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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

use of business plan

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

  • A business plan is a document describing a company's business activities and how it plans to achieve its goals.
  • Startup companies use business plans to get off the ground and attract outside investors.
  • For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
  • There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

  • Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
  • Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
  • Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
  • Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
  • Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

  • Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
  • Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

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

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

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

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

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

use of business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

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

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

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

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

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

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

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

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

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

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

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

Licenses and permits.

Equipment leases.

Bank statements.

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

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

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

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

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

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

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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

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

What Is a Business Plan?

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

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

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

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

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

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

Business Plan Steps

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

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

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

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

Do I Need a Simple or Detailed Plan?

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

How to Choose the Right Plan for Your Business

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

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

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

  • What is the vision and mission of the company?
  • What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

  • What business are we in?
  • What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

  • Who is our customer? 
  • What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

  • Who is the competition? 
  • What do they do best? 
  • What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

  • What is the product or service?
  • How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

  • Who is the target market (if different from existing customer base)?
  • What channels will you use to reach your target market?
  • What resources does your marketing strategy require, and do you have access to them?
  • If possible, do you have a rough estimate of timeline and budget?
  • How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

  • What is the sales strategy?
  • What are the tools and tactics you will use to achieve your goals?
  • What are the potential obstacles, and how will you overcome them?
  • What is the timeline for sales and turning a profit?
  • What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

  • How much capital do you currently have? How much capital do you need?
  • How will you grow the team (onboarding, team structure, training and development)?
  • What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

  • How and when will the company first generate a profit?
  • How will the company maintain profit thereafter?

Business Plan Template

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

  • Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
  • Add a Company Overview Document the larger company mission and vision. 
  • Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
  • Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
  • Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
  • Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
  • Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
  • Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
  • Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
  • Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

  • Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
  • List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
  • Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
  • Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
  • Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
  • Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
  • Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
  • Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Lean Business Plan Templates for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

  • Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
  • Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
  • Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
  • Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
  • Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

  • A market analysis : gathering information about factors and conditions that affect your industry
  • Competitive analysis : evaluating the strengths and weaknesses of your competitors
  • Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
  • Marketing: using your research to advertise your business
  • Logistics and operations plans : planning and executing the most efficient production process
  • Cash flow projection : being prepared for how much money is going into and out of your business
  • An overall path to long-term growth

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

  • No market need : No one wants what you’re selling.
  • Lack of capital : Cash flow issues or businesses simply run out of money.
  • Inadequate team : This underscores the importance of hiring the right people to help you run your business.
  • Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
  • Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A graphic showing you a “Business Plan Outline.” There are four sections on the left side: Executive Summary at the top, Company Description below it, followed by Market Analysis, and lastly Organization and Management. There was four sections on the right side. At the top: “Service or Product Line.” Below that, “Marketing and Sales.” Below that, “Funding Request.” And lastly: “Financial Projections.” At the very bottom below the left and right columns is a section that says “Appendix.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

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The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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9 Ways to Use Your Business Plan It's not just for financing--your business plan can help you spot future success or failure, attract suppliers and employees, and more.

Sep 27, 2005

Editor's note: This article was excerpted from Business Plans Made Easy , a guide to creating a high-impact business plan.

The process of writing a business plan helps you take a thorough, careful and comprehensive look at the most important facets of your business, including the contexts in which it operates. Just raising questions can sometimes lead to a solution, or at least ensure that if conditions change you won't be forced to make decisions hastily. The ongoing "what if this or that happens?" inherent in the planning process keeps you alert. In other words, the planning process itself makes you a far more capable manager than you would be without it. For many, this is a more valuable result than securing funding.

In many ways, writing a business plan is an end in itself. The process will teach you a lot about your business that you are unlikely to learn by any other process. You'll spot future trouble areas, identify opportunities, and help your organization run smoothly, simply through the act of writing a plan.

Evaluating a New Venture Lisa Angowski Rogak is an entrepreneur who started several newsletters in much the same way. She devised a plan focusing on marketing strategy and cash flow projections to see if she could come up with a way to sell the newsletters while keeping her bills paid. She then prepared a sample issue to be used in a direct mail and publicity campaign. "Planning is the key to the success of your newsletter," says Rogak, whose latest venture is Williams Hill Publishing. "It's the single most important thing you can do to ensure the success of your newsletter."

That's the kind of encouragement that helps entrepreneurs persevere, whether they have an existing concern that's hitting a rough spot or a startup concept that nobody else seems to believe in. Numbers can lie, of course, and nobody can create a spreadsheet that really tells the future. But evaluating financial data is to entrepreneurship what evaluating lab results is to a medical doctor. If your vital signs are good, odds are your future will be as well

But what if the odds don't look so favorable? What if the first pass through your cash flow projection or income pro formas contains more red than a fire station paint locker? Sure, you can go back and look for an error or an overly pessimistic or conservative assumption. You can even try altering a few of the inevitable numbers that you really have no way of estimating accurately to see where the pressure points are, if nothing else.

But what if you do that, even pushing your alterations past the point of credibility, and your plan still doesn't make sense? Well, in that case, you've probably done yourself the really big favor of finding out something isn't going to work before you sink your money into it. Nobody knows exactly how often this happens, but it's safe to say that a lot of businesses are never attempted because the plan convincingly says that they shouldn't be.

Is that bad? Well, it may feel bad. But think how much worse you would feel if you went ahead with the venture, and things turned out as the plan forecast. Business planning is a powerful tool for evaluating the feasibility of business ventures. Use it.

It would be a shame to keep the benefits of a well-done plan to yourself. And you shouldn't. You can use your plan to find funding. But a good plan can also help sell your products, services, and your whole company to prospects and suppliers. Furthermore, a plan is a valuable tool for communicating your visions, goals and objectives to other managers and key employees in your firm.

Selling with Your Plan As a rule, your business plan is only likely to be required in the later stages of being selected as a supplier. Let the customer's process decide when or if you'll present your plan. As an added benefit, working your way through the early stages of vendor selection will give you a chance to rework your plan, if necessary, to stress the areas you've learned are more important to your potential customer. Informing Suppliers and Customers Increasingly, companies large and small have been trying to trim the number of suppliers and customers they deal with and develop deeper and stronger relationships with the ones they keep. An essential part of this is getting to know more about existing and prospective vendors and clients. So don't be surprised if one day, when you're trying to set up a new supplier relationship or pitch a deal to a big company, the person you're negotiating with asks to see your business plan.

Why do suppliers care about business plans? Suppliers only want to sell to people who can pay, which is one important reason a new supplier is likely to want to see your business plan before taking a big order. Remember, if a supplier is selling to you on credit--letting you take delivery of goods and pay for them later--that supplier is, in effect, your creditor. Suppliers who sell for other than cash on delivery have the same legitimate interest in your business's strategy and soundness as does a banker.

Say a supplier's analysis of customer records shows it has a knack for developing long-term profitable relationships with moderate-sized companies that emphasize excellent service, price at a premium level, and provide only the best merchandise. Business plans provide all the information such a company will need to find and clone its best customers. So if a supplier asks to see your plan, be willing to share it. It could be the start of a long and mutually beneficial relationship.

