best business plan tips

14 Tips to Write Your Business Plan

3 min. read

Updated April 19, 2024

Learn to craft an excellent business plan with our curated selection of business plan tips and tricks—developed by seasoned planning experts with over 80 years of experience writing and reviewing business plans.

• Tips to write your business plan

1. Do this before writing your business plan

If you dive right into the planning process you’re more likely to waste time and become overwhelmed. Before you start, consider why you need a plan and organize your thoughts on a single page.

2. Explore business plan templates

There are plenty of great business plan templates that can help you write your plan. Here are a few of our favorites.

3. Understand what makes a great plan

There are certain factors that make a great business plan. This includes the plan fitting your business needs, being realistic, and addressing assumptions. Here are a few other traits that can truly elevate your plan.

4. Focus on crafting a compelling message

Many small business owners use their plan to convince others that their business idea is worth investing in. To do this successfully, you need to consider how the plan will be read and what can make it engaging.

5. Know why business plans fail

A big reason why businesses fail is ineffective planning. Knowing what causes business plans to hinder business growth or be rejected by lenders can help you write a better plan and become a better business owner.

6. Avoid these common planning mistakes

Simple mistakes can lead to a mediocre or ineffective business plan. Skipping planning altogether is the biggest, but several others connected to your financials can sink your idea before it ever gets off the ground.

7. Don't forget to spend time on formatting

You may have a killer business idea, detailed market research, and captivating descriptions that will grab the attention of anyone who reads your plan. But none of it matters if your plan appears dense and overly complex…

8. Use the right tools and resources

Take the time to explore any tools or resources that can help you write a business plan. Aside from this guide that you’re already reading, here are a few of our favorites that you should check out for yourself.

9. Ensure your plan is accurate

How accurate does your business plan need to be? Learn from seasoned business planning expert Tim Berry what accuracy in your plan really means.

10. Know how you will use your plan

You likely have a single goal in mind for your business plan, like applying for a loan or making your idea official. Stay focused but take note of the many other ways to get immediate and long-term use out of a plan.

11. Disregard these planning myths

There are numerous misconceptions about business planning that have developed over the years. These range from what your plan should include to if plans are truly valuable—and you should know why they aren’t true.

12. Try writing your plan in one day

Did you know that you can get all of the components of your business plan down in just a single day? All it takes is a little prep work, knowledge of what to include, and a focus on keeping things simple.

13. Participate in writing a business plan month

There’s never a wrong time to write or update your business plan. However, if you want the inspiration of writing alongside thousands of other entrepreneurs, why not participate in “Write a Business Plan Month.”

14. Consider working with a business plan writer

Working with a business plan writer allows you to spend more time on the other startup steps. But the wrong writer can lead to wasted money on an unusable business plan. So, be sure that you ask the right questions.

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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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How to Write a Business Plan in 9 Steps (+ Template and Examples)

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

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

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

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

Let’s get started.

What Do You Need A Business Plan For?

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

1. Secure Funds

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

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

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

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

2. Monitor Business Growth

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

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

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

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

3. Measure Business Success

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

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

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

4. Document Your Marketing Strategies

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

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

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

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

How to Write a Business Plan Step-by-Step

1. create your executive summary.

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

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

A good executive summary should do the following:

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

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

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

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

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

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

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

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

2. Add Your Company Overview

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

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

Your company overview should contain the following:

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

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

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

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

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

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

• Mission Statement

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

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

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

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

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

Business Objectives

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

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

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

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

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

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

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

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

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

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

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

Market Analysis

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

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

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

• Market Research

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

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

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

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

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

How to Quantify Your Target Market

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

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

What Does a Good Market Analysis Entail?

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

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

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

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

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

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

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

Competitive Analysis

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

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

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

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

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

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

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

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

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

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

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

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

Direct vs Indirect Competition

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

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

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

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

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

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

Factors that Differentiate Your Business from the Competition

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

1. Cost Leadership

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

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

2. Product Differentiation

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

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

3. Market Segmentation

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

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

4. Define Your Business and Management Structure

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

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

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

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

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

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

Management Team

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

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

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

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

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

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

Key Questions to Answer When Structuring Your Management Team

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

Additional Tips for Writing the Management Structure Section

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

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

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

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

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

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

Organizational Chart

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

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

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

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

5. Describe Your Product and Service Offering

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Avoid Technical Descriptions and Industry Buzzwords

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

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

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

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

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

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

3. Long or Short Products or Services Section

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

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

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

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

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

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

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

4. Describe Your Relationships with Vendors or Suppliers

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

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

5. Your Primary Goal Is to Convince Your Readers

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

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

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

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

Key Questions to Answer When Writing your Products and Services Section

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

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

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

6. Show and Explain Your Marketing and Sales Plan

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

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

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

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

Outline Your Business’ Unique Selling Proposition (USP)

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

Target Market and Target Audience

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

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

Creating a Smart Marketing and Sales Plan

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

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

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

Your Positioning Statement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Basic Rules to Follow When Pricing Your Offering

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

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

Pricing Strategy

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

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

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

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

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

Advertising

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

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

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

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

Public Relations

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

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

Content Marketing

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

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

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

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

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

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

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

Social Media

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

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

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

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

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

Strategic Alliances

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

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

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

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

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

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

2. Evaluate Your Competition

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

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

These questions can help you know your competition.

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

3. Consider Your Brand

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

4. Focus on Benefits

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

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

5. Focus on Differentiation

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

Key Questions to Answer When Writing Your Marketing and Sales Plan

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

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

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

7. Clearly Show Your Funding Request

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

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

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

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

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

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

Funding Request: Debt or Equity?

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

Case for Equity

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

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

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

Case for Debt

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

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

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

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

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

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

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

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

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

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

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

8. Detail Your Financial Plan, Metrics, and Projections

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

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

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

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

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

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

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

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

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

Use Graphs and Charts

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

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

Address the Risk Factors and Show Realistic Financial Projections

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

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

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

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

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

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

1. Sales Forecast

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

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

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

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

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

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

2. Personnel Plan

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

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

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

3. Income Statement

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

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

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

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

4. Cash Flow Statement

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

5. Balance Sheet

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

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

6. Exit Strategy

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

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

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

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

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

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

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

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

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

9. Add an Appendix to Your Business Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

Tips and Strategies for Writing a Convincing Business Plan

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

1. Know Your Audience

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

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

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

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

2. Get Inspiration from People

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

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

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

3. Avoid Being Over Optimistic

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

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

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

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

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

4. Keep it Simple and Short

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

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

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

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

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

5. Make an Outline and Follow Through

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

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

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

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

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

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

6. Ask a Professional to Proofread

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

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

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

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

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

1. hubspot's one-page business plan.

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

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

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

2. Bplan’s Free Business Plan Template

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

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

3. HubSpot's Downloadable Business Plan Template

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

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

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

4. Business Plan by My Own Business Institute

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

The comprehensive template consists of a whopping 15 sections.

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

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

5. Score's Business Plan Template for Startups

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

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

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

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

6. Minimalist Architecture Business Plan Template by Venngage

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

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

7. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

9. PandaDoc’s Free Business Plan Template

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

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

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

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

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

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

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

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

Alternatives to the Traditional Business Plan

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

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

Business Model Canvas (BMC)

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

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

Segments of the Business Model Canvas

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

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

Lean Canvas

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

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

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

Startup Pitch Deck

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

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

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

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

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

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

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

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

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

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

Business Plan FAQ

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

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

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

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

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

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

Exlore Further

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

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Martin luenendonk.

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

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

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Business plans might seem like an old-school stiff-collared practice, but they deserve a place in the startup realm, too. It’s probably not going to be the frame-worthy document you hang in the office—yet, it may one day be deserving of the privilege.

Whether you’re looking to win the heart of an angel investor or convince a bank to lend you money, you’ll need a business plan. And not just any ol’ notes and scribble on the back of a pizza box or napkin—you’ll need a professional, standardized report.

Bah. Sounds like homework, right?

Yes. Yes, it does.

However, just like bookkeeping, loan applications, and 404 redirects, business plans are an essential step in cementing your business foundation.

Don’t worry. We’ll show you how to write a business plan without boring you to tears. We’ve jam-packed this article with all the business plan examples, templates, and tips you need to take your non-existent proposal from concept to completion.

Table of Contents

What Is a Business Plan?

Tips to Make Your Small Business Plan Ironclad

How to Write a Business Plan in 6 Steps

Startup Business Plan Template

Business Plan Examples

Work on Making Your Business Plan

How to Write a Business Plan FAQs

What is a business plan why do you desperately need one.

A business plan is a roadmap that outlines:

• Who your business is, what it does, and who it serves
• Where your business is now
• Where you want it to go
• How you’re going to make it happen
• What might stop you from taking your business from Point A to Point B
• How you’ll overcome the predicted obstacles

While it’s not required when starting a business, having a business plan is helpful for a few reasons:

• Secure a Bank Loan: Before approving you for a business loan, banks will want to see that your business is legitimate and can repay the loan. They want to know how you’re going to use the loan and how you’ll make monthly payments on your debt. Lenders want to see a sound business strategy that doesn’t end in loan default.
• Win Over Investors: Like lenders, investors want to know they’re going to make a return on their investment. They need to see your business plan to have the confidence to hand you money.
• Stay Focused: It’s easy to get lost chasing the next big thing. Your business plan keeps you on track and focused on the big picture. Your business plan can prevent you from wasting time and resources on something that isn’t aligned with your business goals.

Beyond the reasoning, let’s look at what the data says:

• Simply writing a business plan can boost your average annual growth by 30%
• Entrepreneurs who create a formal business plan are 16% more likely to succeed than those who don’t
• A study looking at 65 fast-growth companies found that 71% had small business plans
• The process and output of creating a business plan have shown to improve business performance

Convinced yet? If those numbers and reasons don’t have you scrambling for pen and paper, who knows what will.

Don’t Skip: Business Startup Costs Checklist

Before we get into the nitty-gritty steps of how to write a business plan, let’s look at some high-level tips to get you started in the right direction:

Be Professional and Legit

You might be tempted to get cutesy or revolutionary with your business plan—resist the urge. While you should let your brand and creativity shine with everything you produce, business plans fall more into the realm of professional documents.

Think of your business plan the same way as your terms and conditions, employee contracts, or financial statements. You want your plan to be as uniform as possible so investors, lenders, partners, and prospective employees can find the information they need to make important decisions.

If you want to create a fun summary business plan for internal consumption, then, by all means, go right ahead. However, for the purpose of writing this external-facing document, keep it legit.

Know Your Audience

Your official business plan document is for lenders, investors, partners, and big-time prospective employees. Keep these names and faces in your mind as you draft your plan.

Think about what they might be interested in seeing, what questions they’ll ask, and what might convince (or scare) them. Cut the jargon and tailor your language so these individuals can understand.

Remember, these are busy people. They’re likely looking at hundreds of applicants and startup investments every month. Keep your business plan succinct and to the point. Include the most pertinent information and omit the sections that won’t impact their decision-making.

Invest Time Researching

You might not have answers to all the sections you should include in your business plan. Don’t skip over these!

Your audience will want:

• Detailed information about your customers
• Numbers and solid math to back up your financial claims and estimates
• Deep insights about your competitors and potential threats
• Data to support market opportunities and strategy

Your answers can’t be hypothetical or opinionated. You need research to back up your claims. If you don’t have that data yet, then invest time and money in collecting it. That information isn’t just critical for your business plan—it’s essential for owning, operating, and growing your company.

Stay Realistic

Your business may be ambitious, but reign in the enthusiasm just a teeny-tiny bit. The last thing you want to do is have an angel investor call BS and say “I’m out” before even giving you a chance.

The folks looking at your business and evaluating your plan have been around the block—they know a thing or two about fact and fiction. Your plan should be a blueprint for success. It should be the step-by-step roadmap for how you’re going from Point A to Point B.

How to Write a Business Plan—6 Essential Elements

Not every business plan looks the same, but most share a few common elements. Here’s what they typically include:

• Executive Summary
• Business Overview
• Products and Services
• Market Analysis
• Competitive Analysis
• Financial Strategy

Below, we’ll break down each of these sections in more detail.

1. Executive Summary

While your executive summary is the first page of your business plan, it’s the section you’ll write last. That’s because it summarizes your entire business plan into a succinct one-pager.

Begin with an executive summary that introduces the reader to your business and gives them an overview of what’s inside the business plan.

Your executive summary highlights key points of your plan. Consider this your elevator pitch. You want to put all your juiciest strengths and opportunities strategically in this section.

2. Business Overview

In this section, you can dive deeper into the elements of your business, including answering:

• What’s your business structure? Sole proprietorship, LLC, corporation, etc.
• Where is it located?
• Who owns the business? Does it have employees?
• What problem does it solve, and how?
• What’s your mission statement? Your mission statement briefly describes why you are in business. To write a proper mission statement, brainstorm your business’s core values and who you serve.

Don’t overlook your mission statement. This powerful sentence or paragraph could be the inspiration that drives an investor to take an interest in your business. Here are a few examples of powerful mission statements that just might give you the goosebumps:

• Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
• Tesla: To accelerate the world’s transition to sustainable energy.
• InvisionApp : Question Assumptions. Think Deeply. Iterate as a Lifestyle. Details, Details. Design is Everywhere. Integrity.
• TED : Spread ideas.
• Warby Parker : To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.

3. Products and Services

As the owner, you know your business and the industry inside and out. However, whoever’s reading your document might not. You’re going to need to break down your products and services in minute detail.

For example, if you own a SaaS business, you’re going to need to explain how this business model works and what you’re selling.

You’ll need to include:

• What services you sell: Describe the services you provide and how these will help your target audience.
• What products you sell: Describe your products (and types if applicable) and how they will solve a need for your target and provide value.
• How much you charge: If you’re selling services, will you charge hourly, per project, retainer, or a mixture of all of these? If you’re selling products, what are the price ranges?

4. Market Analysis

Your market analysis essentially explains how your products and services address customer concerns and pain points. This section will include research and data on the state and direction of your industry and target market.

This research should reveal lucrative opportunities and how your business is uniquely positioned to seize the advantage. You’ll also want to touch on your marketing strategy and how it will (or does) work for your audience.

Include a detailed analysis of your target customers. This describes the people you serve and sell your product to. Be careful not to go too broad here—you don’t want to fall into the common entrepreneurial trap of trying to sell to everyone and thereby not differentiating yourself enough to survive the competition.

The market analysis section will include your unique value proposition. Your unique value proposition (UVP) is the thing that makes you stand out from your competitors. This is your key to success.

If you don’t have a UVP, you don’t have a way to take on competitors who are already in this space. Here’s an example of an ecommerce internet business plan outlining their competitive edge:

FireStarters’ competitive advantage is offering product lines that make a statement but won’t leave you broke. The major brands are expensive and not distinctive enough to satisfy the changing taste of our target customers. FireStarters offers products that are just ahead of the curve and so affordable that our customers will return to the website often to check out what’s new.

5. Competitive Analysis

Your competitive analysis examines the strengths and weaknesses of competing businesses in your market or industry. This will include direct and indirect competitors. It can also include threats and opportunities, like economic concerns or legal restraints.

The best way to sum up this section is with a classic SWOT analysis. This will explain your company’s position in relation to your competitors.

6. Financial Strategy

Your financial strategy will sum up your revenue, expenses, profit (or loss), and financial plan for the future. It’ll explain how you make money, where your cash flow goes, and how you’ll become profitable or stay profitable.

This is one of the most important sections for lenders and investors. Have you ever watched Shark Tank? They always ask about the company’s financial situation. How has it performed in the past? What’s the ongoing outlook moving forward? How does the business plan to make it happen?

Answer all of these questions in your financial strategy so that your audience doesn’t have to ask. Go ahead and include forecasts and graphs in your plan, too:

• Balance sheet: This includes your assets, liabilities, and equity.
• Profit & Loss (P&L) statement: This details your income and expenses over a given period.
• Cash flow statement: Similar to the P&L, this one will show all cash flowing into and out of the business each month.

It takes cash to change the world—lenders and investors get it. If you’re short on funding, explain how much money you’ll need and how you’ll use the capital. Where are you looking for financing? Are you looking to take out a business loan, or would you rather trade equity for capital instead?

Read More: 16 Financial Concepts Every Entrepreneur Needs to Know

Startup Business Plan Template (Copy/Paste Outline)

Ready to write your own business plan? Copy/paste the startup business plan template below and fill in the blanks.

