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How to Write a Business Plan, Step by Step

Rosalie Murphy

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

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.

Bizee

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

my business plan for success

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

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

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

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

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

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

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

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

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

Licenses and permits.

Equipment leases.

Bank statements.

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

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

How much do you need?

with Fundera by NerdWallet

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

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

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

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

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

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

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How to make a business plan

Strategic planning in Miro

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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5 Keys to Success in Your Business Plan

Written by Dave Lavinsky

5 keys to success

The right business plan will allow you to:

  • Create better business strategies
  • Create a clear roadmap to grow your business
  • Raise funding (if needed)

The five tips below will guide you to a stronger business plan that is more likely to achieve these goals.

Download our Ultimate Business Plan Template here

1. Research Before Writing Your Plan

Before putting pen to paper on the business plan itself, there is a significant amount of research needed. The research into the opportunity may uncover challenges you will have to face, in which case your plan must address those. You may find opportunities for additional customer segments you were unaware of. You may also find that the challenges will be very difficult to overcome and your idea must be drastically altered or discarded. Now is the time to make that decision, before you have poured weeks and weeks into a business plan.

2. Show a Clear Market Opportunity

Showing a clear market opportunity in your plan requires both a description of customers who need your product or service and competitors against whom you can build a competitive advantage. You must prove the size of the market is large enough to sustain growth, even if new competitors arise. You must show that your strengths will take advantage of the weaknesses of your competitors, allowing you to compete on qualities beyond price whenever possible.

3. Fill Logical Holes In Your Plan

The business plan is a logical argument, showing an opportunity, the resources you have or will have to take advantage of that opportunity (management team, intellectual property, cash, location, etc), the methods you will use to do so (your marketing and operations plans), and the results you expect to see (your financial projections and growth) which funders (including VC funding , angel investors and banks) can take part in.

Each of these four pieces must be coordinated with the others, and holes in the logic must be filled and not ignored. For example, the financial results or rewards must be appropriate for the inherent risk you face in taking on the opportunity.

4. Explain Your Financial Assumptions

Financial assumptions which drive the revenues and costs of your financial plan must be explained at some point in your plan. What these assumptions are and their validity should not be left up to the imagination of the reader, as he or she will likely imagine that unexplained assumptions are based on nothing but the entrepreneur’s extreme optimism.

5. Use a Standard Business Plan Format and Structure

The format and structure of the business plan must be professional, clean, and close to the standards used by business plan writers. This means referring to direction on the proper business plan format and outline and not using creativity in these areas. Creativity can certainly enter into the marketing and operations sections, but the plan should not have a distracting format or structure.

Our fill in the blank business plan delineates the 10 key sections you must include in your plan, but they are listed below too for your reference:

I. Executive Summary : in your business plan’s executive summary , provide an overview of your business, list your success factors (that is, what makes you uniquely qualified to succeed), and provide an overview of your financial plan (what are your topline financial projections for the next five years, and if you need funding, how much and for what uses.

II. Company Overview : discuss your company’s history and answer the following questions:

  • When did you conceive your business?
  • When did you start it?
  • What type of business are you (e.g., C-corp, sole proprietorship)?
  • What accomplishments have you achieved to date (e.g., developments, sales goals, new store opening, etc.)?

III. Industry Analysis : provide an overview of your market in terms of your market size and trends. Also detail your relevant market size which is the number of customers in your target market multiplied by the amount they might reasonably spend on your product/service each year.

IV. Customer Analysis : in the customer analysis section, discuss who your target customers are and their wants and needs.

V. Competitive Analysis : define your direct competitors and strengths and weaknesses of each. Give an overview of your indirect competitors. Define your areas of competitive advantages.

VI.  Marketing Plan : in your marketing plan, discuss your products, services and their pricing. Discuss the promotional methods you’ll use to attract new customers. Finally, discuss your distribution plan if customers will purchase from you in ways other than visiting your storefront or website (e.g., via distributors).

VII. Operations Plan : Here you will describe the key operational processes you need to perform on an ongoing basis to run your business. Also discuss the key milestones you hope to achieve as you grow your business.

VIII. Management Team : in this section of your plan, discuss the bios of your key management team members, mention any gaps you still need to fill, and if applicable, profile the members of your Board.

IX. Financial Plan : describe how you generate revenue, show your financial projections for the next five years, explain if you need funding and and so, how much and for what purposes, and discuss your exit strategy if you’re seeking equity financing.

X. Appendix : provide any supporting documentation such as customer lists, lease agreements, patents, etc.

Including each of these business plan components is critical to ensuring your plan is complete and ready to be implemented.

How to Finish Your Business Plan in 1 Day!

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

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Click here to finish your business plan today.

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how a Growthink business plan consultant can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Download a Free Business Plan Template

8 Elements of a Successful Business Plan

Elementsofasuccessfulbusinessplan

Perhaps you’ve heard the old saying that failing to plan is the same as planning to fail.

It’s commonly attributed to Benjamin Franklin, the 18th century inventor and politician whose belief in the value of preparation was strong enough that he once made a list of more than 12 character traits around which he planned to structure his life.

Related:   It Only Takes 6 Steps to Plan Your Success

Franklin’s preparation paid off. Today, he’s remembered not only for signing the Declaration of Independence but for researching electricity, serving as the U.S. ambassador to France and founding the University of Pennsylvania.

Accomplishments like those illustrate the importance of preparation for entrepreneurs starting or expanding their own businesses, especially since only half of all startups survive their first five years. The secret: A well-crafted business plan can help make yours one of the success stories .

Not only is having one often a prerequisite for lenders and investors, it’s a road map that helps owners identify both risks and opportunities in their markets so that they’re prepared for both.

Indeed, some of the most successful U.S. entrepreneurs were known for their careful strategy. John D. Rockefeller, the oil magnate whose name became a byword for wealth in the late 19th and early 20th centuries, often talked about “our plan” when he was developing Standard Oil Trust.

Rockefeller’s strategy was corralling what had been a haphazard oil supply that often outpaced demand and hurt producers by keeping prices low. His business expanded enough that it eventually controlled the majority of oil production in the U.S. Although it was later broken up by the U.S. government, its descendants—ExxonMobil, Chevron and ConocoPhillips—still dominate the industry today.

“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated, help align expectations with stakeholders and investors, and even reduce stress.”

“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated , help align expectations with stakeholders and investors, and even reduce stress,” wrote Robert Price, executive director of the Global Entrepreneurship Institute, in an article on the organization’s website.

“Writing a business plan forces you into disciplined thinking if you do an intellectually honest job,” he says. “An idea may sound great in your mind, but when you put down the details and numbers, it may fall apart.”

Related: Think Big, Start Small and Plan for Success

A further advantage of your roadmap is that, ideally, it changes with your business. It’s considered a living document, but despite its adaptability, there are basic elements the Small Business Administration says any plan should contain. They include:

1. Executive Summary:

A snapshot of your plan. This will be the last thing you write, but possibly the most important, since many readers will stop here if they’re unimpressed. If your company is a startup , focus on your background and experience as well as that of any partners to show the underpinnings of the company, the agency says. If you’re better established, make sure to include details such as when the business was started, the names of the founders and their roles, how many employees you have, and where your operations are situated.

2. Company Description:

Explain what your company does and how it stands out from competitors. List major customers as well as markets you plan to target in the future. You’ll want to include competitive advantages, such as expert personnel like the whiz-kid coder you just hired, or location: Perhaps your floral shop is next door to an all-night wedding chapel.

3. Market Analysis:

It’s crucial to understand the market you plan to enter. Find out who your competitors are, analyze their cash flow and profit margins, and research technological developments in the industry that might be game-changers. Part of describing your customers is a general awareness of how much they spend and when. For instance, Black Friday got its name because it kicks off the lucrative Christmas shopping season that moves many retailers into full-year profitability. If your business is grappling with a similar challenge, you’ll want to be sure you have the resources and cash flow to withstand operating at a loss for 11 months out of the year.

4. Organization and Management:

Spell out the details of ownership, including investors and show your organizational chart. Specify whether your business is a sole proprietorship, partnership or corporation, and if it’s the latter, what type.

5. Service or Product Line:

What do you sell, how will it help your customers, and how often will they need to replace it? The answers to those questions can be crucial factors in business sustainability . Include any patents or copyrights you own.

6. Marketing and Sales:

The best idea in the world won’t take off if you don’t let your potential customers know what you have. Are you going to rely on word of mouth, promotional discounts or advertising? Remember, your method will have to be tailored to your market. New York businesses are famous for paying people to stand on the sidewalk promoting everything from discounted pizza slices to bargain jewelry prices, but that doesn’t work nearly as well in cities without a high volume of foot traffic.

7. Funding Request:

You’ll want to include how much you need right now as well as how much more you might need over the next five years. A critical point is how you plan to repay borrowed money to creditors (if you opt for debt financing) or, alternatively, generate returns for investors. Both will want to know how you’re spending their money and when they’ll see a payoff.

8. Financial Projections:

If you need funding, provide realistic forecasts that show how you plan to generate future cash flow. Unless you’re borrowing from your parents, your funding sources will want to know. It’s easier if you can show recent financial statements and base your projections on those, since that will give lenders an idea of how realistic your numbers are.

Related: 11 Things That Can Spark Massive Success in Your Life

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Michael Jones

Michael Jones is the Director of Community Management and Content at Bond Street, a company focused on making small business loans simple, transparent and fair.

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How to Write a Business Plan for Direction, Growth, and Success

my business plan for success

Writing a business plan before opening your company’s virtual or brick and mortar doors is one of the best ways to set your business up for success and sustainable growth. It can even bring clarity to what you want to accomplish in the near- and long-term future.

To create an effective business plan, it’s essential to clearly set, outline and describe the goals you want to achieve in order to grow your business over time. By serving as a strategy for your venture, your business plan can help you stay focused throughout your operation’s lifecycle, no matter how big or small your startup may be.

Developing a business plan can help you determine the type of funding you may need, untangle the types of accounts to open , craft your marketing plan, detail your business structure, and even fine-tune your company’s overarching mission.

Presenting a well-polished plan can also help you secure financing. Lenders and investors use your business plan to gauge the viability and sustainability of your business and to help determine your risk profile as a borrower.

