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How to Build the Best Business Plan Ever: Step-by-Step Guide
By Diane Amato
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Published March 21, 2023 • 8 Min Read
Creating a business plan is a crucial task for any business, and one which requires you to be thoughtful about the direction of your business, consider the goals most important to you, and how you will go about achieving them.
A solid business plan will give you the confidence that you will find success, and may even reveal some gaps and risks. In fact, studies show entrepreneurs who start with a written business plan are more successful than those who don’t.
Whether you’re creating a roadmap to follow as a new business owner, need a pitch to attract investors or a document to engage stakeholders, a business plan is a living document you’ll want to update regularly as your business, goals and circumstances evolve.
While some business owners consider writing a business plan an overwhelming step, it doesn’t have to be. Creating the best business plan ever is a matter of breaking it down into individual steps — and then taking them one at a time.
7 steps to building a business plan.
1. introduction.
The substance of your introductory section (beyond your cover page and table of contents) is the Executive Summary . The Executive Summary should identify what your business does, covering:
Your industry and target market(s)
Your company’s goals
How you stand out from your competition
Whether your business is a sole proprietorship, partnership or incorporated business
The stage of your business — whether it is a start-up or already in operation
Your team’s experience and credentials
Your projected financial performance
While your Executive Summary has to work hard, it should be clear and to the point, grabbing the reader’s attention and compelling them to read more — a good rule of thumb is to keep this section to one page. While the Executive Summary is structurally the first section of your plan, many owners will write it last, since it’s a summary of everything else you’ve written about.
Important things to consider as a new business owner
Because you’re a new business owner, your bank and potential investors don’t have historical data to review. Your plan therefore must clearly convey your strategy, competencies and the reasons your venture will be successful.
Detailed, well-thought-out financial projections are an important component of your business plan. You’ll want to show how your business could service debt, how you’ll drive revenue and detail both fixed and variable costs.
As you write your plan, focus on your competitive advantage — what separates you from other businesses, your key success factors, your team and areas of opportunity and focus over the next six to 18 months.
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2. The Business Environment
This Business Environment section sets out the history and summary of your business in detail, identifying what you’re selling and how you’re solving a problem or need in the market. If your business is already established, you’ll want to cover its path to this point — where you started and how you got here. If you’re starting a new business, be sure to include any pre-market research or testing you’ve conducted that speaks to the viability of your idea.
You will also want to highlight the industry trends and growth prospects, as well as how your business fits into the current environment. Identifying your competition and how you stand apart from them will also help you determine your position within the industry.
Considerations for seasoned business owners
Your business plan should identify what differentiates your business from others, what’s working (and what’s not) and outline costs, efficiencies, competitors and objectives.
As an important vehicle to help you secure funding, your business plan should include cash flow projections and the objectives for the management team – including expansion opportunities, asset accumulation and projected financing needs.
As you’re writing or revising your plan, identify the teams who support you, your talent pipeline, your succession plan and your plan to remain competitive in an increasingly competitive environment.
3. The Marketing Plan — Where you want to go and how you will get there
Your Marketing Plan explains how you’re going to get your customers to buy your products or services. Part of this exercise involves defining your target market — the group of customers you want to sell to. Your Marketing Plan should also include:
Your products, service and unique selling proposition (USP). What are the features of your product or service and what makes it unique? How is it different from what your competitors offer?
Your pricing strategy. Determining the price to charge can seem tricky – you want it to be competitive but still make a reasonable profit. Calculating your costs, estimating the benefits to customers and comparing your offering to others can help you come up with the price
Your sales and delivery strategy. How will your product or service get to your customers? And how much will it cost? How will you manage your inventory and transaction processing?
Your advertising and promotion strategy. Here you’ll want to describe how you’re going to deliver your unique selling proposition to your prospective customers. Start by thinking about the message you want to deliver and the advertising and promotional tactics you’ll use (e.g., company website, social media, emails, radio, etc.) to reach your audience most effectively and efficiently. Be sure to prioritize your activities and budget for them accordingly.
4. Operations
The Operations section of your business plan describes what’s physically necessary for your business.
This section contains two main categories:
Your stage of development: This should highlight what you’ve done to date to get your business operational, then an explanation of what still needs to be done.
The production process: This lays out the details of your business’s day-to-day operations, including your hours of operation, and manufacturing details such as facility, equipment and material requirements, inventory, costs and more.
5. Financing and Cash Flow Planning
The Financing and Cash Flow Planning section is your opportunity to determine how strong the financials are for your business. Be realistic about your expenses and projected income so you can properly assess your business’ financial health as early as possible.
If you’re running an existing business, your goal for the Financing and Cash Flow Planning section is to address three main financial areas:
Your cash flow statement: how much money your business has at a particular point in time
Your income statement: your profit and loss for a period of time
Your balance sheet: a financial snapshot of your business
In order to do that you’ll need to calculate your income and your expenses — both your one-time and ongoing operating costs.
If you haven’t started your business yet, you will only be able to populate your expenses, which are important to calculate ahead of time as they will reveal how much start-up financing you may need to get your business up and running.
6. The Team
Great ideas need great teams behind them, so this section should describe your current team as well as anyone you might need to hire for your company. Be sure to address your own background, skills and strengths. Include detailed management team profiles, credentials of your Board of Advisors (if you have one), and the professional partners you have relationships with, such as lawyers, accountants, bankers and any consultants.
An overview of your Human Resources processes, which will address labour, compensation, training and other operational aspects of managing your people, can round out this section.
7. Risks and Conclusions
Every business comes with some risk — so it’s better to be prepared for risks now rather than be surprised by them later. In this section, include all the possible risks your business could face. This may include the economy, your competition, potential supply chain disruptions, losing key team members or security issues. You’ll then want to detail how you plan to address these risks if they occur.
In the Conclusions section, restate your goals and objectives. If the purpose of your business plan is to get financing, you will want to clearly state the amount required and what it will be used for. As with your Executive Summary, your conclusion should be succinct, clear and leave a positive impression on the reader.
Keep in mind, your business plan is a living, breathing document that should be regularly revisited — regardless of whether you are a new owner or run an established business.
You’ll want to review your plan to understand how your goals, priorities, competitive environment and operating model are coming together to deliver on your ambitions. And, as the more business planning and sales forecasting become part of your routine, the more prepared you will be to make strategic decisions to drive the business outcomes you’re striving for. The result is greater confidence and agility to take on new challenges and opportunities as they appear.
Diane Amato is a Toronto-based freelance writer who loves to talk about finances, travel and technology.
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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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How to Build a Detailed Business Plan That Stands Out [Free Template]
Updated: March 29, 2022
Published: March 11, 2022
While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.
This is why crafting a business plan is an essential step in the entrepreneurial process.
In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :
Download a free, editable one-page business plan template.
We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.
That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.
This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.
Free Business Plan Template
The essential document for starting a business -- custom built for your needs.
- Outline your idea.
- Pitch to investors.
- Secure funding.
- Get to work!
You're all set!
Click this link to access this resource at any time.
Building a Successful Business Plan
In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.
For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.
A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.
At the core, your business plan should answer two questions: why your business and why now?
Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.
At a minimum, your plan should:
- Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
- Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
- Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
- Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
- Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.
So back to the question of why and why now – consider three things:
- Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
- Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
- Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?
Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.
How to Build a Business Plan
- Executive Summary
- Company and Business Description
- Product and Services Line
- Market Analysis
- Marketing Plan
- Legal Notes
- Financial Considerations
Featured Resource: Free Business Plan Template
1. cover page.
Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.
Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.
At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.
The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."
Remember to keep your cover page simple and concise — and save the important details for other sections.
Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.
Example of a Cover Page
2. Executive Summary
The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.
The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.
Typically, this brief section includes:
- A mission statement.
- The company's history and leadership model.
- An overview of competitive advantage(s).
- Financial projections.
- Company goals.
- An ask from potential investors.
Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.
Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.
Example of an Executive Summary Introduction
"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.
While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."
3. Company & Business Description
In this section, provide a more thorough description of what your company is and why it exists.
The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.
In this portion of your business plan, you can also elaborate on your company's:
- Mission statement
- Core values
- Team and organizational structure
Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.
Example of a Values/Mission Statement
"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."
3. Product & Services Line
Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.
Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.
If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.
Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.
There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.
Regardless of your angle, it's critical to convey how your offerings will differ from the competition.
Example of a Product/Service Offering
"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.
The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."
4. Market Analysis
It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.
If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .
Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.
This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.
It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:
- What is my market? In other words, who are my customers?
- What segments of the market do I want to target?
- What's the size of my target market?
- Is my market likely to grow?
- How can I increase my market share over time?
Example of a Market Analysis
"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.
We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.
A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."
5. Marketing Plan
Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.
If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.
Free Marketing Plan Template
Outline your company's marketing strategy in one simple, coherent plan.
- Pre-Sectioned Template
- Completely Customizable
- Example Prompts
- Professionally Designed
Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.
Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.
Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.
Example of a Marketing Plan Overview
"Our marketing strategy will focus on three main initiatives:
- Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
- Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
- Promotional events. Jay Street will have one special theme night per week to attract new clients."
6. Sales Plan
It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.