Customers are likely to be concerned about how well your respective strategies fit with theirs. For instance, say your mission statement says that you intend to produce the best-in-the-world example of your product no matter what the cost. Your customer, meanwhile, is a high-volume, low-price reseller of the type of products you make. Even if your offering fits the customer's need this time, odds are good that the relationship won't work out over the long haul. If, on the other hand, a look at your business plan reveals that your companies share the same kind of strategies and have similar objectives in type if not scope, it's an encouraging sign.

Managing With Your Plan

The spread of the open-book management theory means a lot more employees are seeing their companies' business plans than ever before. When employees get the key information managers are using to make decisions, they understand management better and make better decisions themselves, and efficiency and profitability often increase as a result.

Many companies hold annual meetings at which they present and discuss an edited version of their business plan to all employees. Others provide new hires with their business plan-type information as part of their indoctrination in company culture. Both are effective approaches. You can also use bulletin boards or company newsletters to publish smaller sections of your plan, such as your mission statement or some details of financial objectives and how you're progressing.

One drawback to using a plan to help inform and manage your employees is that many won't understand it. Some firms provide employees with rudimentary training in matters like how to read a financial report before they hand out the company's plans. Often this training is done by the CEO and can take considerable time. But don't be afraid to share details of your business plan with employees. They may turn out to understand it better than you.

Monitoring Your Business's Performance Using a business plan to monitor your performance has many benefits. If your cash flow is running much shorter than projected at the moment, even though you're not currently in trouble, that information may help you to spot disaster before it occurs. By comparing plan projections with actual results, you gain a deeper understanding of your business's pressure points or the components of your operation that have the most effect on results.

  • Spotting trouble early. A teenager taking driver's education is told to look through the rear window of the car in front to try to see the brake lights on the vehicle ahead of that one. The idea is that if the novice driver waits until the car immediately ahead slams on the brakes, it may be too late to stop. Looking forward, past the immediate future, helps traffic move more smoothly and averts countless accidents.

The same principle applies in business planning. You don't have to be a wizard to get some solid hints about the future beyond tomorrow, especially when it comes to the operations of your own business. You can look at virtually any page of your business plan and find an important concept or number describing some expected future event that, if it turns out to be diverging from reality, may hint at future trouble.

Say your profit margins are shrinking slowly but steadily and seemingly irreversibly. If you can see that within a few months your declining margins will push your break-even point too high to live with, you can take action now to fix the problem. You may need to add a new, higher-margin product; get rid of an old one; or begin marketing to a more profitable clientele. All these moves, and many more you could take, have a good chance of working if your careful comparison of plan projections with actual results warns you of impending danger. Wait until the last minute, and you could be peeling yourself off the windshield.

  • Understanding pressure points. Not all tips that come from comparing plans with results have to do with avoiding danger. Some help you identify profit opportunities. Others may show how seemingly minor tweaks can produce outsized improvements in sales or profitability. For example, the plan for a one-person professional service business indicated that rising sales were not, in general, accompanied by rising costs. Fixed items such as office rent and insurance stayed the same, and even semivariable costs such as phone bills went up only slightly. The bulk of any extra business went straight to the bottom line, showing up as profit improvement. But one cost that didn't seem especially variable went up sharply as business volume climbed. That was the number of transactions.

Ordinarily this would be a given and not necessarily a matter of grave concern. A large enterprise could absorb these costs, but for this single professional, however, added paperwork came at a very high cost--her own time. As a part of checking her plan against results, she noticed this unexpected increase in transactions and calculated that she spent around an hour on paperwork for each transaction no matter how large or small. She realized that one of the most important pressure points in her business was related to the size of a transaction. By refusing small engagements and seeking clients who could offer big jobs, she would reduce the amount of time spent on otherwise unproductive paperwork and increase the time she could spend completing client requirements.

Ultimately, she was able to trim what had been 100 annual transactions down to 75, while increasing the amount of her dollar revenue. The result was a free 25 hours to spend working on more business or just vacationing. If you can see and relieve a pressure point like that, you can really keep your business from boiling over.

There are few things to equal the sensation of filling in all the numbers on a cash flow projection, hitting the recalculate button, and scrolling to the bottom of your spreadsheet to see what the future holds. If the news is good and you see a steady string of positive cash balances across the bottom row, you know that, assuming your data is good and your assumptions reasonable, your business has a good chance of making it.

Do the Numbers Add Up?

Many businesses fail because of events that are impossible to foresee. If you'd begun a car dealership specializing in yacht-sized gas guzzlers right before the Arab oil embargo in the 1970s, you would be in the same position as a driver heading at 100 miles per hour into a brick wall--through no fault of your own. The same might go for a software startup that comes out with a new program just before Microsoft unveils a top-secret, long-term development effort to create something that does the same job for a lot less money.

It's probably not a bad idea, as part of your business planning process, to try to include some information in your business plan about the activities or intentions of the potential embargos and Microsofts. If nothing else, crafting a scenario in which the unthinkably awful occurs may help you to deal with it if it does. But some things are just wild cards and can't be predicted. For these you just have to trust the luck of the draw.

So what numbers have to add up? Certainly you have to be selling your products and services at a profit that will let you sustain the business long term. You'll also have to have a financial structure, including payables and receivables systems and financing, that will keep you from running out of cash even once. If you have investors who want to sell the company someday, you may need a plan with a big number in the field for shareholders' equity on the projected balance sheet.

When you're asking yourself whether the numbers add up, keep the needs of your business and your business partners, if you have any, in mind. Even if it looks like it'll take an air strike to keep your business from getting started, you don't want to do it if the numbers say that long-term it's headed nowhere.

Attracting Good People It takes money to make money, sure, but it also takes people to make a company, that is, unless you're a one-person company. Sometimes even then a plan can be an important part of your effort to attract the best partners, employees, suppliers and customers to you.

  • Prospective partners. Partners are like any other investors, and it would be a rare one who would come on board without some kind of plan. Partners want to know your basic business concept, the market and your strategy for attacking it; who else is on your team; what your financial performance, strengths and needs are; and what's in it for them. Luckily, these are exactly the same questions a business plan is designed to address, so you're likely to please even a demanding prospective partner by simply showing him or her a well-prepared plan. The one difference is a plan probably won't contain the details of a partnership agreement. And you'll need one of these to spell out the conditions of your partnership, no matter how well you and your prospective partner know, understand and trust one another.
  • Prospective employees. Although employees may not be making cash contributions to your business, they're making an investment of something equally important--their own irreplaceable time. The kinds of employees you probably want are careful, thorough, good at assessing problems and risks, and unwilling to leap into hazardous waters. As it happens, these are just the kind of people who are going to want to see a written plan of your business before they come on board.

Now, it's not going to be necessary, if you're running a restaurant, to show your full business plan to every waitperson or assistant dishwasher who fills out a job application. It's the most desirable employees--the talented technologists, the well-connected salespeople, the inspired creative types, and the grizzled, seen-it-all managers--who are most likely to feel they can and should demand to see details of your plan before they cast their lot with you.

So even if you don't show your plan to more than a few prospective employees, when you need it, you may really need it bad. Make sure you're ready when a promising but inquisitive job candidate shows up at your doorstep. Another thing, as we've pointed out, not all businesses have plans. So by having one, you'll be making yourself a more desirable employer.

Plan for the Possibility of Failure

There's no point in planning for failure, but there is a point in writing a business plan that's willing to admit the possibility of failure. It's only natural to create a plan that will describe a roaring success, but you have to be careful not to present an overly optimistic view, especially of such elements as sales, costs and profit margins.

