how to finish a business plan

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How to Write a Business Plan, Step by Step

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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.

ZenBusiness

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

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

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How to Write a Business Plan (Plus Examples & Templates)

• 3 years ago

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

Brandon Boushy

Brandon Boushy lives to improve people’s lives by helping them become successful entrepreneurs. His journey started nearly 30 years ago. He consistently excelled at everything he did, but preferred to make the rules rather than follow him. His exploration of self and knowledge has helped him to get an engineering degree, MBA, and countless certifications. When freelancing and rideshare came onto the scene, he recognized the opportunity to play by his own rules. Since 2017, he has helped businesses across all industries achieve more with his research, writing, and marketing strategies. Since 2021, he has been the Lead Writer for UpFlip where he has published over 170 articles on small business success.

Related posts

• September 27, 2023

How to Start a Business: The Ultimate Guide (2024)

• August 3, 2022

Free Business Plan Template (With Examples)

• May 3, 2022

How to Get a Business License (In 3 Steps)

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Small Business Trends

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

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

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

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

Table of Contents

How to Write a Business Plan

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

Executive Summary

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

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

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

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

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

Overview and Business Objectives

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

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

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

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

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

Company Description

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

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

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

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

Define Your Target Market

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

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

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

Market Analysis

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

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

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

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

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

SWOT Analysis

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

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

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

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

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

Weaknesses:

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

Opportunities:

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

Competitive Analysis

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

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

Example: Key competitors include:

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

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

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

Organization and Management Team

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

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

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

Products and Services Offered

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

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

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

Marketing and Sales Strategy

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

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

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

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

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

Logistics and Operations Plan

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

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

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

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

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

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

Financial Projections Plan

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

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

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

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

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

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

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

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

Income Statement

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

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

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

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

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

Cash Flow Statement

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

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

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

Operating Activities:

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

Investing Activities:

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

Financing Activities:

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

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

Tips on Writing a Business Plan

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

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

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

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

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

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

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

FREE Business Plan Template

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

The template is divided into the following sections:

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

What is a Business Plan?

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

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

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

Why You Should Write a Business Plan

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

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

What are the Different Types of Business Plans?

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

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

Using Business Plan Software

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

1. LivePlan

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

2. Upmetrics

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

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

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

5. Tarkenton GoSmallBiz

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

Business Plan FAQs

What is a good business plan.

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

What are the 3 main purposes of a business plan?

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

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

Can I write a business plan by myself?

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

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

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

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

How long should a business plan be?

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

What is a business plan outline?

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

What are the 5 most common business plan mistakes?

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

What questions should be asked in a business plan?

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

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

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

How is business planning for a nonprofit different?

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

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My Business Plan Is Finished—Now What?

Posted january 17, 2019 by diane gilleland.

Congratulations! You put a lot of research and thought into writing your business plan —and it’s finally finished. That’s a big accomplishment, and now you have a valuable road map for starting a business that will thrive. Be sure and celebrate this milestone!

Because so much goes into building your business plan, it’s tempting to think that once it’s done, you’re in the clear—all that’s left to do is open your doors and let things take their course. But actually, there are a few simple things you can do to give your new company a smart, strategic foundation, so you have a better chance to grow and succeed.

(A quick note: Of course, you may need to use your new business plan to get some funding—maybe a bank loan or money from an angel investor or venture capitalist. If that’s the case, our team has covered the topics of getting funded and pitching to investors in detail on Bplans. But you’ll still need to do the steps in this article as well.)

Once you start doing business, your days will get very busy. You’ll be making decisions and solving day-to-day problems. It’ll be difficult to carve out space to think about how your new company is performing and where it’s headed.

And yet, if you don’t make that time, you can easily run into critical problems, like cash shortages, costs getting out of control, or making the wrong decisions at the wrong times. That’s why we recommend that you build your foundation for good strategic practices now, so you’ll have developed good business management habits before you’re swamped.

We quote this statistic often because it’s powerful: companies that regularly review their numbers are 30 percent more likely to grow and succeed . Don’t fall into the trap of thinking you don’t have the time. Here’s how to set up a strategic foundation for your business.

Schedule a monthly business plan review

Right now, before you get busy running your business, schedule a one-hour business review meeting in your calendar every single month. The timing depends on your accounting operations—you’ll want to review the previous month’s finalized numbers, so choose a standing date in each new month when you can do that. You can have this meeting with your management team, or with a trusted advisor like your accountant .

In these meetings, you’ll look how the previous month’s actual financial performance stacks up against your business plan forecast . You’ll make this comparison for your revenue and your costs, and when your actual results are different than your forecast, you’ll explore why . It’s no more complicated than that.

Choose a few starting KPIs to measure business health

A KPI is a “key performance indicator.” It’s a specific statistic that helps you see whether your company is reaching the goals you set out in your business plan.

There are endless varieties of KPIs, and different industries and businesses use different ones. In fact, two departments in the same company might watch different KPIs. Don’t let that be intimidating, however—it’s really about deciding which metrics are most important to help you see your company more clearly. At this early stage, we recommend choosing just a few KPIs and watching these in your monthly review meetings.

For example, a retail business might track total sales per month. A service-based company might track its profit margin each month. If you’re not sure what to track, start with a few of the 29 metrics available in the LivePlan Dashboard , and add more to the mix as you gain confidence.

Set up a simple dashboard

In your monthly reviews, you’ll need a way to compare your accounting data against your business plan forecast, so you can easily see how your company is doing each month. You can do this with spreadsheets, but if you’re not a finance person, that can feel like more of a chore than it needs to. A good dashboard is as automated as possible, and it should display your key metrics in a graphical way . The easier your dashboard is to read, the more it helps you keep up the habit of monthly strategic reviews.

If you used LivePlan to create your business plan, then you’re halfway to having a complete dashboard . You can connect your accounting software to the LivePlan Dashboard in as little as 90 seconds if you’re using QuickBooks or Xero . You can also enter your accounting results manually each month if you prefer. However you enter your accounting data, when you have a visual way to compare it to your forecast, that makes your monthly reviews quick and simple.

Consider a Strategic Advisor

If you feel at all intimidated by numbers, it can really help to form a working relationship right now with a Strategic Advisor—an accountant who can interpret your numbers and help you formulate solutions when problems crop up. We keep a directory of advisors who work in LivePlan, so check that out.

We hear from entrepreneurs all the time who worry about the cost of hiring a Strategic Advisor too soon. But if an advisor can help you find and resolve problems before they become major financial issues, then you’re likely to find that your advisor pays for herself pretty quickly. Besides, you’ll have plenty of learning curves to hike as you start your company—you won’t have to scale them all at once if you get some expert help.

Get ready to update your forecast—often

In your business plan, you made the best estimates you could with the best information you had. But, don’t let that prevent you from making changes now. As you do business, you’ll learn more every day about your company and your market. Soon you’ll be in a better position to forecast realistically.

There’s nothing wrong with your original forecast needing an update—you didn’t know what you didn’t know before you started this company! So each month as you’re reviewing the numbers, consider how you might need to change your forecast to create targets your business can hit.