Executive Summary Remember, do this last. Summarize who you are and your business plan in one page.

Business Overview Describe your business. What’s it do? Who owns it? How’s it structured? What’s the mission statement?

Products and Services Detail the products and services you offer. How do they work? What do you charge?

Market Analysis Write about the state of the market and opportunities. Use date. Describe your customers. Include your UVP.

Competitive Analysis Outline the competitors in your market and industry. Include threats and opportunities. Add a SWOT analysis of your business.

Financial Strategy Sum up your revenue, expenses, profit (or loss), and financial plan for the future. If you’re applying for a loan, include how you’ll use the funding to progress the business.

5 Frame-Worthy Business Plan Examples

Want to explore other templates and examples? We got you covered. Check out these 5 business plan examples you can use as inspiration when writing your plan:

• SBA Wooden Grain Toy Company
• SBA We Can Do It Consulting
• OrcaSmart Business Plan Sample
• Plum Business Plan Template
• PandaDoc Free Business Plan Templates

Get to Work on Making Your Business Plan

If you find you’re getting stuck on perfecting your document, opt for a simple one-page business plan —and then get to work. You can always polish up your official plan later as you learn more about your business and the industry.

Remember, business plans are not a requirement for starting a business—they’re only truly essential if a bank or investor is asking for it.

Ask others to review your business plan. Get feedback from other startups and successful business owners. They’ll likely be able to see holes in your planning or undetected opportunities—just make sure these individuals aren’t your competitors (or potential competitors).

Your business plan isn’t a one-and-done report—it’s a living, breathing document. You’ll make changes to it as you grow and evolve. When the market or your customers change, your plan will need to change to adapt.

That means when you’re finished with this exercise, it’s not time to print your plan out and stuff it in a file cabinet somewhere. No, it should sit on your desk as a day-to-day reference. Use it (and update it) as you make decisions about your product, customers, and financial plan.

Review your business plan frequently, update it routinely, and follow the path you’ve developed to the future you’re building.

Keep Learning: New Product Development Process in 8 Easy Steps

What financial information should be included in a business plan?

Be as detailed as you can without assuming too much. For example, include your expected revenue, expenses, profit, and growth for the future.

What are some common mistakes to avoid when writing a business plan?

The most common mistake is turning your business plan into a textbook. A business plan is an internal guide and an external pitching tool. Cut the fat and only include the most relevant information to start and run your business.

Who should review my business plan before I submit it?

Co-founders, investors, or a board of advisors. Otherwise, reach out to a trusted mentor, your local chamber of commerce, or someone you know that runs a business.

Ready to Write Your Business Plan?

Don’t let creating a business plan hold you back from starting your business. Writing documents might not be your thing—that doesn’t mean your business is a bad idea.

Let us help you get started.

Join our free training to learn how to start an online side hustle in 30 days or less. We’ll provide you with a proven roadmap for how to find, validate, and pursue a profitable business idea (even if you have zero entrepreneurial experience).

Stuck on the ideas part? No problem. When you attend the masterclass, we’ll send you a free ebook with 100 of the hottest side hustle trends right now. It’s chock full of brilliant business ideas to get you up and running in the right direction.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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Small Business Trends

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

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

Table of Contents

How to Write a Business Plan

Executive summary.

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

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

Overview and Business Objectives

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

Company Description

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

Define Your Target Market

Market analysis.

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

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

SWOT Analysis

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

Competitive Analysis

Organization and management team.

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

Products and Services Offered

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

Marketing and Sales Strategy

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

Logistics and Operations Plan

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

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

Financial Projections Plan

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

Income Statement

Cash flow statement.

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

Tips on Writing a Business Plan

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

FREE Business Plan Template

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

What is a Business Plan?

Why you should write a business plan.

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

What are the Different Types of Business Plans?

Using Business Plan Software

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

Business Plan FAQs

What is a good business plan.

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

What are the 3 main purposes of a business plan?

Can i write a business plan by myself, is it possible to create a one-page business plan.

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

How long should a business plan be?

What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

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

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

How is business planning for a nonprofit different.

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How to Write a Business Plan, Step by Step

Rosalie Murphy is a small-business writer at NerdWallet. Since 2021, she has covered business insurance, banking, credit cards and e-commerce software, and her reporting has been featured by The Associated Press, MarketWatch, Entrepreneur and many other publications. Rosalie holds a graduate certificate in Quantitative Business Management from Kent State University and is now pursuing an MBA. She is based in Chicago.

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What is a business plan?

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. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

LLC Formation

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers 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. This should contain basic 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, write a little about 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 what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

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.

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.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» 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.

Accounting software may be able to generate these reports for you. It may also help you calculate 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.

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.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. 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. 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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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

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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What is a Business Plan? Definition, Tips, and Templates

Published: June 28, 2024

Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.

But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.

And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.

In this post, I‘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.

Table of Contents

What is a business plan?

What is a business plan used for.

• Business Plan Template [Download Now]

Purposes of a Business Plan

What does a business plan need to include, types of business plans.

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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.

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.

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 ]

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.

I personally recommend using the feasibility business plan template. It helps me assess the viability of my business idea before diving in head-first.

By completing a feasibility plan, I feel more confident and prepared to tackle the full business plan. Plus, it saves me time and effort in the long run by ensuring I'm pursuing an idea with real potential.

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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10 Game-Changing Tips for Crafting an Unbeatable Business Plan

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Whether you’re starting your first business or a seasoned entrepreneur, a solid business plan is the foundation for success. It can help you anticipate essential issues and challenges before you start your business.

Studies show that entrepreneurs who take the time to write a business plan are 2.5 times more likely to follow through and get their business off the ground.

With over two decades of experience as an entrepreneur, I’ve crafted or assisted in developing business plans for countless startups and small businesses. From traditional 100-page plans to concise one-page strategies, my business plans have secured millions of dollars from investors. As a mentor, I’ve guided thousands of entrepreneurs in the U.S. and across the globe, helping them establish, manage, and expand their businesses.

Over the past three decades, I’ve tackled countless challenges in building successful businesses. In this guide, I share my experience, insights, and best practices for crafting traditional and one-page business plans.

What is a business plan, and why does it matter?

What is a business plan.

A business plan is a vital strategic tool that outlines a company's goals, strategies, and resources required to achieve those goals. It is essentially a blueprint for the future of the business, providing detailed plans in areas such as marketing, finance, operations, and management.

How can a business plan help you?

A well-crafted business plan provides clarity and direction for your team and helps attract potential investors by showcasing the viability and growth potential of the business. Furthermore, it helps identify potential risks and provides a roadmap for mitigating them.

A business plan can help you in the following ways:

• Clarity of vision. A well-crafted business plan serves as a roadmap, providing clear direction for the business. For instance, an organic skincare brand can use a business plan to detail how it will source ethically-produced ingredients and establish partnerships with eco-conscious retailers. A tech startup may use its business plan to illustrate the development pathway of its revolutionary app, from prototyping to market launch.
• Mitigating risks. Business plans can identify potential risks and provide strategies to reduce them through a risk management process . A restaurant, for instance, can outline risks such as food safety concerns or fluctuating food prices and propose risk management strategies. Meanwhile, a manufacturing company can use its business plan to address potential supply chain disruptions or machinery breakdowns and outline contingency plans.
• Attracting investors. Business plans can be invaluable tools for attracting investment. For example, a biotech firm might detail its innovative research and projected market share to attract investors. On the other hand, a sustainable fashion brand can highlight its unique business model and commitment to ethical practices to attract socially responsible investors.
• Strategic planning. A business plan is essential for strategic planning. A digital marketing agency, for instance, can outline its strategies for acquiring new clients and retaining current ones. Similarly, a logistics company could use its business plan to strategize about optimizing routes and improving delivery efficiency.
• Performance monitoring. Business plans can be used as benchmarks to monitor the company’s performance. For example, a fitness studio might have membership growth and retention targets, which can be tracked against the business plan. A retail business could similarly set sales targets for each product line and compare actual sales to projections in the plan.

In this article, we will distill the key concepts from our comprehensive guide on how to write a business plan . However, we strongly recommend you read the complete guide to gain an in-depth understanding and effectively tailor a plan to your unique business needs.

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Ten business plan types

Although most people think there’s only one type of business plan, this isn’t accurate. Businesses have different needs, and some require specialized business plan types. Here are some common types:

Mini business plans. These are short, concise plans that provide a high-level overview of a business. For a consultancy firm, a mini-plan could quickly outline services, target clients, and revenue streams.

Working plans. These are more detailed and include operational information. A retail store might use a working plan to detail its inventory management, supply chain logistics, and day-to-day operations.

Presentation plans are formal business plans that are presented to outsiders like investors or banks. A tech startup seeking venture capital would likely prepare a presentation plan emphasizing market potential and growth strategy.

Growth plans. These plans are for businesses that intend to scale. An e-commerce platform planning to expand its market might use a growth plan to chart out customer acquisition strategies and operational scalability.

Feasibility plans. These plans are used to determine if a business idea is worth pursuing. A restaurant chain looking to introduce a new menu item could create a feasibility plan to analyze cost, demand, and potential return.

Operations plans. These focus on the logistics of running a business. A manufacturing company could use an operations plan to detail production processes, equipment maintenance, and quality control measures.

Strategic plans. These provide an overview of a company’s strategy and how it plans to achieve its goals. A digital marketing agency might use a strategic plan to set client acquisition and retention targets and outline strategies to meet those targets.

Internal plans. These are designed for internal use to track the implementation of a strategy or project. An events management company could use an internal plan to track progress on organizing a major conference, detailing tasks, responsibilities, and timelines.

Lean startup plans. These are high-level summaries of your business strategy, often used by startups. A software development company might use a lean startup plan to summarize its business model, target customer segments, and key performance indicators (KPIs).

Exit plans. These outline a business’s strategy for exiting the market, usually through a sale, merger, or IPO. A health tech startup could have an exit plan detailing potential paths, such as acquisition by a larger company or an IPO.

How to develop a business plan and the six sections every plan needs

A traditional business plan has six sections. You might need to add other sections depending on your business and industry. But be sure you include at least the six sections we list below:

1. Executive summary

The Executive Summary is the first section of your business plan, but you should write it last. It’s a concise overview of your plan, covering the critical points in a high-level snapshot.

For example, a food delivery service’s executive summary might highlight the unique selling proposition of delivering locally sourced, organic meals. A tech startup, on the other hand, might emphasize its innovative AI-powered product that disrupts current market practices.

2. The opportunity

This section describes the problem your business solves or the need it fulfills. It should detail your target market and explain why your solution is uniquely positioned to address the problem.

For instance, a biotech firm might discuss the opportunity to develop a new drug to treat a prevalent health condition. Meanwhile, a children’s educational toy company might highlight the need for entertaining and cognitively stimulating toys for children’s development.

3. Marketing and sales plan

You outline your strategies for reaching your target audience and driving sales here. This can include pricing, promotion, distribution, and sales strategies.

A retail clothing store, for example, might focus on social media marketing and host pop-up events in trendy neighborhoods. A B2B software company might emphasize inbound marketing through content creation and a direct sales model targeting specific industries. It’s also essential to deliberate on whether or not to put your prices on your website .

4. The management team and company

This section presents your team’s qualifications and your company’s organizational structure. Highlight the skills and experience that each team member brings.

A fintech startup can emphasize its founders’ expertise in tech and finance. On the other hand, a restaurant should spotlight its team’s culinary and hospitality expertise.

5. Financial plan

The Financial Plan provides detailed projections of your business’s revenue, expenses, and profitability. It also outlines your funding requirements and how you plan to use the funds.

An e-commerce startup should present sales forecasts based on website traffic and conversion rates. A real estate development company could outline projected property sales and rental revenue.

6. Appendix

The Appendix contains supporting documents or additional information not included in the main body of the plan. This could include product photos, legal documents, or detailed market research.

For a manufacturing company, you could include product specifications or patent documentation. A service-based business like a consulting firm could include case studies demonstrating past success so that you can quickly show prospective investors supporting documents reinforcing the likelihood your business will succeed.

With a clear understanding of the traditional components of a business plan, let’s look at the process of constructing your plan. Here are ten crucial principles to guide you in crafting a business plan that fulfills its intended purpose and is a valuable reference in future years.

10 Tips for Crafting an Unbeatable Business Plan

Tip 1: Keep it simple and focused Tip 2: Conduct thorough market research Tip 3: Set realistic financial projections Tip 4: Define your operational processes Tip 5: Create a strong marketing plan Tip 6: Address legal and regulatory considerations Tip 7: Develop a financial plan Tip 8: Establish a marketing strategy Tip 9: Plan for scalability and growth Tip 10: Include an exit strategy

Here are ten proven tips to help you write a great business plan:

Tip 1: Keep it simple and focused

People are busy. Few read 50-page business plans. Even fewer read 100-page business plans. Most will read only the high-level executive summary and flip through other sections of your business plan.

A business plan doesn’t have to be complicated. Keep it simple, clear, and focused on your goals. Use readable fonts and a clean layout.

Your plan is a roadmap to guide your business, so make sure it’s easy to understand and follow.

Remember, you’re not reinventing the wheel here. For example, you can get a free business plan template for a traditional business plan and a one-page business plan .

And remember that there’s no universal business plan format. Use examples to compare what you like and don’t like, look at each plan’s business and revenue models, and build a business plan following the best practices you find in the example plans you read.

Pay special attention to executive summaries.

The executive summary of a business plan is designed to capture the reader’s attention and briefly explain your business, the problem you are solving, the target market, and critical financial projections. You can also include a brief mission statement in the summary.

If the executive summary lacks specific information or does not capture the reader’s attention, the rest of the plan might not be read.

If your executive summary is strong, you increase the prospects of having a further conversation with a potential investor or partner to make your pitch in person. So,

• Write the executive summary after you have written the rest of the business plan. This will allow you to summarize the larger details quickly.
• Keep it short. Include the essential steps with as little extra language as possible. Your goal is to excite the reader to read all the specific details in your business plan.
• Organize the executive summary based on the most vital points.
• Don’t talk about your management team’s passion for hard work.  These qualities are the minimum shared by all entrepreneurs.
• Don’t say you will be the next Facebook, Uber , or Amazon. Amateurs make this comparison to try and show how valuable their company could be. Instead, in your mission statement and business plan copy, focus on providing facts proving you have a strong company. It’s better if the investor gives you this accolade because they see the opportunity.

Here are five examples of how to keep focus and clarity when writing your business plan:

Example 1: Retail Clothing Store. A retail clothing store’s business plan should focus on its target market, the types of products it will offer, and its strategies for attracting customers. The plan should outline store location, pricing strategy, and merchandising techniques. Additionally, it should address seasonality and inventory management to ensure a balanced product offering throughout the year.

Example 2: E-commerce Business Selling Handmade Crafts. An e-commerce business selling handmade crafts should outline its product offerings, target audience , and marketing strategies for driving online traffic and sales. The plan must address shipping and fulfillment logistics, customer service policies, and procedures for dealing with returns and exchanges. Also, it should cover how the company will scale production to meet increased demand.

Example 3: Mobile App Development Company. A mobile app development company’s business plan should focus on the types of apps it specializes in, its target clientele, and its approach to app development and project management. The plan should outline the company’s pricing model, strategies for attracting clients, and methods for staying up-to-date with industry trends and technological advancements.

Example 4: Event Planning Agency. An event planning agency should focus its business plan on the types of events it specializes in (e.g., wedding planning , corporate events, nonprofit events ), its target market, and its approach to event management. The plan should outline the agency’s marketing and networking strategies, as well as its vendor relationships and strategies for managing event logistics, budgets, and client expectations.

Example 5: Boutique Fitness Studio. A boutique fitness studio’s business plan should focus on its fitness niche (e.g., yoga, pilates), target market, and strategies for attracting and retaining clients. The plan should outline the studio’s class offerings, membership options, and pricing strategy. Additionally, it should address instructor recruitment and training, facility management, and strategies for maintaining a positive and engaging studio atmosphere.

Tip 2: Conduct thorough market research

Market research is vital for understanding your industry, target audience, and competition. Gather market size, trends, and consumer preferences data for business decisions.

Don’t mess around – research everything thoroughly.

If you are launching a new business and expect to be the market leader in 2 years, you must demonstrate why this is possible and how you’ll meet this goal.

If you say your product will be viral , you must support this statement with facts.

If you say your management team is experienced and qualified to help the business succeed, you have to support that claim with resumes that demonstrate the experience of your team members.

It’s easy to lose credibility – and investors – if you’re making claims you can’t fully support.