It's tempting to noodle around with the numbers until you come up with the desired result. And if you only make small changes here and there, it may seem all right. What difference does it make? Say you increase your projected market share by 1 percent here, reduce expected costs by 2 percent there, and lower your estimate of required startup capital by a few percentage points as well.

A number of similarly small changes, in sum, can make a big difference in the bottom line of your plan and turn what otherwise looks like a loser into a projected winner. But don't be seduced. You may be asking for investments from friends and family you care about as well as putting your own life savings into the enterprise. Arm's-length investors' feelings may not be so important, but if you mislead them in your plan, you may open yourself up to accusation of misrepresentation.

Looking at things in your plan through rose-colored glasses may even doom your business to failure if it causes you to seek insufficient startup capital, underprice your product or service or expect unrealistically rapid growth. Temper your enthusiasm. If your plan indicates that the business idea isn't sound, by all means look for errors. But don't make the mistake of skewing your plan to fit an idea that isn't sound.

Update Your Plan Writing a business plan is one of those skills that improves with practice. The first one or two times you create one, you may feel a little unsure of yourself and even less certain that what you're doing has value.

If you go on to start several ventures during your career, you'll naturally write several business plans, and each one will be better than the last. It's likely as well that with better planning skills will come improved business skills, boosting the odds that each successive company you start will do better than the one before.

But there's no reason that only serial entrepreneurs should get the benefit of regular business planning sessions. If you start just one company or even if you never start a company at all, you can and should be constantly honing your business planning skills by updating and rewriting your business plan.

Updating a plan is normally easier than starting from scratch. Instead of trying to figure out what your basic business concept is, you only have to decide whether it's changing. Instead of wondering where you'll find the current market research you need, you just have to go back to the original source for updated figures. You'll usually be able to reuse the financial formulas, spreadsheets, management biographies and other more or less evergreen contents of your plan.

It's important, however, that a plan update not be a mechanical task, limited to plugging in the most recent sales figures. Take the time to challenge some of the core assumptions of your prior plan to see if they still hold up. Have profit margins been higher than you expected? Then start planning how to make the most of any extra cash you generate. Is your new retail store unit not performing as well as others or you expected? Then now's the time to figure out why. Has competition for your new product arisen sooner than you guessed? Take a look at other products with an eye to seeing if they are also more vulnerable than you think.

In large corporations with strict planning routines requiring annual, semiannual and quarterly plans and plan updates, managers spend at least part of their time working on or thinking about a new plan or plan update. All that information flowing up to senior managers in the form of plans helps keep the brass informed. It helps those in the trenches, too. It's a fact that everybody is judged by past performance. And the best way to ensure that a year from now you'll be looking back on your performance with satisfaction and pride is to plan now and often.

Here are eight reasons to think about updating your plan. If one applies to you, it's time for an update.

  • A new financial period is about to begin. You may update your plan annually, quarterly or even monthly if your industry is fast changing.
  • You need financing, or additional financing. Lenders and other financiers need an updated plan to make financing decisions.
  • Significant markets change. Shifting client tastes, consolidation trends among customers and altered regulatory climates can trigger a need for plan updates.
  • New or stronger competitors are looking to your customers for their growth.
  • Your firm develops or is about to develop a new product, technology, service or skill. If your business has changed a lot since you wrote your plan, it's time for an update.
  • You have had a change in management. New managers should get fresh information.
  • Your company has crossed a threshold, such as moving out of your home office, reaching $1 million in sales or employing 100 people.
  • Your old plan doesn't seem to reflect reality anymore. Maybe you did a poor job last time; maybe things have just changed faster than you expected. But if your plan seems irrelevant, redo it.

David H. Bangs has been working with small-business owners for more than 20 years and is the author of 11 small-business books.

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How to Use Your Business Plan to Better Manage Your Business

Posted october 8, 2020 by josh cochrane.

use of business plan

The knock against the classic business plan document is that it has a short shelf life. You do all this work to produce a “finished” plan, but then things in the real world go differently than you expected, and important parts of your plan become outdated and unhelpful. What’s the point?

We agree. That sort of planning — where you write a plan, print it out and expect those exact words and numbers to guide your actions for many months to come — is fundamentally flawed and a poor use of your time. That does not mean you should give up on planning, though, any more than the failure of a badly designed fad diet should keep people from trying to lose extra weight.

How can you use your business plan as a management tool?

To accomplish your long-term goals , you just need a better way to plan. You need the ability to quickly and regularly review your plan, make adjustments, and keep it relevant. You need a live plan.

The concept of live planning helps you harness the true value of your business plan. It actively pushes you to plan for the future while simultaneously identifying and analyzing factors that affect business operations. With a static plan, you simply set a course and follow it. With a living plan, you make adjustments, test assumptions, and keep planning.

This simplest version of this is holding monthly plan review meetings . A set time, every month, where you and your team dive deep into your financials, revisit goals, and make decisions. But the beauty of a living business plan is that you can check it and make adjustments as often as you need to.

If you’re a startup that’s just launched, you may be checking your cash flow and adjusting course on a weekly basis. If you work in a very stable and uncompetitive industry, you may only need to do this once a quarter. No matter how often you actually do review your plan, the fact that it’s lean and always up to date means it’s ready for use at any time.

Good planning is about making adjustments

Why do static, unchanging plans go out of date so quickly? Because plans are mostly predictions, and predictions are often wrong. That’s OK. You don’t need a crystal ball to plan effectively. What you do need is a way to keep a close eye on your predictions and assumptions, so you can spot variances early and adjust your path to stay on target.

Football coaches do this all the time. Each coaching staff starts the day with a solid game plan based on what they think is likely to work. Not everything goes as they thought it would, though.

Their team’s execution breaks down in key areas. The weather turns unexpectedly foul. The turf proves wet and slippery. Their competitors have success with elements of their own plans. Does the coach stick doggedly to the initial plan, watching the same attempts continue to fail in the same ways?

Of course not. They tinker with their plans. They try new things, based on what they see on the field. They make adjustments.

Business planning works the same way. Yes, you should spend time to put together an initial plan, taking your best guess at how things will play out. Once you start executing, though, that’s when the real magic of live planning kicks in.

How do you plan without wasting time?

Now, you may be asking yourself, “how do I keep my plan up to date without wasting a ton of time?” And that’s a fair question to ask. In fact, it’s the time investment that often leads to business owners ditching their business plan right from the start.

But that’s with the old method of planning, where you have a 40+ page document that is simply impossible to keep up to date. With live planning, we recommend that you develop a simpler one-page plan. It’s the same type of document, with the same basic info as a traditional plan, but it’s far shorter and easier to update.

For your financials, you can simply set up spreadsheets to copy over your financial data. And with the right formulas set up, you can semi-automate this process. Doing a bit of this work upfront and working from a one-page plan, will save you more time and make it easier to actively work off your planning documents. You can download our free P&L template , cash flow template and one-page plan template to get started.

However, if this still seems like too much work and you want a better solution to truly turn your business plan into a management tool, we recommend you try LivePlan .

LivePlan no guesswork

Watch the Dashboard to see how you’re doing

In a football game, you can tell how you are faring by checking the scoreboard. We have built the Dashboard, which functions just like a scoreboard, as part of LivePlan to serve the same purpose. After each month, you can quickly enter your actual results — your actual sales, expenses, direct costs, net profit, and so on — or pull in that data from QuickBooks or Xero and then see how well your plan is working . Are things going better or worse than expected?

