learners. Psst,  infographics  are great for this.
• Make it collaborative. Have someone (or several someones) look it over before finalizing your outline. If you have an established marketing / sales / finance team, have them look it over too. Getting feedback at the outline stage can help you avoid rewrites and wasted time down the line.

If this is your first time writing a business plan outline, don’t be too hard on yourself. You might not get it 100% right on the first try, but with these tips and the key components listed above, you’ll have a strong foundation. Remember, done is better than perfect. 

Create a winning business plan by starting with a detailed, actionable outline

The best way to learn is by doing. So go ahead, get started on your business plan outline. As you develop your plan, you’ll no doubt learn more about your business and what’s important for success along the way. 

A clean, compelling template is a great way to get a head start on your outline. After all, the sections are already separated and defined for you! 

Explore Venngage’s business plan templates  for one that suits your needs. Many are free to use and there are premium templates available for a small monthly fee. Happy outlining!

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How To Write A Traditional Business Plan

• Articles , Startups Industry , Business Plan Template Industry , Financial Excel Template , Financial Services , Financial Analysis , Budgeting , Financial Reporting , Financial Planning , Financial Modeling

Recently updated on November 8th, 2023

A properly written traditional business plan catches the eyes of potential investors, employees, and other interested parties. With compelling information and attention to detail, you’re able to set clear goals for your business while also attracting investment. Who wouldn’t want that? But the problem is business planning. How do you write a traditional business plan ? Look no further, as this is the ultimate guide for you to learn from. So, stay tuned for all the tips and tricks to writing an effective business plan.

Executive Summary

Table of Contents

The first thing that you have to add to your business plan is the executive summary. While it may be the first component of your business plan , you must try to write it at the very end. Generally, people write the summary after reading and assessing the entire story, so why not do the same for your business plan? It will give you a better idea as to what to write in it.

As you write your executive summary, make sure to keep in mind that this is where you add the highlights. Don’t get into excessive details at this point. If any potential investors need more details, they will ask you for it. Your executive summary is often used as a single document as it contains all the major highlights of your business.

You need to ensure that there is sufficient data in there that will capture any potential investors’ interest. Focusing on the following three aspects in the executive summary will surely help you do this

N othing better than real-world examples. To find out more about Business Plan problems and solution check out our case studies

Here, you will talk about the details about your business in regards to what it does. By this, we mean that you add details as to what problems your business caters to. Since every business promises a solution for something, this is the place where you highlight it all. Grab the attention of your readers at this stage.

The focus here will be on how your business is the ultimate solution for a particular problem. With clarity and to-the-point description in your executive summary, you will make your readers want to know more about your business. This section will also further clarify to who you wish to offer your goods or services. This means you need to have a clear idea about your target market.

Go over items such as the demographics of your target market, along with their psychographics. Each of these is important for you to clarify in your traditional business plan’s executive summary. Along with this, you will have to add a portion enlisting your competitors as well. This is crucial to the business plan as almost every business out there has some direct or indirect competition.

Next, your investors will be interested in who’s working with you. Once they look at the experienced and highly trained team, they will surely have a more positive outlook towards your business. The trick is to essentially have a good team that you can showcase in your business plan. Other than that, while writing down your team members, you can add the relevant qualifications and experience about them as well. Doing so will surely prove to be highly essential for the business in terms of investment perspective.

Lastly, in the executive summary, you will have to add an overview of your business’s financial situation . To do this, you should first have a complete set of forecasts and finance projections made beforehand. This will assist you with your financial plan that will be a major chunk of your business plan.

With the data on hand, you have to pick up the most relevant financial details that interest the investors. These include what financial goals you set in meeting your sales when you will break even, how profitable the business is expected to be, and how much investment is required at your end.

The first bit of your traditional business planning explains what your business aims to do. Things change as it moves to the second part of the business plan , where you’re required to explain how you plan on achieving your goals. This is where you clarify your marketing, sales, operations, and other mechanisms that you will incorporate as you go to execute your plans.

Marketing And Sales

In this segment, you will add all the relevant details to map out how you will communicate to your target market. Marketing is a form of communication in which you need to be precise about what measures to take as you venture to create your brand’s awareness. Choose methods, mediums, and channels that you will use to put your business out there in front of the target audience.

Marketing channels can incorporate social media, advertising, traditional methods, and so much more. The channel you use depends on what your target market is. If your target is Gen-Z, you want to use platforms such as Instagram and Facebook to get their attention.

This isn’t all that you add here. You also want to make sure that the details of your sale are clarified here. Make sure to lay out what measures that your team will take to achieve the sales that you’ve planned out for your business. Talk about what processes your team will follow to get the leads and close sales.