Below you’ll find more insight into how to make a business plan and what components are usually found in traditional planning documents.

What Is a Business Plan?

A business plan is a strategic document that lays out the market research behind your business, a description of your products or services, as well as financial information and forecasts. Writing a business plan helps outsiders understand your vision for the business and presents research and information to show why your business is viable.

How Long Should a Business Plan Be?

The length and complexity of your plan depends on the nature of your business. The U.S. Small Business Administration recommends 38 to 50 pages for a basic plan and 80 to 100 pages for a more complex one. The plan should be long enough to help readers fully understand your business, as well as gain key insights to help guide funding decisions.

What Goes into a Business Plan?

Whether you’re preparing a long business plan or a brief one, you’ll want to touch on these key concepts:

  • Executive summary: A one or two page summary of the plan that helps readers get to know you and understand your business at a glance.
  • Market research: A forward-looking analysis of the trends affecting your industry and target market. You’ll also want to include a competitive analysis that lays out what your competitors are doing and any unmet needs in the marketplace.
  • Business description: Insight into what you do, who you serve, and how you meet the needs of your target market. Touch on what makes you different, showcasing any expertise or innovation that will help you succeed.
  • Business and management structure: Your plan for the legal structure of your business, as well as a list of the leading members of your team and their responsibilities.
  • Marketing plan and sales overview: Describe your marketing strategy, touching on key messages as well as which marketing channels you’ll use. Briefly describe your sales cycle, so readers have a sense of what a sale looks like.
  • Financial overview: Make your business attractive to lenders with documentation to show your financial health. Show balance sheets and cash flow statements, as well as financial projections for the next two to five years. List any assets owned by yourself or the business that you could use as collateral for a loan.
  • Funding requirements: A brief explanation of the funding you need, supported by your financial forecast. Describe what you’ll use the funding for, how it will help you realize your plan, and how you plan to pay it back.
  • Appendices: Any supporting documents required for your plan. That could include your business or personal credit report, proof of intellectual property, certifications, and supporting documents showing your expertise.

Additional Tips:

  • Write the executive summary last: A great executive summary makes a strong first impression, and it should be the last thing you include when writing a business plan. As you research and write your in-depth business plan, you’ll get a sense of what details are most important. Writing the executive summary last means you can touch on all those key points and ensures the summary accurately depicts what’s in the report.
  • Use storytelling to sell your business: There’s a story behind every business and telling yours can make you more attractive to lenders. Storytelling can help influence attitudes and behaviors and make readers feel more connected with your journey — and more likely to want to help you succeed. Include storytelling in your executive summary to hook readers. When you’re writing your business description, touch on why and how you started the business, as well as your journey to becoming an entrepreneur.
  • Note any certifications in your business plan: Getting certified can help you access funding and training opportunities, as well as bring added credibility to your business. List your certifications, or your intention to get certified, in your business plan to look more attractive to lenders.
  • Focus on the finances: Business owners love to dream big but keeping your financial forecasts rational and achievable is crucial. Make sure you take all your expenses into account and think about contingency plans if something goes wrong, including downturns in the economy and supply chain disruptions. Your forecasts should be backed by facts and figures to showcase the strength and stability of your business. Show prospective lenders how your funding request factors into your financial plan. Let lenders know what the money will be used for and show how (and when) you will play it back in your financial forecast. A strong financial section serves two purposes: it helps you stand out to lenders, and also gives you a chance to consider what types of funding best suit your needs.

A Strong Business Plan Takes Time

In all, you’ll need to invest ample time into your business plan.

Depending on the type of business and the inherent complexities that come with it, an effective plan will sometimes take up to a month, and possibly a year. It’s all worthwhile to get started the right way and get your business off the ground successfully. An extra set of eyes can also be beneficial, so be sure to run your plan by colleagues, friends and other trusted confidants who will provide candid and objective feedback.

For more information and advice, make sure to visit PNC’s Starting Your Small Business page.

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Important Legal Disclosures and Information

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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

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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.

my business plan for success

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  • Secure funding.
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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 STRATEGIES

Free business plan template for small businesses

  • Cecilia Lazzaro Blasbalg
  • Dec 7, 2023

Free business plan template for your new business

Creating a successful business is about more than launching a business website or hanging a shingle on your front door. It requires a well-crafted plan that keeps you on track, anticipates obstacles and acts as a concrete roadmap for launching or improving your small business.

Business planning allows you to clarify your vision while providing information to both intrigue and reassure potential investors. The process may seem daunting, but creating a business plan isn’t difficult—and templates like the one below can help simplify the process even further.

Ready to launch your business? Create a website today.

What is a business plan?

A business plan is used by small business owners and entrepreneurs when starting a new business venture. It’s a strategic document that outlines the goals, objectives and strategies of your new or expanding business, including the company's vision, target market, financial projections and operational plans.

A business plan can attract potential partners, convince investors and banks to help you raise capital, and serve as a resource for future growth. Most importantly, you’ll be able to use your business plan as a roadmap for how to structure, operate and manage your new venture, whether it’s a sole proprietorship, a partnership or something larger.

Who needs a business plan?

Every business owner needs a business plan. They’re an essential tool for any person or entity interested in starting a business . There are many benefits, including:

Defining your business idea

Clarifying the market and competitive landscape

Outlining your marketing strategy

Stating your value proposition

Identifying/anticipating potential risks

Seeking investments from banks and other sources

Setting benchmarks, goals and key performance indicators (KPIs)

A business plan also gives you a way to assess the viability of a business before investing too much time or money into it. While all business involves risk, taking the time to create a plan can help mitigate fallout and avoid potentially costly mistakes.

When creating a business plan, it's important to establish your business goals up front and be prepared to spend time researching the market, performing a competitor analysis and understanding your target market .

Download Wix’s free business plan template

Creating a successful business plan is no easy feat. That’s why we’ve put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.

Download your free Wix business plan template

Lean startup versus traditional business plan formats

In terms of types of business plans , there are two main formats to choose from: traditional and lean.

Traditional business plan format

A traditional business plan includes every detail and component that defines a business and contributes to its success. It's typically a sizable document of about 30 to 50 pages that includes:

Executive summary: The executive summary contains a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch ). Many authors like to write this section last after fleshing out the sections below.

Company description: A company description should include essential details like your business name, the names of your founders, your locations and your company’s mission statement . Briefly describe your core services (or products if you’re writing an eCommerce business plan ), but don't go into too much detail since you’ll elaborate on this in the service/product section. Wix offers some helpful mission statement examples if you get stuck. It’s also a good idea to create a vision statement . While your mission statement clarifies your company’s purpose, a vision statement outlines what you want your company to achieve over time.

Market analysis: One of the most extensive sections of the business plan, this section requires that you conduct market research and write your conclusions. Include findings for the following: industry background, a SWOT analysis , barriers/obstacles, target market and your business differentiators.

Organization and management: This is where you outline how your business is structured and who's in charge, including founders, executive team members, board members, employees and key stakeholders. To this end, it can be helpful to create a visual layout (e.g., org chart) to illustrate your company structure.

Service or product line: Create a detailed list of your current and future products and services. If you’re still working on your idea, create a concept statement to describe your idea or product. You should also include a proof of concept (POC), which demonstrates the feasibility of your idea. Wherever applicable, include diagrams, product images and other visual components to illustrate the product life cycle.

Marketing and sales: Detail how your business idea translates into selling and delivering your offerings to potential customers. You can start by outlining your brand identity, which includes the colors and fonts you plan to use, your marketing and advertising strategy, and details about planned consumer touchpoints (like your website, mobile app or physical storefront).

Financial projections and funding requests: Include financial statements, such as a balance sheet, profit-and-loss statement (P&L), cash flow statement and break-even analysis. It's not uncommon for a business plan to include multiple pages of financial projections and information. You’ll also want to mention how much funding you seek and what you plan to do with it. If you’ve already secured funding, provide details about your investments.

essential parts of a business plan

Lean startup business plan format

A lean startup business plan—also referred to as a “lean canvas”—is presented as a problem/solution framework that provides a high-level description of your business idea. A lean plan is a single-page document that provides a basic overview of the most essential aspects of your business. It’s a good way to dip a toe into business planning since it doesn't require the same level of detail as a traditional plan. This includes:

Problem: What problem does your product or service solve, or what need does it fulfill?

Solution: How do you intend to solve it?

Unique value proposition (UVP): Why should people use your product or service versus someone else’s?

Unfair advantage: What do you have that other companies don’t?

Customers: Who are your ideal customers?

Channels: How will those customers find you?

Key metrics: How do you define success? How will you track and measure it?

Revenue streams: How will your business make money?

Cost structure: What will you spend money on (fixed and variable costs)?

Benefits of a business plan template

Business plan templates offer numerous benefits for entrepreneurs and aspiring business owners. Here are some key advantages:

1. Save time and effort: Templates provide a pre-defined structure, eliminating the need to start from scratch. This frees up valuable time and effort that can be invested in other crucial aspects of business development.

2. Improve structure: Templates ensure a consistent and organized approach to presenting your business plan. This makes it easier for potential investors, lenders and advisors to understand your vision and evaluate the feasibility of your business. 3. Enhance professionalism: Using a well-designed template demonstrates professionalism and seriousness to external stakeholders. This can significantly impact their perception of your business and increase their confidence in your venture. 4. Guide your thought process: Templates act as a helpful framework, prompting you to consider all the key elements of your business plan and ensuring you haven't overlooked any critical areas. 5. Ensure completeness: Templates often include checklists and prompts to ensure you cover all essential information, minimizing the risk of missing crucial details. 6. Standardize formatting: Templates ensure a consistent and uniform appearance throughout your business plan, contributing to a more polished and professional presentation. 7. Access to expert knowledge: Many templates are developed by experienced business professionals or organizations, incorporating best practices and insights gained from successful ventures. 8. Adaptability and customization: While templates offer a basic structure, they can be easily customized to reflect the unique characteristics and needs of your specific business. 9. Cost-effectiveness: Templates are generally available for free or at a low cost, making them an accessible and budget-friendly option for entrepreneurs. 10. Increased success rate: Studies have shown that businesses with well-developed plans are more likely to succeed. Templates can help you create a comprehensive and persuasive plan, increasing your chances of securing funding and achieving your business goals.