The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:
- Sales team structure, and why this structure was chosen.
- Sales channels.
- Sales tools, software, and resources.
- Prospecting strategy.
- Sales goals and budget.
Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .
Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.
Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.
Example of a Sales Plan Overview
"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.
We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."
7. Legal Notes
Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.
Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.
You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.
The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.
Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.
Example of Legal Notes
"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."
8. Financial Considerations
Ultimately, investors want to know two things:
- When they will earn their money back.
- When they will start seeing returns on their initial investment.
That said, be clear, calculated, and convincing in this section. It should cover:
- Startup costs.
- Sales forecasts for the next several months/quarters.
- Break-even analysis for time and dollars.
- Projected profit and loss (P&L) statement.
Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.
However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.
Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.
While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.
Example of Financial Projections
"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.
Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."
9. Appendix
A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.
In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.
Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:
- Marketing materials
- Market research data
- Licensing documentation
- Branding assets
- Floor plans for your location
- Mockups of your product
- Renderings of your office space or location design
Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.
Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.
Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.
Use a Business Plan Template to Get Started
Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.
That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.
Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.
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How to Write a Winning Business Plan
- Stanley R. Rich
- David E. Gumpert
The business plan admits the entrepreneur to the investment process. Without a plan furnished in advance, many investor groups won’t even grant an interview. And the plan must be outstanding if it is to win investment funds. Too many entrepreneurs, though, continue to believe that if they build a better mousetrap, the world will beat […]
The Idea in Brief
You’ve got a great idea for a new product or service—how can you persuade investors to support it? Flashy PowerPoint slides aren’t enough; you need a winning business plan. A compelling plan accurately reflects the viewpoints of your three key constituencies: the market , potential investors , and the producer (the entrepreneur or inventor of the new offering).
But too many plans are written solely from the perspective of the producer. The problem is that, unless you’ve got your own capital to finance your venture, the only way you’ll get the funding you need is to satisfy the market’s and investors’ needs.
Here’s how to grab their attention.
The Idea in Practice
Emphasize Market Needs
To make a convincing case that a substantial market exists, establish market interest and document your claims.
Establish market interest. Provide evidence that customers are intrigued by your claims about the benefits of the new product or service:
- Let some customers use a product prototype; then get written evaluations.
- Offer the product to a few potential customers at a deep discount if they pay part of the production cost. This lets you determine whether potential buyers even exist.
- Use “reference installations”—statements from initial users, sales reps, distributors, and would-be customers who have seen the product demonstrated.
Document your claims. You’ve established market interest. Now use data to support your assertions about potential growth rates of sales and profits.
- Specify the number of potential customers, the size of their businesses, and the size that is most appropriate to your offering. Remember: Bigger isn’t necessarily better; e.g., saving $10,000 per year in chemical use may mean a lot to a modest company but not to a Du Pont.
- Show the nature of the industry; e.g., franchised weight-loss clinics might grow fast, but they can decline rapidly when competition stiffens. State how you will continually innovate to survive.
- Project realistic growth rates at which customers will accept—and buy—your offering. From there, assemble a credible sales plan and project plant and staffing needs.
Address Investor Needs
Cashing out. Show when and how investors may liquidate their holdings. Venture capital firms usually want to cash out in three to seven years; professional investors look for a large capital appreciation.
Making sound projections. Give realistic, five-year forecasts of profitability. Don’t skimp on the numbers, get overly optimistic about them, or blanket your plan with a smog of figures covering every possible variation.
The price. To figure out how much to invest in your offering, investors calculate your company’s value on the basis of results expected five years after they invest. They’ll want a 35 to 40% return for mature companies—up to 60% for less mature ventures. To make a convincing case for a rich return, get a product in the hands of representative customers—and demonstrate substantial market interest.
A comprehensive, carefully thought-out business plan is essential to the success of entrepreneurs and corporate managers. Whether you are starting up a new business, seeking additional capital for existing product lines, or proposing a new activity in a corporate division, you will never face a more challenging writing assignment than the preparation of a business plan.
- SR Mr. Rich has helped found seven technologically based businesses, the most recent being Advanced Energy Dynamics Inc. of Natick, Massachusetts. He is also a cofounder and has been chairman of the MIT Enterprise forum, which assists emerging growth companies.
- DG Mr. Gumpert is an associate editor of HBR, where he specializes in small business and marketing. He has written several HBR articles, the most recent of which was “The Heart of Entrepreneurship,” coauthored by Howard. H. Stevenson (March–April 1985). This article is adapted from Business Plans That Win $$$ : Lessons from the MIT Enterprise Forum, by Messrs. Rich and Gumpert (Harper & Row, 1985). The authors are also founders of Venture Resource Associates of Grantham, New Hampshire, which provides planning and strategic services to growing enterprises.
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15+ Business Plan Examples to Win Your Next Round of Funding
By Jennifer Gaskin , Jun 09, 2021
“If you fail to plan, you are planning to fail,” according to words of wisdom dubiously attributed to Benjamin Franklin. While there’s no solid evidence that Franklin actually coined this phrase, the sentiment rings true for any business.
Not having a solid plan makes it unlikely you’ll achieve the goals you seek, whether the goals are getting your to-do list done or launching a successful organization.
In the early stages of a company, that means developing things like pitch decks, business plans, one-sheeters and more. With Venngage’s Business Plan Builder , you can easily organize your business plan into a visually appealing format that can help you win over investors, lenders or partners.
Learn more about how to create a business plan so you can hit the ground running after reading through this list for inspirational examples of business plans.
START CREATING FOR FREE
Click to jump ahead:
Simple business plan example, startup business plan example, small business plan example, nonprofit business plan example, strategic business plan example, market analysis business plan example, sales business plan example, organization and management business plan example, marketing and sales strategy business plan example, apple business plan example, airbnb business plan example, sequoia capital business plan example.
While your business plan should be supported by thorough and exhaustive research into your market and competitors, the resulting document does not have to be overwhelming for the reader. In fact, if you can boil your business plan down to a few key pages, all the better.
CREATE THIS PLAN TEMPLATE
The simple, bold visual aesthetic of this business plan template pairs well with the straightforward approach to the content and various elements of the business plan itself.
Use Venngage’s My Brand Kit to automatically add your brand colors and fonts to your business plan with just a few clicks.
Return to Table of Contents
An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.
For a typical startup, the need to appear disruptive in the industry is important. After all, if you’re not offering anything truly new, why would an investor turn their attention toward your organization. That means establishing a problem and the ways in which you solve it right away.
CREATE THIS PRESENTATION TEMPLATE
Whether it’s a full-scale business plan or, in this case, a pitch deck, the ideal way for a startup to make a splash with its plans is to be bold. This successful business plan example is memorable and aspirational.
In the Venngage editor, you can upload images of your business. Add these images to your plans and reports to make them uniquely your own.
All businesses start out small at first, but that doesn’t mean their communications have to be small. One of the best ways to get investors, lenders and talent on board is to show that you’ve done your due diligence.
In this small business plan example, the content is spread over many pages, which is useful in making lengthy, in-depth research feel less like a chore than packing everyone on as few pages as possible.
Organizations that set out to solve problems rather than earning profits also benefit from creating compelling business plans that stir an emotional response in potential donors, benefactors, potential staff members or even media.
CREATE THIS REPORT TEMPLATE
Simplicity is the goal for nonprofits when it comes to business plans, particularly in their early days. Explain the crisis at hand and exactly how your organization will make a difference, which will help donors visualize how their money will be used to help.
Business plans are also helpful for companies that have been around for a while. Whether they’re considering new products to launch or looking for new opportunities, companies can approach business plans from the strategy side of the equation as well.
Strategic business plans or strategy infographics should be highly focused on a single area or problem to be solved rather than taking a holistic approach to the entire business. Expanding scope too much can make a strategy seem too difficult to implement.
Easily share your business plan with Venngage’s multiple download options, including PNG, PNG HD, and as an interactive PDF.
One-page business plan example
For organizations with a simple business model, often a one-page business plan is all that’s needed. This is possible in any industry, but the most common are traditional ones like retail, where few complex concepts need to be explained.
This one-page strategic business plan example could be easily replicated for an organization that offers goods or services across multiple channels or one with three core business areas. It’s a good business plan example for companies whose plans can be easily boiled down to a few bullet points per area.
Especially when entering a saturated market, understanding the landscape and players is crucial to understanding how your organization can fit it—and stand out. That’s why centering your business plan around a market analysis is often a good idea.
In this example, the majority of the content and about half the pages are focused on the market analysis, including competitors, trends, pricing, demographics and more. This successful business plan example ensures the artwork and style used perfectly matches the company’s aesthetic, which further reinforces its position in the market.
You can find more memorable business plan templates to customize in the Venngage editor. Browse Venngage’s business plan templates to find plans that work for you and start editing.
Company description business plan example
Depending on the market, focusing on your company story and what makes you different can drive your narrative home with potential investors. By focusing your business plan on a company description, you center yourself and your organization in the minds of your audience.
This abbreviated plan is a good business plan example. It uses most of the content to tell the organization’s story. In addition to background about the company, potential investors or clients can see how this design firm’s process is different from their rivals.