The operations of your business will include the various processes that your business goes through. For instance, a manufacturing business will have a different list of operations to follow instead of a mail-order business. You will have to first define what type of business you are and then get into the operations’ details.

Here, you will assess the various processes that your business requires. This means how your everyday operations will look like. You will have to cover what facilities you will use, the process you use to procure goods and more.

Milestones And Metrics

The last things that you will have to take a look at and add to your business plan are the milestones and metrics for the execution bit. While your traditional business plan will have all the relevant details about your business, you will need a specific timing set to meet these requirements. For instance, if you wish to achieve a certain amount of sales, then what is the time you will need for this?

Add milestones in your business plan to assess when you intend to achieve a particular goal. Moreover, you will also have to measure key metrics to assess your business’s overall performance in your planning.

The next part of your traditional business plan will incorporate details about the structure of your business. Here, you will talk about the entire team behind the business and how the hierarchal structure is like.

Overview And Structure

Initially, you will have to talk about what the basis of your business is like. This will include what legal entity it is known as. Is your business a limited liability company (LLC), a partnership, or something else? Clarify these details here while also expanding on where your business is located, what facilities are in use and other relevant business specifications.

In the other half, you will introduce the team working on board with the business. It is a highly essential part of your plan, as this is where you’re able to attract potential investors. By telling your story here, you can explain the importance of funding for your business. List your qualifications and the relevant experience here to capture the attention of the readers.

You will have to specify the key roles that each team member plays in the business. If you’re a startup , then you might not have a wide team working with you, but that’s okay. All you need to do is ensure that each member’s roles are mentioned clearly along with their qualifications.

Financial Plan

Now, it is time to talk about the real deal- the finances. Your business needs a certain set of financial planning that will allow it to achieve its finance goals. With CFO services on board, you can ensure that your financial planning goes exceptionally well throughout your business.

For your financial plan to be effective, you will have to cover two aspects: forecasting and financing. Each of these elements is essential for the business, so you will need to be careful about the application of each.

Building a financial model in excel is essential to get all your forecasts on point for your business. Startups aren’t fully equipped with the right set of workers, so it is best to outsource this work to professionals. Seek professional CFO services so that you have no problems when it comes to forecasting for your traditional business plan.

Generally, traditional business plans have forecasts of up to five years. Here, various financial statement elements are covered, such as sales, expenses, profits, assets, liabilities, and more. Most of the time, entire financial models are created to make financial planning much more effective.

The next part of the financial plan in business planning is to seek financing . Not every business requires this. However, if you’re a startup, then there is a fair chance that you will require financing. You will have to add in all the relevant details here, such as how much financing you will require for your business, whether you will require loans, investments, or other financing aspects.

Lastly, we have the appendix that will be the final part of your traditional business plan. Here, you will attach all the relevant documents that will support the details of your business plan. These include the financial forecasts, financial models, projections, and other necessary documents for your business.

It’s better to always have the basic documents in your appendix as potential investors always look at it for the details. In case you’re not sure about how to follow through with all these steps, you should let a professional handle your business plan for you.

Bottom Line

You want to make sure to write an effective business plan. To do so, you need to have the right skills as well. While it may seem simple to put together a business plan, it requires a huge amount of research and analysis. If you’re a startup or any other business looking for someone to do your business planning, then we have the right

answer for you. We, at Oak Business Consultants , are experts in offering consultation on such matters. Our skilled team ensures to deliver effective business plans according to your business requirements. Visit our website at Oak Business Consultant and get a free consultation.

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Sadaf Abbas

Sadaf Abbas, with over 16 years in the financial consulting realm, has showcased her expertise across diverse industries like Blockchain, Gaming, and SaaS. As a CFO for leading companies, she's transformed complex financial scenarios into actionable strategies. Now, as the CEO of Oak Business Consultant, her leadership has driven the firm to unparalleled heights, marking it as a benchmark for excellence and innovation. Beyond her corporate achievements, Sadaf is also a revered educator, blending theoretical and practical insights to shape the future of financial analysts and consultants. With credentials like a Master's Degree in Finance and Economics and a title of CSP, she's a force in financial analysis, business planning, and more. Dive into Sadaf's world and discover a blend of knowledge, expertise, and transformative leadership.

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Traditional Business Plan Template

What is a Traditional Business Plan?

A traditional business plan outlines the objectives, strategies, and goals for a business. It is typically used to inform potential investors and partners about the company's mission and vision, as well as to provide details about how the company plans to achieve its goals. It is also used as a roadmap for the company's team members and stakeholders to follow.

What's included in this Traditional Business Plan template?

• 3 focus areas
• 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Traditional Business Plan template for?