Tips for filling out your business plan template

The hardest part of a journey is always the first step, or so the saying goes. Filling out your business plan template can be daunting, but the template itself is meant to get you over that crucial first hurdle—getting started. We’ve provided some tips aimed at helping you get the most from our template.

These are best practices—they’re not rules. Do what works for you. The main thing to remember is that these tips can help you move more easily through the planning process, so that you can advance onto the next (exciting) step, which is launching your business.

Consider your goals: What is the purpose of your business? Are you looking to expand, launch a new product line or fund a specific project? Identifying your goals helps you prioritize important information in your business plan.

Fill out what you can: You may already have a vague—or specific—idea of what you want your business to achieve. Go through each section of the template and fill out what you can. We suggest leaving the executive summary blank for now, since it'll be the last thing you write.

Be realistic: Even though this document is meant to serve as a marketing tool for potential investors, don't exaggerate any numbers or make any false promises.

Dig into the research: Nothing's more motivating than getting some intel about your competitors and your market. If you're truly stuck, a little research can help motivate you and provide valuable insight about what direction to take your business. For example, if you plan to start a landscaping business, learn about the specific pricing offered in your area so that you can differentiate your services and potentially offer better options.

Get help from others: Bouncing your ideas off a friend, mentor or advisor is a great way to get feedback and discover approaches or products to incorporate into your plan. Your network can also give you valuable insight about the industry or even about potential customers. Plus, it's nice to be able to talk through the challenges with someone who understands you and your vision.

Revise and review: Once complete, step back from your plan and let it "cook." In a day or two, review your plan and make sure that everything is current. Have other people review it too, since having another set of eyes can help identify areas that may be lacking detail or need further explanation.

Once you’ve completed your business plan template, it can become a meaningful resource for developing your mission statement, writing business proposals and planning how to move forward with the marketing, distribution and growth of your products and services.

After launch, you can also analyze your value chain to identify key factors that create value for your customers and maximum profitability for you. This can help you develop a more effective business plan that considers the entire value chain, from research and development to sales and customer support.

Business plan template FAQ

What is the easiest way to write a business plan.

The easiest way to write a business plan is to utilize a template. Templates provide a structured format and guide you through each section, simplifying the process of creating a comprehensive plan.

Is there a template for how to write a business plan?

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Business Plan Roadmap: Building Your Path to Business Success

Published: 31 December, 2023

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Stefan F.Dieffenbacher

Table of Contents

In today’s fast-paced entrepreneurial landscape, a meticulously crafted business plan functions as the guiding star for your venture’s journey toward success. Whether you’re an experienced entrepreneur or a budding startup creator, possessing a comprehensive business plan is indispensable, serving as the key to securing funding, making well-informed decisions, and effectively navigating the ever-evolving business environment.

A skillfully developed business plan serves as the cornerstone of a prosperous venture, seamlessly aligning with crucial elements such as the Business Model Canvas and adapting to the ever-changing business environment . At Digital Leadership, we understand the importance of these strategic foundations, which is why we offer comprehensive Digital Strategy Consulting and Business Model Strategy services, to help businesses not only survive but thrive in today’s competitive landscape.

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Within the confines of this article, we will embark on a comprehensive exploration of the art of crafting an engaging and impactful business plan . We shall dissect critical components, including in-depth market research, meticulous financial projections, savvy marketing strategies, and effective operational blueprints. Additionally, we will unveil a plethora of tips and best practices designed to elevate your business plan above the competition, rendering it a value proposition for those seeking to invest in or collaborate with your enterprise.

What is a Business Plan

A business plan definition is a written document that outlines the goals, strategies, and detailed operational and financial plans of a business. It serves as a roadmap for the business, providing a clear direction for its growth and development. A typical business plan includes information about the company’s mission and vision, its products or services, market analysis, competition, target audience, marketing and sales strategies, organizational structure, financial projections, and funding requirements. Business plans are commonly used to secure funding from investors or lenders, guide the company’s operations, and communicate its vision and strategy to stakeholders.

what is a business plan

A conventional business plan typically divides into two primary segments:

  • The Explanatory Segment: This portion encompasses written content that serves the business purpose of providing a detailed description of the business idea and/or the company. It covers elements such as the executive summary, company overview, market analysis, product or service particulars, marketing and sales strategies, organizational structure, operational blueprints, and funding needs.
  • The Financial Segment: Within this section, you’ll discover financial data and projections, encompassing income statements, balance sheets, cash flow forecasts, and detailed information regarding financing prerequisites and potential sources. This segment offers a quantitative view of the business’s financial situation and future expectations.

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Components of a Business Plan: What is Included in a Business Plan

Crafting a thorough and compelling business plan is a fundamental step for entrepreneurs and business leaders seeking to chart a successful course for their ventures. A well-structured business plan not only serves as a roadmap for your business’s growth but also communicates your vision, strategy, and potential to investors, partners, and stakeholders. The key components of a business plan make up a robust business plan, offering valuable insights and practical tips to help you create a document that inspires confidence and aligns your team with a shared vision. Each key element plays a critical role in constructing a business plan that not only secures financial support but also guides your organization toward sustainable success. Let’s delve deeper into these components, adding depth and clarity to your business plan ‘s narrative.

  • Executive Summary: This should succinctly encapsulate the essence of your business plan . It should briefly touch on the market opportunity, your unique value proposition, revenue projections, funding requirements, and the overarching goals of the business.
  • Company Description: Elaborate on your company’s history, including significant milestones and achievements. Clearly define your mission, vision, and values, providing insight into what drives the company’s culture and decisions.
  • Market Analysis: Delve into the market’s nuances by discussing not only its size but also its growth rate, trends, and dynamics. Highlight specific target market segments, customer personas, and pain points that your business aims to address. Include a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to showcase your understanding of the competitive landscape.
  • Products or Services: Offer a detailed explanation of your offerings, emphasizing their key features and benefits. Describe how these offerings fulfill specific customer needs or solve problems, and explain any proprietary technology or intellectual property.
  • Marketing and Sales Strategy: Provide a comprehensive overview of your marketing and sales plans. Discuss your pricing strategy in depth, outlining how it aligns with market dynamics. Explain your distribution channels and marketing tactics, including digital and traditional methods.
  • Organizational Structure: Present bios of key team members, underscoring their relevant experience, expertise, and roles within the organization. Include an organizational chart to illustrate reporting relationships and the structure’s scalability.
  • Operational Plan: Go into detail about your daily operations, covering everything from production processes and supply chain management to facility requirements and technology utilization. Discuss quality control measures and scalability strategies.
  • Financial Projections: Provide a thorough breakdown of financial forecasts, including monthly or quarterly projections for at least three to five years. Explain the assumptions behind these numbers, including factors such as market growth rates and pricing strategies. Highlight critical financial metrics like burn rate, customer acquisition costs, and return on investment.
  • Funding Requirements: Specify the exact amount of capital you’re seeking, the purpose of the funds, and how the investment will be utilized to achieve specific milestones. Outline potential sources of funding, such as equity investment, loans, or grants. Clarify the expected terms and conditions.
  • Appendix: In the appendix, include supplementary materials that reinforce your business plan’s credibility and depth. This can encompass market research reports, letters of intent, prototypes, patents, legal contracts, and any other relevant documentation that adds value to your case.

A masterfully designed business plan serves as the guiding star to steer you toward triumph. Enter our publication, “ How to Create Innovation “, deep within its pages, you’ll unearth a plethora of pioneering instruments and frameworks, including the influential Business Model Canvas , poised to not only amplify your comprehension but also arm you with the tools essential to craft an authoritative and highly potent business plan.

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Creating a business plan essential steps.

Creating a business plan is a crucial step in launching or growing a business. Here’s a step-by-step guide to help you create an effective business plan :

1- Draft an Executive Summary:

  • Write a concise overview of your business, including the mission, vision, and goals.
  • Summarize the business concept, target market, and unique value proposition.
  • Keep it brief but compelling to grab the reader’s attention.

2- Compose a Business Description:

  • Provide detailed information about your business, industry, and the problem or need your product/service addresses.
  • Explain your mission, vision, and core values.
  • Describe the legal structure of your business (e.g., sole proprietorship, LLC, corporation).

3- Conduct a Market Analysis:

  • Conduct thorough market research to understand your industry, target market, and competitors.
  • Define your target audience and demonstrate a clear understanding of market trends.
  • Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).

4- Outline Organization and Management:

  • Outline the organizational structure of your business.
  • Introduce key team members and their roles, highlighting their relevant experience.
  • Provide an overview of your advisory board or external support.

5- Detail the Product or Service Line:

  • Describe your products or services in detail.
  • Highlight the features, benefits, and unique selling points.
  • Explain how your offerings meet the needs of your target market.

6- Develop a Marketing and Sales Strategy:

  • Develop a comprehensive marketing strategy to reach your target audience.
  • Outline your sales process, distribution channels , and pricing strategy.
  • Include a sales forecast and customer acquisition plan.

7- Specify Funding Request (if applicable):

  • Specify the amount of funding you are seeking (if any) and how you plan to use it.
  • Justify the funding request with clear financial projections and a solid business case.

8- Prepare Financial Projections:

  • Prepare detailed financial statements, including income statements, balance sheets, and cash flow statements.
  • Provide assumptions and methodologies used for financial forecasts.
  • Demonstrate your business’s profitability and financial viability.

9- Include an Appendix:

  • Include supplementary materials such as resumes, permits, contracts, market research, or any other relevant documents.
  • Keep this section optional but use it to provide additional context.

10- Review and Revise:

  • Review your business plan thoroughly for clarity, consistency, and completeness.
  • Seek feedback from mentors, advisors, or potential investors.
  • Revise the plan based on feedback and ensure it aligns with your business goals.

Remember, a business plan is a dynamic document that should be revisited and updated regularly to reflect changes in your business environment. It serves as a roadmap for your business and a valuable tool for communicating your vision to others.

Types of Business Plans

Startup business plan:.