A startup company might adjust its business plan even more fundamentally that a typical small business, as it tries out different approaches in search of the most viable business model. It’s fine if your mission changes after you launch, or the way your company is structured, or the products and services you offer. Again, as you do business, you’ll learn a lot about what works and what doesn’t, and that will lead to updating your business plan so it stays realistic.

Good habits help you grow faster

We think of “growth” in two ways: the financial growth of your company, and your growth as an entrepreneur. By paying attention to your financial results regularly and revisiting your plan, you’ll be able to grow in both ways. Your company will stay healthy, and you’ll gain confidence to take on the challenges of running the business.

That’s a big reward for investing a little time in setting up good habits.

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Diane Gilleland

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Our guide for founders: how to write a business plan successfully

Adventurers don’t embark on a journey without charting a path first, nor should you as an entrepreneur found a startup without a business plan. Your business plan is your map, and a  solid business foundation is your destination.  Creating a business plan has many components. You’ll need to decide what kind suits your goals, before laying out the steps required to reach completion. To guide you through these high seas, we’ve put together a guide on how to write a business plan successfully, for you to consult so you can chart your path confidently.  Read on to fully understand what a business plan is and why you should create one, which type is right for you, and how to put it together step by step.  

What is a business plan?

Your business plan is a document that creates a picture of your business. In it you will clarify the kinds of products or services you offer, who is on your leadership board and staff, how you will finance your business, what your daily operations will be, and anything else key to your success.  Visually, you will have the freedom to design your own business plan. Like CVs, there is no one template for a business plan. That being said, There are components you will need to include in the document, and displaying them clearly on the page will inevitably force some recognisable structure into your document. 

Why write a business plan?

There are two groups of people for whom you will create your business plan: 1. You and your staff, and 2. Your investors. 

For you and your staff

Whether or not you’ll have a staff will not influence your need for a business plan. It just changes how many eyes there will be on it. For yourself, a business plan will lay out in plain terms, soberly and backed up with financial data, all the big plans you have about your venture’s success.  As you begin to put down on paper what you hope to achieve, interrogating it with influencing factors, you will begin to understand both the likelihood of completing your goals and the things required for you to do so. 

For your investors 

Think of your business plan like an argument you will need to present to win the case of financing your venture. All entrepreneurs, even the ones with a huge cache of money saved before they begin, will need to approach investors to finance their companies.  In the early stages before you’ve accrued many customers or made many sales, your business plan is the strongest piece of evidence in your case. It not only shows you have planned ahead and thought of all the potential roadblocks, but it demonstrates how the investors themselves would benefit from getting involved with you, ultimately securing funding for your business .  

What are the business plan formats?

Before putting together your business plan, you’ll need to determine what kind will serve you best. Business plan formats differ in length and content, depending on the size and type of company you plan to run. Typical business plan formats are:

• Traditional business plans
• Lean business plans
• Nonprofit business plans

Traditional business plan

The traditional business plan format is the most common and most comprehensive type. They often reach around 40 pages and are suited to entrepreneurs with long-term, large growth plans for their ventures, reaching investors they hope to convince to invest heavily in their businesses.  Approach the traditional format like you would a comprehensive blueprint of your business’s future. You want to cover as much as possible, to have already answered the majority of questions that might come up when someone takes a look at your business plan.  Below, we’ll lay out the steps to creating a traditional business plan, including how to draft these necessary components: 

• Executive summary
• Business description and strategy
• Industry analysis
• Market analysis
• Organisation and management
• Financial projections
• Financing request

Lean business plan 

This is the kind of business plan that works for a startup. If you’re keen to get started quickly and don’t need a huge amount of resources right at the beginning, a lean startup might be the way to go. While it’s a concern that you might opt for a lean startup plan when a more comprehensive one would serve you better, it’s conversely true that spending too much time on a business plan when a lean one will suffice is detrimental too. Not only do you waste time and resources putting one together, but without a staff or management board involved, or many investors needed, you’re simply expending effort that need not be expended.  Putting together a lean startup plan, you won’t need to include as strict a list of components as the traditional model requires. Lean business plans are more about general subheadings denoting what to include.

• Identifying a problem
• Proposing your solution
• Presenting your key metrics
• Describing your unique value proposition
• Explaining your marketing strategy
• Estimating your target market
• Laying out your cost structure
• Listing your revenue streams

Nonprofit business plan

Crafting a nonprofit business plan will mean focusing on appealing to donors rather than investors. Therefore, your chief concern will be appealing to a problem and providing a solution to it.  Beyond this, the basic structure of a nonprofit business plan will be the same as a traditional one, or lean business plan depending on the size of your venture. Our steps below can be used for this kind of business plan. 

How to write a business plan in 8 steps

Creating a business plan can seem like huge task. But if you break it down to just a few simple steps, it quickly become a quite manageable affair:

• Business description

Step 1: Executive summary

Here is where you lay out the contents of your ensuing business plan. Use it to highlight the most important parts of your plan, which will depend on the kind of business you will be running. If you are running a nonprofit business, emphasise the urgency of the problem you plan to solve, through data and figures which help to clarify the need for donors.  It’s with the executive summary that you want to capture the reader’s attention and then explain in brief terms what your business stands for and what you are going to do. You can think of the executive summary like a microcosm of the overall business plan.  Be sure to include: 

• Objective of your business
• Target market you intend to reach
• Products and services you aim to provide
• Marketing and sales strategies you will employ
• Analysis of competitors in your chosen market
• Funding and budget allocation for strategies and operations
• Number of employees you will hire
• How you will implement your business plan

Lean business plans should also include the above components in an executive summary. Ideally, you will present them in a shorter form, through bullet points rather than explanatory paragraphs. 

Step 2: Business description

With the business description, you can make clear what makes your business unique among the others in your market.  Answer these questions when putting together your business description:  What do I do that my competitors don’t? Analyse your main competitors’ websites and mission statements. What services do they provide that match yours? How will you offer yours differently? How do they manufacture their products in ways you could improve upon? What is my company philosophy? Also called your mission statement or brand identity, your philosophy is the driving purpose for which you created your company. Brand identity is more common today with companies aligning themselves with causes, making this part of your business description equally important whether you are profit- or donation-based.  Who are my target customers? Demonstrate a clear understanding of who you wish to reach with your product or services. Consider demographic, region, wealth status, occupations, and age when outlining your potential customer base.  What are my goals? Finally, what do you hope to achieve with your business venture? Investors and donors want to see ambition, but they also want to see realism. Counter your ambitious goals with expectations that situate them in the realm of possibility without eliminating the possibility to do something great. 

Step 3: Industry analysis

Ideally, you should know what industry you’re getting into before you start putting together your business plan. Industry analysis in a business plan is about presenting to interested parties a thorough understanding of more than just your competitors—it’s also about the historical developments and influencing factors within your industry: what has formed it and what might continue to shape it in the future.  Include in your industry analysis things like: 

• The influencing factors in your industry: what causes the competition to intensify/decrease, how customers’ needs have changed/are changing, what technological innovations have/will change your industry, how globalisation affects your industry, which government bodies will regulate your industry.
• The current attractiveness of the industry: whether or not now is the right time to be in your chosen industry, what are the challenges/advantages of entering this industry now, how does the trajectory of this industry look when forecasting its future.