This Traditional Business Plan template is designed for organizations of any size, entrepreneurs and startups of any industry who want to create a comprehensive and effective business plan. It provides all the necessary components to create a well-structured plan, including focus areas, objectives, key performance indicators (KPIs), and projects. This template will help you create a plan that will guide your business to success.

1. Define clear examples of your focus areas

A focus area is a broad area of business that you want to improve on or achieve. Examples of focus areas could include financial planning, human resources, product development, customer service, marketing, and more. It is important to define clear focus areas in order to create an effective business plan.

2. Think about the objectives that could fall under that focus area

Objectives are specific goals that you want to achieve within a given focus area. For example, if your focus area is financial planning, your objectives could include increasing profit margin, increasing revenue, decreasing costs, etc. It is important to set realistic and achievable objectives.

3. Set measurable targets (KPIs) to tackle the objective

KPIs, or key performance indicators, are measurable targets that are used to track progress towards achieving objectives. Examples of KPIs include increasing revenue by 10%, reducing costs by 20%, increasing customer base by 20%, etc. Setting measurable KPIs will help to focus your efforts and track progress.

4. Implement related projects to achieve the KPIs

Projects, or actions, are specific initiatives that need to be taken in order to achieve the KPIs within a given focus area. For example, if your KPI is to increase revenue by 10%, the related project could be to increase customer base by 20%. It is important to set realistic and achievable projects.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade is a strategy execution platform that allows businesses to track, measure, and optimize their strategy in real-time. It provides an easy-to-use dashboard to quickly visualize progress towards objectives and KPIs, and it can be used to quickly identify and address any issues. With Cascade, you can see faster results from your strategy.

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Free business plan templates and examples for your startup

You are starting a new business.

Huge plunge.

But you don’t want to just “start a new business” and call it a day. Nope. You want to start a new successful business … which is going to require a well-thought-out business plan … which requires a (free) business plan template, of course.

The ever-essential business plan around your proposed startup business should include every nitty-gritty detail, from the company description to your target market and financial projections .

Sounds like a lot, right? It is. Writing a plan for your business from scratch can be overwhelming, especially if you’ve never done it before.

But alas, that’s where a free business plan template can be a life-saver.

This article will provide a step-by-step guide for creating a plan using one of our free business plan templates. Because at monday.com, we want you — and your new venture — to succeed.

Get the template

What is a free business plan template?

A free business plan template is a document that outlines every critical aspect that should go into your business plan — and you don’t have to pay anything for it. It guides you and makes it easy to focus on necessary components without going overboard and including too much information.

A good template should cover each stage of managing and starting a business. This means your template should act as a step by step guide on how to include the following information:

• Your business’ core activities
• Its goals and objectives
• How it plans to achieve these goals

Because business plans are an essential component of any organization’s operational roadmap, a template is a must-have tool for all entrepreneurs and startup business owners. 

Writing a complete business plan is key to documenting business models , creating accurate financial projections, and turning your business idea into reality.

Why use a free business plan template?

Creating a business plan with a free template might not sound like much, but it can lead to a more successful business. Here’s are 6 reasons why:

1. Helps secure funding

You can’t apply for financing proposals without a formal business plan. Using the correct format from a professional template is vital to show all parties of interest, including investors and financial institutions, that you are committed to building and growing your enterprise.

Investors will carefully review your business plan before agreeing to meet you in person, let alone write you a check.

2. Makes business plan look more professional

Creating a business plan from a template shows that you are serious about your business.

3. Gives business direction

Drawing up a step by step business model provides you with a roadmap for future operations and times of doubt. Without a concise business plan template, you may constantly change your strategies and goals without bearing your long-term milestones in mind.

Using a template gives you direction and ensures that every choice you make furthers your business’s ultimate goals and objectives.

4. Helps establish important milestones

A template will help you identify the long-term milestones that are important for the success of your venture. Setting milestones from the beginning can help you determine if your business is on the right track.

5. Helps assess the feasibility of the venture

Not all business plans translate into thriving real-world businesses. Using a business plan template helps you determine how viable your business plan is while minimizing opportunity costs. It also encourages you to research target markets and your competitive landscape.

6. It’s FREE

This might be obvious, but it’s still important. Creating a business plan can be a time-consuming, expensive process. Hiring a professional business consultant for your business plan will cost, on average, $399 .

You don’t have to spend money outsourcing a business plan writing service with a free business plan template. Instead, invest those funds elsewhere in your startup business.

What are some examples of free business plan templates?

There are different types of business plan templates to choose from depending on your type of business and reason for writing a business plan.

Here are some sample business plans based on different templates.

