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

By Joe Weller | October 11, 2021

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

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

What Is a Business Plan?

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

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

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

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

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

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

Business Plan Steps

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

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

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

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

Do I Need a Simple or Detailed Plan?

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

How to Choose the Right Plan for Your Business

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

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

Is the Order of Your Business Plan Important?

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

The Difference Between Traditional and Lean Business Plans

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

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

How to Write a Business Plan Step by Step

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

Step 1: Executive Summary

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

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

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

Step 2: Description of Business

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

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

Step 3: Market Analysis

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

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

Step 4: Competitive Analysis

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

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

Step 5: Description of Organizational Management

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

Step 6: Description of Products or Services

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

Questions to answer in this section are as follows:

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

Step 7: Marketing Plan

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

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

Step 8: Sales Plan

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

Start by answering the following questions:

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

Step 9: Funding Details (or Request for Funding)

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

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

Step 10: Financial Projections

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

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

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

Business Plan Template

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

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

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

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

How to Write a Simple Business Plan

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

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

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

Simple Business Plan Template

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

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

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

How to Write a Business Plan for a Lean Startup

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

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

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

Lean Business Plan Template for Startups

Lean Business Plan Templates for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

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

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

How to Write a Business Plan for a Loan

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

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

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

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

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

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

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

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

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

Resources for Writing a Business Plan

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

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

How a Business Plan Helps to Grow Your Business

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

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

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What Is a Business Plan?

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

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

business planning from

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

Key Takeaways

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

Investopedia / Ryan Oakley

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

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

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

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

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

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

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

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

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

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

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

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

2 Types of Business Plans

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

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

Why Do Business Plans Fail?

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

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

What Does a Lean Startup Business Plan Include?

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

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

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

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

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

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  • Create a budget plan that works for you
  • Carry-on only travel tips
  • What to know before getting the Chase Freedom Unlimited®
  • Your money is safe in a bank with FDIC insurance
  • Best travel benefits for ConciergeKey status holders
  • Ways to get free (or almost free) tickets to Disneyland or Walt Disney World
  • Consumer credit cards
  • Most business grants are taxable
  • What is premium economy on British Airways?
  • How we found the best cheap auto insurance
  • What is a carry-on bag?
  • What is the gift tax?
  • Understanding a self-directed IRA (SDIRA)
  • Cost-of-living adjustments
  • What is flood insurance?
  • The best budget apps
  • What is options trading?
  • How much is TSA PreCheck renewal?
  • How to start a transportation business in 8 steps
  • What is Business Select on Southwest Airlines?
  • 2023 tax brackets and income tax rates
  • What is the EOQ formula?
  • Chase credit cards that enable point transfers
  • Daily mortgage rates chart
  • Airline-specific carry-on luggage rules
  • United 1K benefits

House

  • You took out $12,000 or less in student loans
  • Air Canada premium economy seats
  • What is a credit score?
  • When is open enrollment for Medicare?
  • How to change your credit card due date
  • Investing through an HSA
  • 1. Traditional IRA
  • Pros and cons of a charitable remainder trust
  • How to start day trading
  • American opportunity credit
  • What is a redress number for flying?
  • How much does an Amazon Prime membership cost?
  • Netflix subscription cost
  • 50/30/20 budget calculator
  • Average student loan debt
  • What are estimated tax payments?
  • What does a CD early withdrawal penalty cost?
  • Cheapest homeowners insurance from large companies
  • Types of bequests
  • 1. The two cards are similar, with one big difference
  • Taxes on 401(k) withdrawal
  • The official rankings
  • The difference between Global Entry and TSA PreCheck
  • Student loan payoff calculator
  • How to fill out Schedule A
  • Southwest delayed flight compensation: a meal voucher and travel credit
  • What does this value mean?
  • What is an ACH transfer?
  • Average cost of travel insurance by trip cost
  • About TAP Air Portugal
  • What are closing costs?
  • Deciding factors