It’s also important to clarify where in that industry you stand, and to be realistic about your competition. For example, if you’re opening a film studio, it may be accurate to say that your industry includes Disney and Netflix, but it would be unrealistic to assume you can compete with them. Instead, further break down your industry competitors by finding ones more similar to you: what kind of films might your studio produce? What will the general budget of those films be? Who are the other studios with similar budget margins and output type?

Step 4: Market analysis

Market analysis and industry analysis may seem like the same thing, however they have a crucially different focus: where industry analysis focuses on your competitors, market analysis is focused on your customer base.  To return to the film studio example, the market will have to be more narrow than ‘people who watch movies’. Instead, it would be better to appeal to demographic by genre, censorship rating, style, etc. Gathering data on such a demographic will be too broad and impossible to determine any useful metrics or trends.  Sharpen your market analysis by introducing factors that will drain the pool a bit: 

• Customer age/location/family status etc.
• Customer shopping habits
• Potential number of buyers/subscribers
• Amount customers are willing to spend

Keep your analysis broad enough to ensure growth if your venture is successful, but remember that at the business planning stage, accuracy and realistic expectations are key. 

Step 5: Organisation and management

Less relevant for startups putting lean business plans together, this section will lay out the structure of your staff and board of directors. In other words, who is involved and what are they doing?  Divide this section into two sections:

• Business structure and people involved
• Management team or board of directors

Business structure

Usually displayed visually, your business structure will lay out the hierarchy of your company. In the form of the chart, position the founders, management teams, and staff in whatever structure best suits you. 

Management team

Here, bring a personal element to your organisational structure. Describe what each member (incl. yourself) of your management team brings to the company, with all of or a selection of these details: 

• Ownership percentage
• Involvement level
• Ownership type (stocks, general partner, etc.)
• Company position
• Educational background
• Relevant skills and experience
• Relevant employment history
• Awards received
• Compensation

Step 6: Financial projections

Two year financial projections will help readers of your business plan understand your cash flow, loan repayment schedules—ultimately what you plan to do with your money and how. Similar to your business budget .  Here are the key elements of the financial projections section of your business plan:

• Spending and sales: daily operations like rent, utilities, production materials; one time purchases such as vehicles, software; countered with projected sales revenue for the month
• Financial projections: monthly expenses and revenue cash flow demonstrating cash flow for the first twelve months of business operations; determine projected annual income with statements and balance sheet predictions
• Contingency plan: demonstrate plan for unexpected expenses via financial projections and cash flows; how you plan to handle sudden events; present in the form of a cash reserve

Plan for your business and your finances accordingly–with Qonto's digital business account.

Step 7: Financing request

Towards the end of your financial projections section is where you ask for funding from readers. Having presented a detailed and thorough understanding of your business operations and cash flows you can now make your case for corporate financing .  You will need to include in your financing request:

• Amount required
• Future financial plans
• Financial history
• Loan repayment terms

When filling in these requirements keep these things in mind:

• Who is my audience for this report? Your readers are your financiers. How will you reach them? Appealing for a profit-based vs nonprofit business will require a different kind of approach in this section, as you are speaking to donors vs people who are hoping to profit through their investments to you.
• Have I been accurate in my presentation? Make sure the information you have provided previously matches the funding request you are about to make. The ending of your business plan should be like the ending of a good movie: it makes sense considering the events that preceded it.
• Is my request reasonable? What you are asking for should be a balance between what you need and what you hope to receive. Asking too low will cause you to seek more financing later on, and asking too high might be met with scepticism or outright rejections.

Step 8: Appendix

The final section of your report will provide any supporting documents that have been requested by your readers.  This could be:

• Credit history report
• Product pictures
• Reference letters

Writing the best business plan: tips and common mistakes

Understanding how to write your business plan most successfully means keeping several things in mind while putting together all the components. A good business plan is the product of a forward-thinking and logical business owner who knows what they want and how to deliver it clearly.  Keep these concepts in mind when putting your business plan together: 

How long does your business plan need to be? Long-winded business plans that provide too much information when it isn’t needed. We tend to glaze over when looking at a document providing more than the necessary information. You don’t want potential investors glazing over your report. 

A business plan might not seem like the right medium in which to convey passion, but this is misleading and potentially dangerous. Too many business reports are dry documents. Investors and donors want to see a business owner who believes in what they do, who sees a bright future ahead for themselves and the people who work with them. Use your opening section and business description to communicate what makes your business more than just a business—it’s your passion.

Know exactly who you’re speaking to. Keep your audience in mind at all times when crafting your document so that you only put in information relevant to those readers. A business plan that appeals too broadly will only harm your potential to convince. 

There are a lot of components to a good business plan. Whether lean or traditional, you will have to consider your venture from many different angles and back up a lot of your proposals with research. But the more effort you put into this stage of business formation, the stronger foundation on which you’ll start your business, increasing the likelihood of a long term career.  Hopefully, our extensive guide on how to write a business plan has provided some useful pointers on getting started with your business plan. 

• A business plan is a document which a founder presents to potential investors and interested parties, to demonstrate the financing and operations of their business venture
• Business plans are useful to both staff and founders, as well as potential investors
• Business plans come in three types: traditional, lean, and nonprofit
• Write your business plan by first putting together and executive summary and business description to establish what you do
• Market and industry analyses will demonstrate your understanding of the competition and potential customer base
• Organisation and management lays out the structure of your business and staff
• Financial projections and funding request sections clarify your financial standing and what kind of financing you require from readers
• The appendix includes any extra documents requested by the reader
• Keep in mind length, audience, and passion when writing your business plan

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How to Finish Writing Your Business Plan

If you have a business idea that you’re passionate about, chances are you’ve started to write a business plan. There are lots of resources online that offer templates, descriptions, and even reports that you can use in your research. It’s really easy to start writing a business plan.

But it’s not nearly as easy to finish.

Finishing the business plan is such a huge obstacle for many entrepreneurs that they’d rather start, then restart, then start again, using different templates each time, hoping one of them will make it easier. But I promise that no template will help you finish your business plan until you a) set the time aside to get it done and b) develop the skills to think like a business owner.

Why Your Business Plan isn’t Finished

There are lots of reasons why people never finish their plans. We often hear entrepreneurs lamenting that they don’t have enough time, the rest of their life keeps getting in the way, they are stuck on the financials, or they can’t find the information they need to finish the research. Sometimes, the entrepreneur realizes partway through the process that their business model doesn’t work, and they’re not sure how to turn it into something that does.

What You Can Do About It

Here are some actions you can take right away to get that business plan written and ready for funding:

• Schedule two hours a week, every week, to concentrate on your plan until it’s finished. No distractions allowed – no emails, no kids, no Facebook.
• Take a business planning workshop and get some insight from other entrepreneurs and an experienced facilitator.
• Set a deadline to complete the plan and make yourself accountable by telling your friends and family what the deadline is.
• Join a mastermind or a peer mentoring group to help you get past your business hurdles and answer your questions about the plan.
• Read some business books or buy a business planning guide to find some inspiration.

If you’re not sure what to do next, just start asking your friends, coworkers, anyone you feel comfortable with, even if you don’t think they can help. You might be surprised what insights an outside perspective can bring.