Startup business plan template

A startup business plan is like a standard business plan; only this document is written specifically for a startup business. It is often presented to potential investors to obtain startup funding.

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Startup plans are preliminary plans that can be tweaked as the firm grows. These documents include information like the idea for the business, a description of the product or service, a marketing plan, and profit projections.

Strategic business plan template

Strategic business plans outline the strategies that a business will use to achieve its goals.

These plans are generally for internal purposes and are based on a SWOT analysis . This plan should outline how specific strategies will move the company toward its milestones and allocate resources.

One-page business plan template

A one-page business plan is a simplified version of a standard business plan. It is a single-page document that focuses on the core aspects of your business.

This template doesn’t include descriptions, summaries, and background details. Although concise, it still contains all the necessary information, including the business model, financial projections, and target market .

Operational plan template

A template for an operational plan , also known as an annual plan, focuses on sketching out the day-to-day operational actions a team needs to take to reach significant goals. It outlines the duties and responsibilities of the management team, various departments, and staff and how they should contribute to its overall success.

7 elements of a business plan

A traditional business plan template should include these essential sections.

1. Executive summary

This should be the first section of your business plan. The executive summary covers what you expect your business to achieve and highlights what you will discuss in the remainder of your plan.

2. Company description

Your company description should include important information about your business, goals, and target audiences. Use this section to explain your core offerings for customers and how your business stands out from its rivals.

3. Product or service offered

This section should include a detailed breakdown of your products and services and how they have been tailored to meet current demands. Some other information to include is:

• Your suppliers
• The cost of manufacturing your products
• Your projected profit margins
• Any relevant information about copyrights and patents

4. Target market analysis

Your target market analysis should visualize your target customers and their purchasing habits and demands. Use this section to show that you have a solid understanding of your industry and target audiences.

5. Marketing plan

The marketing plan section of your business plan should describe how you plan to reach your target customers with your core marketing messages, as well as your products and services. Detail the steps you need to promote your products, including your budget and marketing strategies.

6. Competitive analysis

This section should compare your business to your direct and indirect industry rivals. Speak about what your competitors are doing and if they are failing or succeeding. Mention any issues that could impact your entry into the market here.

7. Financial projections

This section should break down your financial goals and projections that you’ve calculated using market research. Include your anticipated revenues for your first year of operation. It’s good to include an appendix with additional financial data (financial statements) if you’re using your plan to apply for business loans.

And of course … monday.com’s free business plan template

Old-fashioned business plans made in a spreadsheet or word processor are static and easy to forget.

monday.com’s comprehensive business plan templates make drawing concise business plans and financial projections a breeze.

Here are some of the many ways our business plan template will help you communicate your vision and strategy:

Seamlessly share your business plan

Besides financial investors, other invested parties will want to see your business plan — usually referred to as stakeholders —business partners, employees, bankers, suppliers, customers, consultants, and even friends and family.

Rather than back and forth emails, make your business plan accessible to whoever you want with our “share view” options. Easily create and send a shareable link to your business plan. Or send out a read-only version to ensure no one makes any unwanted edits.

Hide certain information

Maybe you don’t want everyone to know your startup business’ financial projections. We get it. Planning the financial aspects of a startup business is tricky.

With monday.com’s template , you can hide certain business plan sections by hiding columns or using Board Filters. 

Once you’ve excluded any sensitive information from your business plan, you can save this new view of your business plan to be easily accessible later. In addition, by creating a view according to the exact parameters you want to see, you won’t have to keep editing your business plan according to what information you want to have displayed.

Transform your business plan into action

You’ve written a stellar business model, got the funding you need, and are officially starting a business. So what happens to all that hard work you did for your business plan?

monday.com helps you execute your business plan by turning it into actionable tasks. Our platform lets you centralize all your work, tools, processes, and files, including your business plan and associated data, into a single Work OS .

Build your ideal workflow by turning your business plan into a project timeline, budget template , or marketing strategy. Have access to all of the documentation you need instantly in one convenient location, maximizing your productivity and organization.

FAQs about business plan templates

How do i write a simple business plan.

monday.com’s business plan template gives you all the tools you need to write both simple and more complex business plans.

Should you use a template for a business plan?

Yes! A business plan template will give your plan structure and ensure that you can secure funding and guide your business’s growth.

What is the best format for a business plan?

A template provides the best format for a business plan, as it breaks down all the essential information you need to include. Find all the business plan templates you need at monday.com.

Who should develop business plans?

Any new business owner (or someone aspiring to start or acquire a business) should develop a business plan.

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The Complete Guide to Traditional Business Ideas

Many types of businesses have been around for years, traditional ideas that are tried and true. They are the ones that people need no matter where they live or what they do. 