With Venngage Business , you can collaborate with team members in real-time to create a business plan that will be effective when presenting to investors.
Five-year business plan example
For most startups or young companies, showing potential investors or partners exactly how and when the company will become profitable is a key aspect of presenting a business plan. Whether it’s woven into a larger presentation or stands alone, you should be sure to include your five-year business plan so investors know you’re looking far beyond the present.
CREATE THIS PROPOSAL TEMPLATE
With Venngage’s Business Plan Builder , you can customize a schedule like this to quickly illustrate for investors or partners what your revenue targets are for the first three to five years your company is in operation.
The lifeblood of any company is the sales team. These are the energetic folks who bring in new business, develop leads and turn prospects into customers. Focusing your energy on creating a sales business plan would prove to investors that you understand what will make your company money.
In this example sales business plan, several facets of ideal buyers are detailed. These include a perfect customer profile that helps to convey to your audience that customer relationships will be at the heart of your operation.
You can include business infographics in your plan to visualize your goals. And with Venngage’s gallery of images and icons, you can customize the template to better reflect your business ethos.
Company mergers and shakeups are also major reasons for organizations to require strong business planning. Creating new departments, deciding which staff to retain and charting a course forward can be even more complex than starting a business from scratch.
This organization and management business plan focuses on how the company can optimize operations through a few key organizational projects.
Executive summary for business plan example
Executive summaries give your business plan a strong human touch, and they set the tone for what’s to follow. That could mean having your executive leadership team write a personal note or singling out some huge achievements of which you’re particularly proud in a business plan infographic .
In this executive summary for a business plan, a brief note is accompanied by a few notable achievements that signal the organization and leadership team’s authority in the industry.
Marketing and sales are two sides of the same coin, and clever companies know how they play off each other. That’s why centering your business plan around your marketing and sales strategy can pay dividends when it comes time to find investors and potential partners.
This marketing and sales business plan example is the picture of a sleek, modern aesthetic, which is appropriate across many industries and will speak volumes to numbers-obsesses sales and marketing leaders.
Do business plans really help? Well, here’s some math for you; in 1981, Apple had just gone public and was in the midst of marketing an absolute flop , the Apple III computer. The company’s market cap, or total estimated market value, could hit $3 trillion this year.
Did this Apple business plan make the difference? No, it’s not possible to attribute the success of Apple entirely to this business plan from July 1981, but this ancient artifact goes to show that even the most groundbreaking companies need to take an honest stock of their situation.
Apple’s 1981 business plan example pdf covers everything from the market landscape for computing to the products that founder Steve Jobs expects to roll out over the next few years, and the advanced analysis contained in the document shows how strategic Jobs and other Apple executives were in those early days.
Inviting strangers to stay in your house for the weekend seemed like a crazy concept before Airbnb became one of the world’s biggest companies. Like all disruptive startups, Airbnb had to create a robust, active system from nothing.
As this Airbnb business plan pitch deck example shows, for companies that are introducing entirely new concepts, it’s helpful not to get too into the weeds. Explain the problem simply and boil down the essence of your solution into a few words; in this case, “A web platform where users can rent out their space” perfectly sums up this popular company.
Sequoia Capital is one of the most successful venture capital firms in the world, backing startups that now have a combined stock market value of more than $1 trillion, according to a Forbes analysis .
For young companies and startups that want to play in the big leagues, tailoring your pitch to something that would appeal to a company like Sequoia Capital is a good idea. That’s why the company has a standard business plan format it recommends .
Using Sequoia Capital’s business plan example means being simple and clear with your content, like the above deck. Note how no slide contains much copy, and even when all slides appear on the screen at once, the text is legible.
In summary: Use Venngage to design business plans that will impress investors
Not every business plan, pitch deck or one-sheeter will net you billions in investment dollars, but every entrepreneur should be adept at crafting impressive, authoritative and informative business plans.
Whether you use one of the inspirational templates shared here or you want to go old school and mimic Apple’s 1981 business plan, using Venngage’s Business Plan Builder helps you bring your company’s vision to life.
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Your business plan is the document to help you go from idea to execution. You’ll likely depend on your business plan to organize your thoughts, strategize for success and stay focused. You might also write a business plan to secure funding.
If you want to write a winning business plan, read this comprehensive guide. We’re sharing step-by-step tips on how to write a business plan.
Related: Take a look at our comprehensive guide on how to start a small business .
What is a business plan?
A business plan is a document that you use to strategize for your business’ future. The business plan includes an overview of your business, its goals and your marketing strategy. The document will also include financial forecasting.
Need help deciding on a business to start? Check out this list of small business ideas that are easy to launch on a low budget. You might also consider other online business ideas that require minimal upfront investments.
Related: Discover how you can create an llc from our step-by-step guide.
In this article:
- Why do you need a business plan?
- Create an executive summary
- Describe your company
- Introduce team members
- State your company goals
- Detail values and a mission statement
- List products or services
- Do market research
- Create a marketing and sales plan
- Create a financial projection
- Add an appendix
Business plan format
Tips for writing a small business plan, business plan faq, why do you need a business plan.
You need a business plan to outline your business goals and the strategy to achieve them. Your business plan is also your first opportunity to create something tangible from your ideas. By putting ideas on paper, you’re giving yourself the opportunity to properly think through your plan and vet its likely effectiveness for business success.
In face, studies have shown that a business plan creates a 30% greater chance of growth .
Outside of your personal reasons for writing a business plan, you will need this document if you need to convince funders or investors that your business is legitimate and likely to return a profit. You would be expected to provide investors with a well-thought-out business plan demonstrating market awareness and financial planning.
How to write a business plan
If you’re ready to get stuck in and write your business plan, the next steps will greatly help. You want to be thorough at every step, especially if you’re sharing the plan with potential stakeholders. But remember, this is your business; your plan will be unique to you.
1. Create an executive summary
Your executive summary is essentially your first impression to investors. In a few sentences, it needs to grab attention and explain what you/your business does. It wants to grab the reader's attention, so they’re compelled to read on.
2. Describe your company
Your business plan will include a description of your company. Think about your elevator pitch and write your company description into your plan. Be very clear here, think about what you do, who you do it for, and exactly what problem you are solving.
You’re likely not the first person to create a company solving a particular problem for your audience, so try and detail what it is that makes your company stand out.
3. Introduce team members
If you have any particularly credible or expert team members, be sure to introduce them within your business plan. Write a short bio with key credentials and how they contribute to your new business.
4. State your company goals
Every business needs goals, and deciding exactly what yours are might not be so obvious. Yes, your company needs to make a profit, but the goals need to be broken down into more measurable and actionable steps.
Start with desired business goals. Then decide what you need to achieve to make each goal a success. For example, for your company to meet your projected revenue goal, then what do you need to achieve? What marketing goals does the business need to meet to satisfy business goals?
5. Detail values and a mission statement
Of course, your business is here to make money and provide the lifestyle that you want. When writing a business plan, it’s easy to get wrapped up in the data and the money, but your why is the lifeblood of your business.
Take some time to create a page that digs into the meaningful element of your business. What larger problem are you trying to solve? What values will you hold the business to? How will you create a truly meaningful layer within your business?
This section should be very useful for you as a business owner since this is what will keep you going. But, it can also be used to help onboard a team later and better understand your connection with your audience.
6. List products or services
When you write your business plan, you must include your products or services.
Within this section, write:
- What the product or service is
- How it helps your audience
- How it stands out in the marketplace
For product-based businesses, include:
- A brief introduction to costs (you’ll expand on this later)
- Where products are sourced
- Quantity of products owned
7. Do market research
Every business must conduct market research. You need to think about the local market and if you’re starting an online business, you must consider the digital market. You may have different competitors in each marketplace.
It’s crucial that you can develop comprehensive market research that shows a deep understanding of competitors and your place amongst them.
Your market research will help you determine if your business venture is justified and also act as support to your proposition which is especially useful when pitching to investors.
The market research section will help you see where the gaps are between your business and competitors, and it will form the beginning of your sales and marketing plan as you strategize to close the gap on leading competitors.
8. Create a marketing and sales plan
Your marketing and sales plan will generally be built from your competitor research. You can use competitive data to get a feel for what’s working. However, it’s important to remember that your brand and its audience are unique.
Also, when it comes to marketing, you are better off doing less better than trying to do more poorly, so you must factor in your budgets.
Your marketing plan should be in support of the business goals outlined previously. Your marketing plan should have a clear goal and a strategy to help achieve it. As a business owner, you are not necessarily expected to know the ins and outs of marketing, so if you need support here, you can get it. You may need to reach out to your marketing team or other professionals who can help you decipher what the business needs to succeed.
9. Create a financial projection
When it comes down to it, finances determine a successful business from an unsuccessful one.
If you’re seeking investment, your financial forecast is everything. If there’s one thing that investors need to know very clearly is the financial estimations and performance of your business over time.
In your projection, plan for:
- Expenses including wages
- Pricing of products and/or services
- Contingency for unexpected finances
Related: Check out our guide and discover what is the average cost to start a business .