Need specific insights on how to write a great business plan?

Here are five examples of the type of research businesses in different industries must do when writing a business plan:

Example 1: New Restaurant . To identify market gaps and opportunities, a new restaurant should research the local food scene, competitors, and customer preferences. The plan should include an analysis of the area’s demographics, popular cuisine types, and existing restaurants’ strengths and weaknesses. This research will inform menu development, pricing strategy, and overall restaurant concept .

Example 2: Online Tutoring Service. An online tutoring service should analyze the market for similar services, the demand for tutors in various subjects, and the target demographic’s preferences for online learning. The plan should address strategies for attracting tutors, developing a user-friendly platform, and marketing to students and parents. Additionally, it should consider differentiating itself from competitors by offering specialized subject matter expertise or personalized learning plans.

Example 3: Green Cleaning Service. A green cleaning service should research the demand for eco-friendly options, local competitors, and potential customers’ preferences and concerns. The plan should outline the company’s environmental policies, its selection of non-toxic cleaning products, and strategies for marketing its eco-friendly services. Additionally, it should consider potential partnerships with environmentally conscious organizations or businesses.

Example 4: Coworking Space. A coworking space should research the demand for shared office spaces in its target area, the existing supply, and potential customer’s preferences and needs. The plan should address the coworking space’s design, amenities, membership plans, and pricing strategy. It should also outline strategies for attracting and retaining members and potential partnerships with local businesses or networking events to foster a sense of community.

Example 5: Subscription Box Service. A subscription box service should research the market for similar offerings, target customer preferences, and trends in the subscription box industry. The plan should outline the service’s product curation process, packaging design, pricing strategy, and shipping logistics. It should also address marketing strategies to attract and retain subscribers and potential partnerships with influencers or niche communities to grow its customer base.

Tip 3: Set realistic financial projections

Accurate financial projections are crucial for securing funding and managing your business’s growth. Be realistic about your revenue, expenses, and growth potential, and be prepared to adjust your projections as your business evolves.

Here are five examples of the types of financial projections businesses in different industries must make in their business plan:

Example 1: Food Truck Business. A food truck business should create financial projections that account for the initial investment in the truck, equipment, and inventory. The plan should also factor in ongoing expenses such as fuel, permits, insurance, and staffing. Revenue projections should consider the truck’s daily sales, seasonality, and potential catering opportunities.

Example 2: Digital Marketing Agency. A digital marketing agency should create financial projections considering client acquisition costs, retainer fees, and potential project-based revenue. The plan should factor overhead costs such as office space, equipment, and staffing. Projections should also account for the time needed to establish a client base and the potential for fluctuating income based on client retention and project completion.

Example 3: Independent Bookstore. An independent bookstore should create financial projections considering the initial investment in inventory, store fixtures, and leasehold improvements. The plan should also consider ongoing expenses such as rent, utilities, and staffing. Revenue projections should consider the store’s sales, the potential for hosting events, and additional income streams like in-store cafes or merchandise sales.

Example 4: Home-Based Catering Business. A home-based catering business should create financial projections considering the initial kitchen equipment and inventory investment. The plan should also factor in ongoing expenses such as food costs, permits, insurance, and marketing. Revenue projections should consider the number and size of catering events, potential corporate clients, and seasonal demand.

Example 5: Mobile App Startup. A mobile app startup should create financial projections for the initial investment in app development, marketing, and user acquisition. The plan should also factor in ongoing expenses such as app maintenance, updates, and staffing. Revenue projections should consider potential income streams like in-app purchases, advertising, and subscription fees.

Tip 4: Define your operational processes

Clearly outline your business’s operational processes to ensure efficiency and consistency.

Detail how you will manage production, inventory, staffing, and distribution to provide a seamless experience to customers .

Here are five examples of the operational processes businesses in different industries must define in their business plan:

Example 1: Bakery. A bakery should detail its production schedule, inventory management, staff roles, and distribution channels to ensure consistent product availability and quality. The plan should also address strategies for managing seasonal demand, such as offering holiday-themed products or adjusting staffing levels.

Example 2: Software Development Company. A software development company must define its project management processes, team structure, and communication channels to keep projects on track and meet client expectations. The plan should also address strategies for acquiring new clients, such as networking events, online marketing, and strategic partnerships.

Example 3: Real Estate Agency. A real estate agency should outline its processes for listing properties, managing client relationships, and closing transactions. The plan should also address strategies for attracting new clients, such as hosting open houses, utilizing digital marketing, and participating in local community events.

Example 4: Pet Grooming Business. A pet grooming business should detail its grooming process, appointment scheduling, and inventory management to ensure a smooth and efficient customer experience. The plan should also address strategies for attracting new clients, such as offering loyalty programs, partnering with local pet stores or veterinarians, and utilizing social media marketing.

Example 5: Online Coaching Business. An online coaching business should outline its processes for onboarding new clients, delivering coaching sessions, and tracking clients’ progress. The plan should also address strategies for attracting new clients, such as offering free discovery calls, leveraging social media marketing , and creating valuable content like blog posts or webinars.

Tip 5: Create a strong marketing plan

A well-defined marketing plan is crucial for attracting and retaining customers.

Develop a plan that outlines your target audience, competitors, marketing channels, and strategies for promoting your products or services.

Some business owners avoid talking about potential competitors.

This is a mistake.

Unless you’re creating a new industry, you will have competitors. And you’ll need to figure out how to beat or compete with them.

You must do market research to understand your competitors and the industry. A good business plan that carefully lays out this information in a detailed target market analysis appears more credible and will better prepare you for success with your new business.

And potential investors and banks tend to trust business owners more when they see a detailed target market analysis in a business plan and a strategy for finding potential customers. They are more comfortable seeing this level of detail because they will see that the business owner is better prepared to launch their business and make money over the long term.

There are multiple methods for conveying this data, referred to as TAM, SAM, and SOM .

TAM is the Total Addressable Market. This would show investors the yearly revenue opportunity or units sold for your product or service if you achieved 100% of the available market. It’s a quick way to address the potential size of your operating space.

SAM is the Serviceable Addressable Market. You intend to serve this subset of TAM (Total Addressable Market) with your service or product.

SOM is the Serviceable Obtainable Market. This is the subset of SAM (Serviceable Addressable Market) that is realistic to achieve. If you can get your business to meet this goal, you will have succeeded.

Invest some time and effort and do it correctly. A business can’t succeed if the owners don’t understand their industry, target customers, or the competition.

Here are five examples of the ways to focus the marketing plan of your business plan:

Example 1: Specialty Coffee Shop. A specialty coffee shop should develop a marketing plan that targets coffee enthusiasts, local professionals, and students. The plan should leverage social media, local print media, and in-store promotions to showcase its unique offerings, such as artisanal coffee, specialty drinks, and a cozy atmosphere.

Example 2: Graphic Design Studio. A graphic design studio should create a marketing plan that targets local businesses, entrepreneurs, and organizations. The plan should utilize online marketing (e.g., social media, email marketing), networking events, and local partnerships to showcase the studio’s design expertise in creating unique company logos and website design , and attracting new clients.

Example 3: Organic Skin Care Brand. An organic skincare brand should develop a marketing plan that targets eco-conscious consumers and those interested in natural beauty products . The plan should leverage influencer marketing, content marketing, and online advertising to promote the brand’s unique selling points , such as sustainable packaging and ethically sourced ingredients.

Example 4: Fitness Center. A fitness center should create a marketing plan that targets local residents interested in improving their health and wellness. The plan should utilize traditional advertising (e.g., billboards and local radio ads) and digital marketing (e.g., social media and email campaigns ) to promote its membership options, class offerings, and state-of-the-art facilities.

Example 5: Virtual Reality Arcade. A virtual reality arcade should develop a marketing plan that targets gamers, tech enthusiasts, and families looking for unique entertainment options. The plan should utilize online advertising, social media, and local partnerships to showcase the arcade’s cutting-edge technology and immersive gaming experiences.

Tip 6: Address legal and regulatory considerations

Outline any legal and regulatory requirements relevant to your industry, the type of business structure you’ve selected, and how your business will meet these requirements.

Here are five examples of the legal and regulatory requirements businesses in different industries should address in a business plan:

Example 1: Food Truck Business. A food truck business must comply with local health department regulations, obtain necessary permits, and adhere to zoning requirements. The business plan should outline the steps required to obtain the necessary permits and the strategy for ensuring ongoing compliance with health and safety regulations.

Example 2: E-commerce Store. An e-commerce store must navigate various legal considerations, including privacy policies, data protection regulations, and sales tax collection. The business plan should outline how the store will comply with these requirements and any additional industry-specific rules that may apply.

Example 3: Home Health Care Agency. A home health care agency must adhere to strict licensing and accreditation requirements and HIPAA regulations for protecting patient information. The business plan should detail the steps required to obtain proper licensing, maintain accreditation, and ensure ongoing compliance with healthcare regulations.

Example 4: Real Estate Agency. A real estate agency must comply with state licensing requirements, adhere to fair housing laws, and maintain proper records. The business plan should outline how the agency will obtain the necessary licenses, ensure compliance with fair housing laws, and establish record-keeping procedures.

Example 5: Craft Brewery. A craft brewery must navigate a complex landscape of federal, state, and local regulations related to alcohol production, distribution, and sales. The business plan should detail how the brewery will obtain the required permits, maintain compliance with alcohol regulations, and establish relationships with distributors and retailers.

Tip 7: Develop a financial plan

A comprehensive financial plan is essential for any business. Include a detailed financial forecast outlining your revenue projections, expenses, and cash flow analysis.

Here are five examples of what a financial plan for businesses in different industries should address in a business plan:

Example 1: Subscription Box Service. A subscription box service should include a financial plan detailing the costs of sourcing products, packaging, shipping, and marketing. The plan should also outline revenue projections based on the number of subscribers, average customer lifetime value, and potential upsell opportunities.

Example 2: Clothing Boutique. A clothing boutique should develop a financial plan for inventory costs, rent, utilities, marketing expenses, and employee wages. The plan should also include revenue projections based on foot traffic, average transaction value, and seasonal trends.

Example 3: Mobile App Development Company. A mobile app development company should create a financial plan that outlines the costs of software development , marketing, and ongoing maintenance. The plan should also include revenue projections based on app sales, in-app purchases, and potential partnerships or licensing deals.

Example 4: Coworking Space. A coworking space should develop a financial plan for lease costs, utilities, insurance, marketing expenses, and staff wages. The plan should also include revenue projections based on the number of members, membership pricing tiers, and ancillary services like event rentals or meeting room bookings.

Example 5: Catering Business. A catering business should create a financial plan outlining food, equipment, transportation, and marketing costs. The plan should also include revenue projections based on the number of events, average event size, and pricing structure.

Tip 8: Establish a marketing strategy

Develop a comprehensive marketing strategy outlining how to reach your target audience, build brand awareness, and drive sales.

Here are five examples of what should be included in the marketing strategy for businesses in different industries:

Example 1: Fitness Studio. A fitness studio should develop a marketing strategy that includes social media campaigns, influencer partnerships , and local community outreach. The plan should also outline promotional offers, such as introductory pricing or referral incentives, to attract new members and retain existing ones.

Example 2: Organic Grocery Store. An organic grocery store should create a marketing strategy that emphasizes the store’s commitment to sustainability , local sourcing, and high-quality products. The plan should include strategies for reaching eco-conscious consumers, such as targeted social media ads, partnerships with local farmers, and participation in community events.

Example 3: Software-as-a-Service (SaaS) Company. A SaaS company should develop a marketing strategy focusing on content marketing, SEO , and targeted advertising to reach potential customers. The plan should also include strategies for customer retention, such as email marketing campaigns and personalized onboarding experiences .

Example 4: Restaurant. A restaurant should create a marketing strategy that includes a mix of online and offline tactics, such as social media promotions, local print advertising, and hosting special events. The plan should also outline strategies for generating positive reviews and word-of-mouth referrals.

Example 5: Digital Marketing Agency. A digital marketing agency should develop a marketing strategy that showcases its expertise and success stories through case studies, blog posts, and webinars. The plan should include targeted advertising campaigns and networking events to attract new clients and build industry relationships.

Tip 9: Plan for scalability and growth

Consider how your business can scale and grow over time, and outline strategies for managing this growth in your business plan.

Here are five examples of how businesses in different industries should address scalability and growth in their business plan:

Example 1: Online Tutoring Platform. An online tutoring platform should outline plans to expand its tutor network, improve its technology, and enter new markets. The plan should also consider potential partnerships with schools or educational institutions to drive growth.

Example 2: Bakery. A bakery should include plans for scaling its operations, such as opening additional locations, expanding its product line, or offering catering services. The plan should also outline strategies for managing increased production and staffing needs as the business grows.

Example 3: Graphic Design Agency. A graphic design agency should outline plans for scaling its services, such as hiring additional designers, expanding into new service areas, or partnering with complementary businesses. The plan should also include strategies for managing increased project volume and maintaining quality standards.

Example 4: Solar Panel Installation Company. A solar panel installation company should plan for growth by outlining strategies for entering new markets, expanding its service offerings, or forming partnerships with complementary businesses. The plan should also consider the potential impact of regulatory changes or technological advancements on the industry.

Example 5: Event Planning Company. An event planning company should outline growth plans, such as expanding its service offerings, targeting new market segments, or forming partnerships with complementary businesses. The plan should also include strategies for managing increased demand and maintaining high levels of customer satisfaction.

Tip 10: Include an exit strategy

Outline potential exit strategies for your business, such as a merger, acquisition, or initial public offering (IPO). This will help you plan for the future and demonstrate to investors that you have a long-term vision for your business.

Here are five examples of how businesses in different industries can summarize their exit strategy in a business plan:

Example 1: Mobile Game Development Studio. A mobile game development studio might plan for an exit strategy that includes being acquired by a larger gaming company, merging with another studio, or pursuing an IPO if the company achieves significant success.

Example 2: Healthtech Startup. A health tech startup could consider exit strategies such as being acquired by a larger healthcare or technology company, merging with a complementary business, or pursuing an IPO if the company experiences rapid growth and widespread adoption of its products or services.

Example 3: E-commerce Platform. An e-commerce platform might plan for exit strategies such as being acquired by a larger retailer, merging with a complementary business, or pursuing an IPO if the platform achieves significant market share and revenue growth.

Example 4: Boutique Marketing Agency. A boutique marketing agency could consider exit strategies like being acquired by a larger agency, merging with a complementary business to expand its service offerings, or pursuing a management buyout if the founders wish to retire or move on to other ventures.

Example 5: Green Energy Company. A green energy company might plan for exit strategies such as being acquired by a larger energy company, merging with a complementary business in the renewable energy space, or pursuing an IPO if the company achieves significant market share and technological advancements.

When crafting a comprehensive business plan, remember to focus on your target audience, clearly define your business model, conduct thorough market research, establish a strong organizational structure, create realistic financial projections, set strategic goals, develop a marketing strategy, plan for scalability and growth, and include an exit strategy.

But remember that most people don’t invest in a business plan.

Most people invest in a person.

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• Mar 30, 2023

The Ultimate Cheat Sheet: Business Plan Writing Tips & Tricks

Hey there, future business moguls! As a startup expert and professional business plan writer, I've crafted countless successful business plans for aspiring entrepreneurs just like you. In this article, we'll delve into the best tips and tricks to make your business plan shine.

Are you ready to level up your business plan game? Let's dig in.

Start with a Killer Executive Summary

Your executive summary is your business plan's movie trailer—it should captivate your audience and leave them wanting more. To create an impactful executive summary:

Hook your audience with a powerful opening

Keep it concise and to the point

Provide a snapshot of your business, goals, and strategies

Tell Your Story: Company Description

The company description is where you share your passion and vision for your business. Here's how to make it shine:

Share your passion and vision

Explain the problem you're solving and how your business will do it

Detail your business's history and current status

Master the Art of Market Analysis

A solid market analysis demonstrates that you know your industry and target market. To create a compelling market analysis:

Know your target market inside and out

Analyze your competition and identify your unique selling points

Stay updated on market trends and opportunities

Craft a Winning Marketing and Sales Strategy

Your marketing and sales strategy should show how you'll attract customers, make sales, and grow your business. Include information on:

Target customers and how you'll reach them

Online and offline marketing channels

Planning for growth and scalability

Streamline Your Operations and Management Plan

The operations and management section of your business plan is all about the nuts and bolts of running your business. To make it stand out:

Outline your day-to-day operations

Detail your management structure and key personnel

Plan for hiring, training, and employee development

Show Them the Money: Financial Projections

Financial projections can make or break your business plan. To create a solid financial plan:

Develop realistic and achievable financial projections

Include profit and loss statements, cash flow projections, and balance sheets

Explain your assumptions and methodology

Edit, Revise, and Polish to Perfection

A well-written business plan should be clear, concise, and free of errors. To ensure your plan is polished:

Ensure your plan is free of errors and easy to read

Seek feedback from mentors and colleagues

Update your plan regularly to keep it relevant

Section 8: Bonus Tips & Tricks

Now that we've covered the basics, here are some bonus tips and tricks to make your business plan even more impressive:

Be authentic and genuine: Let your passion for your business shine through your writing. Be honest about your challenges and how you plan to overcome them.