There is more security in these types of businesses than innovative ones that can be risky. So, if you are thinking of starting a traditional company that allows you to follow the steps of many businesses that have come before you, you’re in luck.

We have put together this guide to help you navigate coming up with traditional business ideas to help you get your business going.

Why Traditional Business Ideas Are So Important

Traditional business ideas are critical because they involve the types of companies many of us require to live our lives. They include things such as: 

• Dentists, doctors, and veterinarians
• Restaurants
• Legal services
• Grocery stores
• Homebuilders
• Tutors, teachers, and exam prep
• Lawn care specialists
• Pet and house sitters

Traditional businesses are typically stores, restaurants, services, and agencies that aren’t going away anytime soon. They provide products or services that were relevant years ago and are still just as relevant today. 

One traditional business many people have found success with is starting a tutoring business. The startup costs of it are minimal and only require time to develop curriculums and teaching plans. One key thing needed for this traditional business is a level of education appropriate to tutor others in certain subjects. From there, a business can be built that will always be needed. People will continue to learn, and people will continue to struggle to learn in specific areas and subjects.

Quick Tips to Coming Up With Traditional Business Ideas

If you aren’t sure where to start with your traditional business, the following tips will help guide you. 

These tips are straightforward and easy to apply to help you come up with and further develop your business idea. They won’t require too much time and serve as the base for starting your traditional business.

Tip 1 – Monetize Your Passion

It is impossible for you to love everything you do as an entrepreneur. It may sound pessimistic, but there are some parts of running a business that you will not love. And that’s okay! However, if you plan to spend a great deal of time and energy building a company, it should be an idea you’ll enjoy doing overall. 

For example, if you love dogs but hate all other animals, a veterinary clinic may not work out well for you. For your veterinary clinic to succeed, you need to be a lover and caretaker of all animals. 

Instead, consider starting a dog walking business. This allows your love of dogs to shine through and is a traditional business that provides a service needed by many. 

Take time to think through what you are passionate about and how others have already turned some of those passions into profitable businesses. Use the steps that they’ve taken as a guide for you to turn your passion into profit.

Tip 2 – Find a Gap

Traditional businesses are built on the foundation of things that have been done before. In other words, traditional businesses are tried and true and proven to be successful. 

There is no need for you to go crazy with thinking outside of the box for a unique, never-been-done-before business idea. Instead, look for businesses that exist elsewhere but have not been created in your community yet or could be done better. Identify a gap in your area you can fill.

These can be snow shoveling or lawn care, or you can think bigger and consider starting a restaurant that serves food you know people will love.

Traditional businesses are created to provide people with a good or a service that is a necessary part of life, so think about what your community needs and how you can help provide that product or service to them.

Tip 3 – Research Your Competition

If you are going the route of starting a traditional business, you’ll definitely have competition. 

But don’t worry–this is a good thing. You can see what other people are doing, and what is and isn’t working.  

Another area to research is reviews. Look on Glassdoor, Yelp, Google, and any other site to find real customer reviews to see what people love and dislike about the existing companies.

To help you conduct your research on your competition, you can employ tools to get the detailed information you need. While a Google search will give you some information and allow you to stalk your competitor’s websites and social media pages, you need more information than that if you expect to do better than your competition. 

One of our favorite tools for researching competition is SpyFu . This is a resource that allows you to research things like: 

• Every place a domain shows up on Google
• Every keyword a competitor has bought on Google Ads
• Every organic rank
• Every ad variation
• Every change in ad spend every time

By utilizing SpyFu, you can see your competitors’ successes and failures and learn from them to avoid the same mistakes and see what works well.

The list of tools available with the purchase of SpyFu is a long one and will help you build a successful traditional business. 

SpyFu offers three pricing plans: 

Basic. $33 per month if billed annually. Includes unlimited search results, unlimited data exports, unlimited domain overview PDFs, 250 sales leads and domain contacts, 5,000 weekly tracked keyword rankings, and 10,000 top lists results. 

Professional. $58 per month if billed annually. Includes everything in the Basic package plus 500,000 sales leads and domain contacts, 15,000 weekly tracked keyword rankings, 50,000 top list results, 10,000 API rows returned, and custom branded reporting. 

Team. $199 per month if billed annually. Includes everything in the Professional package plus 2,000 sales leads and domain contacts, 40,000 weekly tracked keyword rankings, 75,000 top lists results, and five user logins.

Tip 4 – Outsource

As a traditional business owner, it is important to know your strengths. And chances are good your strengths do not include every aspect of running a business. 

Rather than spend your time and energy learning to be an expert on everything in your business, hire others to help you. 