A comprehensive document crafted by entrepreneurs to outline the vision, mission, target market, competition analysis, financial projections, and strategies for launching and operating a new business.

Feasibility Business Plan:

A plan designed to assess the viability of a business idea or project by analyzing market demand, potential challenges, financial feasibility, and overall sustainability before committing resources.

One-Page Business Plan:

A condensed version of a traditional business plan, focusing on key elements such as the business concept, target market, value proposition, marketing strategy, and financial projections—all presented on a single page.

What-If Business Plan:

A flexible and dynamic plan that explores various scenarios and outcomes based on changing factors or assumptions. It helps businesses anticipate challenges and adjust strategies accordingly.

Growth Business Plan:

Tailored for businesses aiming to expand, this plan outlines strategies for scaling operations, entering new markets, launching products or services, and includes financial projections to support growth initiatives.

Operations Business Plan:

Geared towards day-to-day activities, this plan details operational procedures, resource allocation, supply chain management, and other aspects essential for the smooth functioning of the business.

Strategic Business Plan:

A long-term plan outlining the organization’s mission, vision, core values, and strategic initiatives. It guides decision-making, sets priorities, and aligns the company toward achieving overarching objectives.

The purpose of a business plan

A business plan is not a static document with a limited shelf life; rather, it evolves alongside the company it represents. It serves as a dynamic tool that adapts to changing market conditions, emerging opportunities, and evolving strategic priorities. Here’s a closer look at its continuous relevance:

  • Guiding the Business ( Business Concept/Business Idea and Strategy ) : A business plan serves as an internal guide that helps entrepreneurs and management teams set clear objectives, develop business strategies, and make informed decisions. It provides a framework for prioritizing tasks, allocating resources, and monitoring progress toward achieving business goals.
  • Securing Financing: One of the primary reasons for creating a business plan is to secure financing from lenders, investors, or banks. A well-prepared plan presents a compelling case for why the business is a viable and profitable investment. It includes financial projections, market research, and a clear explanation of how the funds will be used to achieve growth.
  • Attracting Investors: For startups and early-stage companies, attracting equity investors is often crucial for rapid growth. A comprehensive business plan not only showcases the business opportunity but also outlines how investors can potentially realize significant returns on their investment. It highlights the company’s unique value proposition and competitive advantage.
  • Setting Goals and Objectives: Business plan s articulate both short-term and long-term objectives for the company. Specific, measurable, and time-bound goals are essential for motivating employees, aligning efforts, and tracking progress. Objectives can encompass revenue targets, market share goals, expansion plans, and more.
  • Managing Operations: Business plans include detailed operational plans, covering aspects such as production processes, supply chain management, inventory control, quality assurance, and logistics. These operational details ensure that the business runs smoothly and efficiently.
  • Market Analysis: Comprehensive market research within the business plan helps the company understand its target market, customer demographics, and competitive landscape. This knowledge enables the business to adapt to changing market conditions and identify opportunities for growth, product development, or market expansion.
  • Communicating the Vision: A well-crafted business plan communicates the company’s mission, vision, and values to both internal and external stakeholders. This clarity fosters a shared sense of purpose among employees and resonates with customers and partners.
  • Risk Management: Business plans identify potential risks and challenges that the company may encounter. By acknowledging these risks upfront, the plan can outline strategies for risk mitigation or contingency plans. This proactive approach helps the business better navigate unforeseen challenges.
  • Measuring Progress: A business plan serves as a benchmark for assessing the company’s performance and growth. By comparing actual results to the plan’s projections, the business can identify areas where it is excelling and areas that require adjustment. Regularly measuring progress is crucial for making data-driven decisions.
  • Exit Strategy: In some cases, especially for entrepreneurs and investors, a business plan includes an exit strategy. This strategy outlines how the business owners plan to realize their investment, whether through selling the company, going public, or transitioning leadership to others.
  • Competitive Adaptation: In the face of a constantly changing competitive landscape, a well-maintained business plan allows a company to regularly assess its competitive position. It aids in identifying emerging competitors, market shifts, and areas where the business can gain a competitive edge.
  • Performance Measurement: By providing a baseline for projected financials and key performance indicators (KPIs), a business plan becomes a tool for measuring actual performance against expectations. This ongoing evaluation enables the organization to identify strengths, weaknesses, and areas for improvement.
  • Resource Allocation: As a company grows, it often requires additional resources such as capital, personnel, or technology. The business plan assists in rationalizing and justifying resource allocation decisions to support expansion or address operational challenges.
  • Innovation and Adaptation: In today’s rapidly changing business environment, adaptation and innovation are essential. A business plan encourages a culture of adaptability by fostering discussions on new opportunities and strategies for staying ahead of industry trends.
  • External Engagement: Externally, the business plan remains a valuable tool for engaging with investors, partners, lenders, and other stakeholders. It provides a transparent and comprehensive view of the company’s past performance and future potential.

Important External Tasks of a Business Plan

A business plan holds significance beyond its internal utility, as it acts as the company’s calling card in external contexts. Primarily, it serves as a persuasive tool for potential investors, bolstering the chances of securing essential financing, whether during startup or later stages for marketing initiatives or product development. Additionally, a well-crafted business plan proves valuable in negotiation discussions with potential key partners and regulatory bodies, enhancing the stability of current and future business relationships with customers and suppliers alike.

Here are some significant external tasks associated with a business plan:

  • Securing Financial Support: One of the primary external objectives of a business plan is to attract external financing from investors or lenders. A well-prepared plan should clearly communicate the company’s financial requirements and how those funds will be utilized to achieve its objectives.
  • Presenting to Investors: If you are seeking investment from angel investors, venture capitalists, or private equity firms, you must effectively present your business plan . This entails pitching your business to potential investors, highlighting key aspects of your plan, and addressing their inquiries and concerns.
  • Applying for Financing or Grants: If you intend to secure loans or grants to fund your business, your business plan will be a crucial component of your application. It should demonstrate your capacity to repay loans or meet grant criteria, as well as how the funds will drive growth.
  • Negotiating Partnerships and Collaborations: When pursuing partnerships, joint ventures, or alliances with other businesses, a business plan can outline the strategic advantages and potential outcomes of the collaboration. This is vital for persuading potential partners of the value of working together.
  • Ensuring Regulatory Compliance: Depending on your industry and location, you may need to submit your business plan to regulatory agencies for approval or compliance. This is particularly common in sectors like healthcare, finance, and energy.
  • Obtaining Licenses and Permits: If your business requires specific licenses or permits to operate, your business plan may be requested during the application process to demonstrate your readiness and compliance with regulations.
  • Facilitating Mergers and Acquisitions: In mergers or acquisitions, both the acquiring and target companies may need to provide business plans to potential investors or lenders involved in the transaction. This aids in evaluating the financial viability and strategic fit of the merger or acquisition.
  • Attracting Strategic Partners: In addition to traditional investors, you may seek to attract strategic partners who can offer resources, expertise, or distribution channels. You r business plan should compellingly illustrate why potential partners should collaborate with your company.
  • Preparing for an IPO (Initial Public Offering): If your long-term strategy includes taking your company public, a comprehensive business plan is essential to attract public market investors. It must provide a detailed view of your company’s financial health, growth potential, and market position.
  • Undergoing Due Diligence: When external parties consider investing in or partnering with your company, they often conduct due diligence. Your business plan should be precise and comprehensive to withstand scrutiny during this process.

When is a Business Plan Needed

When starting a new business, it makes sense to write a business plan . A strong business concept helps you find investors and convince big business figures, investors, or banks of your business idea.

In addition, a business plan forces a start-up to confront the strengths but also weaknesses of its business idea. However, an already existing company can equally benefit from a business plan. Many companies often lack a clearly recognizable strategy or guidelines against which success can be measured.

A business plan also leads to more transparency in entrepreneurial decisions and is necessary for an already existing company when raising outside capital and investors. An increasing number of investors and capital providers demand the submission of such a plan, thus making a strong business concept so important.

  • Startup Phase : A business plan is essential when starting a new venture as it helps define your business concept, target market, and competitive strategy. It outlines your initial funding requirements, revenue projections, and expected milestones, providing a roadmap for the early stages of your business.
  • Securing Financing : Whether you’re seeking a bank loan, angel investment, venture capital, or crowdfunding, a detailed business plan is a prerequisite. It should include financial forecasts, an analysis of your industry and competitors, and a clear description of how the funds will be used to grow the business.
  • Strategic Planning : Regularly updating your business plan is crucial for strategic planning . It allows you to assess your company’s strengths, weaknesses, opportunities, and threats (SWOT analysis) and adjust your strategies accordingly. It provides a long-term vision and helps align the organization’s efforts toward common goals.
  • New Product or Service Launch : Before launching a new offering, a business plan helps you research the market, understand underserved customer needs, and determine the product’s unique selling points. It outlines your marketing and sales strategy, pricing structure, and expected return on investment.
  • Mergers and Acquisitions : In mergers and acquisitions (M&A) transactions, a business plan is used to evaluate the financial viability and strategic fit of the deal. It provides insights into the target company’s operations, revenue streams, and potential synergies with the acquiring company.
  • Partnerships and Alliances : When exploring collaborations with other businesses, a business plan outlines the mutual benefits and objectives of the partnership. It clarifies roles and responsibilities, risk-sharing arrangements, and how the partnership aligns with each party’s strategic goals.
  • Regulatory Compliance : Certain industries, like healthcare, finance, and energy, require businesses to submit comprehensive business plans to regulatory authorities. These plans demonstrate compliance with industry-specific regulations and provide transparency in operations.
  • Licensing and Permits : When applying for licenses or permits, particularly in regulated industries such as food service, healthcare, or construction, a business plan may be necessary to prove that your operations meet safety, health, and environmental standards.
  • IPO (Initial Public Offering) : Making a company public is a complex process. A thorough business plan is crucial to attract public investors. It should provide historical financial performance, future growth prospects, and a clear value proposition for potential shareholders.
  • Crisis Management : In times of financial distress or operational challenges, businesses may develop a crisis management or turnaround plan. This specialized business plan outlines the steps needed to stabilize the company’s finances, restructure operations, and restore profitability.