Use visuals to enhance your plan: Graphs, charts, and other visuals can help convey complex information in an easy-to-understand format.

Keep your audience in mind: Tailor your business plan to your target audience, whether it's investors, lenders, or potential partners. Consider what they want to see and what information is most important to them.

There you have it—the ultimate cheat sheet for business plan writing! By following these tips and tricks, you'll be well on your way to crafting a compelling and persuasive business plan that impresses investors and sets your venture up for success.

Remember, a great business plan is more than just a document; it's your company's road map to success. So go forth, conquer the business world, and make your dreams a reality!

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How to write a business plan in seven simple steps

When written effectively, a business plan can help raise capital, inform decisions, and draw new talent.

Companies of all sizes have one thing in common: They all began as small businesses.  Starting small  is the corner for those just getting off the ground. Learn about how to make that first hire, deal with all things administrative, and set yourself up for success.

Writing a business plan is often the first step in transforming your business from an idea into something tangible . As you write, your thoughts begin to solidify into strategy, and a path forward starts to emerge. But a business plan is not only the realm of startups; established companies can also benefit from revisiting and rewriting theirs. In any case, the formal documentation can provide the clarity needed to motivate staff , woo investors, or inform future decisions.  

No matter your industry or the size of your team, the task of writing a business plan—a document filled with so much detail and documentation—can feel daunting. Don’t let that stop you, however; there are easy steps to getting started. 

What is a business plan and why does it matter? 

A business plan is a formal document outlining the goals, direction, finances, team, and future planning of your business. It can be geared toward investors, in a bid to raise capital, or used as an internal document to align teams and provide direction. It typically includes extensive market research, competitor analysis, financial documentation, and an overview of your business and marketing strategy. When written effectively, a business plan can help prescribe action and keep business owners on track to meeting business goals. 

Who needs a business plan?

A business plan can be particularly helpful during a company’s initial growth and serve as a guiding force amid the uncertainty, distractions, and at-times rapid developments involved in starting a business . For enterprise companies, a business plan should be a living, breathing document that guides decision-making and facilitates intentional growth.

“You should have a game plan for every major commitment you’ll have, from early-stage founder agreements to onboarding legal professionals,” says Colin Keogh, CEO of the Rapid Foundation—a company that brings technology and training to communities in need—and a WeWork Labs mentor in the UK . “You can’t go out on funding rounds or take part in accelerators without any planning.”

How to make a business plan and seven components every plan needs

While there is no set format for writing a business plan, there are several elements that are typically included. Here’s what’s important to consider when writing your business plan. 

1. Executive summary 

No longer than half a page, the executive summary should briefly introduce your business and describe the purpose of the business plan. Are you writing the plan to attract capital? If so, specify how much money you hope to raise, and how you’re going to repay the loan. If you’re writing the plan to align your team and provide direction, explain at a high level what you hope to achieve with this alignment, as well as the size and state of your existing team.

The executive summary should explain what your business does, and provide an introductory overview of your financial health and major achievements to date.  

2. Company description 

To properly introduce your company, it’s important to also describe the wider industry. What is the financial worth of your market? Are there market trends that will affect the success of your company? What is the state of the industry and its future potential? Use data to support your claims and be sure to include the full gamut of information—both positive and negative—to provide investors and your employees a complete and accurate portrayal of your company’s milieu. 

Go on to describe your company and what it provides your customers. Are you a sole proprietor , LLC, partnership, or corporation? Are you an established company or a budding startup? What does your leadership team look like and how many employees do you have? This section should provide both historical and future context around your business, including its founding story, mission statement , and vision for the future. 

It’s essential to showcase your point of difference in your company description, as well as any advantages you may have in terms of expert talent or leading technology. This is typically one of the first pieces of the plan to be written.

3. Market analysis and opportunity

Research is key in completing a business plan and, ideally, more time should be spent on research and analysis than writing the plan itself. Understanding the size, growth, history, future potential, and current risks inherent to the wider market is essential for the success of your business, and these considerations should be described here. 

In addition to this, it’s important to include research into the target demographic of your product or service. This might be in the form of fictional customer personas, or a broader overview of the income, location, age, gender, and buying habits of your existing and potential customers. 

Though the research should be objective, the analysis in this section is a good place to reiterate your point of difference and the ways you plan to capture the market and surpass your competition.

4. Competitive analysis 

Beyond explaining the elements that differentiate you from your competition, it’s important to provide an in-depth analysis of your competitors themselves.

This research should delve into the operations, financials, history, leadership, and distribution channels of your direct and indirect competitors. It should explore the value propositions of these competitors, and explain the ways you can compete with, or exploit, their strengths and weaknesses. 

5. Execution plan: operations, development, management 

This segment provides details around how you’re going to do the work necessary to fulfill this plan. It should include information about your organizational structure and the everyday operations of your team, contractors, and physical and digital assets.

Consider including your company’s organizational chart, as well as more in-depth information on the leadership team: Who are they? What are their backgrounds? What do they bring to the table? Potentially include the résumés of key people on your team. 

For startups, your execution plan should include how long it will take to begin operations, and then how much longer to reach profitability. For established companies, it’s a good idea to outline how long it will take to execute your plan, and the ways in which you will change existing operations.

If applicable, it’s also beneficial to include your strategy for hiring new team members and scaling into different markets. 

6. Marketing plan 

It’s essential to have a comprehensive marketing plan in place as you scale operations or kick off a new strategy—and this should be shared with your stakeholders and employees. This segment of your business plan should show how you’re going to promote your business, attract customers, and retain existing clients.

Include brand messaging, marketing assets, and the timeline and budget for engaging consumers across different channels. Potentially include a marketing SWOT analysis into your strengths, weaknesses, opportunities, and threats. Evaluate the way your competitors market themselves, and how your target audience responds—or doesn’t respond—to these messages.

7. Financial history and projections  

It’s essential to disclose all finances involved in running your company within your business plan. This is so your shareholders properly understand how you’re projected to perform going forward, and the progress you’ve made so far. 

You should include your income statement, which outlines annual net profits or losses; a cash flow statement, which shows how much money you need to launch or scale operations; and a balance sheet that shows financial liabilities and assets. 

“An income statement is the measure of your financial results for a certain period and the most accurate report of business activities during that time, [whereas a balance sheet] presents your assets, liabilities, and equity,” Amit Perry, a corporate finance expert, explained at a WeWork Labs educational session in Israel.

It’s crucial to understand the terms correctly so you know how to present your finances when you’re speaking to investors. Amit Perry, CEO and founder of Perryllion Ltd.

In addition, if you’re asking for funding, you will need to outline exactly how much money you need as well as where this money will go and how you plan to pay it back. 

12 quick tips for writing a business plan 

Now that you know what components are traditionally included in a business plan, it’s time to consider how you’ll actually construct the document.

Here are 12 key factors to keep in mind when writing a business plan. These overarching principles will help you write a business plan that serves its purpose (whatever that may be) and becomes an easy reference in the years ahead. 

1. Don’t be long-winded

Use clear, concise language and avoid jargon. When business plans are too long-winded, they’re less likely to be used as intended and more likely to be forgotten or glazed over by stakeholders. 

2. Show why you care

Let your passion for your business shine through; show employees and investors why you care (and why they should too). 

3. Provide supporting documents

Don’t be afraid to have an extensive list of appendices, including the CVs of team members, built-out customer personas, product demonstrations, and examples of internal or external messaging. 

4. Reference data

All information regarding the market, your competitors, and your customers should reference authoritative and relevant data points.  

5. Research, research, research

The research that goes into your business plan should take you longer than the writing itself. Consider tracking your research as supporting documentation. 

6. Clearly demonstrate your points of difference

At every opportunity, it’s important to drive home the way your product or service differentiates you from your competition and helps solve a problem for your target audience. Don’t shy away from reiterating these differentiating factors throughout the plan. 

7. Be objective in your research

As important as it is to showcase your company and the benefits you provide your customers, it’s also important to be objective in the data and research you reference. Showcase the good and the bad when it comes to market research and your financials; you want your shareholders to know you’ve thought through every possible contingency. 

8. Know the purpose of your plan

It’s important you understand the purpose of your plan before you begin researching and writing. Be clear about whether you’re writing this plan to attract investment, align teams, or provide direction. 

9. Identify your audience

The same way your business plan must have a clearly defined purpose, you must have a clearly defined audience. To whom are you writing? New investors? Current employees? Potential collaborators? Existing shareholders? 

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10. Avoid jargon

Avoid using industry-specific jargon, unless completely unavoidable, and try making your business plan as easy to understand as possible—for all potential stakeholders. 

11. Don’t be afraid to change it

Your business plan should evolve with your company’s growth, which means your business plan document should evolve as well. Revisit and rework your business plan as needed, and remember the most important factor: having a plan in place, even if it changes.

A business plan shouldn’t just be a line on your to-do list; it should be referenced and used as intended going forward. Keep your business plan close, and use it to inform decisions and guide your team in the years ahead. 

Creating a business plan is an important step in growing your company 

Whether you’re just starting out or running an existing operation, writing an effective business plan can be a key predictor of future success. It can be a foundational document from which you grow and thrive . It can serve as a constant reminder to employees and clients about what you stand for, and the direction in which you’re moving. Or, it can prove to investors that your business, team, and vision are worth their investment. 

No matter the size or stage of your business, WeWork can help you fulfill the objectives outlined in your business plan—and WeWork’s coworking spaces can be a hotbed for finding talent and investors, too. The benefits of coworking spaces include intentionally designed lounges, conference rooms, and private offices that foster connection and bolster creativity, while a global network of professionals allows you to expand your reach and meet new collaborators. 

Using these steps to write a business plan will put you in good stead to not only create a document that fulfills a purpose but one that also helps to more clearly understand your market, competition, point of difference, and plan for the future. 

For more tips on growing teams and building a business, check out all our articles on  Ideas by WeWork.

Caitlin Bishop is a writer for WeWork’s  Ideas by WeWork , based in New York City. Previously, she was a journalist and editor at  Mamamia  in Sydney, Australia, and a contributing reporter at  Gotham Gazette .

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Expert Advice: 10 Tips to Craft a Strong Business Plan A business plan writing expert weighs in what to include and what not to include to create a winning business plan.

By Entrepreneur Staff Jan 15, 2015

In their book Write Your Business Plan , the staff of Entrepreneur Media, Inc. offer an in-depth understanding of what's essential to any business plan, what's appropriate for your venture, and what it takes to ensure success. In this edited excerpt, guest contributor Kaye Vivian, an expert in writing business plans, offers advice on how you can improve your business plan content and presentation.

When it comes to content, these 10 tips will help:

1. Know your competition. Be prepared to name them and tell what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience. You'll probably want several versions of your business plan—one for bankers or venture capitalists, one for individual investors, one for companies that may want to do a joint venture with you rather than fund you, etc.

3. Have proof to back up every claim you make. If you expect to be the leader in your field in six months, you have to say why you think so. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate the experience needed.

4. Be conservative in all financial estimates and projections. If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative—for example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available. If you're working with a big company now, you may think things will happen faster than they will once you have to buy the supplies, write the checks and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 15 percent longer than you anticipated. Therefore, 20 weeks is now 23 weeks.

6. Be logical. Think like a banker, and write what they would want to see.

7. Have a strong management team. Make sure it has good credentials and expertise. Your team members don't have to have worked in the field, but you do need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field, and include their resumes.

8. Document why your idea will work. Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work. If you'll need to expand, discuss when, where and why.

10. Discuss payout options for the investors. Some investors want a hands-on role; some want to put associates on your board of directors; some don't want to be involved in day-to-day activities. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

And here's what not to include in your business plan:

1. Form over substance. If it looks good but doesn't have a solid basis in fact and research, you might as well save your energy.

2. Empty claims. If you make a statement without supporting it, you may as well leave it out. You need to follow-up what you say in the next sentence with a statistic, fact or even a quote from a knowledgeable source that supports the claim.

3. Rumors about the competition. If you know for sure a competitor is going out of business, you can allude to it, but avoid listing its weaknesses or hearsay. Stick to facts.

4. Superlatives and strong adjectives. Words like "major," "incredible," "amazing," "outstanding," "unbelievable," "terrific," "great," "most," "best" and "fabulous" don't have a place in a business plan. Avoid "unique" unless you can demonstrate with facts that the product or service is truly one of a kind. (Hint: Chances are, it isn't.)

5. Long documents. If readers want more, they'll ask.

6. Overestimating on your financial projections. Sure you want to look good, but resist optimism here. Use half of what you think is reasonable. It's better to underestimate than set expectations that aren't fulfilled.

7. Overly optimistic time frames. Ask around or do research on the Internet. If it takes most companies six to 12 months to get up and running, that's what it'll take yours. If you think it'll take three months to develop your prototype, double it. You'll face delays you don't know about yet—ones you can't control. Remember to be conservative in your time predictions.

8. Gimmicks. Serious investors want facts, not gimmicks. They may eat the chocolate rose that accompanies the business plan for your new florist shop, but it won't make them any more interested in investing in the venture.

9. Amateurish financial projections. Spend some money and get an accountant to do these for you. They'll help you think through the financial side of your venture, plus put the numbers into a standard business format that a businessperson expects.

This article is included in Entrepreneur Voices on Elevator Pitches , a new book containing insights from both sides of the board room to help you craft the perfect pitch. Buy it online from Amazon | Barnes & Noble | Apple Books | IndieBound

Entrepreneur Staff

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Writing an Effective One-Page Business Plan: What You Need to Know (+ Free Template)

By Homebase Team

If you’ve started—or are starting—a small business, you’ve probably heard the words ‘business plan’ thrown around. That’s because a business plan is an important document with important information! Even a one-page business plan can help you address key questions early in the planning process.

That’s right—we said  one page. In many cases, there’s no need for a supermassive document that takes ages to create. In this article, we walk you through what a good business plan needs—and what a business plan one-pager should contain. 

Whether you’re writing your business plan for the first time or giving your existing plan a refresh, we’ve got your back. We’ve even got a free, downloadable business plan template to help you get started. Let’s get into it!

Why do you need a business plan?

A business plan is a blueprint for your business. It outlines everything your business needs, from goals to market to the steps you need to implement.

Business plans serve two main purposes:

• To help you set your business up for success. As you put together your business plan, you’ll be forced to think strategically about all your business goals and activities . Are they realistic? Is something likely to go wrong? What haven’t you thought of? The goal is for you to walk away feeling confident in the future of your business.
• To communicate the value of your business to others. It’s rare that entrepreneurs like yourself will go it 100% alone. You’ll likely work with partners, investors, or vendors to bring your small business to life. A business plan gives your collaborators confidence in you and your business and helps them support you in the best way possible.

Taking the time to create a business plan can feel like you’re wasting all-too-precious time, but it can help keep you focused and increase efficiency down the road. It’ll also help you make better business decisions off the bat so you can grow your small business quickly and wisely. 

What are the 7 main points in a business plan?

Every business plan is unique, which is part of the reason writing one can feel a tad overwhelming. You can’t just copy and paste the plan from another business—instead, you need to assess your business’s idea within its niche.

Luckily, the skeleton of every plan is usually very similar. Whether you’re creating a plan for a neighborhood daycare or that cool new bar down the street , here are a few main points to put into any comprehensive business plan.

1. Executive summary

Your executive summary is an overview of your business plan. 

Think about this section like a TL;DR or too long, don’t read . If someone wants to understand the gist of your business plan in just a few minutes, what information would they need to know?

2. Company overview and description

In this section, you should introduce your business to the reader. By the time they finish reading this section, they should have a good idea of who you are, what you do, and what you sell—in other words, your business’s niche.