This is more than just informational — it’s actionable intelligence. Say your sales and expenses are right on target but your cash balance is low . It sounds like there is a timing issue with your payments. Maybe your customers are taking a lot longer than expected to pay for sales on credit.

More aggressive collections can make a big difference to cash flow. Or the problem might be on the other side. Maybe you need to better manage the timing of your own payments to vendors, hanging onto your cash a little longer to help fund your operations.

The same process applies to the milestones in your plan, which you can add and track on the Schedule tab in LivePlan. Say your planned launch of a new product slips from September to October. To keep your plan relevant, you need to adjust your sales forecast , removing the November and December sales that won’t materialize now.

Then you should review the rest of your plan to spot any cascading effects. Do you need to cut down your expenses to maintain your profit margin? Or seek funding to help bridge the gap? Your Dashboard within LivePlan makes this process much easier and can help you stay ahead of your competition.

Update your plan to keep it relevant

An aging business plan is of little practical use and will soon be forgotten. Your time is way too valuable to squander on a relic. Instead, use your time wisely with LivePlan.

Create a solid plan quickly, and be clear about the important assumptions that you need to validate and milestones that you need to hit. Then set up a regular review process to see how you’re doing, identify places where your plan is weak or off base, and correct your course immediately to keep on the path to your goals.

With a live plan, you can get yourself where you want to go. And with LivePlan, we can provide you with better tools to help you get there.

Editors’ note: This article was originally published in 2012 and updated for 2020.

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Josh Cochrane

Josh Cochrane

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Clifford Chi

Published: February 06, 2024

Free Business Plan Template

use of business plan

The essential document for starting a business -- custom built for your needs.

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I believe that reading sample business plans is essential when writing your own.

sample business plans and examples

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

use of business plan

  • 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.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

business plan sample: Executive Summary Example

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

  • Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
  • Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
  • Be sure to highlight your value proposition, market opportunity, and growth potential.
  • Keep it concise and support ideas with data.
  • Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

  • The size of the market
  • Current or potential market share
  • Trends in the industry and consumer behavior
  • Where the gap is
  • What caused the gap
  • How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

  • Focus on demand and potential for growth.
  • Use market research, surveys, and industry trend data to support your market forecast and projections.
  • Add a review of regulation shifts, tech advances, and consumer behavior changes.
  • Refer to reliable sources.
  • Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

  • Industry trends that other brands may not be utilizing
  • Strengths in your competition that may be obstacles to handle
  • Weaknesses in your competition that may help you develop selling points
  • The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

Business plans examples: Competitive Landscape

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

  • Complete in-depth research, then emphasize your most important findings.
  • Compare your unique selling proposition (USP) to your direct and indirect competitors.
  • Show a clear and realistic plan for product and brand differentiation.
  • Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
  • Outline growth opportunities from a competitive perspective.
  • Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

  • What demographics will most likely need/buy your product or service?
  • What are the psychographics of this audience? (Desires, triggering events, etc.)
  • Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

  • Include details on the size and growth potential of your target audience.
  • Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
  • Describe your targeted customer acquisition strategy in detail.
  • Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
  • Add case studies, testimonials, and other data to support your target audience ideas.
  • Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

  • Your brand positioning vision and how you'll cultivate it
  • The goal targets you aim to achieve
  • The metrics you'll use to measure success
  • The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

  • Include a section about how you believe your brand vision will appeal to customers.
  • Add the budget and resources you'll need to put your plan in place.
  • Outline strategies for specific marketing segments.
  • Connect strategies to earlier sections like target audience and competitive analysis.
  • Review how your marketing strategy will scale with the growth of your business.
  • Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

  • Emphasize why and how your product or service offers value to customers.
  • Use metrics and testimonials to support the ideas in this section.
  • Talk about how your products and services have the potential to scale.
  • Think about including a product roadmap.
  • Focus on customer needs, and how the features and benefits you are sharing meet those needs.
  • Offer proof of concept for your ideas, like case studies or pilot program feedback.
  • Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

  • The specific pricing breakdowns per product or service
  • Why your pricing is higher or lower than your competition's
  • (If higher) Why customers would be willing to pay more
  • (If lower) How you're able to offer your products or services at a lower cost
  • When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

  • Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
  • If you are asking a premium price, share unique features or innovations that justify that price point.
  • Show how you plan to communicate pricing to customers.
  • Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
  • Share plans to develop new revenue streams in the future.
  • Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
  • Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

  • Profit/Loss Statement - This answers the question of whether your business is currently profitable.
  • Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
  • Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Business plans examples: Financials

Tips for Writing Your Financials Section

  • Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
  • Include any data that supports your projections to assure investors of the credibility of your proposal.
  • Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
  • Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
  • Triple-check all financial information in your plan for accuracy.
  • Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

Sample Business Plan: LiveFLow

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

sample business plan: ThoughtCo.

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

sample business plan: Panda Doc

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

business plan example: liveflow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Business plan example: Lula body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

business plan example: Vesta executive summary

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

business plan examples: nalb creative center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

sample business plan: Culina

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

Sample business plan: Plum

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Business plan: 6 major uses of a business plan by an entrepreneur.

use of business plan

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6 Major Uses of a Business Plan by An Entrepreneur !

A business plan can be used by an entrepreneur for a variety of objectives. It is primarily used to get funding but there can be a number of other uses too.

Business Plan

Image Courtesy : wikihow.com/images/9/9d/Become-an-Entrepreneur-Step-6-Version-2.jpg

Some major applications of the business plan are discussed here.

1. Equity Funding :

A venture capitalist or an angel investor will very rarely commit an investment to a start-up without perusing its business plan. The venture capitalist will primarily use the business plan to gauge risks and forecast growth prospects. The investor will never restrict analysis of the business to just the business plan but it will always remain an important reference point.

2. Bank Finance :

A banker obviously concentrates on the ability of the business to repay the debt and on the availability of collateral or other securities. Banks look for at least some specific issues to be addressed in the business plan. For example, a bank needs projected balance sheets and profit and loss accounts for the first five years.

3. Alliances :

An entrepreneurial firm may need to form alliances with other firms to reach new markets, develop new products, or create common facilities. Other firms may want to know more about the business before committing to any long-term arrangement. Sometimes, a business plan can help convince a well-established retailer or distributor to commit to the start-up.

4. Recruitment:

A good business needs support from experienced top-level employees. A business plan will help them understand what they are getting into. Of course, showing the business plan to the rank and file is not necessary.

5. Explain the Business :

A business plan helps in planning. While writing the business plan, it is likely that the entrepreneur was able to detect many shortcomings in the original business idea and these shortcomings could be overcome by thinking through and plugging the gaps.

Later, this plan can serve as a guide or manual to help in business and strategy formulation.

6. Miscellaneous Uses :

Very often, an entrepreneur seeks moral support from friends and family. A business plan can be a good way of presenting your business to your father, mother, wife, and colleagues. By going through it, they will have a better appreciation of what you are setting out to do.

Related Articles:

  • Business Plans: Five Versions of Business Plans for an Entrepreneur to Choose From
  • Making a Business Plan: 6 Major Problems faced in making the Marketing Plan Work

Business Planning

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Your connected smartwatch can use your mobile number

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What are the benefits of Verizon Business Unlimited 5G smartphone plans?