How You Know When it’s Done

The truth is, your business plan is really never complete. To make it useful for your company, you have to tweak and revise it regularly – usually at least once a quarter, especially when you’re just starting out. So, how you define ‘done’ is really based on what you need the plan for. If you’re planning to submit it to a bank for funding, then the plan is finished when you’ve address all of the bank’s concerns, including risk management, revenue forecasts, market research, cash flow, and projected gross and net profits.

Your business rarely progresses the way you thought it would, but that doesn’t make the business plan irrelevant. Just having those goals and benchmarks written down, and an analysis of your target customers to refer to, can really help with your decision making as your business grows.

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How to Write a Business Plan

• Written By Dave Lavinsky

A business plan is an essential part of starting your own business. It’s a roadmap that outlines your business goals and how you plan to achieve them. A well-written business plan can help you secure funding, attract customers, and establish yourself as a credible business owner.  

5 Reasons You Need a Business Plan

Writing a business plan may seem like a daunting task, but there are several reasons why it’s important to have one. Here are five of them:  

1. It helps you focus on your business goals.

A business plan forces you to think through your goals and how you plan to achieve them. This can help you stay focused and avoid getting sidetracked.  

2. It improves your chances of securing funding .

If you need to borrow money to start or grow your business, a business plan can help increase your chances of getting approved for a business loan. Potential investors and lenders will want to see how you plan to use their money and how you’ll generate a return on their investment.  

3. It helps you attract customers.

Customers want to know how your product or service will benefit them. In a business plan, you can show how your business meets customers’ needs and how it fits into the current market.  

4. It establishes you as a credible business owner.

A well-written business plan shows potential customers, investors, lenders, and even staff members that you’re a serious business owner with a solid business sense who has thought through how to achieve business success. For some people, this is just as important as how the actual business makes money.  

5. It forces you to research your competitors and market trends.

Writing a business plan forces you to do your homework on the competition and understand how demand for certain products and services may change in the future.

Here’s how to write one that will help you succeed.  

When you write a business plan, you can write it from scratch or use an AI business plan generator . In either case, incorporate these 9 key elements to give your business the best chance of success.  

Executive Summary

A business plan executive summary is where you impress the reader by highlighting your business’s strengths and success. In one-to-two pages, establish a reason for the investor or lender to consider your funding request. Because the executive summary is an overview, you’ll write it last.

An effective business plan executive summary defines how capable your business is and lays out how well your business will be doing in the market. It also explains how an investor or lender can benefit from what you want them to do with your business. But most of all, the executive summary captivates the reader’s attention and persuades them to strongly consider becoming invested in how well your company will do so that you receive the capital you need.  

Company Description

When describing your business, you’ll want to capture the essence of what you do and how you do it. This includes your company’s history, structure, and achievements. You’ll also want to highlight what makes your company unique and how you can help achieve your customer’s goals.

You may also want to include a mission statement in your company description. This statement tells what your business is about and how it affects other people. 

For example, you may find the following mission statement in a record label business plan :

“We focus on finding talented artists, providing them with an excellent management team, and capturing their stories through design to reach new audiences across the world.”

When writing a business plan, it is important to include a section on your company history. This includes key information such as your inception date and location. The value of this section lies in sharing your origin story with investors. They are interested in knowing how you developed the business concept and took it to market. For start-ups, this section may be brief. Established organizations can expand this section to highlight major accomplishments since inception.

This company overview is where you will also specify the legal structure of your company. A business can be a sole-proprietorship, a partnership, a corporation, a limited liability firm, or a non-profit organization.  

Industry Analysis

When writing a business plan, it’s important to remember that your company is not operating in a vacuum. Your business’s success or failure will be affected by socio-economic factors in the marketplace. That’s why it’s important to conduct a market analysis as part of your business plan.

This section will outline how your business is performing compared to other companies in the same industry. It will also identify recent developments that must be considered when creating your business strategy. To research this information, be sure to consult credible sources. Review both past and present reports to form the broadest understanding of all external factors.

Include statistics on the total and relevant market sizes, as well as historical and future growth estimates. You’ll also need to estimate your market share. While many sources report on the total market size, you’ll need to calculate the relevant market size based on your niche or market segment.

Your relevant market size for a business is an estimate of the annual revenue that could be attained if the business realized 100% market share. This is calculated by multiplying the number of people who might be interested in purchasing the products or services each year by the dollar amount these customers might be willing to spend on products or services annually.

Let’s examine a sample industry analysis from a startup food truck business plan :

“The food truck industry is an expanding market that has seen substantial growth in recent years. This growth is supported by the rising popularity of “street food” and the increased demand for healthier, on-the-go dining options. While some food trucks are operated with traditional restaurant equipment, most use small cooking equipment designed for lighter-duty usage with limited space.

The current industry size for mobile food trucks is estimated at $2 billion annually, but there’s plenty of room to grow. As the population continues to migrate to urban areas over the coming decades, consumers will need more convenient access to healthy foods than what they can find at home or in traditional brick-and-mortar restaurants. The convenience and affordability of mobile food trucks combined with the variety of menu options will continue to drive growth in the industry.”  

Customer Analysis

An effective customer analysis should be done to determine how well you know your customers. The first step is determining the buying behaviors and patterns of your customers. Potential funding sources will also ask about the proximity of your business to them, as well as the size of the potential customer pool.

The customer analysis section answers two key questions: what is the problem your customer is experiencing and how are you solving it? Problems, or pain points, can be multifaceted. You’ll need to identify what will make them feel most satisfied with your products or services. For instance, customers may want to reduce time or cost in projects, or they may want to work with an organization that has a good reputation for customer service.

One approach to understanding your customer base is developing an ideal client persona. This involves creating a figure that represents your average customer- typically by age, business experience, values, and needs. Doing so allows you to better understand their behaviors and how to appeal to them.

Here’s an example of a client persona from a nail salon business plan :

“Marie is a woman in her 20s who works as a receptionist. She lives in the city and has been looking for a new salon because her last one closed down. She’s looking for a salon that is close to her work, has an easy-to-follow menu, and provides services at a reasonable price.”  

Competitive Analysis

A competitive landscape analysis is a key section of any complete business plan. This section outlines your strengths in comparison to other similar companies targeting the same market, and answers the question, “why this business?” for prospective customers and investors.

Your competitive analysis should include a review of your direct and indirect competitors, as well as an evaluation of each competitor’s strengths and weaknesses. It should also identify what opportunities exist in the market that you can capitalize on.

In order to create an effective competitive analysis, you need to thoroughly research both your direct and indirect competition. This means gathering data on things like their marketing efforts, target markets, and product offerings. You’ll also want to know about their financial stability and how they’re perceived by customers.

Once you have this information, you’ll want to create a table that outlines each competitor’s strengths and weaknesses, as well as the opportunities and threats they pose to your business.

You will use this information to determine your competitive advantages. These are strengths that you will use to beat your competition. Here’s how we recommend using this information in your business plan:

Think about the problems, needs, and wants of your customers and how you solve them better than any other business. You can refer back to your ideal client persona for inspiration when identifying these points, which should appear throughout the rest of the business plan in your marketing and sales plan.