Don’t be afraid to dive into your own background and why you decided to start this business. Building a small business is personal, and your story can go a long way in giving the reader some context.

3. Market and competitive analysis

Every business needs customers. Here’s where you’ll detail who they are and the potential target market of your business, including your ideal customer.

You’ll also want to take note of potential competitors that may impact your business. These might be direct competitors, but could also be similar businesses that may compete for your customers’ time and money. For example, if you’re opening a cycling studio, you might consider any other type of fitness studio to be a competitor.

Competition isn’t a bad thing, but being aware of your competition is one way to ensure your business stands out from the crowd. 

4. Business offerings

Here’s where you’ll outline what products or services your business will offer in more detail. It doesn’t have to be a complete laundry list, but it should give readers a general idea and show a certain degree of forethought and attention to details.

For example, if you’re opening a bakery , this might be a sample of your menu. Or if you’re an HVAC repair company , you might share an overview of the services you’ll offer your customers. This section might even mention the products or services you won’t offer and why, especially if it helps clarify how your business is unique.

5. Management and operational plan

From managing employees and inventory to securing equipment and a lease, there’s a lot that happens behind the scenes to keep things running smoothly. Every business plan should touch on how you’ll manage the day-to-day of your business.

This is also a great place to indicate key milestones and timelines so you know that you’re on track for a successful grand opening. 

6. Sales, marketing, and PR strategy

Now that you’ve got all the research and operational plans in place , it’s time to start attracting customers and securing those sales. Even with the best products or services in town, every business can use a little marketing boost. Feel free to get creative. From social media to paid ads, there are tons of ways you can spread the word about your budding business . 

7. Financial forecast and budget

No one loves to crunch financials, but when it comes to business, money talks. And a strong financial plan is key to the long-term success of your business.

This final section of your business plan should estimate the costs, revenue, and profits of your business in the short and long term. How do you plan to finance your business? What costs will you incur before opening day ? What are the ongoing costs?

Not only will this give your vendors and investors confidence in your business, but it helps you make sure that your business is profitable in the long run.

What is a one-page business plan?

A one-page business plan is essentially a condensed version of a full business plan.  

It covers all the core information about your business without overwhelming the reader with details. The goal is to summarize your business plan for yourself and potential stakeholders so they can understand your business at a glance.

Depending on your business needs, this concise document may even be all you need to get your business off the ground. Or it could serve as a stepping stone to a more robust plan in the future. 

Top benefits of a one-page business plan.

Bigger isn’t always better—and one-page business plans are here to prove it.

Here are some benefits and reasons why you might opt for a one-page business plan:

• To kickstart your business planning: A full business plan can be incredibly daunting. A one-page business plan gives you a place to start without feeling overwhelmed with the nitty gritty. 
• To share and distribute: Sometimes potential vendors, partners, or investors want to get more information about your business before they sign on officially. Instead of leaving them with a massive document, a one-page business plan helps you share the relevant need-to-know information easily.
• To focus on the key details: If you’re early on in the business ideation process and want to make sure you have all the important information, a one-page business plan can help you easily validate your business plan.
• To save time: In the long term, you may still expect to put together a full business plan at some point. However, if you’re in a time crunch, a one-page plan can help you get the important insights without the time commitment.
• To easily edit: In an ever-changing business environment, a one-page business plan is much easier to keep updated. 

Key details to include in a one-page business plan.

Above, we outlined the key components of any business plan. The key with a one-pager is to keep it brief without losing any of those important details. 

Let’s look at the sections of a business plan one-pager and dig into how you can adapt them to cover all the details of your business—all on one page. 

Summary and overview

Start your one-page plan by sharing the name of your business, what you do, and your main value proposition.

The problem—and your solution

In a few sentences, share the problem that your business solves and how you solve it. This clarifies why your business should exist, so it’s an important section!

Depending on your business, you may also want to share a few of your team members to help readers put a face to your business. Great examples include the executive chef for a restaurant, or the lead veterinarian for your vet clinic.

Target market

Briefly describe who you expect to be a customer and their characteristics. This could be in the form of a short “ideal customer” profile.

Competitor overview

Here, you’ll touch on potential competitors and what makes your business stand out.

Business timeline

Share the key milestones for your business. For example, pitch when you’ll start marketing your business, when you’ll hire employees , and when you expect to open.

Sales and marketing plan

Here, you’ll quickly highlight the key marketing activities that you’ll use to drive new customers to your business. Try to stick to the most interesting or high-value stuff, like a website or social media .

Financial projections

Outline your expected revenue , expenses, and profits to give the reader an idea of your financial future.

Our tips for creating a one-page business plan.

If you’ve ever written something with a limited word count, you know that sometimes keeping things concise can be easier said than done.

As you get writing your one-page business plan, here are some of our top tips so you can make the most of that one page.

• Focus on the need-to-know information.
• Avoid fluff and keep your sentences short.
• Link out to additional resources and material if more information is necessary.
• Don’t be afraid to strategically incorporate visuals to emphasize the important points.
• Feel free to up sections or have different versions of your one-page business plan based on who’s reading it. 
• Get creative with formatting to keep information organized.

One-page business plan example.

If you’re skeptical that all that information can fit on one page—we have proof!  Here’s an example that you can use to start thinking about your business plan.

Download our free one-page business plan template.

A one-page business plan is one of the most important pages you’ll write for your business. While there’s a lot to think about, it’s worth the effort to give both you and your partners peace of mind.

The good news is that we’ve done the heavy lifting for you! If the above one-pager looks good to you, we’ve pulled it together as a download for you. All that’s left for you to customize it for your unique business, fill in the sections, and get ready to launch your business.

Download your one-page business plan template PDF

Get your team in sync with our easy-to-use, all-in-one employee app.

One-page business plan FAQs

Why should you create a business plan.

There are several reasons you should create a business plan, such as:

• Improving your decision-making as you start and grow your business.
• Setting realistic goals and timelines.
• Attracting top-notch suppliers, investors, and even employees.
• Keeping your business profitable and your financials in order.

What types of companies need a business plan?

From brand-new small businesses to established corporations, companies of all shapes and sizes need a business plan. It’s a key part of setting your business up for success and improving your business trajectory.

Even if you already have a business plan in place, revisiting it from time to time can help you stay on track with your goals and adapt as your business changes.

Can a business plan be one page?

Yes, in many cases a business page can be one page. The trick to creating an effective one-page business plan is making sure that you’re covering the most important pieces of information. 

Our top tips? Keep it as concise and organized as possible, so you can effectively communicate the value of your business to your audience.

Writing a one-page business plan is simple. You can create a business plan from scratch or use a free template like the one above to stay on track, but generally, the steps to writing a one-page business plan include:

• Start with a short executive summary and value proposition to introduce your business.
• Share the problem your business solves and your solution.
• Give an outline of top competitors and how your business compares.
• Create a timeline of key milestones.
• Outline your sales and marketing plan for attracting customers.
• Summarize your financial projections and funding plans.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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10 Tips for Growing a Successful Small Business

Business success looks different for each company. For some, it’s sales metrics, while for others, it’s social impact. Here are 10 keys to business success.

Many successful businesses generate enough profits to enable owners—possibly shareholders or investors, depending on the type of business —to grow their businesses and live with a sense of financial security. However, while small business owners value profits, some are willing to sacrifice a portion to have a healthier work-life balance, create a product that’s eco-friendly, or provide a service with a social mission. Each entrepreneur has a slightly different definition of what it means to achieve business success.

Business success can look very different from company to company. For some, it’s sales metrics, while for others, it’s social impact. In this article, we’ll talk about the 10 keys to business success.

What is a successful business?

A successful business generates a profit through the sale of goods or services, but every owner defines success for themselves based on personal values or goals. Some small business owners consider themselves successful if they’ve grown their business without taking on debt. Others have taken on debt but still feel successful because they are scaling up to become a global brand. Beyond profits and growth, key performance indicators (KPIs) measure metrics such as customer loyalty and website traffic to assess how effectively you’re reaching different benchmarks on the journey toward business success. 

For example, a business selling certified organic coffee beans might have a target number of farms using regenerative farming practices to source from each year; someone selling mass-produced coffee pods at reduced prices might have a monthly goal for the number of pods sold. Typically, the universal goals for a business revolve around units sold, dollars earned, company growth, repeat sales, and brand recognition (think global brands like Nike and Adidas), but there are myriad other ways a business owner might measure success. 

10 tips for growing a successful business 

As a small business owner, you may face numerous challenges running and growing your business, from marketing to finding qualified employees. Here are 10 tips to help you scale and grow a successful business:

• Identify your mission
• Create goals
• Build a strong team
• Ensure customer satisfaction
• Make the best product/service possible
• Implement marketing strategies
• Embrace change
• Get organized
• Prioritize self-care
• Give back to the community

1. Identify your mission

Is your mission to provide a unique service? A low-cost item? Or to be environmentally friendly? Successful businesses have a mission, even if it’s simply to provide customers with the best value possible. Writing your intent in a mission statement defines your business’s mission and acts as a blueprint for a successful business. Periodically, revisit your original business plan and mission statement to ensure you are on the right path.

2. Create goals

Create both short- and long-term goals and understand the reasoning behind each to help guide your success. As part of an effective strategic plan, business goals should be SMART, meaning they are specific, measurable, achievable, relevant, and time-based. They can be financial, operational, or even growth-related. Maybe a goal for one business owner is to sell a specific number of units per month over a year to drive up sales, while for another it’s to ramp up marketing efforts and gain a target number of social media followers . 

Goals can be reassessed, so there’s flexibility to create and adjust your business roadmap. Successful entrepreneurs monitor progress and look at the numbers behind their business to analyze the data and check if progress is being made toward their goals. You can also break your goals into steps to make them more attainable. If you get stuck at this step, consider hiring a business coach to help create long-term positive habits.

3. Build a strong team

A strong team is inclusive, collaborative, and reliable, and is essential to building a successful business. Research from a 2020 McKinsey & Co. report , Diversity Wins , shows that assembling a team diverse in age, gender, and ethnicity, among other factors, increases productivity. The most effective teams encourage feedback and welcome a diversity of opinions, which can spur creativity and help with problem-solving. 

If you’re an entrepreneur who typically follows the school of thought, “If you want it done right, do it yourself,” remember: Your team is there for support, and each member offers unique skills that can help in your business’s growth. 

4. Ensure customer satisfaction

Happy customers often become repeat buyers, spreading the word about their favorite stores, designers, apps, platforms, or services. Besides the value proposition of a particular product or service that makes the business loved, it’s often great customer service and knowing how to improve it that keeps customers returning. Ensure customer satisfaction in the following ways:

• Create an easy return policy. Explicitly stated policies reduce confusion and unsatisfactory customer experiences. 
• Be honest with customers. Honesty goes a long way in building trust and customer loyalty. When a business makes a mistake, it’s best to accept responsibility and be honest about what you can do to fix the problem in a timely manner. 
• Stay solution-oriented. When customer conflicts arise, remain polite, patient, and use positive language to help de-escalate the situation so it’s easier to find a resolution.

5. Make the best product/service possible

A delicious edible item, gorgeous wearable piece of art, or delightful service will likely organically attract a target audience of consumers that become repeat customers. Making and offering an excellent product or service with a high value proposition helps give you a competitive advantage. By reading business books , studying your respective industry and competitors, and listening to entrepreneur podcasts by industry experts and successful entrepreneurs, you can gain valuable insights into bettering your offerings and finding business success.

6. Implement marketing strategies

Marketing is key for mapping your business journey, including tracking goals through KPIs to measure your success. Implementing multiple marketing strategies—from paid advertising to robust social media advertising —strengthens brand awareness , which is a core driver of sales. A small-business owner might act as a de facto marketing director early in the business, thinking they are saving money. However, hiring a marketing consultant can be helpful to devise a more concrete plan. 

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Marketing strategy involves short- and long-term plans for a business and takes many forms: collaborations with like-minded businesses, pop-ups for specific projects or events, and social media campaigns (leveraging platforms like Facebook , LinkedIn, Instagram , and TikTok ). All expose your business to a new target market. Fostering connections through joining professional associations or attending conventions are additional ways to market your business and expand your potential customer base. If you lack the skills or time to implement a social media marketing strategy , you can hire social media directors, consultants, or coaches on a contract basis to help. 

7. Embrace change

Businesses constantly face challenges—from waning market demand and competitive new businesses to difficult clients and point-of-sale (POS) system problems. However, being nimble, adaptive, and willing to pivot can lead to success. Some challenges like lackluster sales might require doubling down with tenacity and perseverance, while others like a consistently unreliable supplier might call for embracing change and working with someone new. 

Weigh the pros and cons of embracing new technologies, whether it's a new payroll platform or more elaborate systems overhaul. Having your own business means doing your due diligence, because new doesn’t always mean better or faster.

8. Get organized

When financial records, business licenses or permits, tax forms, or other documents (whether virtual or paper-based) are difficult to locate or go missing, it can be frustrating and distract from time spent on your business. It can also cost you billable hours. 

Hiring an office organization consultant is an option for business owners lacking the organizational skills or time to take on the task themselves. While you may do your own bookkeeping , you could also hire a part-time bookkeeper to help run a successful business operation.

Intro to bookkeeping

Bookkeeping is an essential part of running any small business. And, when you take care of it the right way, bookkeeping lets you track your money, cash in on tax deductions, and plan how your business is going to grow.

9. Prioritize self-care

Resting, sleeping, exercising, eating well, relaxing, and spending time with friends and family are all forms of self-care essential for mental health—including for entrepreneurs . For many business owners, it’s easy to slip into the 24/7 work cycle. However, you can achieve more when well-rested, according to a recent US Chambers of Commerce article on the importance of a good night’s sleep for entrepreneurs .

10. Give back to the community

Business success isn’t always defined by profitability. Even with minimal cash flow, there are ways to give back and lift others within the community. Volunteering at a business-related event, donating a product or service for a raffle, speaking at a school, or mentoring are ways to give back. Entrepreneurs can also give back by making a commitment to only use ethically sourced materials in their products.

Increasingly, impact is at the core of mission-driven startups. Social ventures are for-profit businesses that are also socially responsible companies that give to certain groups or causes. For example, Sweet Beginnings is a Chicago-based social enterprise that offers training programs and employment for formerly incarcerated individuals to become beekeepers and harvest honey for their products.

Business success FAQ

How can i measure the success of my business.

Start by defining what success means to you and what takes priority: Is it sales, growth, customer satisfaction, or brand recognition? Besides running a profitable business, do you value a collaborative and engaged workforce? Once assessed, you can measure your success through data collected via A/B testing , customer reviews , and email open rates , among other metrics.

How long does it take to achieve business success?

There is no set timeline achieving business success. However, you can start by creating a business strategy to reach your goals. By mapping out the incremental steps to reach certain benchmarks—from units sold to new hires—you can develop a general timeline to achieve success based on your experience and industry standards. Keep in mind, your timetable could change or take longer than estimated due to the ever-changing commerce landscape.

Is there one formula to achieve success?

No, there’s no single formula for success or every business would succeed. While owners of small businesses have different goals and priorities, there are some key markers that make a business successful. These include having an excellent business idea, vision, and passion, and being a hard worker. If you are a leader with empathy and willing to delegate responsibilities to your team, you embody some of the traits required to achieve success.

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9 tips for making the perfect burger at home, according to Chili's head chef

• Brian Paquette, the head of culinary at Chili's, shared his tips for making the perfect burger.
• He said a great burger starts with the right kind of beef and a "really clean, really hot" grill.
• He also shared how to replicate popular Chili's burgers at home.

Fourth of July weekend means cooking out , and the process of making the best burger for your guests starts in the grocery store.

That's according to Brian Paquette , the head of culinary at Chili's, who spoke with Business Insider about how to make a restaurant-quality burger at home, from the meat he buys to his best grilling hacks and go-to toppings.

Before becoming Chili's head chef, Paquette ran his own catering company for five years. His day-to-day work involves brainstorming new menu ideas and conducting quantitative and qualitative testing to get dishes on the menu.

One of Paquette's recent initiatives has been revitalizing the chain's burger offerings. The chain just dropped its first new burger in three years, the Big Smasher , a process that involved multiple rounds of taste-testing and getting customer feedback.

After grilling up some burgers alongside Paquette in the company's test kitchen in April, we asked him his biggest tips for making the perfect burger at home, his grilling hacks, and how to pay homage to some fan-favorite Chili's burger recipes at home.

Here are nine tips for making the perfect burger at home, according to Chili's head chef.