10. Add an appendix
It’s not enough to simply write a business plan; every claim you make needs to be well-documented and supported. So, include an appendix.
Your appendix is a compilation of supporting documentation and/or evidence. Items that might be included in the appendix include:
- Resumes of key team members
- Documentation supporting your market research and analysis. If your plan summarizes findings, include the marketing research and data here.
- Legal documents, such as incorporation papers, patents, or trademarks
- Marketing materials, such as brochures or flyers
- Customer testimonials or case studies. New businesses might not have this, but if you have conducted research or focus groups, you can include findings here.
- Product prototypes or lab tests if you have them
- Any other relevant supporting documentation that was referenced in the main body of the plan.
There are three types of business plans, traditional, lean, and nonprofit. Whilst this article focuses primarily on the most common business plan format, the traditional plan, it helps to know what might be involved in other formats.
Traditional
The traditional format provides a detailed business overview and is useful for presenting to investors or lenders. In a traditional plan, you will likely write more than you would in a lean plan. Some businesses might opt for a traditional plan and then create a lean version for specific functions.
The lean business plan format is, as you would expect, a leaner (simplified) version of a traditional business plan. The lean business plan format includes the most critical aspects of the business. If you’re writing a lean business plan and you want to pitch to investors, then you must include key sections like market analysis, revenue forecasts, etc.
The nonprofit business plan is similar to the traditional business plan, but naturally, it differs as it includes items that are required to run a nonprofit organization. For example, if you were writing a nonprofit business plan, you would likely include all elements of the traditional plan, plus fundraising and development, governance, and financials.
You may also have research from the local area you’re serving to help with that market analysis section. Your aim will be to prove that there’s a public need for your nonprofit.
Before you start writing your small business plan, read through these tips that might not be so obvious.
Use a business plan template.
Business plans are not new, so why not start with a tried and tested template? There’s plenty of space to turn the template into something unique that feels like yours. Using a template avoids overwhelm and provides structure. Check out this free business plan template you can download and customize in a cinch.
Write for yourself, not just investors.
Your business plan is yours . Writing your business plan is your chance to organize your thoughts and get your ideas on paper. Upon completion, you should feel satisfied with your robust roadmap to success. Of course, consider your audience and investors and give them everything they need, but don’t forget to satisfy your own intent. Remember the business plan formats; you can always start with a traditional plan for you, then provide the investors with the lean version.
Demonstrate what makes you unique.
You’re likely joining a busy marketplace, and you want to go in ready to disrupt and stand out. Clearly articulate what sets your business apart from the competition, and explain why customers should choose your products or services.
Use concrete data and examples.
Your business plan is no longer your place to dream. Writing your plan takes dreams and helps you turn them into something tangible and achievable. Within the business plan, you should be able to support your ideas with concrete data and real-world examples. You need to prove to yourself - and investors - that this business is viable.
Be realistic in your projections.
As above, writing your business plan is about creating something achievable, You must be realistic with your projections. Whilst being optimistic is exciting — and you can still be optimistic — you must be realistic in your plan.
Realistic projects are better for you mentally, too. If you’re more likely to achieve your goals, you’re less likely to get overwhelmed. Plus, goals that are not realistic will heap pressure on you and your team, and that’s the last thing a new business needs.
A business plan is just one part of the journey of starting a new business, for the entire step by step process check out our guide on how to start an online business .
Here are your most asked questions, answered.
How do I write a simple business plan?
You will write a simple business plan if you keep focused and aim to be thorough but concise. Aim to cover all important aspects and don’t over-plan. Focus on shorter time frames and be realistic about what can be done. Rely on research and data to help shape the plan.
Can I write a business plan myself?
Yes, you can write a business plan yourself. That said, if your plan covers areas of business where you’re not so strong, you might need support.
How long should a business plan be?
Your business plan will be as long as it needs to be, but the aim here is to create something thorough but concise. As a guide, aim for around 15 to 20 pages.
How long should it take to write a business plan?
Writing your business plan will probably take a few days, but you’ll need to do a lot of research behind the scenes. You also need to step away from the plan, return and edit it to ensure it is accurate and void of errors. A business plan should take three months from beginning to end.
The 7 Best Business Strategy Examples I've Ever Seen
Most entrepreneurs dream of an innovative product or service that surprises their rivals and takes new markets by storm. What they tend to forget is that there needs to be an excellent business strategy accompanying the product.
I get it - it’s not nearly as interesting to fantasize about a competitive strategy. Yet without it, even genius products can quickly drown in the harsh business sea. Most strategies fail. A sobering 9 out of 10 organizations fail to execute their strategy.
I’ve already written about the 5 worst business strategy examples of all time and why many strategies fail . But today, we’ll flip the script and take a look at products and strategies that delighted their target customers and wildly exceeded initial business goals.
From Tesla, Airbnb, and Toyota to Hubspot, Apple, and Paypal - let’s dive into their business strategies and see why these 7 are the best ones I’ve ever seen:
- Tesla - Playing the long game
- Airbnb - Forgetting all about scalability
- Toyota - Humility can be the best business strategy
- HubSpot - Creating an industry then dominating it
- Apple - iPhone launch shows tremendous restraint
- PayPal - Daring to challenge the status quo
- Spotify - Changing the rules of the music industry
But before we get into these business strategy examples, let's briefly go over some of the basics...
What is a business strategy?
A business strategy , also known as a company strategy, is a crucial aspect of running a successful business. It is a defined plan of action that outlines the direction a business wants to take and defines how the plan will cascade through the organization by the allocation of resources. The importance of a business strategy cannot be overstated as it sets the direction for the entire organization and helps to align all employees towards a common goal . Overall, a business strategy serves as a roadmap for a company, guiding its actions and decisions to achieve its goals and stay competitive in the marketplace.
👉 If you have any unanswered questions about business strategies, check our FAQs at the end of this article!
🎁 Struggling to build your Business Strategy? Use our free customizable Business Strategy Template to easily develop and execute it!
Best business strategies #1: Tesla Playing the long game
Conventional business logic is that when you're starting something new, you create a 'Minimal Viable Product' or MVP.
Essentially that means that you make a version of your product that is very light in terms of functionality and focuses mostly on showcasing your main competitive advantage.
It also means that the first version of your product usually has to be sold at a reasonably low starting price to compensate for its lack of features and generate interest.
Some organizations (including many tech startups) take this concept even further and base their growth strategy around a freemium pricing model . In this business model, the most basic version of the product or service is free, but any new or upgraded features cost money.
Tesla, on the other hand, did things the other way around. It's been known for a long time that Tesla's long-term goal is to be the biggest car company in the world. They know that in order to become the biggest by volume, they're going to have to succeed in the lower-end consumer car space (price tag US$30,000 or less).
But Tesla did not focus on this market first. It did not create a cheap low-featured version of their electric car (and therefore benefit from economies of scale ).
Instead, Tesla created the most luxurious, expensive, fully-featured sports car they could afford. That car was the Tesla Roadster, and for context, the newest generation of the Roadster will retail from upwards of US$200,000 for the base model.
This was the first car they ever produced - knowing that they couldn't achieve the necessary scale or efficiency to turn a profit (even at such a high price). However, such a car was in-line with Tesla’s vision statement where they aim “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
Fast-forward to today, and Tesla dwarfs the competition as the most valuable car company in the world. So their differentiation strategy certainly seems to be working, but why?
What can we learn from Tesla?
The first thing to note is that Tesla has made incredible progress towards its business objective of mass-produced, affordable electric cars. They've even made a genuine annual profit for the first time in their history.
Secondly, much of Tesla's business strategy was actually forced upon it. There was no way they could have created a cost-effective mass-market electric car.
As a startup, they didn’t have the resources or capabilities to reap the benefits of economies of scale. Because they were creating such a unique car, they couldn't rely on outsourcing or suppliers to gain mass-production benefits.
Fortunately, Tesla's supply chain strategy is one of the most brilliant moves they've made. They knew early on that batteries would present the biggest technological hurdle to their cars and the biggest bottleneck to production.
Rather than let this derail them, they took complete control of their supply chain by investing in battery manufacturers. This has the additional benefit of simplifying diversification as Tesla can use those same batteries in parallel business ventures such as their Powerwall.
Of course, Tesla’s business strategy required vast capital and fundraising (Elon is rich but not quite rich enough to fund it all himself). That's where the marketing genius of Tesla kicks in.
For the most part, their marketing efforts are only partially about their cars. Tesla is seen as Elon Musk's personal brand, and that had an enormous impact on whether or not they got the investment they needed.
He's smart, divisive, wild, and ambitious. But whatever you think about Elon Musk, you'd be hard-pressed to traverse more than a couple of consecutive news cycles without seeing him on the front page. And that's a fantastic recipe for getting the attention of investors.
Tesla studied and adapted to the industry and business environment they would operate in. They knew their strengths, understood their market position, and built their strategy around their own findings instead of following conventional wisdom.
👉 Use the Tesla Strategy Plan Template to get inspired by Tesla's Strategy to build your own!
📚Learn more about Tesla in our Strategy Study: How Tesla Became The World’s Most Valuable Automotive Company.