Verizon Business Unlimited 5G smartphone plans provide unlimited data, talk and text on Verizon’s 4G LTE and 5G networks. Plans also include access to Verizon’s business-class features, such as mobile hotspot data, call filtering, video streaming and mobile device management (available with select plans). Customers can choose from a variety of plans with different features to meet their business needs.

Can I add multiple lines to a Business Unlimited 5G smartphone plan?

Yes, Verizon’s Business Unlimited 5G smartphone plans allow you to add multiple lines. There are multiple options for businesses, ranging from single-line plans to multiple-line plans. The amount of lines you select is based on your company’s requirements.

Do Verizon Business Unlimited 5G smartphone plans offer any international benefits?

Yes, unlimited talk and text is available in Canada and Mexico along with 2 GB of high speed data per day with unlimited data at 3G speeds thereafter. If more than 50% of your total talk, text or data usage in a 60-day period is in Canada or Mexico, use of those services in those countries may be removed or limited. Additionally, Verizon Business Unlimited Plus 5G and Unlimited Pro 5G plans offer TravelPass that include international talk and text in over 210 countries and destinations.

Can I bring my own device or do I need to purchase a new device with the Business Unlimited 5G smartphone plan?

Verizon’s Business Unlimited 5G smartphone plans offer the flexibility to bring your own device (BYOD) or purchase new devices . If you already have compatible devices, you can simply activate them on a Business Unlimited plan. Alternatively, Verizon offers a wide range of devices for purchase if you prefer new devices for your business.

Are there unlimited data plans for other devices?

Yes, Verizon offers a variety of plans with unlimited data for tablets, laptops, smartwatches and hotspots. This provides the right solution for businesses requiring reliable connectivity while on the go.

Offer and Pricing Details

All Offers:  Offers available to new business customers only, subject to credit review. Not available in all areas/locations. Depending on speed tier purchased, promotional pricing for Internet and voice guaranteed for 12 consecutive months ($10 increase starting month 13 with 2 year contract), or 24 consecutive months ($10 increase starting month 25 with 2 year contract), or 36 consecutive months ($10 increase starting month 37 with 2 year contract) or 60 consecutive months ($10 increase starting month 61 with 2 year contract) (60 month guarantee not available in all areas where Fios is sold) subject to continuation of qualifying products; price guarantee applies to base monthly rate only; excludes optional services and equipment charges; prices subject to increase thereafter. With no annual contract, price increases to then current market rate subject to the applicable guarantee period. Select installation charges may be waived. Additional charges apply for inside wiring and/or other installation services. $49 activation fee may apply. Offers may be fulfilled via bill credit(s); other taxes, fees & terms apply.  Early termination fees  for a 2 year contract: 35% of base monthly charges for unexpired term. 2 year term automatically renews at then-current term rates unless canceled within 30 days prior to or 60 days after the term is renewed.  Money Back Guarantee  (MBG) is available with 2 year contract only and requires cancellation within 30 days of installation; excludes subscriptions, per minute usage, labor/material charges in excess of standard installation and month-to-month service plans, including Fios TV service. Wireless Verizon Router is available for $399.99 purchase and $18/mo rental (except in Maryland, where the wireless Fios Router is available for $299.99 purchase and $15/mo rental).  Wireless router models and prices are subject to change. Phone equipment purchase required with VoIP, starting at $85. Equipment must be returned within 30 days of cancellation. Equipment restocking fee may apply if order is canceled or service is terminated within 30 days. MBG and/or promotional offers do not apply to service ordered for temporary, short term or special events.  Firm Price Quote  is valid for 5 business days and is an estimate based on current pricing, promotions and taxes that are subject to change. Quote does not include additional charges for nonstandard installations. Verizon Wi-Fi available in select areas with qualifying packages. Software limitations and other terms apply. Visit business.verizon.net/wifi for details.  Offers are available for a limited time only and are subject to change without notice.  Wired speeds advertised. Wired & wireless speeds vary due to device limits, multiple users, network & other factors. See  www.verizon.com/yourspeed  for more info. Service availability varies.

Fios Internet & Phone Bundle (VSB):  Usage charges apply on basic line. Activation fee of $49 may apply based on speed tier purchased. Wireless Verizon Router is available for$399.99 purchase and $18/mo rental (except in Maryland, where the wireless Fios Router is available for $299.99 purchase and $15/mo rental).  Wireless router models and prices are subject to change. Backup battery available for Fios voice services & E911. VSB not available with 2048/2048 Mbps Internet (2 Gigabit Connection).

Fios Internet & Business Digital Voice (BDV) Bundle:  Pricing for BDV line(s) with the Fios bundle: For speeds 200/200 Mbps and higher: the first BDV line is available for $20/mo. and $25/mo. for each addl. line. Pricing reflected in the cart. No annual contract required. $49 activation fee may apply. Wireless Verizon Router is available for $399.99 purchase and $18/mo rental (except in Maryland, where the wireless Fios Router is available for $299.99 purchase and $15/mo rental). Wireless router models and prices are subject to change. Business Digital Voice requires phone equipment purchase starting at $85.00.

Basic Internet & Phone Bundle : $49.00 activation fee applies with 2 year contract; $99.00 activation fee applies with no annual contract. Wireless router available for $49.00, subject to change. Basic Internet will be provisioned at our fastest speed available at your location of up to 1Mbps, 3Mbps, 5Mbps, 7Mbps or 10-15Mbps based on VZ line qualifications requirements.

$5/month Auto Pay & Paper-Free Billing discount:  For new and existing Fios Internet or Basic Internet customers on select plans. May not be combined with all offers. $5/mo. discount begins when you sign up for Auto Pay (ACH or debit card only) & paper-free billing (registration on  verizon.com/mybusiness  required). $5 discount will be applied each month as long as auto pay and paper-free billing stay active.

$85 Business Digital Voice Phone Discount:  Offer available on select IP Phones with purchase of a new Fios Internet and Business Digital Voice bundle with a two year agreement. Fulfilled via bill credit. Taxes apply. Limit one discount per phone model. Restocking fee may apply if canceled within 30 days. Available to select customers in select areas only. Offer ends 3.31.24.

Included Router Rental Fee:  Available only to Fios Internet customers on the Gigabit Connection plan (up to 940/880 Mbps) or 2 Gigabit Connection plan (up to 2048/2048 Mbps) where available. Qualifying customers will receive a monthly bill credit for the applicable monthly router rental fee for as long service with qualifying plan is on the account.  Promo credits end when eligibility requirements are no longer met.  If your Fios service is cancelled, you must return the Fios router subject to Verizon’s standard return policy. 

Fios Switching Allowance Offer:  Offer for new business customers in select areas only who sign up for qualifying Fios internet service with a two year agreement (subject to credit review) and who terminated their prior internet service and incurred an early termination fee (ETF). To redeem offer, you must email documentation of the ETF from your prior service provider w/in 30 days after receipt of final bill. Offer fulfilled via a bill credit to your Verizon account in the amount of the billed ETF, up to $1,500. Credit will be issued starting after 30 days of service, and will appear on your Verizon bill within 2-3 billing cycles. You remain solely responsible for paying the ETF to your prior service provider. Offer is non-transferable, has no cash or refund value, and may not be combined with all offers. Other terms apply. Offer ends 3.31.24.