Opting for ground sirloin or ground chuck will make a burger that’s "juicy and flavorful."

Paquette said the first step in making the perfect burger at home is choosing the right kind of meat, which often involves asking a butcher to grind up your preferred cut.

"A great burger starts with using high-quality beef," Paquette said, "so you should go for ground sirloin or ground chuck, to make sure you've got a burger that's juicy and flavorful."

Paquette also shared his preferred fat ratio when choosing burger patties.

"I'd stick to beef with an 80/20 lean-to-fat ratio," he said. "That will give you a nice juicy burger, and when you're grilling it, you'll see some of that juice drop through and vaporize, giving you more of that grill flavor," he continued.

Fresh meat is almost always better than frozen.

"We make and hand-smash all our burgers in-restaurant at Chili's and that's always my recommendation for people making burgers at home," Paquette said.

"That said, if you are buying a pre-made burger from the grocery store, I'd head to the meat case and buy the fresh pre-made patties there," he continued. "You'll get more flavor than you would from a frozen patty."

Make sure your grill is really clean and really hot before you put the burger patties down.

"The grill not being hot enough or the charcoal not being ready is one of the biggest mistakes I see people making," Paquette told BI. "That temperature is so key to getting everything else right."

"If you're cooking for a big group, you are going to want to clean up the grill and get that temperature up to high to make sure you're consistently delivering great-tasting burgers," he said.

Season one side of your patty before grilling it, and then season the other side once the burger is on the grill.

Before you put the meat on the grill, season the side of the burger that is going face down, he said. Once it's on the grill, season the top of the burger, too.

"People often don't season their burgers enough, either. You want to make sure it has good flavor, which comes from both the fat and the seasoning," he said.

"Some of it will inevitably melt off on the grill, so use an ample amount," Paquette added, saying that Chili's cooks use four "shakes" of seasoning on each side of the burger.

Once the burger is on the grill, turn the temperature down to medium.

"This is going to give you those signature char marks," Paquette told BI.

Paquette also recommended only flipping the burger once "to keep the burger tender and juicy" and using a meat thermometer to check the internal temperature.

"That's the only way to truly know your burger is cooked through and will help make sure you aren't overcooking and ending up with a hockey puck instead of a great burger," he said.

Don't overcook your burger just because you're afraid of it being undercooked.

Paquette said that each side of the burger should take about three minutes, but you can also use a meat thermometer to ensure the perfect medium cook.

" Make sure your burger is at a safe internal temperature of 157 degrees," Paquette said. "People tend to keep cooking to ensure it's safe, but they overcook it and it loses flavor."

For smash burgers, make the patties about an inch wider than the bun you plan to put them on.

"The burger will shrink a little and that's how you make sure you have those nice, charred bits hanging right at the end of your burger," Paquette said.

He added that if you're using a traditional grill with grates, never smash your burger with a spatula or other tool once it's on the grill, or else you'll lose all the juices. Instead, flatten it before you put it onto the grill.

"If you want to make a smash burger on your griddle, smash the burger as soon as you put it down to lock in those flavors, like we do every time at Chili's," he said.

When it comes to toppings, Paquette said he likes to keep things classic.

For burger toppings , he usually opts for tomato, lettuce, red onion, ketchup, and pickle. He added that choosing a great bun is key to ensuring your burger stays together and has solid flavor.

"At Chili's, we use a brioche-style bun, and I'd use a similar soft bun, like a brioche or potato roll, at home," he said. "Don't overlook toasting your bun, as well. You can add a little butter and put it on the griddle to take your burger to the next level."

However, you can also add more exciting toppings like jalapeños or Thousand Island dressing.

When we asked Paquette to name his favorite burger from Chili's, he picked the chain's new Big Smasher. To recreate it at home, you need American cheese, diced red onion, shredded lettuce, pickles, and Thousand Island dressing, he said.

After trying and ranking all of Chili's burgers recently, we also asked how to recreate our personal favorite, the Alex's Santa Fe burger, which comes with avocado, pepper jack cheese, red onion, jalapeños, tomato, pickles, cilantro, and the chain's spicy Santa Fe sauce.

"The key to recreating that flavor profile at home is roasted jalapeños," Paquette said. "While you're grilling your burgers, grill a jalapeño or two and use those to top your burger. You can also mix them with some ranch to create a sauce that's similar, but not exact, to our Santa Fe sauce."

"Another easy hack would be to pick up some fresh-made guacamole from the deli counter at the grocery store to top your burger, or you can use fresh sliced avocado on top," he continued.

• Main content

22 Best Business Plan PowerPoint Templates

Use these business plan PowerPoint templates to launch your next enterprise.

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Which Template Will You Use for Your PowerPoint Business Plan?

Are you ready to take your business to new heights? Elevate your strategy with premium and free business plan PowerPoint templates from Envato Elements . Also find plenty of sample fundraising PowerPoint presentations for you to customize in no time.

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FactChecking the Biden-Trump Debate

In the first debate clash of the 2024 campaign, the two candidates unleashed a flurry of false and misleading statements.

By Robert Farley , Eugene Kiely , D'Angelo Gore , Jessica McDonald , Lori Robertson , Catalina Jaramillo , Saranac Hale Spencer and Alan Jaffe

Posted on June 28, 2024

The much-anticipated first debate of 2024 between President Joe Biden and former President Donald Trump featured a relentless barrage of false and misleading statements from the two candidates on immigration, the economy, abortion, taxes and more.

• Both candidates erred on Social Security, with Biden incorrectly saying that Trump “wants to get rid” of the program, and Trump falsely alleging that Biden will “wipe out” Social Security due to the influx of people at the border.
• Trump misleadingly claimed that he was “the one that got the insulin down for the seniors,” not Biden. Costs were lowered for some under a limited project by the Trump administration. Biden signed a law capping costs for all seniors with Medicare drug coverage.
• Trump warned that Biden “wants to raise your taxes by four times,” but Biden has not proposed anything like that. Trump was also mostly wrong when he said Biden “wants the Trump tax cuts to expire.” Biden said he would extend them for anyone making under $400,000 a year.
• Biden repeated his misleading claim that billionaires pay an average federal tax rate of 8%. That White House calculation factors in earnings on unsold stock as income.
• Trump repeated his false claim that “everybody,” including all legal scholars, wanted to end Roe v. Wade’s constitutional right to abortion.
• Trump falsely claimed that “the only jobs” Biden “created are for illegal immigrants and bounced back jobs that bounced back from the COVID.” Total nonfarm employment is higher than it was before the pandemic, as is the employment level of native-born workers.
• Biden claimed that Trump oversaw the “largest deficit of any president,” while Trump countered that “we now have the largest deficit” under Biden. The largest budget deficit was under Trump in fiscal year 2020, but that was largely because of emergency spending due to COVID-19.
• Biden misleadingly said that “Black unemployment is the lowest level it has been in a long, long time.” The rate reached a record low in April 2023, and it was low under Trump, too, until the pandemic.
• Biden said Trump called U.S. veterans killed in World War I “suckers and losers,” which Trump called a “made up quote.” The Atlantic reported that, based on anonymous sources. A former Trump chief of staff later seemed to confirm Trump said it.
• Trump claimed that Biden “caused the inflation,” but economists say rising inflation was mostly due to disruptions to the economy caused by the pandemic.
• Trump grossly inflated the number of immigrants who have entered the country during the Biden administration — putting the number at 18 million to 20 million — and he said, without evidence, that many of them are from prisons and mental institutions.
• Trump claimed that “we had the safest border in history” in the “final months” of his presidency. But apprehensions of those trying to cross illegally in the last three full months of his presidency were about 50% higher than in the three months before he took office.
• Biden criticized Trump for presiding over a loss of jobs when he was president, but that loss occurred because of the COVID-19 pandemic.
• Trump falsely claimed that “some states” run by Democrats allow abortions “after birth.” If it happened, it would be homicide, and that’s illegal.
• Trump made the unsupported claim that the U.S. border with Mexico is “the most dangerous place in the world,” and suggested that it has opened the country to a violent crime wave. The data show a reduction in violent crime in the U.S.
• Trump overstated how much food prices have risen due to inflation. Prices are up by about 20%, not double or quadruple. 
• Trump boasted his administration “had the best environmental numbers ever.” Trump reversed nearly 100 environmental rules limiting pollution. Although greenhouse gas emissions did decline from 2019 to 2020, the EPA said that was due to the impacts of the pandemic on travel and the economy.   
• Biden said he joined the Paris Agreement because “if we reach the 1.5 degrees Celsius, and then … there’s no way back.” Limiting global warming to 1.5 degrees would reduce the damages and losses of global warming, but scientists agree that climate action is still possible after passing the threshold.
• Trump said immigrants crossing the border illegally were living in “luxury hotels.” New York City has provided hotel and motel rooms to migrant families, but there is no evidence that they are being placed in “luxury” hotels. 
• Trump falsely claimed that there was “no terrorism, at all” in the U.S. during his administration. There were several terrorist acts carried out by foreign-born individuals when he was president.
• While talking about international trade, Trump falsely claimed that the U.S. currently has “the largest deficit with China.” In 2023, the trade deficit in goods and services with China was the lowest it has been since 2009.
• Trump wrongly claimed that prior to the pandemic, he had created “the greatest economy in the history of our country.” That’s far from true using economists’ preferred measure — growth in gross domestic product.
• As he has many times before, Trump wrongly claimed, “I gave you the largest tax cut in history.” That’s not true either as a percentage of gross domestic product or in inflation-adjusted dollars.
• Trump contrasted his administration with Biden’s by misleadingly noting that when he left office, the U.S. was “energy independent.” The U.S. continues to export more energy than it imports.

The debate was hosted by CNN in Atlanta on June 27.

Social Security

Biden claimed that Trump “wants to get rid” of Social Security, even though the former president has consistently said he will not cut the program and has advised Republicans against doing so.

Earlier this year, Biden and his campaign based the claim on Trump saying in a  March 11 CNBC interview  that “there is a lot you can do in terms of entitlements in terms of cutting and in terms of also the theft and the bad management of entitlements.” As  we’ve said , in context, instead of reducing benefits, Trump was talking about cutting waste and fraud in those programs — although there’s not enough of that to make the program solvent over the long term.

“I will never do anything that will jeopardize or hurt Social Security or Medicare,” Trump later said in a  March 13 Breitbart interview . “We’ll have to do it elsewhere. But we’re not going to do anything to hurt them.”

During the GOP presidential primary, Trump also  criticized  some of his Republican opponents for proposing to raise the retirement age for Social Security, which budget experts  have said  would reduce scheduled benefits for those affected.

Some critics of Trump have  argued  that he cannot be expected to keep his promise because of his past budget proposals. But,  as we’ve written , Trump did not propose cuts to Social Security retirement benefits.

Meanwhile, Trump claimed during the debate that Biden “is going to single handedly destroy Social Security” because of illegal immigration. “These millions and millions of people coming in, they’re trying to put them on Social Security. He will wipe out Social Security,” Trump said of Biden.

As  we  and  others  have explained before, immigrants who are not authorized to be in the U.S. aren’t eligible for Social Security. In fact, because many such individuals pay into Social Security via payroll taxes but cannot receive benefits, illegal immigrants bolster rather than drain the finances of the program.

In referring to what seniors pay for insulin, Trump misleadingly claimed, “I heard him say before ‘insulin.’ I’m the one that got the insulin down for the seniors. I took care of the seniors.” Insulin costs went down for some beneficiaries under a limited project under Trump; Biden signed a more expansive law affecting all seniors with Medicare drug coverage.

Under Trump, out-of-pocket costs were lowered to $35 for some Medicare Part D beneficiaries under a two-year pilot project in which some insurers could voluntarily reduce the cost for some insulin products. KFF, a nonpartisan health policy research organization,  explained  earlier this month that under this model, in effect from 2021 to 2023, “participating Medicare Part D prescription drug plans covered at least one of each dosage form and type of insulin product at no more than $35 per month,” and “less than half of all Part D plans chose to participate in each year.”

But in 2022, Biden  signed a law  that required all Medicare prescription drug plans to cap all insulin products at $35. The law also capped the out-of-pocket price for insulin that’s covered under Medicare Part B, which covers drugs administered in a health care provider’s office. The caps went into effect last year.

STAT, a news site that covers health care issues,  reported  that the idea for a $35 cap for seniors initially came from Eli Lilly, the pharmaceutical company, which proposed it in 2019.

Trump on Biden Tax Plan

“He’s the only one I know he wants to raise your taxes by four times,” Trump said of Biden. “He wants to raise everybody’s taxes by four times. He wants the Trump tax cuts to expire. So everybody … [is] going to pay four to five times –  nobody ever heard of this before.”

Trump regularly warns of massive tax hikes for “everybody,” should Biden be reelected. That doesn’t jibe with anything Biden has proposed.

In his more than three years as president, Biden’s  major tax changes  have included setting a  minimum corporate tax rate  of 15% and lowering taxes for some families by  expanding the child tax credit  and, for a time, making it fully refundable, meaning families could still receive a refund even if they no longer owe additional taxes.

As  we wrote  in 2020, when Trump made a similar claim, Biden proposed during that campaign to raise an additional $4 trillion in taxes over the next decade, although the increases would have fallen mainly on very high-income earners and corporations. The plan would not have doubled or tripled people’s taxes at any income level (on average), according to analyses of Biden’s plan by the  Penn Wharton Budget Model ,  the Tax Policy Center  and  the Tax Foundation .

In March 2023, the TPC’s Howard Gleckman  wrote  that Biden proposed a 2024 budget that would, on average, increase after-tax incomes for low-income households and “leave them effectively unchanged for middle-income households.” The Tax Policy Center noted, “The top 1 percent, with at least roughly $1 million in income, would pay an average of $300,000 more than under current law, dropping their after-tax incomes by 14 percent.”

This March, Biden released his  fiscal year 2025 budget , which contains many of the same proposals and adds a few new wrinkles. But it still  does not contain  any “colossal tax hikes” on typical American families, as Trump has said.

Biden’s latest plan proposes — as he has in the past — to increase the corporate income tax rate from 21% to 28%, and to  restore  the top individual tax rate of 39.6% from the current rate of 37%. It would also increase the corporate minimum tax rate from 15% to 21% for companies that report average profits in excess of $1 billion over a three-year period. And the plan would impose a 25% minimum tax on very wealthy individuals. The plan also proposes to extend the expanded child tax credit enacted in the American Rescue Plan through 2025, and to make the child tax credit fully refundable on a permanent basis.

Trump is also mostly wrong that Biden “wants the Trump tax cuts to expire.”

As he has said since the 2020 campaign, Biden’s FY 2025 budget vows not to increase taxes on people earning less than $400,000.

In order to keep that pledge, Biden would have to extend most of the individual income tax provisions enacted in the Tax Cuts and Jobs Act that are set to expire at the end of 2025. And that’s what Biden says he would do — but  only for  individual filers earning less than $400,000 and married couples making less than $450,000. (In order to pass the TCJA with a simple Senate majority, Republicans wrote the law to have most of the individual income tax changes  expire after 2025 .)

The Biden budget plan “would raise marginal income tax rates faced by higher earners and corporations while expanding tax credits for lower-income households,” according to a Tax Foundation  analysis  of the tax provisions in Biden’s budget. “The budget would redistribute income from high earners to low earners. The bottom 60 percent of earners would see increases in after-tax income in 2025, while the top 40 percent of earners would see decreases.”

Biden on Taxes Paid by Billionaires

In arguing that wealthy households should pay a minimum tax, Biden repeated his misleading claim that billionaires pay an average federal tax rate of 8%.

“We have a thousand … billionaires in America, and what’s happening?”  Biden said . “They’re in a situation where they in fact pay 8.2% in taxes.”

That’s not the average rate in the current tax system; it’s a figure  calculated  by the White House and factors in earnings on unsold stock as income. When only considering income, the top-earning taxpayers, on average, pay higher tax rates than those in lower income groups, as  we’ve written  before.

The top 0.1% of earners pay an average rate of 25.1% in federal income and payroll taxes,  according to  an analysis by the Tax Policy Center in October 2022 for the 2023 tax year.

The point that Biden tried to make is that earnings on assets, such as stock, currently are not taxed until that asset is sold, which is when the earnings become subject to capital gains taxes. Until stocks and assets are sold, the earnings are referred to as “unrealized” gains. Unrealized gains, the White House  has argued , could go untaxed forever if wealthy people hold on to them and transfer them on to heirs when they die.