Best business strategies #2: Airbnb Forgetting all about scalability
Airbnb is one of the fastest-growing tech companies. Shortly after their IPO in December 2020, they reached a US$100B+ valuation, and the company has quite possibly changed the way we travel forever. But did you know they started out about as low-tech as you can get?
It all began with co-founders Brian and Joe renting out 3 air mattresses on their apartment’s floor. They made $80 per guest. It seemed like a great idea for a startup, so they launched a website and invited other people to list their own mattresses for hire.
They got a few bookings here and there, but things didn't go well for the most part. So much so that in 2008, they resorted to selling cereal to make ends meet.
They had plenty of listings on the site and plenty of site traffic. Potential customers were out there, but they weren’t making enough bookings.
They identified the most likely problem - the low quality of listings that were simply not enticing. So Brian and Joe decided to take matters into their own hands.
The co-founders grabbed their cameras and visited every one of their NYC listings. They persuaded the owners to let them take a ton of photographs of their places.
They touched them up a bit and uploaded them to the website, replacing the old, usually bad photos. Within a month of starting this strategy, sales doubled. Then tripled. The rest is history.
What can we learn from Airbnb?
The thing I love the most about this story is that it opposes one of the most commonly stated principles of building a tech startup - “everything must be scalable” .
What Brian and Joe did was anything but scalable. But it got them enough traction to prove that their concept could work.
Later, they did scale their initial solution by hiring young photographers in major locations and paying them to take professional photos of owners’ listings (at no charge to the owner).
They also added a bunch of guidelines and articles on the site to educate owners on how they can make more money by taking better photos.
Airbnb's story shows that business strategies don’t have to be grand and super long-term affairs.
They can revolve around a specific challenge preventing the business from taking off. Once the challenge is solved, the company progresses on its roadmap and integrates the solution into the revamped business strategy.
Source: Airbnb third quarter 2022 financial results
👉 Use the Airbnb Strategy Plan Template to get inspired by Airbnb's Strategy to build your own!
Best business strategies #3: Toyota Humility can be the best business strategy
In 1973, the 'Big Three' car makers in the USA had over 82% of the market share. Today they have less than 50%. Why? Because of the aggressive (and unexpected) entry of Japanese carmakers into the US market in the 1970s - led by Toyota.
Cars are big, heavy, and expensive to ship around in large numbers. That's one of the reasons the US market was caught off guard when Toyota started selling Japanese-made cars in the US at lower prices than they could match.
The car industry was a huge contributor to the US economy, so one of the first reactions from the government was the implementation of protectionist taxes on all imported cars - thus making Japanese cars as expensive as locally made cars.
But the tactic failed. Within a few years, Toyota had managed to establish production on US soil, thus eliminating the need to pay any of the hefty new import taxes. At first, US carmakers weren't all that worried.
Surely by having to move production to the US, the costs for the Japanese carmakers would be roughly the same as those of the local car companies.
Well, that didn't happen. Toyota continued its cost leadership strategy. It still manufactured cars for significantly less money than US companies could.
Their finely honed production processes were so efficient and lean that they could beat US carmakers at their own game. You've probably heard of the notion of ' continuous improvement '. In manufacturing, Toyota is pretty much synonymous with the term.
US Car Sales Graph- January through May 2021 vs 2020
Source: GOODCARBADCAR
What can we learn from Toyota?
Most business success stories involve bold moves and daring ideas. But not this one.
Toyota spent years studying the production lines of American carmakers such as Ford. They knew that the US car industry was more advanced and efficient than the Japanese industry. So they decided to be patient.
They studied their competitors and tried to copy what the Americans did so well. They blended these processes with their strengths and came up with something even better.
Toyota proved that knowing one's weaknesses can be the key to success - and be one of the best business strategies you can ever deploy.
Not just that. Can you name a single famous executive at Toyota? I can't. And one of the reasons is that Toyota's number one corporate value is humility. It helped them crack the US market, and it runs deep in the organization - from top management to assembly workers.
Toyota’s success is based on continuously improving its functional level strategy , which focuses on day-to-day operations , decisions, and goals. They understood that the bigger picture consists of thousands of small tasks and employees.
They took a big goal, such as “becoming a cost leader in our category without compromising quality”, and ensured that their mission impacted every level of the organization while staying true to their core values.
👉 Use the Toyota Strategy Plan Template to get inspired by Toyota's Strategy to build your own!
📚Learn more about Toyota in our Strategy Study: How Toyota Went From Humble Beginnings To Automotive Giant .
Best business strategies #4: HubSpot Creating an industry then dominating it
HubSpot might not be as famous as Airbnb or Toyota. However, being valued at $22.72 billion in 2022 means, they’re certainly no slouch.
And most impressively, they’ve become such a successful company in an industry that didn’t even exist before they invented it.
Most of the marketing we experience is known as 'interruption' marketing. This is where adverts are pushed out to you whether you like it or not. Think tv adverts, billboards, Google Adwords, etc.
In 2004, HubSpot created a software platform that aimed to turn this marketing concept on its head. The HubSpot marketing platform helped companies write blog posts, create eBooks, and share their content on social media.
The theory was that if you could produce enough good quality content to pull people to your website, then enough of them might stick around to take a look at the product you're actually selling. Useful content created specifically for your target market should also increase customer retention.
This approach was a big deal. I can tell you from personal experience that 'interruption marketing' is really expensive. We pay Google around $10 each time someone clicks on one of our AdWords adverts. Remember, that's $10 per click, not per sale. It adds up pretty fast.
On the other hand, this blog receives more than one million clicks per year. Each article keeps generating clicks at no additional costs once it’s written and published.
Inbound marketing basically saved our business - so it's fair to say that this example is pretty close to my heart!
Hubspot coined the term 'inbound marketing' - and long story short, they're now one of the biggest SaaS companies in the world. But that's not the interesting part of the story.
What can we learn from HubSpot?
Hubspot’s successful business strategy is based on a new type of marketing. Now here’s the twist that separates it from generic strategies: Hubspot used their new marketing approach to market their own company, whose sole purpose was to sell a platform that created that new type of marketing. Head hurting yet? Mine too.
Most companies would have taken that new approach and applied it to something they were already selling. But instead, the HubSpot guys decided to monetize the marketing strategy itself.
They took a whole bunch of concepts that already existed (blogging, eBooks, etc.) and packaged them into an innovative product - ‘a new way of doing things'.
They created an awesome narrative and proved how powerful their new way of marketing could be by building a business worth billions around it.
Their best and biggest case study was their own product, and they had all the numbers and little details to showcase to the world it really works.
Source: Hubspot overview
👉 Use the Hubspot Strategy Plan Template to get inspired by Hubspot's Strategy to build your own!
Best business strategies #5: Apple iPhone launch shows tremendous restraint
Ok, I hear you - this is such an obvious inclusion for the 'best business strategies'. But as one of the first people to adopt smartphones when they came out in the 1990s, this is something else that's close to my heart.
I remember using Windows Mobile (the original version ) on a touchscreen phone with a stylus - and it was horrible. I loved the fact that I had access to my email and my calendar on my phone.
But I hated that my phone was the size of a house and required you to press the screen with ox-like strength before any kind of input would register.
Thankfully, a few years later, BlackBerry came along and started to release phones that were not only smart but much more usable. Sony Ericsson, Nokia, HTC, and a whole host of other manufacturers came out with reasonably solid smartphones well before 2007 when Apple finally released the iPhone.
I remember arriving at the office one day, and my boss had somehow gotten his hands on one of the first iPhones to be sold in the UK. I was shocked. Normally I was the early adopter. I was the one showing people what the future looked like.
And yet, here was this guy in his mid 50's, with his thick glasses, showing off a bit of technology that I'd never even seen before.
Apple could easily have created a phone much earlier than it did and sold it to me and a few other early adopters.
But it didn't. Instead, it waited until the technology was mature enough to sell it to my boss - someone who is far less tech-savvy than me. But also far more financially equipped to spend plenty of money on new tech products.
What can we learn from Apple?
The big learning here is that first-mover advantage is often not an advantage. A well-executed 'follower' strategy will outperform a less well-executed 'first mover' strategy every single time.
One of the most common misconceptions in the startup world is that it's the 'idea' that matters the most. The truth is, the world's most successful companies were rarely the original innovators. I'm looking at you, Nokia. At you, Kodak. And at you as well, Yahoo.
In fact, being first is probably a disadvantage more often than it's an advantage. Why?
- Your market isn't well defined and doesn't even know your product type exists.
- If you have a market, it's probably just the early adopters - by definition, that's a niche market.
- Technology will often hold you back rather than power you to success.
- Every business that comes after you will have the advantage of learning from your mistakes.
People, and especially tech companies, get carried away with being first and forget that it’s a competitive position with pros and cons. Deciding to be a 'first mover' or 'smart follower' is crucial for strategic planning .
It’s a decision that should be based on research such as swot analysis and not on pride or blind optimism as it can make all the difference between success and failure.
Bonus reading : 18 Free Strategic Plan Templates (Excel & Cascade)
👉 Use the Apple Strategy Plan Template to get inspired by Apple's Strategy to build your own!