Visa Prepaid Card Offers : Businesses who sign up for qualifying Fios Internet with our mid-tier or high-tier speeds with a two-year agreement will receive a Visa Prepaid Card, with the Visa Prepaid Card amount based on speed tier purchased, as follows: (i) $100 Visa Prepaid Card for Fios 500/500 Mbps Internet; or (ii) $500 Visa Prepaid Card for Fios 940/880 Mbps Internet (Gigabit Connection) or 2048/2048 Mbps Internet (2 Gigabit Connection). May only be combined with select offers. Only available in select locations, including the Philadelphia metro area, parts of New York state and parts of central Massachusetts. Call or visit the website to confirm availability.  Visa Prepaid Card is issued by Pathward®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. No cash access or recurring payments. Can be used everywhere Visa debit cards are accepted. Card valid for up to 12 months, funds do not expire and may be available after card expiration date, fees may apply. Terms and conditions apply.  Must register for card online and keep qualifying Verizon service for 60 days from install, with no past-due balance 65 days from install. Card mailed within 90 days of install date. Limit one card per account. Other card terms and conditions apply. Offers end 3.31.24.

Visa Prepaid Card Fast Start Offers : Businesses who sign up for qualifying Fios Internet with our mid-tier or high-tier speeds with a two-year agreement will receive a Visa Prepaid Card, with the Visa Prepaid Card amount based on speed tier purchased, as follows: (i) $400 Visa Prepaid Card for Fios 500/500 Mbps Internet; or (ii) $800 Visa Prepaid Card for Fios 1 Gig Internet (940/880 Mbps) or Fios 2 Gig Internet (2048/2048 Mbps). May not be combined with all offers. Not available in all locations, including the Philadelphia metro area, parts of New York state and parts of central Massachusetts. Call or visit the website to confirm availability.  Visa Prepaid Card is issued by Pathward®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. No cash access or recurring payments. Can be used everywhere Visa debit cards are accepted. Card valid for up to 12 months, funds do not expire and may be available after card expiration date, fees may apply. Terms and conditions apply.  Must register for card online and keep qualifying Verizon service for 60 days from install, with no past-due balance 65 days from install. Card mailed within 90 days of install date. Limit one card per account. Other card terms and conditions apply. Offers end 3.31.24.

Fios Business Internet/Business Unlimited Offer:  Offer available to new and existing business customers in select areas only who sign up for both: (i) a qualifying Fios Business Internet plan & (ii) a qualifying Verizon Wireless Business Unlimited plan (eligible smartphone required, device payment purchase or bring your own device). Existing customers are eligible with Fios Business Internet plan upgrade or Business Unlimited plan upgrade or a new line, as applicable. Customers with Fios Gigabit Connection (speeds up to 940/880 Mbps) or Fios 2 Gigabit Connection (speeds up to 2048M/2048M), where available, and Verizon Wireless Business Unlimited Pro plan (at least 1 line) are eligible for a total credit of $80/mo, all other combinations of service plans are eligible for a total credit of $40/mo. Offer fulfilled as a credit of $20/mo. or $40/mo. each to your Fios and Verizon Wireless bills, for a total credit of $40/mo or $80/mo as applicable. Credit is fulfilled at an account level and only one promotional credit per account. Discounts are applied once both services are activated. All discounts apply as long as Verizon provides & business maintains both services at the qualifying levels. Limited time offer.

$100 One-Time Discount:  Offer available only to business customers who are new to Verizon and who sign up for a qualifying Fios Business Internet plan and a qualifying Verizon Wireless Business Unlimited plan. Existing Verizon customers are not eligible. One time $100 discount offer fulfilled as a bill credit to your Verizon Wireless account and will appear within 1-2 billing cycles. May only be combined with select offers. Limited time offer.

Fios Internet Only:  $49 activation fee applies based on speed tier.  Wireless Verizon Router is available for $399.99 purchase and $18/mo rental (except in Maryland, where the wireless Fios Router is available for $299.99 purchase and $15/mo rental).  Wireless router models and prices are subject to change.

Basic Internet Only: $49.00 activation fee applies with 2 year contract; $99.00 activation fee applies with no annual contract. Wireless router available for $49.00, subject to change. Verizon Basic Internet will be provisioned at up to 1Mbps, 3Mbps, 5Mbps, 7Mbps or 10–15Mbps based on VZ line qualifications requirements. Availability subject to final confirmation by Verizon.

Preferred Voice Only:  Offer available to new and existing customers. Requires 2-yr term agreement. Includes unlimited direct-dialed voice calls to anywhere in the US. Selected activation and installation charges are waived. Additional charges may apply for inside wiring and/or other installation services. Additional Universal Service Fee, taxes and other charges apply. Call detail is not provided for unlimited calling.

Business Digital Voice (BDV) Only:  Offer available to new customers with 100 voice lines or fewer in select areas only, subject to credit review. BDV requires an existing Internet connection of 5Mbps or higher. $99.99 activation and $200 installation fees apply. Additional charges apply for inside wiring and/or other installation services. Phone equipment purchase req’d, starting at $85.00. Call detail is not provided for unlimited calling.

Fios TV:  Wireless Verizon Router is available for $399.99 purchase and $18/mo rental (except in Maryland, where the wireless Fios Router is available for $299.99 purchase and $15/mo rental).  Wireless router models and prices are subject to change.. $99.99 activation and $89.99 installation fees (first three existing TV outlets) apply. Additional charges apply for inside wiring and/or other installation services. $11.99/mo. HD set top box, franchise and regulatory fees, up to $8.89 Regional Sports Network (RSN) fee, $11.49 Broadcast Fee, other taxes and fees apply. Equipment shipping charge may apply. Program availability varies by location. Number of channels is approximation. High Definition (HD) TV with HD STB required for HD programming. Certain TV plans, Pay Per View (PPV) and Subscription or fee-based Video On Demand (VOD) are not permitted for viewing in restaurants, bars or other customer service areas. Channel lineup is subject to change and not all channels will be available at all times. Blackout restrictions apply. Month-to-month service without an annual contract required.

Fios TV Mobile app:  Req. compatible device and Fios® TV. Content restrictions may apply. Fios Internet req’d for in-office use. Full channel access and DVR streaming require Fios Multi-Room DVR enhanced or Premium Service. Max. combined 5 simultaneous live TV streams and/or DVR streams per media server. Streaming of TV shows and movies On Demand included in your plan is available to all business customers. Streaming of rented/purchased TV shows and movies On Demand is only available to Private Viewing business customers. Requires acceptance of Terms of Service and Private Viewing conditions at  verizon.com/mybusiness . Early access to Fios TV Mobile app begins with activation & ends upon installation or in 14 days, whichever comes first. Wireless data charges may apply.

Veterans / Active Military offer:  Offer available to eligible and verified members of the U.S. military and U.S. Veterans in select areas with Business Fios Internet with a two year agreement, subject to credit review. Not available in all areas/locations. Upon military service verification through Veterans Advantage, eligible customers will receive a discount in the amount of $5/month for speeds up to 500M/500M; or $10/month for 940/880 Mbps and 2048/2048 Mbps (where available), for as long as that customer maintains qualifying Business Fios Internet service. Not available for month-to-month plans. Eligible customers must complete the military service verification process within 30 days of the order to get the discount.