Example of Business Plan Structure

Generally, there are no fixed guidelines as to how a business plan should be structured. Business concepts heavily depend on the recipient of the business plan and the orientation and structure of the company. The following bullet points are therefore only to be understood as basic building blocks that must be adapted to the individual situation.

1. Business Concept/Business Idea and Strategy:

  • Illustrate your business concept, including the idea and methods for successful implementation.
  • Include a timeline for implementing the concept.
  • Optionally, provide information about your company and headquarters.

2. Company Description:

  • Provide detailed information about your company, including its name, location, legal structure, and history.
  • Explain your business’s purpose and the problems it aims to solve.
  • Describe your target market and your business’s role within it.

3. Target Market:

  • Market volume and potential.
  • Growth potential.
  • Barriers to entry and market restrictions.
  • Supplier positioning.
  • Relevant laws and regulations.
  • Competitor analysis (strengths, weaknesses, product range).
  • Identifying potential customers.

4- Operational Plan:

  • Describe your business’s day-to-day operations, including location, facilities, equipment, and technology.
  • Explain your supply chain, production processes, and quality control.
  • Address any regulatory or compliance requirements.

5. Products and Services:

  • Describe your products or services, highlighting how they differentiate from competitors.
  • Unique Selling Proposition.
  • Customer Benefits.
  • Competitive Advantages.
  • Innovation or optimization of existing products.
  • Patent or property rights.

6. Marketing and Sales Planning:

  • Outline your marketing strategy and timetable.
  • Specify market entry plans.
  • Set company goals related to market leadership, market share, revenue, and brand awareness.
  • Discuss sales policy, pricing policy, and communication policy & advertising.
  • Address sales methods, future developments, and pricing strategy justification.

7. Management, Employees, and Organization:

  • Highlight management skills, qualifications, and key team members.
  • Emphasize industry knowledge, social skills, previous successes, and professional experience.
  • Mention personnel development strategies.
  • Describe the organizational structure, focusing on procurement, development, production, sales, and administration.

8. Opportunities and Risks:

  • In the ‘Opportunities’ section, showcase the potential of your business idea and the conditions for exploiting that potential.
  • Address risks comprehensively, demonstrating a detailed and critical approach.
  • Include potential risk scenarios and proposed solutions.

9. Financial Planning:

  • Present concrete financial figures derived from previous analyses and plans.
  • Profit Planning: Include a profit and loss statement (P&L).
  • Balance Sheet: Provide an overview of assets, liabilities, and equity.
  • Liquidity Plan: Compare expenditures with available funds.

10. Appendix:

  • Include necessary documents like commercial register excerpts, business registrations, shareholder agreements, and legal forms.
  • Attach CVs and references of key team members.
  • Include relevant financial spreadsheets, patents, permits, licenses, brochures, leaflets, and organizational charts or graphs.

Reasons for Business Plan Failures

  • Lack of Market Research: Failing to thoroughly understand the target market and its needs can lead to products or services that don’t resonate with customers.
  • Inflexibility: A rigid plan that doesn’t adapt to changing market conditions or feedback from customers can become obsolete quickly.
  • Overly Optimistic Projections: Unrealistic financial projections can mislead investors and hinder the business’s ability to meet expectations.
  • Poor Execution: Even the best plan will fail without proper execution. A lack of skilled team members, resources, or a clear execution strategy can doom a business.
  • Ignoring Competition: Ignoring or underestimating competitors can lead to a business being unprepared for market competition.
  • Insufficient Funding: Underestimating the capital required to launch and sustain the business can lead to financial troubles.
  • Inadequate Marketing: Without effective marketing, even great products or services may go unnoticed by potential customers.
  • Ignoring Customer Feedback: Not listening to customer feedback and adjusting the business accordingly can result in products or services that don’t meet market needs.

Connecting The Dots: Importance of Business Model Canvas in Business Plan

Integrating the Business Model Canvas (BMC) into a traditional business plan is a pivotal process in crafting a comprehensive and highly effective business strategy . The Business Model Canvas , with its visual and succinct approach, offers a distinctive viewpoint on your business model. It functions as a complementary tool to the in-depth components of a traditional plan, strengthening your strategic capabilities. You can download it now.

The synergy between these two strategic instruments not only facilitates communication but also empowers you to analyze and adjust your business strategy with precision, ultimately fostering a pathway to success. In the following discussion, we delve into the significance of bridging the gap between these two potent tools within the domain of business planning. Here’s why the Business Model Canvas is essential within the context of a business plan:

  • Visual Representation: The Business Model Canvas provides a visual framework that allows you to quickly grasp and convey the fundamental elements of your business model. This visual clarity is especially valuable when presenting your business concept to potential investors, partners, or team members.
  • Concise Overview: While a traditional business plan can be lengthy and detailed, the BMC offers a concise summary of key components, including customer segments, value propositions, channels, revenue streams, and cost structures. It distills complex business concepts into a simplified format, making it easier to communicate and understand.
  • Iterative Planning: The BMC encourages an iterative approach to business strategic planning . It enables you to experiment with different business model hypotheses and make adjustments as you gather feedback and insights. This agility is vital, especially for startups and businesses in rapidly evolving markets.
  • Focus on Value: The Business Model Canvas places a strong emphasis on understanding customer needs and value creation . It prompts you to identify your unique value propositions and how they address customer pain points, aligning your strategy with customer-centric principles.
  • Holistic View: By using the BMC, you’re prompted to consider all aspects of your business model, from customer acquisition to revenue generation and cost management. This holistic perspective helps identify potential gaps, dependencies, and opportunities that might be overlooked in a traditional plan.
  • Alignment and Coordination: The BMC fosters alignment among team members and stakeholders. It’s a collaborative tool that encourages discussions about the business model, ensuring that everyone shares a common understanding and vision. This alignment is critical for execution.
  • Integration with Traditional Plan: While the BMC is an excellent starting point, it can be seamlessly integrated into a traditional business plan. The insights and clarity gained from the BMC can inform and enrich the sections of the plan related to products/services, target market, marketing strategy, and financial projections.
  • Efficiency: The BMC saves time and resources, particularly in the early stages of planning when you’re exploring different business model scenarios. It allows you to focus on the most critical aspects of your strategy before diving into the details.
  • Adaptability: In a rapidly changing business environment, having a flexible and adaptable business model is essential. The BMC’s modular structure makes it easier to pivot or adapt your strategy in response to market shifts, competitive pressures, or emerging opportunities.

In summary, a business plan is a multifaceted and indispensable tool for businesses at every stage of their journey. It serves as a compass, guiding strategic decisions, securing essential financing, and attracting potential investors. Its ongoing relevance is a testament to its adaptability, enabling businesses to measure performance, allocate resources, and manage risks effectively. Beyond its practical utility, a business plan is a communication tool, conveying a company’s vision and objectives to both internal teams and external stakeholders. It is a dynamic and ever-evolving document that empowers businesses to navigate uncertainties, foster innovation, and drive sustainable growth, making it an indispensable companion in the pursuit of business success.

Frequently Asked Questions

1- how does a business plan relate to usiness strategy.

A business plan is closely intertwined with a company’s business strategy. The plan lays out the specific actions and tactics required to achieve the strategic goals of the business. It provides a roadmap for implementing the chosen strategy, outlining how resources will be allocated, what markets will be targeted, and how the business will position itself in the competitive landscape.

2- Is a business plan necessary if I already have a solid business strategy?

Yes, a business plan is still essential, even if you have a well-defined strategy. It serves as the detailed execution plan for your strategy, providing clarity on how you will achieve your strategic objectives. It also helps you anticipate challenges, manage risks, and secure financing or investments by demonstrating the viability of your strategy.

3- Can I use the Business Model Canvas in place of a business plan for a startup?

While the Business Model Canvas is an excellent tool for conceptualizing and validating your business model, it is often not a substitute for a comprehensive business plan , especially when seeking financing or investments. Startups may begin with Canvas to clarify their model but should eventually develop a full business plan to provide in-depth financial projections, market analysis, and operational details.

4- How often should I update my business plan to align with my evolving strategy?

It’s advisable to review and update your business plan regularly, typically at least once a year. However, major changes in your business environment, such as shifts in market conditions or strategic pivots, may require more frequent updates. Keeping your plan current ensures it remains a relevant and effective tool for guiding your business.

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Your Business Plan Blueprint for Success

By team zeller.

Your Business Plan Blueprint for Success

There are 11 critical elements of a successful business plan.

No two business plans will look exactly the same. The information you choose to include — and the way you communicate it — depends on your audience and business goals. Yet there are a number of critical elements that every business plan should contain. 

Before you start writing your business plan, make sure you understand the preparatory work involved. Follow our six preparatory steps and you should have all the information you need to put together a blueprint for success — whether your goal is to start a new business, secure funding, or grow an already established business. 

Then, follow the below template to ensure your document includes the 11 essential sections of a successful business plan. 

1. Executive summary

Write this part last. It’s the first section your audience will read, which means it needs to provide a clear and compelling summary of your entire business plan. 

After completing the following 10 sections of your business plan, summarise the main points here. Include:

  • your customers’ need
  • how your business will address that need
  • an estimation of growth potential
  • projected sales figures 
  • any key dates and milestones
  • financial information, including current capital

2. Business overview

This is where you provide key information about:

  • the industry
  • your business model

Start by providing an overview of your business and its background. Introduce the industry, as well as the categories and any relevant sub-categories your business falls into. For example, a hospitality business may be a fine dining restaurant, hole-in-the-wall takeaway joint, family diner, food truck, or something in between. 

You should also explain the business model you’re using to turn a profit. Perhaps you’re leasing goods, or selling products over the counter. You could be running a subscription-based service, or providing a service for a fixed rate or hourly fee. Will you deviate from the typical model used by similar businesses? Highlight any plans you have to improve it, perhaps by cutting certain costs or streamlining standard processes.

Draw upon your mission statement to extrapolate your business goals at a high level, and then get specific. Break your goals down into both short-term (6 to 12 months) and long-term (5 years). 