Here’s an example of a competitor profile from a real estate agent business plan :

“XYZ Realty is a local real estate company that has been in business for over 30 years. They have been able to maintain a steady customer base due to their expert knowledge of the area and the fact that they have received positive reviews from previous customers. XYZ Realty is considered one of the frontrunners in the real estate industry due to its dedication to quality service and attention to detail.

The main competitors for XYZ Realty are larger national companies that have expanded into smaller areas with a limited number of agents on staff. These big-box companies offer cheaper rates but cannot provide the same level of expertise as XYZ Realty due to their lack of local information or customer support team. One advantage that these bigger companies do have is their economies of scale, which allows them to offer lower prices.”  

Marketing Strategy & Plan

Creating a marketing plan is essential for letting people know about your business. The plan should outline your strategy for communicating information about your products and services to potential customers. It can also help convince investors and lenders that you have a solid understanding of how to reach your target market and generate sales. In some cases, your marketing plan may be a separate document from your detailed business plan.

In a marketing plan, you’ll need to include details on your target audience and how you will reach them. This includes discussing the competition within your industry and what makes you unique in comparison to other companies.

You should also list out specific business objectives for things like developing a brand identity, creating a website, reaching out to customers through email campaigns, and more. You may also want to discuss your pricing strategy that capitalizes on the strengths of your business.

Here’s a partial marketing plan example from a daycare business plan :

“Sunshine Daycare provides care for children ages 8 months to 5 years.

We offer the children the chance to have fun and be educated in a nurturing environment with lots of space to learn and play. Our hours are from 7:00 AM-6:00 PM Monday through Saturday, closed Sundays except by appointment only. We also offer a low price; a one-time registration fee of $100 and weekly fees start at just $180 for an infant and decrease incrementally as the child gets older. We also provide a discount for siblings.

One of our nearest competitors is ABC Daycare, which is open 6:00 AM-6:00 PM Monday through Friday and charges $40/day for a single child or $75/day for two children. They do not offer discounts for siblings.

Our marketing strategy is to emphasize our lower prices, extended hours, sibling discount, and focus on the nurturing and educational environment.

Objectives :

• Create an online presence via a website and social media platforms
• Generate word-of-mouth referrals from current and past customers
• Recruit families to attend our open houses/workshops

Target Market

Age: infants, toddlers, children up to 5 years old

Parents looking for a safe and affordable child care option in the area

Families who may work a nonstandard schedule, such as parents in the service industry or students with part-time jobs. These groups often face difficulty finding infant care due to limited availability during evening hours when they’re working.”  

Operations Plan

A strong operations foundation is essential for any business. As a result, your operations plan is a key part of the business planning process and your traditional business plan.

Processes, metrics, and milestones define how you will effectively manage the business and its associated costs. A thorough operations plan conveys to investors that your business results are intentional. It also demonstrates that you’ve considered what could go wrong and have preventative and recovery plans in place.

Your operations plan should include the following:

• Description of your business model
• How you will produce or deliver your products or services
• Details on your organizational structure, including an organizational chart
• Plans for human resources, including hiring, training, and retention
• Information on systems and technology needed to support your business
• Policies and procedures in place to ensure quality control and compliance

Here’s a partial operations plan excerpt from a juice bar business plan :

“Maple Juice Bar has one key goal in its operations plan: provide the freshest, highest-quality juice in the city. Juice is made fresh every morning to ensure quality and taste. Our retail store hours are from 8:00 AM to 6:00 PM Monday through Friday because of this production schedule. We also offer online ordering via our website so that customers have access to our range of products regardless of their location or the time of day.

Human Resources

We have 5 employees that work part-time (16 hours/week) at Maple Juice Bar. This allows us to keep labor costs low while still maintaining a relatively high level of customer service. All employees receive on-the-job training during their first week, with additional training provided as needed. Employee retention has not been an issue to date.

Systems and Technology

We have a Square credit card reader to accept debit/credit cards for all transactions. We also have a computer on-site so that customers can access our website or social media platforms if they don’t feel comfortable using their mobile device in-store. All employees are trained on the website interface so that they can assist any customer with online orders.”  

Management Team

Investors are looking for businesses to invest in, and it’s of extreme importance for you to show them that your company is of good standing. One way to assure investors that your business is worth investing in is by providing plans of what you plan to do with the money. While the execution of these plans falls on your employees, this doesn’t mean that investors aren’t interested in who you have on your team. Investors need to know about your team members, their credentials, and what expertise they bring to the table.

You’ll include the names and biographies of your management team members as well as any managerial gaps below. You may also recognize your Board of Directors if appropriate. The background information may cover things like an individual’s educational achievements, work experience, abilities, and accomplishments. It allows investors to get to know your team members in addition to providing another level of transparency.

It’s possible to have openings on your team at the time you write your business plan. In this instance, you’ll describe the job duties and specify the essential qualifications for a successful applicant.

For example, the background for a residential cleaning company’s president may read:

“Jane Doe is a lifelong resident of the Hampton Roads area and has over 12 years of experience in residential cleaning. Jane understands that businesses need to provide top-notch customer services while saving time, energy, and money. She was born with an eye for detail, which she applies to her cleaning activities each day.”  

Financial Plan & Projections

A financial plan is a key element of your business plan that provides strategies for acquiring financing and making it sustainable. In addition to presenting your revenue model, projections, and funding requirements, the financial plan also outlines ways to procure financing.

The revenue model is a way that you make money. There are many different kinds of revenue models, including subscription, advertising, affiliate marketing, markup, direct sales, and commissions.

Financial projections are important for your business plan. Your plan should include a three-to-five-year financial forecast that outlines your projected income and expenses while realistically portraying your profitability. This section will showcase several reports with details included in your Appendix. The financial statements include your projected income statement, balance sheet, and cash flow statement. Established businesses may choose to include historical financial data. Charts and graphs are an effective way of depicting your financial highlights.

Finally, you’ll describe your funding request. Describe how much money you’ll need and how you’ll use it. Some potential applications include, among other things, purchasing equipment, paying bills and salaries, leasing office space, researching the market for product development, and conducting market research for product creation.

Here’s an example financial plan summary from a  car rental business plan :

Income Statement

Balance sheet, cash flow statement, planbuildr makes writing a successful business plan easy.

Finish your business plan quickly with our business plan software , PlanBuildr. PlanBuildr is a simple and easy way to create a professional business plan that will help you raise funding for your company. Get started today!

Looking for a traditional business plan template instead? Visit Growthink for a wide selection of sample business plans and business plan templates for over 100+ industries.

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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Using ai and step-by-step instructions.

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

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

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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Why every entrepreneur needs an exit strategy.

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When I began my journey, selling my business was the last thing on my mind.

When I began my entrepreneurial journey, selling my business was the last thing on my mind. However, as time passed, I understood the importance of an exit strategy for ensuring sustainability and success. Here's my story.

The Initial Phase: Starting and Growing

As a serial entrepreneur, nothing thrills me more than starting and growing a business. The satisfaction that comes from seeing an idea transform into a thriving enterprise is unparalleled. However, like many entrepreneurs, I was caught in a cycle of creating a business, nurturing it to success, and then losing interest when things became mundane.

The Problem: The Fading Passion

The pattern was clear. I'd be all in during the early days, driven by excitement and passion. However, as the years passed, the repetitive, managerial aspects would kick in, leading to a gradual decline in enthusiasm. As my interest waned, the business would suffer, eventually prompting me to move on to another venture. This cycle was exhausting, and I knew something had to change.