If you are not good with all the accounting stuff, accept that you should not do the bookkeeping and instead hire a bookkeeper and/or an accountant. Leave that to the professionals, and save yourself the headache. 

If you don’t know how to write up contracts, hire a lawyer to do it for you. Though the cost may seem high (especially when you’re first starting), it will save you a great deal of time and stress to have those contracts written correctly by a professional from the beginning rather than having to deal with fixing mistakes down the line. 

Acknowledge and accept your strengths and weaknesses. Utilize your strengths to build your business and outsource the rest to professionals.

Tip 5 – Write a Business Plan

If you are well-versed in writing business plans or feel you can handle on your own, go for it.

This is a crucial part of starting your traditional business, and you’ll find it is easier to create one using a template. For example, if you decide to open a Mexican restaurant, chances are good you will find a strong business plan example for this specific type of business. That is one of the best parts of choosing to run with a traditional business idea. 

However, if you still feel that writing a business plan is overwhelming, outsource this to a lawyer who has experience writing them or software like Enloop or LivePlan .

Long-Term Strategies for Traditional Business Ideas

The quick tips above are things you can do right now to get your traditional business started.

However, there is more to it than that. There are long-term strategies to implement to find success with your business. These will take more time and effort on your part, and you may not see a return on them immediately. But they are worth the time and energy. 

Just be sure not to get discouraged when you don’t reap the benefits of these strategies immediately–they are meant to happen over time.

Strategy 1 – Expect Mistakes

As a business owner, there is a lot of room for error. 

So much goes into starting and growing a successful business, and you will inevitably make a mistake or two along the way. 

Thus, you need to accept that mistakes will happen and handle them in a way that won’t throw your entire business off-balance. 

For example, let’s say you open a Mexican restaurant. But your produce supplier is not reliable and consistently delivers your produce late, then recognize that you made a mistake in choosing your supplier. Start fixing the error right away.

Look for suppliers other restaurants in the area work with and trust and switch to working with that company instead. 

Take advantage of your mistakes by setting up review processes that help you make the right decisions next time. By keeping your business plan up to date, you can set up regular meetings to review your numbers, strategy, and more. 

This helps you keep track of performance across your company and allows you to make decisions based on results. It also allows you to prepare for mistakes rather than having to react to them once they’ve already happened.

Strategy 2 – Prepare For Growth

The hope in starting your traditional business is that it will grow over time. You certainly don’t want to be in the same place two years down the road as you were when you started. 

Thus, you must prepare your business for growth. Your business plan plays a key role here. Though you write your business plan when you start the company, you need to adapt it as your business grows and revise it to reflect that growth. 

A tool that can help you do this is LivePlan . LivePlan provides you with the tools you need to project your business’ growth, so you know what to prepare for. With it, you create a budget and a forecast to check against the competition to see where you stand. 

LivePlan also connects with QuickBooks so that you can see how your actual growth compares to your projected growth. This allows you to see instantly whether you are meeting your sales goals and staying within your budget. These are all key to the growth and success of your business.

Strategy 3 – Understand Your Customers’ Changing Needs

Though traditional businesses are rooted in providing people with conventional goods and services, it is important to note that customers’ needs change over time.

You must evolve with those changes. The best way to do this is to create buyer personas for sample customers. To do this, you’ll create a profile for a hypothetical customer. Let’s say name one Sally. Sally is 43 years old, she has a college education, and she likes to go out to eat once a week at a mid-level priced restaurant. Any other demographic data you can create for the hypothetical customers will allow you to anticipate Sally’s needs as they change so that your Mexican restaurant can meet them.

Maybe Sally enjoys trying fresh takes on traditional Mexican dishes. You could offer a couple of “trendy” items on your menu that Sally may not be able to find elsewhere. That will keep customers like her coming back for more. However, as Sally ages, she may find that traditional Mexican food is her preference, and the trendy items may not be as important as they once were. 

Noting changes in your customers’ needs and preferences is vital to the success and growth of your business. It also helps create brand loyalty.

Create an LLC, if you haven’t already. In addition to tax benefits and liability protection, you’ll build credibility by doing business as a business instead of yourself.

It won’t take more than 10 minutes with ZenBusiness . Pick a state to register your LLC, answer a few questions, and ZenBusiness will handle the rest.

As your business grows, you need to have your website grow along with it. If you are new to creating websites, we’ve got just the article for you: Learn how to create a great website . 

Another part of your growing traditional business is an excellent recruiting process. To hire the best employees for your business, you may want to implement recruiting software. It allows you to find qualified candidates, onboard employees, and help manage them effectively. Read this article that covers our top picks for recruiting software to find the right tool for you. 

Make your website better. Instantly.