What do you want to achieve, and when will you achieve it? This may include:

  • opening another location
  • breaking even at a certain point in time
  • expanding into another industry

small-business-goals

Carefully consider your target dates and be realistic with what you can achieve. A vision or mission statement might be inspirational, outlining the changes you hope to effect in five years or so, but this is the section where you seriously consider what’s achievable and make a commitment to achieving these goals. 

Remember that the budget and financial projection outlined in this document are closely tied to the goals you outline here.

4. Products or services

Provide a high-level explanation of the product or service you’re selling, before drilling down into the specific need(s) that offering meets. Start with a straightforward description, avoiding any jargon that might confuse the reader. What will a customer receive from your business? 

Then, explain your customer’s needs. What’s available to them today? Where is the gap? What is needed? What could be improved? Consider things like price, quality, convenience, choice, speed, and service. Write down how your business will improve the current state of play and meet those needs. However, don’t go into too much detail here — you’ll cover that in the next section when you analyse the market. 

5. Market analysis

This is where you get specific about the current state of the market and deep dive into your customers’ needs, as well as your competitors’ businesses.

There are a few things you should consider here. 

1. The market

  • The current market structure, and where your business fits within it
  • The market opportunity, in terms of potential revenue value
  • Future markets, whether local, national or beyond
  • How your business will respond to potential changes in market conditions

2. Your competitors

  • Their strengths and weaknesses 
  • The share of market each holds
  • What sets your business apart

3. Your customer

  • Your target market’s purchasing habits
  • Factors that might influence those habits in future 

Consider how best to communicate this information, as there’s quite a lot to think about. 

small-business-competitive-analysis

Visuals such as graphs and charts can help you communicate paragraphs of text succinctly, and allow for key insights to be gleaned at a glance.

6. Risk assessment

Who would’ve guessed that in 2020, businesses across the nation would be shuttered for months on end? These days, any sound business plan must include a pandemic-proof contingency strategy. However, that’s not the only risk your business may face. 

Think of all the things that could potentially go wrong. Then, consider what each might mean for your business. For example, consider how these risks might affect:

  • your supply chain
  • your customers’ experience 

Then, detail how you would mitigate the risk itself. You should also talk to a professional about which insurance product is best suited to your particular risks. 

7. Marketing and sales strategy

Your budget and projections must align to a goal. It could be a specific number of sales, but it will likely be total revenue. This is the section where you explain how your business will achieve that goal. 

Outline your launch activities. Keep in mind that most, if not all, marketing tactics will cost money and need to be accounted for in your forecast cash flow. Depending on the size and type of your new business, as well as your growth goals, you might like to consider local PR, giveaways, a launch party, local community event sponsorship, or something out-of-the-box.

Then, consider what ongoing marketing efforts will look like. How will your business engage with potential customers on Instagram? Do you need a purpose-built website? Will you run seasonal offers, and if so how will you let customers know? 

If your staff will need to actively “sell” the product or service, consider how many steps each sale will take and what that means for your projections.

Tradespeople, for example, will need to learn how to answer the phone, provide a quote, and follow up to get the quote accepted. High-end shop assistants may need to learn how to upsell a customer, and suggest alternate items or accessories.

This will not be relevant for every business, however it’s integral for those businesses dependent on a sales process. By mapping it out here, you’re more easily able to identify potential bottlenecks to driving revenue.

8. Your team

Remember who may be looking at your business plan: potential new partners and investors. Even if your business plan is just for you, it’s important to introduce who’s who, and who’s responsible for what. 

Start with:

  • business ownership structure
  • management structure 
  • key roles 
  • each individual’s expertise and qualifications 

business-plan-team-section

Remember to include any mentors or business support resources that you’ll be relying on. 

For businesses anticipating a quick scale-up, it might be a good idea to also include any recruitment and retention policies for staff that will be key to growth.

9. Budget 

There are a few things every business needs to be successful: a budget and cash flow are two of them. Your budget should include a projection of profits and losses, and a balance sheet — as well as an explanation of how cash flow will work. 

Profits and losses

Itemise your costs on one side, and predict your income on the other. When putting this together, consider:

  • costs necessary to keep the lights on, such as rent and electricity
  • the base cost of your product or service
  • staff costs
  • the appropriate level of insurance your business needs
  • tools required to operate, such as EFTPOS machines

Don’t forget to factor in a contingency cost. 

Balance sheet

Outline what your business owns versus what it owes. For example, the business may own equipment, real estate, or patents and rights. It may owe a specific amount of money, as a loan. 

Show how and when money will flow in and out of the business, and how this aligns with the businesses’ outgoings.

Stick to the main figures, and use graphs or other visual cues where possible. Present a few scenarios to show you understand these costs may fluctuate, and remember to add further detail as an appendix to your business plan. 

10. Finance

After taking a deep dive into your business’s budget, the costs required to get up and running should become clear. You’ll also know roughly when income will start flowing back into the business. 

If you will need some additional funding to bridge the gap between those dates, explain here where it will come from — perhaps you’ll rely upon savings, family and friends, an investor, or a business loan. 

Consider also where you will store business funds. Zeller Terminal comes with a fee-free business bank account , giving you fast access to your funds.

11. Compliance

Outline what both the business and yourself, as a business owner, are legally required to do. This will depend on whether the business is operating as a sole proprietorship, partnership, company, trust, association, or something else. 

For example, you might need to:

  • apply for an Australian Business Number or Australian Company Number
  • register for GST
  • register your business name
  • register your website’s domain name
  • trademark your business name 
  • register for PAYG
  • apply for any permits or licenses necessary

Make sure you seek professional advice regarding what’s required of you as a business owner.

Every business is different, so your business plan might look nothing like the examples available online. However, if you follow the above, your business plan will include all the most important elements. 

Ready to get started with Zeller?

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Focusing on Your Perfect Business Plan Actually Holds You Back When you are starting a business, progress is of the utmost importance.

By Scott Miker • Feb 18, 2022

Opinions expressed by Entrepreneur contributors are their own.

Years ago, I worked for a large small business support organization. We provided resources to entrepreneurs to help them succeed. At one point, I led a new initiative focused on helping startups and early-stage entrepreneurs. The focus was on those starting to blaze their own path. By observing so many early-stage businesses, I was able to glean a great deal from their endeavors. Their hard work and tenacity, coupled with the right business model, would propel some to great heights. Others would work just as hard, but not quite get to a level that allowed them to keep going.

The perfect business plan

I'm lucky to have read some outstanding business plans. They were well researched . They presented an innovative look at the market. They provided examples of how others have succeeded from working within that same market. But there never seemed to be a correlation between the business plan and future success. After a while, I stopped worrying so much about their business plan.

Sure, they needed one. They needed to think through their business and have a plan. But that wasn't the only thing they needed to do to be successful . Instead, it seemed as though other factors mattered more when trying to decipher who would become successful and who would close their business after a few short years.

Now I encourage anyone starting to focus less on the perfect business plan. Things change and we cannot predict the future. Your "perfect" plan will become flawed and outdated soon. To continue, you have to stay focused on doing the things necessary, not just thinking about them or even planning them.

To make this shift, I always recommend focusing on making progress over trying to be perfect. Being perfect sounds great — but usually results in stagnation.

If you are set on trying to be perfect, you won't take risks. If you want to be perfect, you won't use trial and error because there is a chance that you make an error. Being an entrepreneur inherently involves taking risks.

At the end of the day, many things will go wrong in your business. You can't be afraid of failure.

Related: Why You Should Build a Startup When Everything Has Already Been Invented

Outside push to be perfect

Our society puts too much emphasis on avoiding failures. In fact, even when someone achieves greatness despite failures, the story always seems to leave that information out.

Athletes provide an ideal example of this. NFL Hall of Fame quarterback Brett Favre tops the list of quarterbacks with the most interceptions in a career with 336. He played 302 games, which means he averaged one of these major mistakes in every game that he played. MLB Hall of Famer Reggie Jackson struck out more than anyone else during a career. He struck out 2,597 times. Hall of Famer Jim Thome was second with 2,548. The two with the most mistakes are in the hall of fame for their elite careers.

These athletes dominated the game they played. But none were even close to being perfect. They didn't succeed without failures and mistakes. If you are starting a business and afraid to have any missteps, you will play it safe. You won't put yourself out there, vulnerable to mishaps. But putting yourself out there is how to succeed. That is a requirement for business success.

Related: Everything I've Learned from Growing My Startup to 10 Million Users with $0 in Funding

Focus on making progress

A better approach is to always make progress. If you keep moving forward through the adversity, through the obstacles, through the challenges and failures, you will emerge more experienced and more knowledgeable.

The successful entrepreneurs that I worked with embraced this. They weren't afraid to take the uncertain road. They weren't afraid to stick their neck out. By being bold, they charted a new path forward. They didn't just try to copy others to avoid having to take the risk. Sometimes it didn't pay off. Sometimes it did pay off. But either way, they moved forward and got better. Each day they were better equipped to grow the business. Each day they became wiser.

Once you accept that you will make mistakes, you will become free to innovate. That freedom is important for early-stage entrepreneurs.

You don't start with brand awareness and years of building up a customer base. Those are required to be a successful business and only arrive after the trials and tribulations.

Choose from a bunch of bad options

When I took over the operations of a business that was looking to grow, the first thing we had to do was to stop searching for the flawless approach. We had to stop trying to be perfect. Often this meant that we had to choose between a bunch of bad options. We didn't have easy, obvious pathways forward.

We would run into a problem and have to decide what path to take, despite all being risky. After each strategy meeting, we would find ourselves at an impasse. Whatever option we would choose was flawed. Each choice contained consequences and risks.

Once we reached a stalemate with leadership unwilling to move forward, someone would say, "Well it looks like we have a bunch of bad options, but we need to make a decision. Let's choose the best one and move on." That helped us avoid analysis paralysis. It helped us move past trying to be flawless. We knew the choice we were making was imperfect. That didn't matter. What mattered is that we navigated the situation as best we could and then attacked the problem.

Now whenever I work with startups and early-stage entrepreneurs, I look for those willing to move forward when others are afraid of the problems. When everyone else wants to wait for the perfect option to appear, they will already be ahead. They will make some mistakes, but they will forge ahead with the newfound wisdom that comes from experiencing the ups and downs on the journey to building a successful business.