Business Internet Secure:  Available to businesses with 19 employees or less. Requires current Fios Business Internet service. Business Internet Secure licenses are sold in packs of 5, 10, and 25 with one license covering one device (laptop, desktop, smartphone or tablet). One license pack at a time per customer account. Prices are monthly and exclusive of taxes and fees. Terms and conditions apply. System requirements: Windows 7 and above; Mac OSX 10.9 and above; Android OS 5.0 and above, or Apple iOS 10.0 and above.

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Create a form in Word that users can complete or print

In Word, you can create a form that others can fill out and save or print.  To do this, you will start with baseline content in a document, potentially via a form template.  Then you can add content controls for elements such as check boxes, text boxes, date pickers, and drop-down lists. Optionally, these content controls can be linked to database information.  Following are the recommended action steps in sequence.  

Show the Developer tab

In Word, be sure you have the Developer tab displayed in the ribbon.  (See how here:  Show the developer tab .)

Open a template or a blank document on which to base the form

You can start with a template or just start from scratch with a blank document.

Start with a form template

Go to File > New .

In the  Search for online templates  field, type  Forms or the kind of form you want. Then press Enter .

In the displayed results, right-click any item, then select  Create. 

Start with a blank document 

Select Blank document .

Add content to the form

Go to the  Developer  tab Controls section where you can choose controls to add to your document or form. Hover over any icon therein to see what control type it represents. The various control types are described below. You can set properties on a control once it has been inserted.

To delete a content control, right-click it, then select Remove content control  in the pop-up menu. 

Note:  You can print a form that was created via content controls. However, the boxes around the content controls will not print.

Insert a text control

The rich text content control enables users to format text (e.g., bold, italic) and type multiple paragraphs. To limit these capabilities, use the plain text content control . 

Click or tap where you want to insert the control.

Rich text control button

To learn about setting specific properties on these controls, see Set or change properties for content controls .

Insert a picture control

A picture control is most often used for templates, but you can also add a picture control to a form.

Picture control button

Insert a building block control

Use a building block control  when you want users to choose a specific block of text. These are helpful when you need to add different boilerplate text depending on the document's specific purpose. You can create rich text content controls for each version of the boilerplate text, and then use a building block control as the container for the rich text content controls.

building block gallery control

Select Developer and content controls for the building block.

Developer tab showing content controls

Insert a combo box or a drop-down list

In a combo box, users can select from a list of choices that you provide or they can type in their own information. In a drop-down list, users can only select from the list of choices.

combo box button

Select the content control, and then select Properties .

To create a list of choices, select Add under Drop-Down List Properties .

Type a choice in Display Name , such as Yes , No , or Maybe .

Repeat this step until all of the choices are in the drop-down list.

Fill in any other properties that you want.

Note:  If you select the Contents cannot be edited check box, users won’t be able to click a choice.

Insert a date picker

Click or tap where you want to insert the date picker control.

Date picker button

Insert a check box

Click or tap where you want to insert the check box control.

Check box button

Use the legacy form controls

Legacy form controls are for compatibility with older versions of Word and consist of legacy form and Active X controls.

Click or tap where you want to insert a legacy control.

Legacy control button

Select the Legacy Form control or Active X Control that you want to include.

Set or change properties for content controls

Each content control has properties that you can set or change. For example, the Date Picker control offers options for the format you want to use to display the date.

Select the content control that you want to change.

Go to Developer > Properties .

Controls Properties  button

Change the properties that you want.

Add protection to a form

If you want to limit how much others can edit or format a form, use the Restrict Editing command:

Open the form that you want to lock or protect.

Select Developer > Restrict Editing .

Restrict editing button

After selecting restrictions, select Yes, Start Enforcing Protection .

Restrict editing panel

Advanced Tip:

If you want to protect only parts of the document, separate the document into sections and only protect the sections you want.

To do this, choose Select Sections in the Restrict Editing panel. For more info on sections, see Insert a section break .

Sections selector on Resrict sections panel

If the developer tab isn't displayed in the ribbon, see Show the Developer tab .

Open a template or use a blank document

To create a form in Word that others can fill out, start with a template or document and add content controls. Content controls include things like check boxes, text boxes, and drop-down lists. If you’re familiar with databases, these content controls can even be linked to data.

Go to File > New from Template .

New from template option

In Search, type form .

Double-click the template you want to use.

Select File > Save As , and pick a location to save the form.

In Save As , type a file name and then select Save .

Start with a blank document

Go to File > New Document .

New document option

Go to File > Save As .

Go to Developer , and then choose the controls that you want to add to the document or form. To remove a content control, select the control and press Delete. You can set Options on controls once inserted. From Options, you can add entry and exit macros to run when users interact with the controls, as well as list items for combo boxes, .

Adding content controls to your form

In the document, click or tap where you want to add a content control.

On Developer , select Text Box , Check Box , or Combo Box .

Developer tab with content controls

To set specific properties for the control, select Options , and set .

Repeat steps 1 through 3 for each control that you want to add.

Set options

Options let you set common settings, as well as control specific settings. Select a control and then select Options to set up or make changes.

Set common properties.

Select Macro to Run on lets you choose a recorded or custom macro to run on Entry or Exit from the field.

Bookmark Set a unique name or bookmark for each control.

Calculate on exit This forces Word to run or refresh any calculations, such as total price when the user exits the field.

Add Help Text Give hints or instructions for each field.

OK Saves settings and exits the panel.

Cancel Forgets changes and exits the panel.

Set specific properties for a Text box

Type Select form Regular text, Number, Date, Current Date, Current Time, or Calculation.

Default text sets optional instructional text that's displayed in the text box before the user types in the field. Set Text box enabled to allow the user to enter text into the field.

Maximum length sets the length of text that a user can enter. The default is Unlimited .

Text format can set whether text automatically formats to Uppercase , Lowercase , First capital, or Title case .

Text box enabled Lets the user enter text into a field. If there is default text, user text replaces it.

Set specific properties for a Check box .

Default Value Choose between Not checked or checked as default.

Checkbox size Set a size Exactly or Auto to change size as needed.

Check box enabled Lets the user check or clear the text box.

Set specific properties for a Combo box

Drop-down item Type in strings for the list box items. Press + or Enter to add an item to the list.

Items in drop-down list Shows your current list. Select an item and use the up or down arrows to change the order, Press - to remove a selected item.

Drop-down enabled Lets the user open the combo box and make selections.

Protect the form

Go to Developer > Protect Form .

Protect form button on the Developer tab

Note:  To unprotect the form and continue editing, select Protect Form again.

Save and close the form.

Test the form (optional)

If you want, you can test the form before you distribute it.

Protect the form.

Reopen the form, fill it out as the user would, and then save a copy.

Creating fillable forms isn’t available in Word for the web.

You can create the form with the desktop version of Word with the instructions in Create a fillable form .

When you save the document and reopen it in Word for the web, you’ll see the changes you made.

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550+ Business Plan Examples to Launch Your Business

550+ Free Sample Business Plans

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration. Go even further with LivePlan , which harnesses AI-assisted writing features and SBA-approved plan examples to get you funded.