Roe v. Wade

As he has  before , Trump wildly exaggerated the popularity of ending Roe v. Wade — even going so far as to claim that it was “something that everybody wanted.”

“51 years ago, you had Roe v. Wade and everybody wanted to get it back to the states,”  he said , referring to the 1973 Supreme Court ruling that established a constitutional right to abortion, which was  overturned  in 2022.

Trump:  Everybody, without exception: Democrats, Republicans, liberals, conservatives. Everybody wanted it back — religious leaders. And what I did is I put three great Supreme Court justices on the court and they happened to vote in favor of killing Roe v. Wade, and moving it back to the states. This is something that everybody wanted. Now 10 years ago or so they started talking about how many weeks and how many this and getting into other things. But every legal scholar throughout the world — the most respected — wanted it brought back to the states. I did that.

In fact, a majority of Americans have disagreed with ending Roe v. Wade, including plenty of legal scholars, as we’ve explained  before . While some scholars criticized aspects of the legal reasoning in Roe, it did not necessarily mean they wanted the ruling overturned. Legal experts told us that Trump’s claim was “utter nonsense” and “patently absurd.”

Trump Wrong on Jobs

After Biden talked about job creation during his administration, Trump falsely claimed that “the only jobs [Biden] created are for illegal immigrants and bounced back jobs that bounced back from the COVID.”

In fact, as of May,  total nonfarm employment  in the U.S. had gone up about 6.2 million from the pre-pandemic peak in February 2020, according to figures from the Bureau of Labor Statistics. The increase is about 15.6 million if you count from when Biden took office in January 2021 until now — but that would include some jobs that were temporarily lost during the pandemic and then came back during the economic recovery.

Furthermore, there is no evidence that only “illegal immigrants” have seen employment gains.

Since Biden became president in January 2021, employment of U.S.-born workers has increased more than employment of foreign-born workers, a category that includes anyone who wasn’t a U.S. citizen at birth, as we’ve written before . BLS says the  foreign-born  population includes “legally-admitted immigrants, refugees, temporary residents such as students and temporary workers, and undocumented immigrants.” There is no employment breakdown for just people in the U.S. illegally.

In looking at employment since the pre-pandemic peak, the employment level of  foreign-born workers  was up by about 3.2 million, from roughly 27.7 million in February 2020 to nearly 30.9 million in May. Employment for the  U.S.-born population  increased by about 125,000 — from nearly 130.3 million in February 2020 to 130.4 million, as of May.

Conflicting Budget Deficit Claims

Biden and Trump accused each other of presiding over the largest budget deficit in the U.S.

After talking about Trump’s plans for additional tax cuts, Biden said Trump already had the “largest deficit of any president in American history.” When he got a chance to respond, Trump said, “We now have the largest deficit in the history of our country under this guy,” referring to Biden.

Biden is correct: The  largest budget deficit  on record was about $3.1 trillion in fiscal year 2020 under Trump. However, that was  primarily  because of trillions of dollars in emergency funding that both congressional Republicans and Democrats approved to address the COVID-19 pandemic. Before the pandemic, the largest budget deficit under Trump was about $1 trillion in fiscal 2019.

Meanwhile, the most recent budget deficit under Biden was about $1.7 trillion in fiscal 2023. As of June, the nonpartisan Congressional Budget Office  projected  that the deficit for fiscal 2024, which ends on Sept. 30, would be about $2 trillion.

Black Unemployment

Biden boasted that on his watch, “Black unemployment is the lowest level it has been in a long, long time.”

It’s true that the unemployment rate for Black or African American people reached a record low of 4.8% in April 2023, but it is currently 6.1%,  according to  the Bureau of Labor Statistics, which has data going back to 1972.

Also, the unemployment rate was low under Trump, too, until the pandemic.

Under Trump, the  unemployment rate for Black Americans  went down to 5.3% in August 2019 – the lowest on record at that time. It shot up to 16.9% in April 2020, when the economic effects of the pandemic took hold. When Trump left office in January 2021, amid the pandemic, the rate was 9.3%.

The rate has been 6% or less in only 29 months since 1972, and it happened only under two presidents: 21 times under Biden and eight times under Trump.

‘Suckers and Losers’

Biden  said  Trump called U.S. veterans killed in World War I “suckers and losers,” which Trump called a “made up quote … that was in a third-rate magazine.”

It was first reported by a magazine — the Atlantic — but Trump’s former chief of staff,  John F. Kelly , a retired four-star Marine general, later seemed to confirm it.

Biden was referring to a trip Trump made to France in November 2018, where he reportedly declined to visit the  Aisne-Marne American Cemetery  near the location of the Battle of Belleau Wood. “He was standing with his four-star general and he told him, ‘I don’t want to go in there because they’re a bunch of losers and suckers.’”

The Atlantic  wrote  about this alleged incident in 2020, citing unnamed sources. The magazine wrote that Trump made his remark about “losers” when he declined to visit the Aisne-Marne American Cemetery, and his remark about “suckers” during that same trip.

The Atlantic, Sept. 3, 2020:  In a conversation with senior staff members on the morning of the scheduled visit, Trump said, “Why should I go to that cemetery? It’s filled with losers.” In a separate conversation on the same trip, Trump referred to the more than 1,800 marines who lost their lives at Belleau Wood as “suckers” for getting killed.

In October 2023, Kelly – who was on that trip and visited the Aisne-Marne Cemetery — gave a  statement to CNN  that seemed to confirm those remarks. CNN published Kelly’s statement.

CNN, Oct. 3, 2023:  “What can I add that has not already been said?” Kelly said, when asked if he wanted to weigh in on his former boss in light of recent comments made by other former Trump officials. “A person that thinks those who defend their country in uniform, or are shot down or seriously wounded in combat, or spend years being tortured as POWs are all ‘suckers’ because ‘there is nothing in it for them.’ A person that did not want to be seen in the presence of military amputees because ‘it doesn’t look good for me.’ A person who demonstrated open contempt for a Gold Star family – for all Gold Star families – on TV during the 2016 campaign, and rants that our most precious heroes who gave their lives in America’s defense are ‘losers’ and wouldn’t visit their graves in France.”

Trump said, “We had 19 people who said I didn’t say it.” One of those who said that he didn’t hear Trump make those remarks is John Bolton, Trump’s former national security adviser who was also on the trip and said he was there when the decision was made not to visit the cemetery.

“I didn’t hear that,” Bolton  told the New York Times  in 2020 after the magazine story first appeared. “I’m not saying he didn’t say them later in the day or another time, but I was there for that discussion.”

Biden Misleads on Jobs

Biden ignored the economic impact of the COVID-19 pandemic when he criticized Trump for employment going down over Trump’s time in office.

“He’s the only president other than Herbert Hoover that lost more jobs than he had when he began,” Biden said.

Job growth during Trump’s term was positive until the economy lost 20.5 million jobs in April 2020, as efforts to slow the spread of the novel coronavirus led to business closures and layoffs. By the time Trump left office in January 2021, employment had partly rebounded, but was still 9.4 million jobs below the February 2020 peak,  according to the Bureau of Labor Statistics .

Trump repeatedly claimed that Biden “caused the inflation” and that “I gave him a country with no essentially no inflation. It was perfect. It was so good.”

It’s true that inflation was relatively modest when Trump was president. The  Consumer Price Index rose 7.6%  under Trump’s four years — continuing a long period of low inflation. And inflation has been high over the entirety of Biden’s time in office. The  Consumer Price Index  for all items rose 19.3% between January 2021 and May.

For a time, it was the worst inflation in decades. The 12 months ending in June 2022 saw a 9% increase in the CPI (before seasonal adjustment), which the  Bureau of Labor Statistics said  was the biggest such increase since the 12 months ending in November 1981.

Inflation has moderated more recently. The CPI  rose  3.3% in the 12 months ending in May, the most recent figure available.

Although Trump claims that Biden is entirely responsible for massive inflation, economists  we have spoken to  say Biden’s policies are only partly to blame. The economists placed the lion’s share of the blame for inflation on disruptions to the economy caused by the pandemic, including supply shortages, labor issues and increased consumer spending on goods. Inflation was then worsened by Russia’s attack on Ukraine, which drove up oil and gas prices, experts told us.

Indeed, inflation has been a  worldwide problem  post-pandemic.

However, many economists say Biden’s policies — particularly aggressive stimulus spending early in his presidency to offset some of the economic damage caused by the pandemic — played a modest role.

Jason Furman , a former economic adviser to President Barack Obama and now a Harvard University professor, told us in June 2022 that he estimated about 1 to 4 percentage points worth of the inflation was due to Biden’s stimulus spending in the  American Rescue Plan  — a $1.9 trillion pandemic relief measure that included $1,400 checks to most Americans; expanded unemployment benefits; and money for schools, small businesses and states.  Mark Zandi , chief economist of Moody’s — whose work is often cited by the White House — said the impact of the stimulus measure now “has largely faded.”

Economists note that the American Rescue Plan came after two other pandemic stimulus laws enacted under Trump that were  worth  a  total  of $3.1 trillion. That spending, too, could have contributed to inflation.

Immigrants Entering U.S. Under Biden

Trump grossly inflated the number of immigrants who have entered the country during the Biden administration — putting the number at 18 million to 20 million. The number, by our calculation, is about a third of that. Trump also claimed, without evidence, that many of those immigrants are from prisons and mental institutions.

“It could be 18, it could be 19, and even 20 million people,” Trump said of the immigrants who have entered the U.S. during the Biden administration. Later in the debate, Trump asked Biden why there had been no accountability “for allowing 18 million people many from prisons, many from mental institutions” into the country.

That’s a greatly exaggerated number. We took a deep dive into the immigration numbers  in February , and again in  mid-June , and we came up with an estimate of at most a third of Trump’s number.

Here’s the breakdown:

Department of Homeland Security data show nearly 8 million encounters at the U.S.-Mexico border between February 2021, the month after Biden took office, and May, the last month of available  statistics . That’s a figure that includes both the 6.9 million apprehensions of migrants caught between legal ports of entry – the number typically used for illegal immigration – and nearly 1.1 million encounters of migrants who arrived at ports of entry without authorization to enter the U.S.

DHS also has comprehensive data, through February, of the initial processing of these encounters. That information shows 2.9 million were removed by Customs and Border Protection and 3.2 million were released with notices to appear in immigration court or report to Immigration and Customs Enforcement in the future, or other classifications, such as parole. (Encounters do not represent the total number of people, because some people attempt multiple crossings. For example, the recidivism rate was 27% in fiscal year 2021,  according to the most recent figures  from CBP.) 

As  we’ve explained before , there are also estimates for “gotaways,” or migrants who crossed the border illegally and evaded the authorities. Based on an average annual apprehension rate of 78%, which DHS provided to us, that would mean there were an estimated 1.8 million gotaways from February 2021 to February 2024. The gotaways plus those released with court notices or other designations would total about 5 million.

There were also 407,500 transfers of unaccompanied children to the Department of Health and Human Services and 883,000 transfers to ICE. The ICE transfers include those who are then booked into ICE custody, enrolled in “ alternatives to detention ” (which include technological monitoring) or released by ICE. We don’t know how many of those were released into the country with a court notice. But even if we include those figures, it still doesn’t get us to anywhere near 18 to 20 million.

And we should note that these figures do not reflect whether a migrant may ultimately be allowed to stay or will be deported, particularly since there is a yearslong backlog of immigration court cases.

Also, as we have  written   repeatedly , Trump has provided no credible support for his incendiary claim that countries are emptying their prisons and mental institutions and sending those people to the U.S. Experts tell us they have seen no evidence to substantiate it.

Earlier this month, we looked into  Trump’s claim as it relates to Venezuela, because Trump has repeatedly cited a drop in crime there to support his claim about countries emptying their prisons and sending inmates to the U.S. Reported crime is trending down in Venezuela, but crime experts in the country say there are numerous reasons for that — including an enormous out-migration of citizens and a consolidation of gang activity — and they have nothing to do with sending criminals to the U.S.

“We have no evidence that the Venezuelan government is emptying the prisons or mental hospitals to send them out of the country, whether to the USA or any other country,” Roberto Briceño-León, founder and director of the independent Venezuelan Observatory of Violence, told us.

Border Under Trump

Trump claimed that “we had the safest border in history” in the “final months” of his presidency, according to Border Patrol. But according to  data  provided by Customs and Border Protection, apprehensions of those trying to cross illegally into the U.S. in the last three full months of Trump’s presidency were about 50% higher than in the  three months  before he took office.

In fact, as we wrote in our piece, “ Trump’s Final Numbers ,” illegal border crossings, as measured by  apprehensions at the southwest border , were 14.7% higher in Trump’s final year in office compared with the last full year before he was sworn in.

But these statistics tell only part of the story. The number of apprehensions fluctuated wildly during Trump’s presidency, from a  monthly  low of 11,127 in April 2017 to a high of 132,856 in May 2019.

Back in April,  we wrote  about a misleading chart that Trump showed to the crowd during a speech in Green Bay, Wisconsin. “See the arrow on the bottom? That was my last week in office,” Trump said. “That was the lowest number in history.” But Trump was wrong on both points.

The arrow was pointing to apprehensions in April 2020, when apprehensions plummeted during the height of the pandemic.

“The pandemic was responsible for a near-complete halt to all forms of global mobility in 2020, due to a combination of border restrictions imposed by countries around the world,”  Michelle Mittelstadt , director of communications for the Migration Policy Institute, told us.

After apprehensions reached a pandemic low in April 2020, they rose every month after that. In his last months in office, apprehensions had more than quadrupled from that pandemic low and were higher than the month he took office.

Trump falsely claimed that “some states” run by Democrats allow abortions “after birth.” As  we have written , that’s simply false. If it happened, it would be  homicide , and that’s  illegal .

“No such procedure exists,” the American College of Obstetricians and Gynecologists  says  on its website.

The former president  has wrongly said  that abortions after birth were permitted under Roe v. Wade — the Supreme Court ruling that established a constitutional right to abortion until it was  reversed  in 2022. It was not.

Under Roe, states could outlaw abortion after fetal viability, but with exceptions for risks to the life or health of the mother. Many Republicans  have objected  to the health stipulation, saying it would allow abortion for any reason. Democrats say exceptions are needed to protect the mother from medical risks. We should note, late-term abortions  are rare . According to the  Centers for Disease Control and Prevention , less than 1% of abortions in the U.S. in 2020 were performed after 21 weeks gestational time.

In June 2022, after Trump had appointed three conservative justices to the Supreme Court, the court  overturned  Roe in a 5-4 ruling. Biden  supports  restoring Roe as “the law of the land,” as he said in his State of the Union address in March.

Trump Calls Border ‘The Most Dangerous Place’

In his focus on the U.S. border with Mexico, Trump  made  the unsupported claim that it is “the most dangerous place in the world.”

It’s true that unauthorized border crossings  can be dangerous  — 895 people died while doing so in fiscal year 2022, which is the most recent year for which the Customs and Border Protection has  data . Most of those deaths were heat related.

And the International Organization for Migration called calendar year 2022 “the deadliest year on record” for migration in the Americas, with a total of 1,457 fatalities throughout South America, Central America, North America and the Caribbean. The organization began tracking deaths and disappearances related to migration in 2014.

“Most of these fatalities are related to the lack of options for safe and regular mobility, which increases the likelihood that people see no other choice but to opt for irregular migration routes that put their lives at risk,” the organization said in its  2022 report .

Trump suggested that the border crossings imperil Americans when he went on to say, “these killers are coming into our country, and they are raping and killing women.”

But, as  we’ve written before , FBI data show a downward trend in violent crime in the U.S., and there’s no evidence to support the claim that there’s been a crime wave driven by immigrants.

Crime analyst Jeff Asher, co-founder of the New Orleans firm  AH Datalytics , told us in May that there’s no evidence in the data to indicate a migrant crime wave.

Similarly, Jeffrey Butts, director of the Research and Evaluation Center at the John Jay College of Criminal Justice,  told the New York Times  in February there was no evidence of a migrant crime wave in New York City after Texas Gov. Greg Abbott began busing migrants there in April 2022.

“I would interpret a ‘wave’ to mean something significant, meaningful and a departure from the norm,” Butts said at the time. “So far, what we have are individual incidents of crime.”

Also, it’s worth noting that the Institute for Economics and Peace’s  Global Peace Index  — which measures the safety of 163 countries based on 23 indicators, including violent crime, deaths from internal conflict and terrorism — said the “least peaceful country” is Afghanistan, followed by Yemen, Syria, South Sudan and the Democratic Republic of the Congo.