Related: Why Everyone Should Work for a Startup at Least Once

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Your Business Plan is Your Path to Success

  • Branding & Strategy

Your business planmaps out the strategies that you need to be successful. So why do many people skip it?

DISCLOSURE: Some of the links in my posts are affiliate links, meaning that at no additional cost to you, I will earn a commission if you like my recommendation and then click through and make a purchase. Details...

A business plan will provide you with a focused path, which ultimately saves you from spending your valuable time, money & energy on the wrong things AND maximizing your profits.

Your business planmaps out the strategies that you need to be successful. So why do many people skip it?

Having a business plan means you will make the most of the valuable resources that are available to you. In return you can build the business of your dreams.

Who needs a business plan?

I work with solopreneurs, medium-sized businesses, non-profits and educational groups, and a business plan is ALWAYS at the core of their success.

A business plan can seem overwhelming to create. I get it. But it will be needed in different circumstances. This will also vary between what your actual needs are.

If you need to borrow money or get investors , the use of a business plan is necessary. In order to get the funds that you will need the plan must include a business proposal that includes a detailed plan, with a strategy of how you will proceed in becoming a successful business.

If you are not looking for funding, you will not need such a detailed plan, but you will still need one in order to track your business goals and success. Although you may not need to borrow any money, you should consider your time and energy as part of your investment. This is actually more valuable then what you would have borrowed from someone else as you can never get that back.

Many solopreneuers may not feel like a “business”, so they skip over this important step. They can use their plan to focus on their fastest route to income and have time for other life priorities.

If you are looking for people to help your organization grow, your plan will also show why it is a wise investment of their time.

For example, an educational organization asked me about tactics for Twitter and Facebook  in my workshop on social media strategies .  They are in the middle of a rebrand and change of direction, so the solution is to focus on their business plan first.

They may not think of themselves as a “business”, but they are looking for funding sources and strategic partnerships, so a “business plan” will show their value and how their target will get a return on their investment of time and money.

To ease their planning overwhelm, their limited time should be invested in their strategic business plan first. This will guide them in their marketing plan, which is the outreach needed to meet the goals in the business plan.

Your business plan can (and should) be fluid

With your business plan you can make adjustments along the way. You can write a new plan or update your plan as needed. If you find that you are heading in the wrong direction, go back to the business planning phase and course correct. Taking a step back often moves your business forward.

Your business plan will help determine if your business is a good idea. Your business plan will grow and change as your business evolves and due to different circumstances your plans may need to be adjusted. By doing this you will also be able to determine what has worked in the past and what strategies can be used in the future.

You can use your business plan as a formula for success.

Here is a list of key elements (in a recommended order) that will be needed in order to make your online or offline business a success:

1. Business Model

A business model will give detailed information on how your business will make a profit. Many times it’s overwhelming to create your business plan because you are trying to map out MULTIPLE models at once. Focus on ONE THING—your fastest route to income—implement it, then add others over time.

2. Financial Forecast And Budget

With your financial forecast you will be able to predict how much your business is expected to make. You will also need to make a monthly budget that will give details on how much it will cost to run your business and what profit you will expect to make. I see many small businesses operating without this, running up debt on credit cards, home equity lines or cashing out investments. This is the fastest route to failure! Your forecast can be as simple as tracking things in an Excel file.

3. S.M.A.R.T. Business Goals

Your business model is the direction you are going, and this will be reached in many, many small steps. I recommend using S.M.A.R.T. goals (specific, measurable, achievable, realistic and measurable in short time frame. Focus on what you can do today, this week or this month. Repeat over and over.

4. Unique Selling Proposition (USP)

A marketing analysis will be created to determine your target audience, what they are looking for and how your product or service solves their problem.  This will determine what will make your business unique from other businesses and compel your target audience to buy from you instead of your competition.

5. Marketing Plan

A marketing plan will give you a timeline of when certain events in your business will take place and what marketing tactics you will use, along with a strategy to make those events a reality. The marketing tactics you select are based on your business plan and goals, so you MUST have those in place first. You’ll want to know your USP before reaching out to your target audience with marketing. Otherwise, you’ll be working hard and heading nowhere.

5. Action Plan

If you don’t IMPLEMENT the plans you make, you’ll never have success. I have seen many great ideas fail simply because people spend too much time TALKING about what they are going to do, and little time actually doing it (or hiring help!) Your action plan will determine what types of strategies you will use in order to reach your goals, as well as how you will organize and what steps you will take to make your business a success.

TAKE ACTION:  Do you need help with your business plan? I can fast-forward your process using my Training & Strategy Package on Profitable Business Planning. Learn from my shortcuts & expertise.  Learn more here »

Hello Service-Based Entrepreneur,

I know it’s easy to get overwhelmed by reading blog posts full of ideas, tactics & tools. Be honest...

  • How frustrated will you be trying to implement this on your own?
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Marketing Strategist & Designer I offer a blend of 30+ years of expertise in marketing, websites, brand identity, strategy, tech solutions, and more.

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How to Write a Cleaning Service Business Plan + Free Sample Plan PDF

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Elon Glucklich

7 min. read

Updated February 17, 2024

Free Download: Cleaning Service Business Plan Template

With busy schedules and job demands, not everyone has time to clean up after themselves. 

That’s why nearly 10 percent of Americans hired residential cleaning services as of 2020, and the demand for cleaners is rising. And despite a resistance to return to the office, commercial cleaning remains a $100 billion industry . Building owners still need pristine spaces if a lease or sale opportunity arises.

If you’re getting into the cleaning industry, or trying to grow your existing business, you’ll need to do some upfront work. That’s where a business plan comes in. This article will help you ensure that you’re meeting the right market opportunity, and that your business brings in enough revenue to be profitable long-term. If you need a bank loan or investment , a business plan will be crucial.

Are you looking for a free, downloadable cleaning service sample business plan PDF to help start your own business plan, Bplans has you covered.

  • What should you include in a cleaning service business plan?

Keep your plan concise, and focus only on the most important sections for your business. Your plan will likely include some or all of these sections:

  • Executive summary
  • Market analysis
  • Products and services
  • Marketing and sales strategy
  • Company overview
  • Financial plan

It’s especially important for a cleaning service business plan to consider the wide range of services and related products you may offer. Your business might provide specialized cleaning services, or sell eco-friendly cleaning products along with cleaning homes or office spaces.

You’ll need to detail your strategies for promoting each of these products and services to maximize the revenue you generate from each client.

Here’s an example of a cleaning service business plan outline.

A sample outline for a cleaning service business plan.

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  • The 8 elements of an effective cleaning service business plan

1. Executive summary

The executive summary is a broad overview of your plan. Without going over one to two pages, outline all of the components of your cleaning service business. 

Include a mission statement in your executive summary. This simple, action-oriented statement explains your company’s purpose. Maybe your goal is to grow into your area’s leading residential cleaning service. Or to expand the market for eco-friendly cleaning solutions. It summarizes what your company does for customers, employees, and owners. It also helps someone reading your business understand in greater detail what sets your business apart from competitors, and how it will be profitable.

If you’re writing your plan for a bank or investor, they will start with the executive summary. So it’s where you’ll want to make a good first impression. Try to draw them in right away by showing you have a clear value proposition.

2. Market analysis

The market analysis section is where you make the case that your business can generate enough demand to be successful. To do that, you’ll need to thoroughly assess your market, identifying key trends in the region’s home or commercial real estate sectors that might indicate a need for your services.

Evaluate the size of your potential market , including residential and commercial segments. You should also analyze the competition . Start by identifying the number of existing providers and their service offerings, and highlight any gaps you observe in the market that your business can fill.

3. Cleaning services and products

This section should detail the cleaning services and products you offer. These may include various residential and commercial cleaning services, like standard cleaning, deep cleaning, specialized disinfection services, or eco-friendly cleaning options.

If you plan to use specific cleaning products or specialized equipment, also detail these. Emphasize any services or products that set your business apart from the competition, like allergen-free cleaning services for homes or exclusively green cleaning products.

4 . Marketing and sales strategy

Your marketing and sales strategy is how you put your market research into action to attract and retain customers for your cleaning service.

Start by identifying the most effective marketing channels for reaching your target market, such as online advertising, social media , local flyers, or partnerships with real estate agencies.

To reach the broadest customer base possible, outline your digital and traditional marketing strategies. Discuss the importance of a strong online presence, including a user-friendly website and active social media profiles to build brand awareness and credibility. 

You should also provide information about your pricing strategy , and whether you’ll offer special promotions or loyalty programs to encourage repeat business and referrals.

5. Milestones

The milestones section is where you outline the key objectives for your business and timelines for achieving them. This section can be short, with individual milestones listed as bullet points.

Milestones could include securing initial funding, acquiring necessary licenses, launching your marketing campaign, reaching a certain number of clients, or hitting revenue targets. Be sure to list when you expect to achieve each milestone, and which members of your team will be responsible for reaching them.

6. Company overview

The company summary gives a brief overview of your cleaning business. Include the legal structure , target service area, and history of your business if it already exists.

If you’re writing your plan because you’re seeking funding for your business from a bank, clearly state how much you’ll need, how you plan to use it, and how it will benefit the business. Funding uses could include purchasing new equipment to expand your services, or hiring additional staff to widen your service area.

You can also include a brief management team section covering your key employees, their roles, responsibilities, qualifications, and experience. 

If you plan to contract with cleaning crews instead of hiring employees, describe how this arrangement will work and why you think it will benefit your business.

7. Financial plan and forecasts

Your financial plan should present detailed financial projections, including revenue , costs , and profitability .

If you’re a new business, list your startup costs , including initial equipment, supplies, licensing, and marketing investments. Also, outline your funding sources, such as loans, investments, or personal savings going into the business.

Include a cash flow statement , income statement , and balance sheet . The financial statements and projections should demonstrate your cleaning service’s potential to generate sustainable profits over the long term.

8. Appendix

The appendix is an optional section for you to add supporting information or documents that don’t fit within the plan. This could include market research data, lease agreements, employee contracts, or licensing and permit documents.

  • Writing an effective cleaning service business plan: Key considerations

When writing your cleaning service business plan, focus on these areas to increase your likelihood of success.