📚Learn more about Apple in our Strategy Study: How Apple Became the Top Non-Corporate Tech Brand .
Best business strategies #6: PayPal Daring to challenge the status quo
There are certain industries that you just don't mess with. Industries like aerospace, big supermarkets, semiconductors, and banking. Actually, banking is probably the toughest industry to try to disrupt because the barrier to entry is huge.
You need mountains of capital, a ton of regulatory approval, and years of building trust with your customers around their most important asset - cash.
Banks are old. Their business models have been essentially unchanged for hundreds of years. They're insanely powerful and almost impossible to displace. But for some crazy reason - PayPal didn't seem to care.
I can tell you from personal experience (I worked for a bank) that the name which strikes the most fear into the executives of the banks is PayPal.
Here's why:
- PayPal spends less money on technology than even a medium-sized bank does. Yet its technology platform is far superior.
- Consumers trust PayPal as much if not more than they trust their bank. Even though PayPal has been around for a fraction of the time.
- When a customer uses their PayPal account, the bank has no clue what the customer bought. The transaction appears on the bank statement as merely 'PayPal'. That gives PayPal all the power when it comes to data mining.
- PayPal is quicker to market with just about any kind of payment innovation.
- PayPal refuses to partner with banks - instead opting to partner with retailers directly.
In a very short time, PayPal has emerged as a new payment method - giving a very real alternative to your trusty debit or credit card. PayPal has also become one of the best payment platforms for digital nomads , tapping into one of the fastest-growing business trends in the world.
But how the heck did it manage to do it? Let's take a look at why PayPal had one of the best business strategies ever.
What can we learn from PayPal?
There are two main reasons behind PayPal's success story.
The first is simple - stone-cold balls. They got a fairly lucky break when they accidentally became the favored payment provider for eBay transactions. A few years later, Paypal was even acquired by eBay for US$1.5bn.
eBay was smart enough to mostly leave Paypal alone, and their newfound sense of boldness saw them strike a series of deals with other online retailers to try and replicate the success they'd had with eBay.
This is where the second reason comes in. Partnerships. Banks had always been wary about forming partnerships with retailers directly. Instead, they relied on their scheme partners (Visa / MasterCard) to do it for them.
They didn't want the hassle of managing so many different relationships and were extremely confident that credit and debit cards would always be at the heart of the payment system. But the problem was that MasterCard was already working on a partnership with PayPal.
Today, PayPal commends an amazing 54% share of the payment processing market. Almost all of that growth has come from their direct relationships with large and small merchants.
It shows that even in the toughest and most competitive markets, you can still find opportunities worth exploring and uncover a key to a very good business strategy.
Market share of online payment processing software technologies worldwide Sep 2022. Source: Statista
👉 Use the PayPal Strategy Plan Template to get inspired by Paypal's Strategy to build your own!
Best business strategies #7: Spotify Changing the rules of the music industry
Before Spotify came along, the world of online music streaming was pretty lackluster. Sure, you had platforms like Napster and The Pirate Bay, but they were illegal and you never knew when they would get shut down. And even if you did use them, you were still pretty limited in terms of what you could listen to. On the other hand, you had platforms like iTunes and Pandora, but they had their own set of problems. With iTunes, you had to pay for each and every song, which was a total bummer. And Pandora, you couldn't listen to whatever song you wanted, it was more like a radio station. Basically, people were craving for a better way to listen to music, one that was legal and gave them the freedom to choose what they wanted to listen to. And that's where Spotify comes in. When Spotify launched in 2008, it was a game-changer. They took the best parts of platforms like Napster and The Pirate Bay (the ability to share music), but made it legal. And they also took the best parts of platforms like iTunes and Pandora (the ability to choose what you want to listen to), and made it better. As we all know, it turned out to be quite an effective business strategy.
What can we learn from Spotify?
Spotify nailed it by putting their customers at the forefront of their business strategy. They saw that people were fed up with the limitations of other music streaming platforms and decided to create a service that put the customer's needs and wants first. They invested in technology and engineers to ensure the experience was seamless and easy for listeners, and it worked like a charm. People flocked to Spotify like bees to honey because it gave them the freedom and control over their music choices that they craved. Another big part of Spotify's success was (and still is) their freemium business model. They offered a free version of the service, but also had premium options for those who wanted more features and services. This allowed them to attract a huge user base and generate revenue from both the free and paying users. This model helped Spotify grow its user base and revenue quickly, more than exceeding their business goals.
And let's not forget about their data-driven approach. They invested heavily in data analysis and machine learning, which allowed them to create algorithms to predict which songs and artists users will like and recommend them accordingly - going one step further into user personalization. This helped to drive engagement and loyalty, making Spotify the go-to platform for discovering new music and creating playlists.
👉 Use the Spotify Strategy Plan Template to get inspired by Spotify's Strategy to build your own!
📚Learn more about Spotify in our Strategy Study: How Spotify Became The Standard In Convenience And Accessibility .
More excellent business strategy examples
You just got familiar with my personal selection of top business strategies. But these 7 are just the tip of the iceberg! If you’re looking for more examples and lessons from the very best businesses in the world, download the free 56 strategies report . It’s a selection of cases that covers plenty of really interesting situations. Trust me, you won’t regret it.
What's the difference between a business strategy and a corporate strategy?
A business strategy refers to the business plan for a specific business unit level within a company, while a corporate strategy deals with the overall direction and scope of the entire organization at the functional level.
A successful business strategy focuses on achieving specific business objectives within a certain market or industry, and is often developed as part of a larger business plan. While a corporate-level strategy focuses on achieving corporate objectives and aligning the entire organization's key components to achieve competitive advantage and meet organizational goals.
What are the key components of a successful business strategy?
A successful business strategy includes the following key components:
- Identifying and targeting a specific market or industry
- Developing a unique value proposition
- Creating a business plan with relevant focus areas to achieve the business objectives
- Define the specific actions that will ensure those objectives are met
- Determine the measures or KPIs that will drive success and ensure execution
- Continuously monitoring and adjusting the strategy to meet the organizational goals
How does a business strategy contribute to achieving corporate objectives?
A business strategy is designed to achieve specific business objectives within a certain market or industry, which in turn contributes to achieving the overall corporate objectives of the organization .
By aligning the efforts of the individual business units with the overall direction and scope of the company, a business strategy helps to create a unified approach towards achieving competitive advantage and meeting organizational goals.
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Some people venture into entrepreneurship with a clear vision: They know what industry they want to conquer and the path they’re going to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business — plus, determine exactly what type of business is the best choice to invest in.
To help you launch your journey, we’ve compiled a list of the most profitable businesses, considering factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as profitability potential.
Most profitable small businesses
With a solid business plan, hard work and determination, any strong business idea may become successful and profitable.
Businesses in high-growth industries with lower startup costs , however, may have greater profitability potential. With the rise of technology, for instance, you’ll probably have more success starting a virtual assistant business than opening a grocery store.
Although some of the most profitable businesses are based online, others involve in-person services, and some are a great fit if you're an entrepreneur on the go. Here’s our list of the most profitable small businesses:
1. Food trucks
The food truck movement has been experiencing consistent growth over the past five years — and it’s expected to continue — with the market projected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. You can start a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; plus, you have geographic versatility, the potential for high revenue returns and the flexibility to create a custom menu that’s all your own.
Keep in mind that bigger, trendier cities like San Francisco, Boston and Washington, D.C., already have a pretty saturated food truck market (as well as tougher regulations to get started) — so this might be a more successful business in a smaller heartland metropolis.
Food trucks also tend to have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance , so you’ll want to contact your local health department to find out what will be required.
2. Car wash services
The rising price and expanded features of new vehicles are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their auto investment are expected to keep rising as well.
According to the International Carwash Association, 66% of Americans wash their vehicles somewhere between one to two times per month, with an average of 13 times per year. The car wash market is projected to increase from $14.7 billion in 2021 to $20.7 billion by 2028.
You might make a car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. And as a mobile car wash and auto detailing service, you’d avoid the overhead and startup costs of having a physical location.
3. Auto repair
In 2021, the average age of cars and light trucks in the U.S. rose to 12.1 years, increasing from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping their cars longer than ever, suggesting there’s significant opportunity in the maintenance and repair business.
Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities.
If you’re skilled as a mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more. And if you’re looking to save on overhead costs, you might make it a mobile service and travel to your customers, performing repairs in their driveway or office parking lot.
4. Personal trainers
Employment of fitness trainers and instructors is projected to grow 39% from 2020 to 2030, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. But turning your love of fitness into a career doesn’t have to mean working for a big corporate gym — nor do you need the overhead of having your own location to train clients. Throw a few weights, bands and yoga mats into the trunk of your car, and take your fitness show on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or advertising group classes at a local park or community center. Making fitness more available to your clients might just be the ticket to helping both of you achieve your goals.
» MORE: Best mobile business ideas for on-the-go entrepreneurs
5. Newborn and post-pregnancy services
Although millennials are deferring parenthood for longer than previous generations, many do eventually want to have kids. In fact, according to an analysis of government data by the Pew Research Center, as of 2018, more than half of millennial women have had a child.