The Revelation: There's More Than One Way Out

It was during a funding round in 2020 that I had an epiphany. While discussing my plans to take my business global with potential investors, I was repeatedly asked, "What's your exit strategy?" To my surprise, I didn't have one.

For a long time, I had the misconception that no one would be interested in acquiring my business. Why? Because I considered my business as "boring." However, as I soon learned, stable and straightforward businesses are precisely what investors seek: low-risk, easy-to-manage entities that promise consistent returns.

Boeing Whistleblower Will Testify Before Senate Today—Here’s What To Know

At least 20 dead in uae and oman after record rainfall causes severe flooding, u.s. will impose new sanctions on iran’s drone program after attack on israel, shifting perspective: from entrepreneur to investor.

Those pivotal conversations in 2020 marked a turning point in my entrepreneurial journey. They shifted my mindset from viewing myself as a business owner to an investor. I realized that not only was I the main investor in my business, but my business was also a valuable asset. The transformation in my mindset was profound. I transitioned from "I am my business" to “I own this asset”, recognizing my venture as a distinct asset, separate from my identity.

The Takeaway

Every entrepreneur should have an exit strategy. Whether it's a sale, a merger, or a succession plan, understanding your endgame can provide direction, offer motivation, and, most importantly, ensure you maximize your returns.

If you're an entrepreneur with a business generating over 2M in annual revenue and haven't yet considered an exit strategy, it's time to start. After all, being prepared for the end often means making the most of the journey.

To a brighter, freer entrepreneurial future!

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IRS.gov offers last-minute filing tips, resources to help taxpayers who still need to file before April 15; special Saturday hours in 70 locations

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IR-2024-108, April 12, 2024

WASHINGTON — With the April tax deadline arriving next week, the Internal Revenue Service today reminded millions of last-minute tax filers that the agency has a variety of free tools and resources available on IRS.gov.

From tax preparation, answers to tax law questions, refund tracking, tax law research to business topics and more, IRS.gov has everything needed for taxpayers to file on time or get an easy, automatic six-month extension to file. The IRS also has special Saturday hours available at 70 Taxpayer Assistance Centers across the country to help taxpayers.

“Millions of taxpayers across the nation will be working on their tax returns during the final hours, and people should remember they have many ways to get last-minute help,” said IRS Commissioner Danny Werfel. “We have a variety of free tools on IRS.gov that can help with basic tax law questions, provide free filing options, update refund status and even provide ways to request an extension for more time to file. We’re continuing our expanded special assistance for taxpayers right through the final weekend of tax season with special Saturday hours at 70 locations.”

For most of the nation, the tax deadline is April 15. Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year. This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia. Other taxpayers in disaster areas, certain active-duty military members and citizens living abroad automatically get more time to file; more details are below.

For taxpayers who need an extension of time to file their taxes, there are several options to get an automatic extension through Oct. 15. Although an extension grants extra time to file, it does not extend the obligation to pay taxes due on April 15, 2024. To avoid penalties and late fees, taxpayers who owe should pay either their full tax bill or at least what they can afford to pay by the April 15 deadline.

The IRS estimates 19 million taxpayers will file for an automatic extension.

The IRS has already received more than 100 million tax returns, with tens of millions more expected to be filed as the tax deadline approaches.

“Delivering tax season is a massive undertaking, and we greatly appreciate people in many different areas working long hours to serve taxpayers as the tax deadline approaches,” Werfel added. “This effort reaches far beyond the IRS and includes hard-working tax professionals, software providers, the payroll community as well as our colleagues in the state tax agencies. Their work helping taxpayers makes a difference.”

Get tax help, day or night

For those needing last-minute help, taxpayers will find filing information for individuals as well as businesses and self-employed on IRS.gov. For last-minute filers looking for free resources, IRS Direct File remains an option as does IRS Free File . Anyone can use IRS Free File to submit an extension of time to file regardless of their income.

IRS.gov is an important resource that can help in a number of areas:

• For answers to tax law questions, taxpayers will find tools like the Interactive Tax Assistant or they can use the Frequently Asked Questions tool to find answers to dozens of topics.
• To see federal tax information, taxpayers can use the Online Account . They'll find information such as a payoff amount, a balance owed, their payment history and key information from their current year tax return as originally filed. They can also get tax return transcripts.
• Use the Get Transcript tool to view, print or download their tax transcripts after the IRS has processed a return.
• Current and prior year forms , instructions and tax publications can be downloaded and printed anytime.
• Special information is available about tax credits and deductions , some of which can be overlooked. Available to individuals and businesses, credits can reduce the amount of tax due while deductions can reduce the amount of taxable income.
• Get the most up-to-date information about tax refunds using the Where's My Refund? tool and on the official IRS mobile app, IRS2Go .
• For payment information, Direct Pay is free and allows people to securely pay their taxes directly from their checking or savings account without any fees or registration. They can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, they’ll receive immediate confirmation. For more payment options, visit IRS.gov/payments .

Go paperless

The IRS encourages all taxpayers to file electronically and choose direct deposit to avoid refund delays. Filing on paper can significantly delay a refund. Tax software helps individuals steer clear of mistakes by doing the math. It also guides people through each section of their tax return using a question-and-answer format.

Some taxpayers get automatic extensions

Special rules offer some taxpayers more time without having to request an extension:

• U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico get an automatic two-month extension, until June 15, to file their tax returns. However, tax payments are still due April 15 or interest will accrue on the unpaid tax.
• Members of the military on duty outside the United States and Puerto Rico also receive an automatic two-month extension to file. Those serving in combat zones have up to 180 days after they leave the combat zone to file returns and pay any taxes due. Details are available in Publication 3, Armed Forces' Tax Guide .
• When the U.S. president makes a disaster area declaration, the IRS can postpone certain tax deadlines for taxpayers in affected areas. Taxpayers in qualified disaster areas do not need to submit an extension electronically or on paper. Information on the most recent tax relief for disaster situations can be found on the Extension of time to file your tax return page.

Find information on free local tax prep

The IRS' Volunteer Income Tax Assistance (VITA) program offers free basic tax return preparation to qualified individuals, including:

• People who generally make $64,000 or less.
• People with disabilities.
• Limited English-speaking taxpayers.

The Tax Counseling for the Elderly (TCE) program also offers free tax help for taxpayers, particularly those age 60 and older.

The VITA/TCE Site Locator can help eligible taxpayers find the nearest community-based site staffed by IRS-trained and certified volunteers. Demand is high for this service, so taxpayers may experience longer wait times for appointments. Taxpayers can use the locator tool to find an available site near them. It’s updated throughout the tax season, so individuals should check back or increase the distance from their location in their search if they don't see a nearby site listed.

MilTax , Military OneSource’s tax service, offers online software for eligible military members, veterans and their families to electronically file a federal return and up to three state returns for free.

Assistive technology options

At the online Alternative Media Center , taxpayers will find a variety of accessible products like screen reading software, refreshable Braille displays and screen magnifying software. These products include tax forms, instructions and publications. Many can be downloaded or viewed online as Section 508 compliant PDF, HTML, eBraille, text and large print.