1. Write an executive summary

  • Vanguard at a glance
  • Who can invest in private equity?
  • 1. Start with your 401(k)
  • Alaska Companion Fare basics
  • Points: Spending rewards
  • Key takeaways
  • 1. You have poor credit
  • Sign-up for Delta SkyMiles
  • How to make money online
  • How Marriott PointSavers promotions work
  • What is gig work?
  • The best life insurance for seniors in February 2024
  • Market orders: Make the trade now
  • Basic FHA home requirements
  • Rewards redemption policies for major credit card issuers
  • MCA calculator
  • How RMDs are calculated
  • How we found the best auto insurance
  • How to start a landscaping business in 5 steps
  • What is the standard deduction?
  • What is the federal solar tax credit?
  • How to make a will without a lawyer
  • Seek out pet-friendly locations
  • Do goodwill letters work?
  • Estimating the costs and how to minimize them
  • What is capital gains tax?
  • How do expense trackers work?
  • How are dividends taxed?
  • Steps to getting an auto loan with bad credit
  • How to use the car affordability calculator
  • Best place to exchange currency: Your bank or credit union
  • How to pay your federal income taxes in 2023
  • What is the child tax credit?
  • The FDIC insurance limit: $250,000 per depositor, per institution, per category
  • What are the requirements for delivering with DoorDash?
  • Chase airline transfer partners
  • Why mortgage rates change every day
  • Types of ETFs
  • Work out how much of your income should go to rent with the 50/30/20 rule
  • Southwest A-List Preferred is worth $1,352
  • Compare car insurance rates by age
  • The average stock market return isn't always average
  • What can you do during Medicare open enrollment?
  • 1. Activate and sign your card
  • The best homeowners insurance in Florida
  • 20 high-dividend stocks
  • Types of charitable remainder trusts
  • What are the pros and cons of money market accounts?
  • Medicare eligibility
  • How to fill out a W-4
  • The best whole life insurance companies of February 2024
  • Google Sheets budget templates
  • 2. Get your finances in order
  • Roths are for retirement — but they’re flexible
  • What are the 2024 IRMAA brackets?
  • How a home equity sharing agreement works
  • Are COVID-19 relief grants taxable?
  • 22 popular tax deductions and tax breaks
  • How is PMI calculated?
  • When you find lower prices on Turo rentals
  • How much are closing costs?
  • Several ways you can get in
  • Marriott brands
  • What should my monthly grocery budget be?
  • How to order foreign currency from your bank
  • Place a fraud alert with credit bureaus
  • How we ranked the top life insurers
  • 1. Capital One would be a formidable credit cards competitor 
  • Liability insurance
  • How to put your house in a trust
  • How to use this merchant cash advance calculator
  • How does a Roth IRA work?
  • How to get Star Alliance Gold
  • What is the 50/30/20 rule?
  • How to calculate your credit utilization ratio
  • How to search and book on Expedia
  • How neurodiversity affects your finances 
  • Perfect timing for holiday purchases
  • What is the dividend tax rate?
  • What are AI stocks?
  • How extra student loan payments work
  • TD Cash Credit Card
  • The best cheap car insurance
  • How to convert American miles to dollars (calculator)
  • When are state income taxes due?
  • Income limits for contributing to both an IRA and a 401(k)
  • How to open a self-directed IRA
  • Symetra life insurance
  • YNAB, for hands-on zero-based budgeting
  • Globe Life insurance
  • 1. Pay credit card balances strategically
  • What else you need to know about Southwest Business Select
  • How private equity investing works
  • How to become a United Premier 1K
  • How property taxes work

Mail_Documents_Red

  • Today’s HELOC rates
  • You’re low- or middle-income, or unemployed
  • Does a partial payment affect your credit score?
  • 2. Dig those big suitcases out of the back of the closet
  • Take advantage of the triple tax benefit
  • How do Delta SkyMiles work?
  • When to change your name on your passport after marriage
  • 1. Applying won’t affect your credit score
  • 2. Gather the information
  • Leave 30% of your income for wants
  • 1. Ask why your car was repossessed
  • When are estimated taxes due?
  • Are auto loan interest rates rising?
  • How to write a late payment removal letter
  • Rules for refinancing conventional loans
  • How Schedule A works
  • British Airways premium economy seats
  • Payment increases from continuing to work