Now, both millennials and Generation Z are considering parenthood, and the need for child-oriented businesses is growing, starting with post-pregnancy and newborn-related services. And as a result, a 2018 Research and Markets report expects the maternity care market in North America to reach over $3 billion by 2023.
Demand for doulas and lactation consultants, in particular, has risen among new mothers, and both business options have relatively low overhead requirements beyond education and certification.
See how to get your business started quickly
Find the money to get going: Compare the best small business loan options right now .
Set up a bank account: Details on how to get a free business checking account .
Start accepting credit cards and other payments: Options and how to use point-of-sale systems .
Start tracking your profits: Pick out and set up simple accounting software .
6. Enrichment activities for children
While Americans continue to have children, shrinking budgets for education mean that both traditional academics and enrichment subjects like music, art and athletics often take a significant hit.
A successful business to start might be one that teaches enrichment activities to children. According to a 2018 U.S. Census Bureau report, kids are just as involved in extracurricular activities today as they were 15 years ago. And some research indicates that nearly half of American parents spend more than $1,000 annually on their children’s activities.
You could launch a gymnastics center or music school, become a swimming instructor or kids’ yoga teacher, or focus on some other child-centered activity. If you have a skill that could be easily taught to young students, you might already have a profitable business in the making.
7. Mobile apps and entertainment for children
If your interests are in development and engineering, you might consider gearing your technology toward the youngest users. Research shows that demand for tablets, apps and mobile entertainment for children is on the rise — especially if those products are education-focused.
According to a Learning First Alliance report on mobile devices and early childhood education produced by research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps have benefits for teaching kids skills in reading, math, science and world languages.
Do you have an idea for an educational app for children or parents? If so, now's the time to move forward on your bright idea for the next generation and make this potentially profitable business a reality.
8. Shared accessories and attire
Sites like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy — where we want and need to own less stuff, so instead, we share resources.
These companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and because the same piece of inventory generates revenue multiple times, the profitability of these ventures can be significant. According to a 2021 study by the reselling platform Mercari, the secondhand-clothing market is projected to more than triple by 2030.
Do you have an eye for fashion and a sense of style not currently offered by other rental services? Maybe you’re ready to be the next big thing.
Even if you’re not prepared to launch a multimillion-dollar fashion startup, you can just as easily profit from shared fashion at the local level. Gather some favorite accessories or clothing picks and host a borrowing party — where customers can rent or purchase items from your closet — for high school students before the next formal dance.
If you’re in a college town, Greek life formals are another great opportunity to profit from shared economy fashion. And because you’re taking shipping costs out of the equation, you have the potential to be even more profitable.
» MORE: Best business credit cards for LLCs
9. Shared home improvement equipment
Are you the go-to person in your neighborhood for every lawn, garden and home repair tool? Why not turn those tools into a profitable business by advertising your available equipment beyond your immediate friend group?
You might even decide to invest in more specialized and higher-cost equipment that would be useful to those around you. And if a customer doesn’t know how to use a specific tool, combine equipment rental with your mobile service for even more cash in the bank.
Home improvement spending has increased since the start of the COVID-19 pandemic — and U.S. households spent an average of $8,305 on improvement projects in 2020 alone, according to a study from Home Advisor. As more people continue to invest in fixer-upper houses and remodel, this could be a big opportunity.
» MORE: Best small-town business ideas
10. Vacation rentals
If you live in a highly desirable tourist destination, you can make a profit renting space in your home to travelers. Sites like Airbnb or VRBO have made it easier than ever to profit from your unused vacation property — or even your extra bedroom. According to Airbnb, the average U.S. host makes over $13,800 a year.
It's not too difficult to become an Airbnb host , and the demand for these types of rentals has only grown in recent years. In 2021, 356.9 million nights were booked on Airbnb — up from 251.1 million nights in 2020. However, some cities have laws and regulations regarding Airbnb and other rental platforms, so you’ll want to make sure you check the guidelines in your area before getting started.
11. Electronics repair
According to the Pew Research Center, as of 2021, 85% of Americans own a smartphone, and over 75% of U.S. adults own a desktop or laptop computer. And with more employees working from home, there’s an even greater reliance on a variety of electronics.
That means that when something goes wrong, people want help fixing it as soon as possible. This makes electronics repair a potentially lucrative business idea. According to a 2022 report from the Business Research Company, the global electronics repair and maintenance market is expected to grow from about $8 billion in 2021 to $9.6 billion in 2026.
With this service, you could be the solution for every broken iPhone screen, Wi-Fi card and laptop battery. And you might be even more successful if you’re willing to travel to your customer. Apple stores and other electronics retailers have come under fire recently for long customer wait times, which could work in favor of mobile providers.
Although a mobile electronics repair business involves some overhead in the form of purchasing supplies, being mobile saves you from having to pay the costs associated with a physical location.
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12. Academics courses
Online entrepreneurs can offer courses through educational platforms or independently on their own websites. The U.S. e-learning market has accelerated growth since the onset of the COVID-19 pandemic and is predicted to increase by $21.6 billion in 2024, according to a 2020 report by Technavio.
You might start your business by providing courses in traditional academics, offering online instruction in grade-level reading, math, science, history or standardized test preparation. You could even create a review course for parents helping teens with their algebra homework. If you’re creative, the possibilities are truly endless.
And academic courses don’t have to end at the high school or even college level. You can create an online course to share your love of political history, Buddhist theology or rocket science. If you’re interested in a particular subject, chances are someone else is, too.
13. Language courses
Currently, one-fifth of U.S. families speak one other language, apart from English — based on data from the Census Bureau. And with more languages being spoken nationwide, the demand for online language learning courses is growing. The market is projected to increase by $5.7 billion from 2021 to 2026, according to a 2022 report from Technavio.
So whether you take to the online education space with expertise in English, or you harness your mastery of Swahili, there’s likely someone out there who wants to learn a language from you.
And if you speak one of the most in-demand languages, such as Mandarin, Spanish or Arabic, then online-based language courses could be one of your most profitable business ideas.
» MORE: Easy online business ideas you can start now
14. Business or marketing courses
Since the beginning of the COVID-19 pandemic, participation in career-focused online courses has grown significantly, especially as more employees look to change jobs or work from home. For instance, LinkedIn saw a 53% increase in global hours spent learning from 2020 to 2021.
Companies have expanded or launched new coverage for tuition reimbursement in recent months, meaning workers have money to spend on these types of classes. According to a 2022 Harris Poll performed on behalf of Fortune, 14% of employees reported their companies offer some type of coverage or reimbursement for online training courses; and over the past six months, 10% of employees reported their employers have expanded or launched new coverage for these types of training opportunities.
If you have career skills to share, you can start creating online courses with few initial costs. Popular course topics include bookkeeping, QuickBooks accounting software , WordPress web development, graphic design or even how to write a great cover letter or resume.
15. Personal wellness
Are you a therapist or counselor, a yoga instructor, a life coach or a longtime meditator? If you have a deep passion for personal wellness, you might be able to help others — while also earning a significant income.
For example, in 2017, the U.S. accounted for nearly 50% of the global yoga market, according to a 2019 report by Allied Market Research. The same report predicts the U.S yoga market to grow at a compound annual growth rate, or CAGR, of 11% by 2025. Americans who practice yoga spend, on average, around $90 a month on the activity, according to a 2019 survey from OnePoll and Eventbrite. Additionally, the number of people participating in wellness activities online has grown significantly. Yoga was the most popular ClassPass digital workout of 2020, experiencing a 25% increase in reservations over 2019.
And, like many of the options on our list, as long as you have the knowledge, the costs to start a personal wellness business are low.
Every person has a desire to better themselves, and that’s what online courses are all about. If you have this expertise to share, you could turn your knowledge into a profitable business.
16. Courses in hobbies or interests
While many courses are designed to further an education or career prospects or to promote major life changes, you can just as easily design an online course around any hobby or interest.
Do you have a passion for calligraphy or craft brewing ? Have you mastered a certain video game? You'd be surprised at the number of people willing to pay to learn about topics they're interested in. Some of the bestselling courses on the popular online learning platform Udemy include web development, ethical hacking, cryptocurrency, Photoshop and drawing — and they sell for up to $150 per class.
Not sure how to start designing your own online course? Well, there are even online courses for creating your own online course. You can use one of these courses to propel your own online course business.
17. Bookkeeping and accounting
Accounting and bookkeeping are unavoidable requirements of business ownership. But for many entrepreneurs, money management is the most tedious part of owning a business; that's why some business owners choose to outsource those tasks.
Whether you’re a certified public accountant or just a QuickBooks wizard, you might be the perfect candidate to launch your own bookkeeping business . With a net profit margin of 18.4% (according to a 2017 Sageworks report), bookkeeping, accounting, tax preparation and payroll services have long been some of the most profitable businesses for entrepreneurs.
As a bookkeeper, you can process invoices and payroll, compile expense reports and more. If you have a CPA license, you can help business owners file taxes, generate balance sheets and other accounting documents, as well as make professional recommendations about your client’s bottom line.