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7 Different Types of Business Plans Explained

11 min. read

Updated April 10, 2024

Business plans go by many names: Strategic plans, traditional plans , operational plans, feasibility plans, internal plans, growth plans, and more.

Different situations call for different types of plans. 

But what makes each type of plan unique? And why should you consider one type over another?

In this article, we’ll uncover a quick process to find the right type of business plan, along with an overview of each option. 

Let’s help you find the right planning format.

• What type of business plan do you need?

The short answer is… it depends. 

Your current business stage, intended audience, and how you’ll use the plan will all impact what format works best. 

Remember, just the act of planning will improve your chances of success . It’s important to land on an option that will support your needs. Don’t get too hung up on making the right choice and delay writing your plan.

So, how do you choose?

1. Know why you need a business plan

What are you creating a business plan for ? Are you pitching to potential investors? Applying for a loan? Trying to understand if your business idea is feasible?

You may need a business plan for one or multiple reasons. What you intend to do with it will inform what type of plan you need.

For example: A more robust and detailed plan may be necessary if you seek investment . But a shorter format could be more useful and less time-consuming if you’re just testing an idea.

2. Become familiar with your options

You don’t need to become a planning expert and understand every detail about every type of plan. You just need to know the basics:

• What makes this type of plan unique?
• What are its benefits?
• What are its drawbacks?
• Which types of businesses typically use it?

By taking the time to review, you’ll understand what you’re getting into and be more likely to complete your plan. Plus, you’ll come away with a document built with your use case(s) in mind—meaning you won’t have to restart to make it a valuable tool.

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3. Start small and grow

When choosing a business plan format, a good tactic is to opt for a shorter option and build from there. You’ll save time and effort and still come away with a working business plan.

Plus, you’ll better understand what further planning you may need to do. And you won’t be starting from scratch.

Read More: How to identify the right type of plan for your business

Again, the type of business plan you need fully depends on your situation and use case. But running through this quick exercise will help you narrow down your options. 

Now let’s look at the common business plan types you can choose from.

• Traditional business plan

The traditional (or standard) business plan is an in-depth document covering every aspect of your business. It’s the most common plan type you’ll come across. 

A traditional business plan is broken up into 10 sections:

• Executive summary
• Description of products and services
• Market analysis
• Competitive analysis
• Marketing and sales plan
• Business operations
• Key milestones and metrics
• Organization and management team
• Financial plan
• Appendix 

Why use this type of plan?

A traditional business plan is best for anyone approaching specific business planning events—such as presenting a business plan to a bank or investor for funding.

A traditional plan can also be useful if you need to add more details around specific business areas. 

For example: You start as a solopreneur and don’t immediately need to define your team structure. But eventually you hit a threshold where you need more staff in order to keep growing. A great way to explore which roles you need and how they will function is by fleshing out the organization and management section .

That’s the unseen value of a more detailed plan like this. While you can follow the structure outlined above and create an in-depth plan ready for funding, you can also choose which sections to prioritize. 

Read More: How to write a traditional business plan  

• One-page plan

The one-page business plan is a simplified (but just as useful) version of a traditional business plan. It follows the same structure, but is far easier to create. It can even be used as a pitch document.

Here’s how you’ll organize information when using a one-page plan:

• Value proposition
• Market need
• Your solution
• Competition
• Target market
• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page plan is faster and easier to assemble than a traditional plan. You can write a one-page plan in as little as 30 minutes . 

You’ll still cover the crucial details found in a traditional plan, but in a more manageable format.

So, if you’re exploring a business idea for the first time or updating your strategy—a one-page plan is ideal. You can review and update your entire plan in just a few minutes.

Applying for a loan with this type of plan probably wouldn’t make sense. Lenders typically want to see a more detailed plan to accurately assess potential risk. 

However, it is a great option to send to investors. 

“Investors these days are much less likely to look at a detailed plan,” says Palo Alto Software COO Noah Parsons. “An executive summary or one-page plan, pitch presentation, and financials are all a VC is likely to look at.”

Creating a more detailed plan is as much about being prepared as anything else. If you don’t dig into everything a traditional plan covers, you’ll struggle to land your pitch . 

If you don’t intend to seek funding, a one-page plan is often all you need. The key is regularly revisiting it to stay on top of your business. 

Let’s explore two unique processes to help you do that: 

Read More: How to write a one-page business plan

Lean planning process

Lean planning is a process that uses your one-page plan as a testing tool. The goal is to create a plan and immediately put it into action to see if your ideas actually work. You’ll typically be focusing on one (or all) of the following areas: 

• Strategy – What you will do
• Tactics – How you will do it
• Business Model – How you make money
• Schedule – Who is responsible and when will it happen

Why use this process?