Find your business plan example

Accounting, Insurance & Compliance

Accounting, Insurance & Compliance Business Plans

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Children & Pets

Children & Pets Business Plans

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Cleaning, Repairs & Maintenance

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Clothing & Fashion Brand

Clothing & Fashion Brand Business Plans

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Construction, Architecture & Engineering Business Plans

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Consulting, Advertising & Marketing

Consulting, Advertising & Marketing Business Plans

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Education

Education Business Plans

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Business plan template: There's an easier way to get your business plan done.

Entertainment & Recreation

Entertainment & Recreation Business Plans

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  • Film & Television
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Events

Events Business Plans

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Farm & Agriculture

Farm & Agriculture Business Plans

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Finance & Investing

Finance & Investing Business Plans

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Fine Art & Crafts

Fine Art & Crafts Business Plans

Fitness & Beauty

Fitness & Beauty Business Plans

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Food and Beverage

Food and Beverage Business Plans

  • Bar & Brewery
  • View All 77

Hotel & Lodging

Hotel & Lodging Business Plans

  • Bed and Breakfast

Finish your plan faster with step-by-step guidance, financial wizards, and a proven format.

IT, Staffing & Customer Service

IT, Staffing & Customer Service Business Plans

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  • Customer Service
  • View All 22

Manufacturing & Wholesale

Manufacturing & Wholesale Business Plans

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Medical & Health

Medical & Health Business Plans

  • Dental Practice
  • Health Administration
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Nonprofit

Nonprofit Business Plans

  • Co-op Nonprofit
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Real Estate & Rentals

Real Estate & Rentals Business Plans

  • Equipment Rental

Retail & Ecommerce

Retail & Ecommerce Business Plans

  • Car Dealership
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Technology

Technology Business Plans

  • Apps & Software
  • Communication Technology

Transportation, Travel & Logistics

Transportation, Travel & Logistics Business Plans

  • Airline, Taxi & Shuttle
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View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

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How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template , or get started right away with LivePlan .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples. Or for a modern pitch solution that helps you create a business plan and pitch deck side-by-side, you may want to check out LivePlan . It will help you build everything needed for outside investment and to better manage your business.

Get LivePlan in your classroom

Are you an educator looking for real-world business plan examples for your students? With LivePlan, you give your students access to industry-best business plans and help them set goals and track metrics with spreadsheet-free financial forecasts. All of this within a single tool that includes additional instructional resources that work seamlessly alongside your current classroom setup.

With LivePlan, it's not just a classroom project. It's your students planning for their futures. Click here to learn more about business planning for students .

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right match for your business idea.

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IMAGES

  1. Creating a Business Plan: Why it Matters and Where to Start

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  2. 7 Key Elements Of A Business Plan Infographic Business As Mission Images

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  3. One-Page Business Plan: The Step-By-Step Guide

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  5. What Are The Main Parts Of A Business Plan

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COMMENTS

  1. Write your business plan

    Your business plan is the tool you'll use to convince people that working with you — or investing in your company — is a smart choice. Pick a business plan format that works for you There's no right or wrong way to write a business plan. What's important is that your plan meets your needs.

  2. Business Plan: What It Is, What's Included, and How to Write One

    Adam Hayes Updated January 25, 2024 Reviewed by Khadija Khartit Fact checked by Vikki Velasquez What Is a Business Plan? A business plan is a document that details a company's goals and how it...

  3. How To Write A Business Plan (2024 Guide)

    The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit in the current market or are ...

  4. Business Plan: What it Is, How to Write One

    7. Perform a business financial analysis. 8. Make financial projections. 9. Add additional information to an appendix. Business plan tips and resources. MORE LIKE THIS Small Business. A business ...

  5. How to Write a Business Plan: Guide + Examples

    At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you're going to build and grow your business, what your marketing strategy is, and who your competitors are. Most business plans also include financial forecasts for the future.

  6. 15 Ways to Use and Get Value From a Business Plan

    What is a business plan used for? That fully depends on your business stage and specific business needs. If you're just starting, you'll use a business plan to deal with uncertainty and navigate early doubts and questions. If you're seeking funding then you'll be using your business plan to explain your value to potential investors and lenders.

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

    The purpose of a business plan is three-fold: It summarizes the organization's strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands. Business Plan Template [ Download Now] Working on your business plan? Try using our Business Plan Template.

  8. How to Write a Simple Business Plan

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

  9. What Is a Business Plan? Definition and Essentials Explained

    A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It's more than just a stack of paper and can be one of your most effective tools as a business owner.

  10. Business Plan: What It Is + How to Write One

    1. Executive summary This is a short section that introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, your goals for developing it, and why it will be successful.

  11. 14 Critical Reasons Why You Need a Business Plan

    Good questions. Here's every reason why you need a business plan. 1. Business planning is proven to help you grow 30 percent faster Writing a business plan isn't about producing a document that accurately predicts the future of your company. The process of writing your plan is what's important.

  12. The importance of a business plan

    1. To help you with critical decisions The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can't always afford.

  13. 9 Ways to Use Your Business Plan

    Attracting Good People. It takes money to make money, sure, but it also takes people to make a company, that is, unless you're a one-person company. Sometimes even then a plan can be an important ...

  14. Business Plan

    Industry Overview The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues.

  15. Simple Business Plan Template (2024)

    While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business...

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    A business plan is an effective way of communicating with potential investors, and the level of expertise and time used in preparing a business plan also gives professional credibility to entrepreneurs. It analyzes and predicts the chances of success for the investor and helps to raise capital. Features of a Good Business Plan 1. Executive Summary

  17. How to Use Your Business Plan to Better Manage Your Business

    You need a live plan. The concept of live planning helps you harness the true value of your business plan. It actively pushes you to plan for the future while simultaneously identifying and analyzing factors that affect business operations. With a static plan, you simply set a course and follow it. With a living plan, you make adjustments, test ...

  18. How To Create a Winning Business Plan in 9 Steps

    Whatever it is, mention and explain it. In essence, expand the competitive advantage you mentioned in the "company description" part of your plan. When you're done, use a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) chart to summarize your findings. 6. Explain your sales and marketing strategy.

  19. What is a Business Plan? Definition + Resources

    Updated November 30, 2023 Download Now: Free Business Plan Template If you've ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you've written a business plan — or at least the very basic components of one. The origin of formal business plans is murky. But they certainly go back centuries.

  20. 24 of My Favorite Sample Business Plans & Examples For Your Inspiration

    This is a fantastic template for an existing business that's strategically shifting directions. If your company has been around for a while, and you're looking to improve your bottom line or revitalize your strategy, this is an excellent template to use and follow. 5. BPlan's Free Business Plan Template.

  21. 10 Best Business Plan Software In 2024

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  22. Business Plan: 6 Major Uses of a Business Plan by An Entrepreneur

    1. Equity Funding: A venture capitalist or an angel investor will very rarely commit an investment to a start-up without perusing its business plan. The venture capitalist will primarily use the business plan to gauge risks and forecast growth prospects. The investor will never restrict analysis of the business to just the business plan but it ...

  23. 30 Emerging Technologies That Will Guide Your Business Decisions

    This theme focuses on making the right business and ethical choices in the adoption of AI and using AI design principles that will benefit people and society.. Human-centered AI (HCAI) is a common AI design principle that calls for AI to continuously benefit from human input. Behavioral analytics refers to session-tracking capabilities that monitor user interactions with a protected service to ...

  24. Business Unlimited Phone Plans

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