18. Consulting
If you’ve been in the business world for a long time, folks may be clamoring for your knowledge and expertise within your industry. Why not turn all that know-how into a new career as an independent consultant?
According to the Bureau of Labor Statistics, demand for consulting services is expected to increase, particularly among smaller companies that deal in specialized industries or business functions. Employment of management analysts, which includes consultants across different industries, is projected to grow 14% from 2020 to 2030 — faster than average for all occupations.
As an independent consultant, you can be paid to speak at industry conferences or events, serve on a board of advisors for a fledgling business, or lend your expertise to shape the strategy of an existing business on a contract basis.
Whatever your skill set, starting a consulting business is a great way to make the income of your dreams while working on your own terms.
» MORE: 145 new service business ideas for 2022
19. IT support
Our reliance on technology makes IT support just as profitable a business idea as electronics repair and other tech businesses — especially considering employment of IT professionals is projected to grow 9% from 2020 to 2030, according to the Bureau of Labor Statistics. With an IT business, you can help customers when they have issues with their internet or computer software, as well as install security programs and network updates.
If technology comes easily to you — and you’re a relatively patient person — then the most profitable business for you might be hitting the road, at least in your neighborhood, with mobile IT support. You can offer a service to combat the chat or phone support typically offered by technology manufacturers, which often includes long wait times and leaves customers with unanswered questions.
All you need is time, transportation and your own know-how, so this low-overhead business model could be almost pure profit.
20. Graphic design
As the number of brands vying for consumers’ attention grows, a slick and polished image has become more important than ever for small businesses. Adobe’s research has shown that 73% of companies that are investing in design are doing so to stand out from the competition.
And although, according to the Bureau of Labor Statistics, employment for graphic designers is expected to grow only 3% from 2020 to 2030, there are opportunities out there, especially for graphic designers who work freelance — which 90% of graphic designers in the industry do, according to a 2021 report by IBIS World.
Do you know your way around Adobe Photoshop, Illustrator and InDesign? Have you taken a few design classes, and do you have an eye for good branding? Turn your skills into a business as a freelance graphic designer. You’ll have almost no overhead and can help small-business owners create awesome marketing graphics.
21. Social media management
These days, customers expect a business to have a strong social media presence and to be responsive to customer service issues on social media.
Although many small-business owners know they need to engage in social media marketing, few have the necessary time or expertise to manage all of their social media accounts.
If you’re fluent in Twitter, live your life on Facebook and have gotten every job you’ve ever had through LinkedIn, you might consider turning your social media expertise into your own solopreneur business venture — offering support to business owners who need help managing their brands' social media platforms.
As long as you have your own laptop, smartphone and social media accounts, there are few costs to getting started, and job growth in the industry is projected to increase 11% from 2020 to 2030 — faster than average for all other occupations.
22. Marketing copywriter
If you’re particularly adept with words, you can use your talents to write copy for various companies’ marketing efforts.
Based on data from LinkedIn, hiring for digital marketing professionals grew 33% year-over-year from 2019 to 2020, and it grew 49% in the same time frame for content creators (including roles such as blogger, creative writer and editor).
Whether you’re coining a catchy slogan or writing an in-depth description of a company’s offerings, if you’re doing it as an independent contractor, you’ll have very few startup costs. Once you get started and build relationships with clients, you’ll quickly be able to earn a profit for your services.
23. Virtual assistant services
With more employees working from home, and with teams spread out across different locations and time zones, businesses can benefit from an assistant who is just as flexible as they are. There's no longer the need to meet with a client every day in an office — you can work as an assistant from New York when your client lives in Florida.
According to ZipRecruiter, the average remote virtual assistant in the U.S. makes $63,500 a year.
As a virtual assistant , you can choose your clients and create your own schedule, managing emails, scheduling meetings, booking travel and completing other basic tasks to make your customers’ lives and businesses run more smoothly.
Plus, all you need is a laptop and an internet connection to start this business.
How to start a profitable business
These ideas for profitable businesses span a variety of industries and involve varying time commitments and startup costs. Before you can earn any profit, however, you’ve got to get your business off the ground.
Here are three steps to help you get started:
1. Do your research
Whether you choose one of the ideas here or come up with something on your own, do your research before committing to any concept. You'll want to perform idea validation, a process that involves market and competitor research, as well as a financial feasibility analysis to help test your business idea and determine whether you want to move forward with your business proposal.
2. Get organized and make it official
Once you’ve chosen a strong business idea, you’re ready to create a thorough business plan . Your business plan will outline your company’s goals — and how you’ll achieve them — as well as provide a roadmap for you (and potential investors) to follow for the next three to five years.
After you’ve written your business plan, you can take the necessary steps to make your small business official. You’ll choose a business structure, apply for an employer identification number, register your “Doing Business As” name (if necessary) and get the business licenses and registrations you need to open your doors.
» MORE: Important legal requirements for starting a small business
3. Find the right financing
It can be difficult for startups to qualify for some traditional business loans, as they often require multiple years of business history for approval. Instead, new business owners might consider startup funding options, such as microloans, grants, crowdfunding, or asking friends or family for an investment.
Business credit cards are also an option for short-term financing, especially for everyday business purchases. With a business credit card , you can earn perks and rewards on your spending, as well as start building a business credit history.
This article originally appeared on JustBusiness, a subsidiary of NerdWallet.
On a similar note...
EU AI Act: first regulation on artificial intelligence
The use of artificial intelligence in the EU will be regulated by the AI Act, the world’s first comprehensive AI law. Find out how it will protect you.
As part of its digital strategy , the EU wants to regulate artificial intelligence (AI) to ensure better conditions for the development and use of this innovative technology. AI can create many benefits , such as better healthcare; safer and cleaner transport; more efficient manufacturing; and cheaper and more sustainable energy.
In April 2021, the European Commission proposed the first EU regulatory framework for AI. It says that AI systems that can be used in different applications are analysed and classified according to the risk they pose to users. The different risk levels will mean more or less regulation. Once approved, these will be the world’s first rules on AI.
Learn more about what artificial intelligence is and how it is used
What Parliament wants in AI legislation
Parliament’s priority is to make sure that AI systems used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly. AI systems should be overseen by people, rather than by automation, to prevent harmful outcomes.
Parliament also wants to establish a technology-neutral, uniform definition for AI that could be applied to future AI systems.
Learn more about Parliament’s work on AI and its vision for AI’s future
AI Act: different rules for different risk levels
The new rules establish obligations for providers and users depending on the level of risk from artificial intelligence. While many AI systems pose minimal risk, they need to be assessed.
Unacceptable risk
Unacceptable risk AI systems are systems considered a threat to people and will be banned. They include:
- Cognitive behavioural manipulation of people or specific vulnerable groups: for example voice-activated toys that encourage dangerous behaviour in children
- Social scoring: classifying people based on behaviour, socio-economic status or personal characteristics
- Biometric identification and categorisation of people
- Real-time and remote biometric identification systems, such as facial recognition
Some exceptions may be allowed for law enforcement purposes. “Real-time” remote biometric identification systems will be allowed in a limited number of serious cases, while “post” remote biometric identification systems, where identification occurs after a significant delay, will be allowed to prosecute serious crimes and only after court approval.
AI systems that negatively affect safety or fundamental rights will be considered high risk and will be divided into two categories:
1) AI systems that are used in products falling under the EU’s product safety legislation . This includes toys, aviation, cars, medical devices and lifts.
2) AI systems falling into specific areas that will have to be registered in an EU database:
- Management and operation of critical infrastructure
- Education and vocational training
- Employment, worker management and access to self-employment
- Access to and enjoyment of essential private services and public services and benefits
- Law enforcement
- Migration, asylum and border control management
- Assistance in legal interpretation and application of the law.
All high-risk AI systems will be assessed before being put on the market and also throughout their lifecycle.
General purpose and generative AI
Generative AI, like ChatGPT, would have to comply with transparency requirements:
- Disclosing that the content was generated by AI
- Designing the model to prevent it from generating illegal content
- Publishing summaries of copyrighted data used for training
High-impact general-purpose AI models that might pose systemic risk, such as the more advanced AI model GPT-4, would have to undergo thorough evaluations and any serious incidents would have to be reported to the European Commission.
Limited risk
Limited risk AI systems should comply with minimal transparency requirements that would allow users to make informed decisions. After interacting with the applications, the user can then decide whether they want to continue using it. Users should be made aware when they are interacting with AI. This includes AI systems that generate or manipulate image, audio or video content, for example deepfakes.
On December 9 2023, Parliament reached a provisional agreement with the Council on the AI act . The agreed text will now have to be formally adopted by both Parliament and Council to become EU law. Before all MEPs have their say on the agreement, Parliament’s internal market and civil liberties committees will vote on it.
More on the EU’s digital measures
- Cryptocurrency dangers and the benefits of EU legislation
- Fighting cybercrime: new EU cybersecurity laws explained
- Boosting data sharing in the EU: what are the benefits?
- EU Digital Markets Act and Digital Services Act
- Five ways the European Parliament wants to protect online gamers
- Artificial Intelligence Act
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