1. Offer diverse service offerings

The cleaning industry caters to a wide array of customer needs, from residential homes with regular upkeep, to commercial spaces that need specialized sanitation. Offering services to the broadest customer base you can manage will help you expand your share of the market .

2. Pricing strategy  

Your pricing strategy is vital to balance attracting and retaining customers to ensure your business remains profitable. 

Extensive market research into competitors should help you understand what represents a competitive pricing structure in your target area. Offering flexible pricing models, like flat rates for certain services or discounts for recurring appointments, can also appeal to a broader customer base. Just make sure your forecasts show that you’ll generate more revenue from repeat business through any discounts you decide to offer.

3. Protect your reputation

Trust and reputation are crucial in the cleaning service industry, where small mistakes can cost you customers. Consider in your marketing plan whether your branding and customer feedback policies emphasize your commitment to quality work and reliable service. And make sure to check how your business is being reviewed online.

4. Professional training and standards

To achieve a reputation as a high-quality cleaning service, your standards as a business owner need to trickle down to your employees. The operations section of your plan should include training your workers on the latest cleaning techniques, customer service best practices, and safety protocols to ensure your team meets those high standards you’ve set.

5. Online marketing and presence

We touched on this in the marketing and sales strategy section, but strong online and social media presences are fairly low-cost tactics for reaching new customers. Consider how much a professionally designed website that’s search engine optimized, active social media engagement, and strategic online advertising might increase your visibility.

  • Download your cleaning service sample business plan PDF

Download this cleaning service sample business plan PDF for free right now, or visit Bplans’ gallery of more than 550 sample business plans if you want more options.

Don’t get hung up on finding a sample business plan that exactly matches your cleaning service. Whether you’re setting up a boutique eco-friendly cleaning service or a broad-scale commercial cleaning operation, the core elements of your business plan will largely be consistent.

There are plenty of reasons cleaning service business owners can benefit from writing a business plan — you’ll need one if you’re seeking a loan or investment.

Even if you’re not seeking funding, thinking through every aspect of your business will help you ensure you’re not overlooking anything critical as you grow.

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

Content Author: Elon Glucklich

Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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How Fast Should Your Company Really Grow?

  • Gary P. Pisano

my business plan for success

Growth—in revenues and profits—is the yardstick by which the competitive fitness and health of organizations is measured. Consistent profitable growth is thus a near universal goal for leaders—and an elusive one.

To achieve that goal, companies need a growth strategy that encompasses three related sets of decisions: how fast to grow, where to seek new sources of demand, and how to develop the financial, human, and organizational capabilities needed to grow. This article offers a framework for examining the critical interdependencies of those decisions in the context of a company’s overall business strategy, its capabilities and culture, and external market dynamics.

Why leaders should take a strategic perspective

Idea in Brief

The problem.

Sustained profitable growth is a nearly universal corporate goal, but it is an elusive one. Empirical research suggests that when inflation is taken into account, most companies barely grow at all.

While external factors play a role, most companies’ growth problems are self-inflicted: Too many firms approach growth in a highly reactive, opportunistic manner.

The Solution

To grow profitably over the long term, companies need a strategy that addresses three key decisions: how fast to grow (rate of growth); where to seek new sources of demand (direction of growth); and how to amass the resources needed to grow (method of growth).

Perhaps no issue attracts more senior leadership attention than growth does. And for good reason. Growth—in revenues and profits—is the yardstick by which we tend to measure the competitive fitness and health of companies and determine the quality and compensation of its management. Analysts, investors, and boards pepper CEOs about growth prospects to get insight into stock prices. Employees are attracted to faster-growing companies because they offer better opportunities for advancement, higher pay, and greater job security. Suppliers prefer faster-growing customers because working with them improves their own growth prospects. Given the choice, most companies and their stakeholders would choose faster growth over slower growth.

Five elements can move you beyond episodic success.

  • Gary P. Pisano is the Harry E. Figgie Jr. Professor of Business Administration at Harvard Business School and the author of Creative Construction: The DNA of Sustained Innovation (PublicAffairs, 2019).

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IMAGES

  1. How a Business Plan Sets Your Business Up For Success

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  2. Introduction to Business Plan

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  3. Checklist: Plan for your business success

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  4. How to Write a Business Plan

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

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  6. How to develop a business plan for small business

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  1. 5 Tips to Manage Business Finances

  2. My business plan: Entrepreneur Artist

COMMENTS

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

    Bottom Line Frequently Asked Questions Show more Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and...

  2. Write your business plan

    Executive summary Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

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

    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. Add...

  4. How To Make A Business Plan: Step By Step Guide

    A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

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

    Download a free one-page plan template to write a useful business plan in as little as 30-minutes. Explore over 500 real-world business plan examples from a wide variety of industries. Try the business planning and growth tool trusted by over 1-million business owners.

  6. 10 Simple Tips to Write a Successful Business Plan

    1. Know your competition. You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition. 2. Know your audience. You...

  7. A Simple Guide to Writing a Business Plan

    But if you want to make a traditional business plan. you'll need to include different key components, including: Executive summary. This is a concise summary that captures the essence of your business, its mission, key products or services, target market, and a snapshot of your financial goals and strategies for success. Company description.

  8. 5 Keys to Success in Your Business Plan

    5 Keys to Success in Your Business Plan Written by Dave Lavinsky The right business plan will allow you to: Create better business strategies Create a clear roadmap to grow your business Raise funding (if needed) The five tips below will guide you to a stronger business plan that is more likely to achieve these goals.

  9. 8 Elements of a Successful Business Plan

    1. Executive Summary: A snapshot of your plan. This will be the last thing you write, but possibly the most important, since many readers will stop here if they're unimpressed. If your...

  10. How to Write a Business Plan for Direction, Growth, and Success

    The length and complexity of your plan depends on the nature of your business. The U.S. Small Business Administration recommends 38 to 50 pages for a basic plan and 80 to 100 pages for a more complex one. The plan should be long enough to help readers fully understand your business, as well as gain key insights to help guide funding decisions.

  11. How To Start A Business In 11 Steps (2024 Guide)

    1. Determine Your Business Concept 2. Research Your Competitors and Market 3. Create Your Business Plan 4. Choose Your Business Structure 5. Register Your Business and Get...

  12. How To Make a Business Plan: A Beginner's Guide

    Describe your company, its mission, and vision. Identifying the "why" of your business is a crucial step in learning how to write a business plan. There are two ways of articulating that "why.". One is your company's mission statement — a brief explanation of what you hope to achieve by starting or growing your business.

  13. Strategic Business Plans: Why This Success-Focused Tool Is A ...

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  14. 24 of My Favorite Sample Business Plans & Examples For Your Inspiration

    8. Panda Doc's Free Business Plan Template. 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.

  15. Do You Need a Business Plan? This Study Says Yes

    Planning can help companies grow 30 percent faster. One study (1) published in 2010 aggregated research on the business growth of 11,046 companies and found that planning improved business performance. Interestingly, this same study found that planning benefited existing companies even more than it benefited startups.

  16. Free Business Plan Template For Small Businesses

    9. Cost-effectiveness: Templates are generally available for free or at a low cost, making them an accessible and budget-friendly option for entrepreneurs. 10. Increased success rate: Studies have shown that businesses with well-developed plans are more likely to succeed.

  17. Business Plan Roadmap: Building Your Path to Business Success

    Creating a Business Plan Essential Steps . Creating a business plan is a crucial step in launching or growing a business. Here's a step-by-step guide to help you create an effective business plan:. 1-Draft an Executive Summary:Write a concise overview of your business, including the mission, vision, and goals.

  18. Your Business Plan Blueprint for Success

    Your Business Plan Blueprint for Success By Team Zeller 31.05.2021 There are 11 critical elements of a successful business plan. No two business plans will look exactly the same. The information you choose to include — and the way you communicate it — depends on your audience and business goals.

  19. Focusing on Your Perfect Business Plan Actually Holds You Back

    Focusing on Your Perfect Business Plan Actually Holds You Back When you are starting a business, progress is of the utmost importance. By Scott Miker • Feb 18, 2022 Opinions expressed by...

  20. Your Business Plan: Steps to Success

    The first section of your business plan should provide a practice overview including: General information — Your practice name, address and contact information: phone, fax, e-mail address and website.. A one-paragraph summary of your mission — A mission statement briefly identifies the services you provide, the clients you serve, your core values and how you measure the success of your ...

  21. Your Business Plan is Your Path to Success

    1. Business Model. A business model will give detailed information on how your business will make a profit. Many times it's overwhelming to create your business plan because you are trying to map out MULTIPLE models at once. Focus on ONE THING—your fastest route to income—implement it, then add others over time. 2.

  22. 4 Signs Your Business Plan is a Success

    No. 1 - You can predict strong revenue months. Your business plan should determine your strong revenue months, while also finding opportunities for repeat business from customers. Likewise, you should always make an effort to ensure your company's current reportings exceed previous ones. Furthermore, the business plan should account for growth ...

  23. Do I Really Need A Business Plan For My New Business?

    4. A business plan helps you stay focused. Starting a new business can be overwhelming, and it's easy to get distracted by shiny new ideas or opportunities that pop up along the way. Having a well ...

  24. How to Write a Cleaning Service Business Plan

    When writing your cleaning service business plan, focus on these areas to increase your likelihood of success. 1. Offer diverse service offerings. The cleaning industry caters to a wide array of customer needs, from residential homes with regular upkeep, to commercial spaces that need specialized sanitation.

  25. How Fast Should Your Company Really Grow?

    How Fast Should Your Company Really Grow? 02. Create a System to Grow Consistently. 03. How to Succeed in an Era of Volatility. Summary. Growth—in revenues and profits—is the yardstick by ...

  26. Trump's civil fraud verdict appeal may hinge on 'no victims' defense

    Donald Trump's planned appeal of a $355 million judgment against him in his civil fraud case may focus on the former president's contention that there were no actual victims from his conduct at ...

  27. Planning For Success: A Four-Step Cycle For Leaders

    Jan 21, 2022,09:15am EST Share to Facebook Share to Twitter Share to Linkedin Portia James | Founder & CEO of Behavior Genius getty The idea of planning often gets more attention than any of the...