Lean planning is best for businesses that need to move fast, test assumptions, revise, and get moving again. It’s short and simple, and meant to get everyone on the same page as quickly as possible. 

That’s why it’s so popular for startups. They don’t necessarily need a detailed plan, since they’re mostly focused on determining whether or not they have a viable business idea .

The only drawback is that this planning process is built primarily around early-stage businesses. It can be a useful tool for established businesses looking to test a strategy, but it may not be as helpful for ongoing management.

Read More: The fundamentals of lean planning

Growth planning

Growth planning is a financials-focused planning process designed to help you make quick and strategic decisions.

Again, it starts with a one-page plan outlining your strategy, tactics, business model, and schedule. The next step is to create a working financial forecast that includes projected sales, expenses, and cash flows.

From there, you run your business. 

As you go, track your actual financial performance and carve out time to compare it to your forecasts . If you spot any differences, these discrepancies may indicate problems or opportunities that call for adjusting your current strategy.

Growth planning combines the simplicity of the one-page plan and the speed of lean planning, with the power of financial forecasting. 

This makes the process useful for every business stage and even allows you to skip to the forecasting step if you already have a plan.

With growth planning, you’ll:

• Regularly revisit your financials
• Better understand how your business operates 
• Make quick and confident decisions

This process focuses on growing your business. If diving into your financials isn’t a priority right now, that’s okay. Start with a one-page plan instead, and revisit growth planning when you’re ready.

Read More: How to write a growth-oriented business plan

• Internal plan

Sometimes you just need a business plan that works as an internal management tool. 

Something to help you: 

• Set business goals
• Provide a high-level overview of operations
• Prepare to create budgets and financial projections

You don’t need an overly long and detailed business plan for this. Just a document that is easy to create, useful for developing or revisiting your strategy, and able to get everyone up to speed.

The internal plan is a great option if you’re not planning to present your plan to anyone outside your business. Especially if you’re an up-and-running business that may have created a plan previously. You might just need something simple for day-to-day use.

Read More: 8 steps to write a useful internal business plan

• 5-year business plan

Some investors or stakeholders may request a long-term plan stretching up to five years. They typically want to understand your vision for the future and see your long-term goals or milestones.  

To be honest, creating a detailed long-term business plan is typically a waste of time. There are a few exceptions:

• A long-term plan is specifically asked for
• You want to outline your long-term vision
• Real estate development
• Medical product manufacturing
• Transportation, automotive, aviation, or aerospace development

The reality is, you can’t predict what will happen in the next month, let alone the next one, three, or five years.

So, when creating a long-term plan, don’t dig too deep into the details. Focus on establishing long-term goals , annual growth targets, and aspirational milestones you’d like to hit.

Then supplement these with a more focused one-page plan that actually describes your current business, which you can use in your business right now.

Read More: How to write a five-year business plan

• Nonprofit business plan

A nonprofit business plan is not too different from a traditional plan. You should still cover all of the sections I listed above to help you build a sustainable business. 

The main differences in a nonprofit plan are tied to funding and awareness. You need to account for:

• Fundraising sources and activities.
• Alliances and partnerships.
• Promotion and outreach strategies.

You also need to set goals, track performance, and demonstrate that you have the right team to run a fiscally healthy organization. You’re just not pursuing profits, you’re trying to fulfill a mission. But you cannot serve your community if your organization isn’t financially stable.

If you can use your business plan to show that you’re a well-organized nonprofit organization, you are more likely to attract donors and convince investors to provide funding.

Read More: How to write a nonprofit business plan

Resources to help write your business plan

Don’t get too hung up on the type of business plan you choose. Remember, you can always start small and expand if you need to.

To help you do that, I recommend downloading our free one-page business plan template . It’s especially useful if you’re exploring an idea and need a quick way to document how your business will operate.

If you know you’ll pursue funding, download our free traditional business plan template . It’s already in an SBA-lender-approved format and provides detailed instructions for each section. And if you want to explore other options, check out our roundup of the 8 best business plan templates you can download for free.

Lastly, check out our library of over 550 sample business plans if you need inspiration. These can provide specific insight into what you should focus on in a given industry.

Remember, just by deciding to write a business plan, you are increasing your likelihood of success. Pick a format and start writing!

Types of business plans FAQ

Which type of planning should be done for a business?

The type of planning fully depends on your business stage and how you intend to use the plan. Generally, whatever format you choose should help you outline your strategy, business model, tactics, and timeline.

How many types of business plans are there?

There are seven common types of business plans, including: traditional, one-page, lean, growth, internal, 5-year, and nonprofit plans.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

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