2. Describe your company

  • Personalized versus average interest rates
  • The value of Southwest points
  • 2. Roth IRA
  • How do Vanguard index funds work?
  • What is a gig worker?
  • What is a mega backdoor Roth?
  • Medicare at a glance
  • FHA appraisal checklist
  • When do you pay capital gains tax on a home sale?
  • Do I need a redress number?
  • An early withdrawal’s other cost: future interest forfeited
  • More about the cheapest homeowners insurance companies
  • How to make a bequest
  • How much does it cost to make a will?
  • How are business credit scores calculated?
  • Budget planner
  • $125 million on check-cashing services
  • How does capital gains tax work?
  • Common costs of owning a car
  • Types of ACH transfers
  • How much is the 2023 child tax credit?
  • How much is PMI?
  • What it means to have FDIC insurance
  • IHDA first-time home buyer loan programs
  • How do I renew TSA PreCheck?
  • How does DoorDash work for drivers?
  • How do you calculate closing costs on a house?
  • How to buy an ETF
  • 2. You don’t have collateral or cash to put in the deal
  • When to change your credit card due date
  • More about the best home insurance companies in Florida
  • Investing for income: Dividend stocks vs. dividend funds
  • How a charitable remainder trust works
  • RMD table 2024
  • What are the benefits of Amazon Prime?
  • Who has student loan debt?
  • What is debt collection?
  • Solar tax credit 2024
  • Pros and cons of home equity sharing agreements
  • Capital One student loan refinancing alternatives
  • Mortgage payoff calculator help
  • Is my money safe in the bank right now?
  • Cheap car insurance in Florida
  • Who needs to file a Schedule A tax form
  • How to determine if your business grant is taxable
  • Another money-change option: Online currency converters
  • How do American miles compare to other airlines?
  • 1. IRS Direct Pay
  • How to choose between an IRA and a 401(k)
  • Gift tax limit 2023
  • What does flood insurance cover?
  • Beware of extra fees
  • 1. No credit check is required, but a linked bank account is
  • Federal loan payment pause includes PSLF borrowers
  • Why invest in private equity?
  • Why do businesses use the EOQ?
  • 5-year, 10-year, 20-year and 30-year S&P 500 returns
  • 3. Plot your course to the minimum spend
  • Calculating net worth: What are assets and liabilities?
  • Best life insurance for seniors in February 2024
  • Day trading strategies
  • Original Medicare
  • Lifetime learning credit
  • Managing expectations for reward redemptions
  • NerdWallet’s budget planner
  • Best car insurance companies: Our winners
  • Key features of IRAs vs 401(k)s
  • How the standard deduction works
  • Best iOS personal expense tracker apps
  • What are qualified and nonqualified dividends?
  • How to determine how much car you can afford
  • 2024 tax deadlines to know
  • Advantages of a self-directed IRA
  • Symetra life insurance policies
  • Globe Life insurance policies
  • 2. Add a Roth IRA to the mix
  • Why buy long-term care insurance?
  • Figure out how much you can afford to spend on rent
  • What can’t you do during Medicare open enrollment?
  • Prepare for long-term care
  • Contact the companies involved
  • What to know about working in the gig economy
  • When to choose a money market account over a savings account
  • Issuer pre-qualification pages
  • Commit 20% to savings and debt repayment
  • Help a neighbor in need
  • Use a credit utilization calculator
  • How does the solar tax credit work?
  • How to use average car interest rates
  • 2. You can redeem points for a statement credit ...
  • Rules for refinancing FHA loans
  • Does Global Entry include TSA PreCheck?
  • Why are eggs so expensive?
  • How to trade options in four steps
  • Are these the best stocks to buy now?
  • TAP Portugal Miles&Go miles: the airline's points currency and loyalty program
  • AmEx Platinum vs. Chase Sapphire Reserve: Deciding factors
  • Southwest seat size
  • How to calculate property tax rates
  • How Southwest elite status compares to competitors