Having trouble paying? IRS has options to help

For those who owe a payment with their tax return, the IRS has a number of payment options .

For taxpayers that are unable to pay in full by the tax deadline, the IRS recommends they should file their tax return and pay what they can, and apply for an online payment plan . By filing by the deadline, taxpayers will avoid failure to file penalties and interest – even if they’re unable to pay. Taxpayers can explore various payments options; they can receive an immediate response of payment plan acceptance or denial without calling or writing to the IRS. Online payment plan options include:

• Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
• Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional information on payment plans webpage.

Adjust withholding to prevent tax "surprises"

Tax filing season is an excellent time for taxpayers to check their withholding to avoid a tax surprise when filing in 2025. Life events like marriage, divorce, having a child or an income change can all impact taxes.

The Tax Withholding Estimator helps people bring the tax they pay closer to what is owed. Employees can assess their income tax, credits, adjustments and deductions, and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate to their employer, not the IRS.

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Icorium Engineering Company earns top-5 finish at 2024 Rice Business Plan Competition

LAWRENCE —  Icorium Engineering Company , a sustainable engineering startup and spin-out company from the University of Kansas, recently placed fifth overall and won more than $180,000 in investments and nondilutive cash and in-kind prizes at the prestigious Rice Business Plan Competition at Rice University in Houston.

Kalin Baca, Icorium co-founder and chief operating officer, and Abby Harders, part-time Icorium R&D engineer, represented the company at the competition, held by the  Rice Alliance for Technology and Entrepreneurship  in early April.

Baca earned her doctorate in chemical & petroleum engineering from KU in 2023. Harders is currently pursuing her doctorate in chemical & petroleum engineering from KU. Foundation Distinguished Professor Mark Shiflett, Icorium’s co-founder and chief science officer, and Erik Blume, Icorium’s chief strategy officer, accompanied the team to Houston.

The Rice Business Plan Competition is one of the country’s premier pitch competitions and showcases the best university startups from around the world. The competition gives collegiate entrepreneurs real-world experience to pitch their startups, enhance their business strategy and learn what it takes to launch a successful company.

“All of the teams presenting at the competition were really impressive, and even making it to the final round was an incredible experience,” Baca said. “The prize money will make a huge difference for the company at this stage, and we’ve made important connections with several investors who are interested in helping us succeed down the road. We were also thrilled to learn that we were the first team to compete in the RBPC from the University of Kansas.”

More than 450 teams applied for this year’s competition, and 42 were selected to pitch their technologies for more than $1.5 million in cash and prizes.

Baca and Harders pitched through multiple rounds of intense competition, refining their pitch based on the judges’ feedback as they made it to the 15-team semifinals on day one, then on to the seven-team final round on day two. 

“Kalin and I have worked together really closely for the last few years, both at KU and Icorium, and we make a great team,” Harders said. “Some of the Q&A sessions were intense, but we received a lot of excellent and valuable feedback from the judges during and after the competition and also a lot of supportive advice from investors afterward that will help us strengthen the pitch and company’s strategy even more.”

Harders, who will complete her doctorate in chemical & petroleum engineering in July, will join Icorium full-time after graduation along with Luke Wallisch, an Icorium R&D engineering intern and KU senior in mechanical engineering.

“We feel very fortunate and are incredibly grateful to RBPC and all the judges and investors at the competition,” Harders said. “The plan has always been for me and Luke to join the company full-time when we graduate this summer. Thanks to the prizes and investment from the competition, we know for sure we can make that happen and can just focus on finishing strong at KU.

Icorium Engineering Company is a sustainable engineering company and spin-out of the KU’s Wonderful Institute for Sustainable Engineering (WISE-KU). It is located in KU Innovation Park.

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Icorium Engineering Company earns top-5 finish at 2024 Rice Business Plan Competition

Fri, 04/12/2024.

Cody Howard

LAWRENCE — Icorium Engineering Company , a sustainable engineering startup and spin-out company from the University of Kansas, recently placed fifth overall and won more than $180,000 in investments and nondilutive cash and in-kind prizes at the prestigious Rice Business Plan Competition at Rice University in Houston.

Kalin Baca, Icorium co-founder and chief operating officer, and Abby Harders, part-time Icorium R&D engineer, represented the company at the competition, held by the Rice Alliance for Technology and Entrepreneurship in early April.

Baca earned her doctorate in chemical & petroleum engineering from KU in 2023. Harders is currently pursuing her doctorate in chemical & petroleum engineering from KU. Foundation Distinguished Professor Mark Shiflett, Icorium’s co-founder and chief science officer, and Erik Blume, Icorium’s chief strategy officer, accompanied the team to Houston.

The Rice Business Plan Competition is one of the country’s premier pitch competitions and showcases the best university startups from around the world. The competition gives collegiate entrepreneurs real-world experience to pitch their startups, enhance their business strategy and learn what it takes to launch a successful company.

“All of the teams presenting at the competition were really impressive, and even making it to the final round was an incredible experience,” Baca said. “The prize money will make a huge difference for the company at this stage, and we’ve made important connections with several investors who are interested in helping us succeed down the road. We were also thrilled to learn that we were the first team to compete in the RBPC from the University of Kansas.”

More than 450 teams applied for this year’s competition, and 42 were selected to pitch their technologies for more than $1.5 million in cash and prizes.

Baca and Harders pitched through multiple rounds of intense competition, refining their pitch based on the judges’ feedback as they made it to the 15-team semifinals on day one, then on to the seven-team final round on day two. 

“Kalin and I have worked together really closely for the last few years, both at KU and Icorium, and we make a great team,” Harders said. “Some of the Q&A sessions were intense, but we received a lot of excellent and valuable feedback from the judges during and after the competition and also a lot of supportive advice from investors afterward that will help us strengthen the pitch and company’s strategy even more.”

Harders, who will complete her doctorate in chemical & petroleum engineering in July, will join Icorium full-time after graduation along with Luke Wallisch, an Icorium R&D engineering intern and KU senior in mechanical engineering.

“We feel very fortunate and are incredibly grateful to RBPC and all the judges and investors at the competition,” Harders said. “The plan has always been for me and Luke to join the company full-time when we graduate this summer. Thanks to the prizes and investment from the competition, we know for sure we can make that happen and can just focus on finishing strong at KU.

Icorium Engineering Company is a sustainable engineering company and spin-out of the KU’s Wonderful Institute for Sustainable Engineering (WISE-KU). It is located in KU Innovation Park.

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Fill-in-the-Blank Business Plan Template For Small Businesses

Starting your own business is an exciting adventure! With Growthink’s fill-in-the-blank business plan, it’s easier than ever to turn your business dreams into reality. This simple and straightforward template guides you through each step, making the planning process fun and stress-free. Perfect for aspiring entrepreneurs and small business owners, it helps you focus on what truly matters for your business success. Dive in and discover how this tool can be the first step to achieving your business goals!

Download our Fill-in-the-Blank Business Plan Template here

Free Fill-in-the-Blank Business Plan Template

A fill-in-the-blank business plan template is a document that allows you to quickly write a business plan. Among other things, it includes an introduction, executive summary, company description, and marketing plan. 