In discussing inflation, the former president embellished the degree to which food prices have increased.

“It’s killing people. They can’t buy groceries anymore,” Trump said. “You look at the cost of food, where it’s doubled, tripled and quadrupled. They can’t live.”

According to the Bureau of Labor Statistics, the Consumer Price Index for food has  gone up 17.5%  — not 100% to 300% — since January 2021. The Consumer Price Index specifically for groceries, or “food at home,” has  risen 20.8% .

Climate Change

During a short exchange about climate change, Trump boasted that during his tenure “we had the best environmental numbers ever.” It is not clear what he was referring to exactly, but he said if elected president he wanted to have “absolutely immaculate clean water and I want absolutely clean air — and we had it.” He might have been referring to a talking point that Andrew Wheeler, Trump’s former Environmental Protection Agency administrator, had recommended Trump mention during the debate: “CO2 emissions went down” during his administration, as  the Hill reported . 

Greenhouse gas emissions, which are responsible for global warming,  did decline  from 2019 to 2020. But that was “largely due to the impacts of the coronavirus (COVID-19) pandemic on travel and economic activity,” according to the EPA. Emissions increased by 5.7% from 2020 to 2022, once the economy started getting reactivated again, the agency said. 

According to an  analysis by the New York Times , Trump’s administration reversed nearly 100 environmental rules, including 28 regulations on air pollution and emissions, and eight rules that limited water pollution. Reportedly, Trump  recently asked  oil executives and lobbyists to donate to his campaign, promising he would roll back other environmental rules that hurt fossil fuel interests. 

“He’s not done a damn thing for the environment,” Biden said in response, pointing out that Trump had  pulled the U.S. out of the Paris Agreement . “I immediately joined it because if we reach the 1.5 degrees Celsius … there’s no way back,” Biden said. 

As  we’ve reported , although reaching 1.5 degrees Celsius, or 2.7 degrees Fahrenheit, of warming comes with a number of very serious impacts, it is not a point of no return. Scientists agree that every increment of global warming increases these negative impacts, but 1.5 degrees is not a magic number after which everything is doomed, they say. 

Immigrants Living in Hotels

During the debate, Trump  mentioned   twice  that while immigrants crossing the border illegally were “living in luxury hotels,” in New York City and other cities “our veterans are living in the street.”

While it is true that New York City has  provided   hotel   rooms  to migrant families as a temporary shelter solution, there is no evidence that immigrants are being placed in “luxury” hotels. 

In 2023, Mayor Eric Adams  signed  a $275 million contract with the Hotel Association of New York City to house 5,000 migrants. The deal was intended to help  struggling hotels  impacted by the pandemic and did not expect to include luxury hotels. “There are no gold-plated rooms that are being given away contrary to any reports that you may have seen,” the association president  told NY1  at the time. In January, the city  signed  another $77 million contract to shelter migrant families in hotels. 

In April, social media posts falsely claimed immigrants had stormed New York City Hall to demand luxury hotel accommodations. But as the  Associated Press reported , the immigrants were there for a hearing about racial inequities in shelter and immigrant services. 

In 2023, the number of veterans experiencing homelessness increased 7.4% from 2022, according to  data  from the Department of Housing and Urban Development. But homelessness among veterans has been declining in recent years, with a 4% overall reduction within the last three years alone. 

Terrorist Attacks Under Trump

While talking about Iran and terrorism, Trump falsely claimed that “you had no terror, at all, during my administration.” As  we’ve written , there were several acts of terrorism carried out by foreign-born individuals when Trump was in office.

For example, in October 2017, Sayfullo Saipov  used  a truck to run down people in New York City. He killed eight people,  including  Americans and tourists, in an attack carried out on behalf of the Islamic State.

Then in December 2017, Akayed Ullah  detonated  a homemade pipe bomb he was wearing inside a New York City subway station. Ullah  told  authorities he did it in response to U.S. airstrikes against the Islamic State in Syria and other places.

Then in  December 2019 , Second Lt. Mohammed Saeed Alshamrani, a member of the Royal Saudi Air Force, shot 11 people at Florida’s Naval Air Station Pensacola, killing three U.S. sailors. Trump’s own attorney general, William Barr,  called  it an act of terrorism in January 2020. “The evidence shows that the shooter was motivated by jihadist ideology,” Barr said in a statement.

China Trade Deficit

When discussing U.S. trade relations with China, Trump said “we have the largest deficit with China.” That’s false, as  we’ve written .

In 2023, the U.S. had a trade deficit with China in goods and services of roughly $252 billion,  according to  revised figures the Bureau of Economic Analysis  released  in early June. The deficit in goods trading was about $279 billion which was partially offset by a roughly $27 billion surplus in the trading of  services  — which can include travel, transportation, finance and intellectual property.

The trade gap with China last year was the lowest it had been since 2009, when it was $220 billion.

In fact, according to BEA data going back to 1999, the highest total U.S.-China trade deficit in goods and services was about $378 billion in 2018 — when Trump was president. Under Biden, the highest trade deficit with China was $366 billion in 2022.

Not ‘Greatest Economy’ Under Trump

Trump falsely said that prior to the pandemic, the U.S. had “the greatest economy in the history of our country. … Everything was locked in good.”

Trump’s boast about creating the “greatest economy in history” is ubiquitous in his campaign speeches. And it’s not true, at least not by the objective measure typically used to gauge the health of the economy.

As  we have written , economists generally measure a nation’s health by the growth of its  inflation-adjusted gross domestic product . Under Trump, growth was modest. Real GDP in Trump’s four years grew annually by 2.5% in 2017, 3% in 2018 and 2.5% in 2019 — before the economy went into a tailspin during the pandemic in 2020, when real GDP declined by 2.2%,  according to  the Bureau of Economic Analysis.

So, in the best year under Trump, U.S. real GDP grew annually by 3%. By contrast, the nation’s economy grew at a faster annual rate  48 times  and under every president before and after Trump dating to 1930, except Barack Obama and Herbert Hoover. The economy grew at more than 3% six of Ronald Reagan’s eight years, including 7.2% in 1984, and it grew 5% or more 10 times under Franklin D. Roosevelt, including 18.9% in 1942.  Under Biden , the GDP grew by 5.8% in 2021 — a post COVID-19 bounce-back — by 1.9% in 2022 and 2.5% in 2023.

Trump’s Was Not Largest Tax Cut in History

As he has many times before, Trump wrongly claimed, “I gave you the largest tax cut in history.” But saying this over and over, as Trump has for years, doesn’t make it any more true.

As  we have been writing  even before the 2017  Tax Cuts and Jobs Act  was enacted into law, while the law provided tax relief to nearly all Americans, it was not the largest tax cut in U.S. history either as a percentage of gross domestic product (the measure preferred by economists) or in inflation-adjusted dollars.

According to a Tax Policy Center  analysis , the law reduced the individual income taxes owed by Americans by about $1,260 on average in 2018. It also reduced the top corporate tax rate from  35% to 21% , beginning in January 2018.

The law signed by Trump was initially projected to cost $1.49 trillion over 10 years,  according to the nonpartisan Joint Committee on Taxation . It could end up costing substantially more if individual tax provisions are extended past 2025. Over the first four years, the average annual cost was estimated to be $185 billion. That was about 0.9% of  gross domestic product  in 2018.

That’s nowhere close to President Ronald Reagan’s 1981 tax cut, which was 2.89% of GDP over a four-year average. That’s according to a  2013 Treasury Department analysis  on the revenue effects of major tax legislation. Five more tax measures since 1940 had an impact larger than 1% of GDP, and the Committee for a Responsible Federal Budget  includes  a 1921 measure as also being larger than the 2017 plan. That’s eighth place for Trump’s “biggest tax cut in our history.”

In inflation-adjusted dollars, the Trump-era tax cut is also less than the American Taxpayer Relief Act of 2012, which comes in at No. 1 with a $320.6 billion cost over a four-year average. And it’s less than tax reductions in 2010 ($210 billion) and 1981 ($208 billion).

Energy Independence

Trump boasted, as he  often does , that “on Jan. 6 [2021], we were energy independent,” implying that’s no longer the case under Biden. But by Trump’s definition, the country remains energy independent.

To be clear, under Trump, the U.S. never stopped  importing  sources of energy,  including crude oil , from other countries. What he likely means is that the country either  produced  more energy than it consumed, or  exported  more energy than it imported. During Trump’s presidency, after years trending in that direction, the U.S. did hit a tipping point where exports of primary energy exceeded energy imports from foreign sources in 2019 and 2020 — the first times that had happened since 1952,  according to  the U.S. Energy Information Administration. 

But contrary to Trump’s suggestion, that has continued in the Biden presidency. The U.S., during Biden’s presidency, has  exported  more energy,  including petroleum , than it imported, and it has  produced  more energy than it consumed. Also, the U.S. is producing record amounts of  oil  and  natural gas  under Biden.

Editor’s note: FactCheck.org does not accept advertising. We rely on grants and individual donations from people like you. Please consider a donation. Credit card donations may be made through  our “Donate” page . If you prefer to give by check, send to: FactCheck.org, Annenberg Public Policy Center, 202 S. 36th St., Philadelphia, PA 19104. 

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“ Climate Change Indicators: U.S. Greenhouse Gas Emissions .” EPA. Updated 27 Jun 2024. 

Popovich, Nadja, et al. “ The Trump Administration Rolled Back More Than 100 Environmental Rules. Here’s the Full List. ” The New York Times. 20 Jan 2021. 

Friedman,Lisa, et al. “ At a Dinner, Trump Assailed Climate Rules and Asked $1 Billion From Big Oil. ” The New York Times. 9 May 2024. 

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Zraick, Karen. “ How Manhattan Hotels Became Refuges for Thousands of Migrants .” New York Times. 23 Mar 2023.

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Goldin, Melissa. “ No, immigrants did not storm New York City Hall in pursuit of luxury hotel rooms. ” 17 Apr 2024.

Lazar, David. “ Mayor signs $275 million deal with hotels to house migrants .” Spectrum News NY1. 15 Jan 2023. 

Nahmias, Laura and Fola Akinnibi. “ NYC Pays Over $300 a Night for Budget Hotel Rooms for Migrants .” Bloomberg. 9 Jun 2023. 

Adcroft, Patrick and Spectrum News Staff. “ New York City signs $77M contract with hotels to house migrant families .” Spectrum News. 24 Jan 2024. 

Diaz, Monica. “ Veteran homelessness increased by 7.4% in 2023. ” VA News. 15 Dec 2023.

Robertson, Lori. “ Trump’s False Claim About Roe .” FactCheck.org. 9 Apr 2024.

U.S. Bureau of Labor Statistics.  Consumer Price Index for All Urban Consumers: Food at Home in U.S. City Average . Retrieved from FRED, Federal Reserve Bank of St. Louis. Accessed 27 Jun 2024.

U.S. Bureau of Labor Statistics.  Consumer Price Index for All Urban Consumers: Food in U.S. City Average . Retrieved from FRED, Federal Reserve Bank of St. Louis. Accessed 27 Jun 2024.

Farley, Robert. “ Trump’s Comments About ‘Cutting’ Entitlements in Context .” FactCheck.org. 15 Mar 2024.

Jaffe, Alan. “ Posts Misrepresent Immigrants’ Eligibility for Social Security Numbers, Benefits .” FactCheck.org. 26 Apr 2024.

Kessler, Glenn. “ No, Donald Trump, migrants aren’t ‘killing’ Social Security and Medicare .” Washington Post. 26 Mar 2024.

Federal Reserve Bank of St. Louis.  All Employees, Total Nonfarm . Accessed 27 Jun 2024.

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Three Ways To Get A Free Business Email Address

Published: Jun 25, 2024, 2:51pm

Reviewed By

Table of Contents

3 ways to get a free business email address, benefits of using a business email address, tips for creating a professional business email, choosing the best email hosting service, frequently asked questions (faqs).

When you start a business, you need a way for people to contact you. A professional-looking email is crucial to ensure that you are accessible to people who want to buy your products or employ your services. 

A business email address also helps you keep track of your business communication versus your personal communication and expenses. In this article, we’ll discuss how to hit the ground running and get a free business email address.

1. “Forever Free” Plan From Zoho Mail

If you already have a domain website address for your business, you can get up to five free email addresses from Zoho Mail.

The Forever Free plan on Zoho Mail stores up to 5 GB per user, and the file size attachment limit is 25 MB. This is a great place to start building your small business with a small team, but you won’t be able to use IMAP/POP syncing or the entire library of mobile applications on the free plan. The good news is that if you decide to migrate to a paid plan as your business grows, you’ll easily be able to do so.

If you still need a domain, you can buy one directly from a domain name registrar, such as Domain.com or NameCheap for under INR 834.66 ($10). Learn more about the best domain registrars .

2. Bundled With a Web Hosting Plan

Many web hosting services also offer email hosting for small businesses. This is an easy way to keep track of your websites and business emails in one place.

• Dreamhost is one of the best web hosts for small businesses and offers a user-friendly experience with plenty of options. However, its entry-level plan does not provide a free email. You must sign up for the Shared Unlimited hosting plan to get the free business email associated with the service. Pricing starts at INR 249.56 ($2.99) per month.
• Bluehost is another web host that offers free email with your hosting plan. Pricing starts at INR 249.56 ($2.99) per month, and you can use either its free native webmail client or create a Google Workspace or Microsoft 365 account, which requires a separate subscription.
• Squarespace also offers business email options via Google Workspace. The Squarespace Business plan includes a free business email with your first year of service, after which time you’ll be required to renew the plan at its standard rate.

3. Free Trial of Google Workspace

Google Workspace is a popular business service because of its many applications and integrations that are easy to use for most customers. Since you can connect Google Meet and Chat with your Gmail as well, it’s a good service for a small team that needs more communication options.

While Google Workspace does not offer free plans, it provides a free trial period of 14 days. This is good for businesses to get started and work to scale themselves up. Getting a free business email from Google Workspace through some third-party providers is also possible. For example, if you need a business website, you can choose a Squarespace plan that includes Google Workspace. However, these offerings are usually only free for a limited time period.

Although you can create a free Gmail account with your business name (such as [email protected] instead of [email protected]), this looks less professional. Especially if you’re starting a consulting business or any business where you’re courting clients, you want to have an experienced business email.

Personal Email vs. Business Email

Personal email should keep your business. It’s also important to have a business email so you can keep track of expenses to simplify your taxes. Separating your communications also makes it easier to organize your business processes in general.

Once a business email is created, you should make a professionally formatted email signature that is easy to replicate across addresses (if you have multiple users).

As you set up your business email, you should ensure that your domain name matches your custom website domain name. Have a friend double-check your work—having someone else proofread is always helpful.

Before deciding on your email service, you should also contact customer service to see if they can answer questions about software compatibility. They should be able to explain how the email integrates with the services you already have, such as CRM software or a VoIP platform.

When you start using your business emails regularly, you should also build a database of canned responses for customer service purposes. This will help track common questions and create a historical repository of your business operations.

Depending on your business’s needs, a free email address just might not be enough. Paying for an email service may be the best way to ensure you’re equipped with the tools to help grow your business. If a free service doesn’t balance security, scalability, and features, consider subscribing to an email hosting service .

What is the best free email account?

It depends on your business needs. If you only need one account, many free email services, such as Zoho Mail will work for you. If you need more users, consider switching to a web hosting provider with unlimited business email, such as Bluehost or DreamHost .

Can I get a business email address for free?

You absolutely can. Your free business email address is a great way to start professionalizing your business and tracking your company’s operations. If you own a web domain, get a free business email address through a provider such as Zoho Mail. If you already have a web hosting plan–or will soon purchase one, check with your web hosting provider as many include free business email.

What are the best name formats for a business email?

The best business email name formats feature some variation of your name plus your domain name. These include your full first and last name, the first initial of your first name and full last name, first name only, last name only, or full first name and first initial of your last name. All of this depends on how many people work at your business and if there is any change of name repetition. You can also use department names to go with your domain name, such as [email protected] or [email protected].

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Cassie is a deputy editor, collaborating with teams around the world while living in the beautiful hills of Kentucky. She is passionate about economic development and is on the board of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a Content Operations Manager and Copywriting Manager at Fit Small Business.

Rob is an SMB writer and editor based in New Jersey. Before joining Forbes Advisor, he was a content producer at Fit Small Business. In that role, he was responsible for writing, editing, and strategizing content geared toward small business owners. Before that, he worked at PCMag as a business analyst.