Writing your business plan can be easy if you use the following business plan template:

I. Executive Summary

What type of company are you operating (e.g., a software company, a bakery, etc.)? What is it about your company that makes it (or will make it) uniquely qualified to succeed?

II. Company Overview

Where are you located? When were you formed? What is your legal entity form? What goals is your company trying to achieve? What successes has your company already achieved? 

III. Industry or Market Analysis

In what market are you competing (e.g., the fast-food market, the running shoe market)? How big is the industry and is that size big enough? Are there positive or negative trends affecting the industry (e.g., is it growing/shrinking, is government regulation on the horizon that could change the market)?

IV. Customer Analysis

Who are your target customers and what are their primary needs when choosing a product or service provider such as your business?

V. Competitive Analysis

With whom will your company compete and how will your company better serve customer needs than your competitors? How else will you “beat” your competition?

VI. Marketing Plan

What key product or service will you offer and what promotion methods (e.g., radio advertising, pay-per-click ads) will you use to attract customers?

VII. Operations Plan

What are the key operational processes that your organization needs to accomplish on a daily basis to achieve success? What milestones will you need to accomplish over the next 1-3 years in order to achieve success?

VIII. Management Team

Who is on your management team? What experiences/relationships/others do they possess that will help your venture succeed? Who must you hire in the future to improve your company’s odds of success?

IX. Financial Plan

What are the main financial implications of your company? How much outside funding (if any) do you need? How much revenue can you realistically generate each year over the next five years? Are the profit margins high enough to sustain the company?

Fill-in-the-Blank Business Plan Template Downloads

Growthink’s fill-in-the-blank business plan template is the result of 20+ years of research into the business plans that help entrepreneurs and small businesses attract investors, raise investment capital, and build successful companies. It also includes all 10 key components of a business plan for any startup business or existing business.

Download this Fill-in-the-Blank Business Plan Template for Microsoft Word

Download this Fill-in-the-Blank Business Plan Template in PDF Format

If you are looking for a simple business plan template that is easy to complete AND includes the tools to easily complete the financial projections you need, get our Ultimate Business Plan Template. Click below for more information and get your business plan done.

How to Finish Your Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Fill-in-the-Blank Business Plan Template you can finish your plan in just 8 hours or less!

Fill-in-the-Blank Business Plan Templates FAQs

What is a fill-in-the-blank business plan template.

A fill-in-the-blanks business plan is a plan that is pre-written for you, and you complete it by filling in the missing information with things like your business name, etc. It's an easy way to make sure you cover all your bases and answer key questions, like "what markets are you targeting?" and “is your business idea profitable?”. 

What are the Benefits of Using a Fill-in-the-Blank Business Plan Template?

A fill-in-the-blank business plan template helps you understand the profitability of your business ideas along with the potential costs so you can better prepare for what's ahead. It also provides an opportunity to learn more about the industry by having access to all of the available options when creating your own business plan.

Using a business plan template saves you time by giving you an existing template to follow, but still customizable to your specific business goals. No business plan can be completely fill-in-the-blanks since all businesses are different. For example, while a pizza shop in one town operates in a very similar manner as their competition, they will most likely employ different promotional strategies (e.g., one might use social media marketing while the other won't). Likewise, their product mix (e.g., types of pizzas and other offerings) might be different. 

You can use the fill-in-the-blank business plan as a starting point. But, the key for a fill-in-the-blanks business plan is to include the right questions for one to easily answer. For example, if the template says “here are the 28 promotional strategies (e.g., social media marketing, radio advertising, PR, etc.) that you can choose from,” it makes it easier for you to complete your plan in less time because you simply select which promotions work best for you business.

Other Helpful Business Plan Articles & Templates

When and where the solar eclipse will be crossing the U.S.

A total solar eclipse will grace the skies over North America on Monday, one of the most hotly anticipated sky-watching events in recent years.

Weather permitting , millions of people in Mexico, 15 U.S. states and eastern Canada will have the chance to see the moon slip between Earth and sun, temporarily blocking the sun’s light .

The total solar eclipse will be visible along a “path of totality” that measures more than 100 miles wide and extends across the continent. Along that path, the moon will fully obscure the sun, causing afternoon skies to darken for a few minutes.

Follow live updates on the solar eclipse

In all other parts of the continental U.S., a partial solar eclipse will be visible, with the moon appearing to take a bite out of the sun. Exactly how big a bite depends on the location.

The first spot in North America that will experience totality on Monday is on Mexico’s Pacific coast at around 11:07 a.m. PT, according to NASA .

After moving northeast across Mexico, the eclipse’s path travels through Texas, Oklahoma, Arkansas, Missouri, Illinois, Kentucky, Indiana, Ohio, Pennsylvania, New York, Vermont, New Hampshire and Maine. Slivers of Michigan and Tennessee will also be able to witness totality if conditions are clear.

In Canada, the eclipse will be visible in parts of southern Ontario, Quebec, New Brunswick, Prince Edward Island and Cape Breton, at the eastern end of Nova Scotia.

The timing of the eclipse and the duration of totality varies by location. Most places will experience around 2 minutes of darkness, but the longest periods of totality are typically in the center of the eclipse’s path.

This year, the longest stretch of totality will last 4 minutes and 28 seconds in an area northwest of Torreón, Mexico.

Below is a list of timings for some U.S. cities along the path of totality, according to NASA .

• Dallas: Partial eclipse begins at 12:23 p.m. CT and totality at 1:40 p.m. CT.
• Idabel, Oklahoma: Partial eclipse begins at 12:28 p.m. CT and totality at 1:45 p.m. CT.
• Little Rock, Arkansas: Partial eclipse begins at 12:33 p.m. CT and totality at 1:51 p.m. CT.
• Poplar Bluff, Missouri: Partial eclipse begins at 12:39 p.m. CT and totality at 1:56 p.m. CT.
• Paducah, Kentucky: Partial eclipse begins at 12:42 p.m. CT and totality at 2:00 p.m. CT.
• Carbondale, Illinois: Partial eclipse begins at 12:42 p.m. CT and totality at 1:59 p.m. CT.
• Evansville, Indiana: Partial eclipse begins at 12:45 p.m. CT and totality at 2:02 p.m. CT.
• Cleveland: Partial eclipse begins at 1:59 p.m. ET and totality at 3:13 p.m.
• Erie, Pennsylvania: Partial eclipse begins at 2:02 p.m. ET and totality at 3:16 p.m. ET.
• Buffalo, New York: Partial eclipse begins at 2:04 p.m. ET and totality at 3:18 p.m.
• Burlington, Vermont: Partial eclipse begins at 2:14 p.m. ET and totality at 3:26 p.m. ET.
• Lancaster, New Hampshire: Partial eclipse begins at 2:16 p.m. ET and totality at 3:27 p.m.
• Caribou, Maine: Partial eclipse begins at 2:22 p.m. ET and totality at 3:32 p.m. ET.

Other resources can also help you figure out when the various phases of the eclipse will be visible where you live, including NationalEclipse.com and TimeandDate.com .

If you plan to watch the celestial event, remember that it’s never safe to look directly at the sun, including through binoculars, telescopes or camera lenses. Special eclipse glasses are required to safely view solar eclipses and prevent permanent eye damage.

Denise Chow is a reporter for NBC News Science focused on general science and climate change.