Car

  • New York state supplemental income tax
  • Are Vanguard index funds a good investment?
  • How to find Marriott PointSavers hotels
  • Mega backdoor Roth 2024
  • 2. Capital One hopes to expand its digital banking reach
  • Limit orders: Make trade when the price is right
  • Advantages of putting a house in trust
  • 3. Make a plan for the down payment
  • What can you invest in with a Roth IRA?
  • 529s are for college (and K-12, too)
  • 2. Find out if you can get your repossessed car back
  • Estimated tax payments 2024
  • See CD rates by bank
  • Does debt collection affect your credit score?
  • Tax implications of a bequest
  • What is a good business credit score?
  • Goodwill letter template
  • How does a bank fail?
  • What is long-term capital gains tax?
  • How long do ACH transfers take?
  • Payment decreases from continuing to work
  • Average annual PMI premium
  • How much do DoorDash drivers make?
  • 2024 tax brackets and income tax rates
  • How your credit score affects your rate
  • Free Wi-Fi is a big draw
  • You have an undergraduate degree only
  • Important dates
  • 4. See how far your bonus miles will take you
  • Medicare Part A (hospital insurance)
  • 2. The card’s benefits all have cutesy names
  • How an FHA appraisal works
  • 3. Check costs and choose the transfer method
  • Best whole life insurance policies for 202 4
  • Best insurance company overall: Travelers
  • What CD early withdrawal penalties cost at some big banks
  • 8 common mistakes in DIY wills
  • The best airlines for pets
  • Small-business credit cards
  • Cheapest for 20-year-old drivers
  • TD Double Up℠ Credit Card
  • United canceled flight compensation: travel credits and miles
  • Where to exchange currency outside the U.S.
  • When is the best time to use American miles?
  • PMI calculator help
  • Child tax credit expansion: What the new tax deal could mean for you
  • How quickly could the IRS implement the child tax credit expansion?
  • How to use the Alaska Companion Fare
  • Compare car insurance rates for 20-year-olds
  • Food and drink
  • Sync your due date with your payday
  • Other good ways to pay abroad
  • Understanding your results
  • RMD penalties
  • Is the solar tax credit refundable?
  • Capital One student benefits
  • How to pay off a mortgage early
  • How to invest in AI stocks
  • Apply extra student loan payments toward the principal
  • What items can be deducted on Schedule A?
  • What if I can't make the 2024 tax deadline?
  • Gift tax limit 2024
  • FDIC insurance: What’s covered
  • What if I have Global Entry?

3. State your business goals

  • One-time automatic account adjustment for PSLF borrowers
  • 2. Ask for higher credit limits
  • Example of EOQ formula calculation
  • What to expect the stock market to return
  • What are the credit score ranges?
  • What's available during Medicare open enrollment?
  • 3. You have assets but don't want to use them
  • How much are Delta SkyMiles worth?
  • Do you include a 401(k) in a net worth calculation?
  • How to change the name on your passport after marriage
  • Personal injury protection and medical payments coverage
  • The Federal Trade Commission’s budget worksheet
  • Are Roth IRAs insured?
  • IRA vs. 401(k): A road map
  • Goodwill letter vs. credit dispute letter
  • $46 million on nonbank money orders
  • Rules for refinancing VA loans
  • Child tax credit 2024
  • Factors that affect travel insurance cost
  • How to find the best stocks to buy now
  • Convenience
  • How to get started investing in private equity
  • When you should lock your mortgage rate
  • Free food and drinks

Grocery bag

  • 5. Check out Delta transfer partners
  • Consider a credit freeze or extended fraud alert
  • How much does it cost to buy Vanguard index fund shares?
  • How to choose a money market account
  • 3. Discover would remain its own brand
  • Education tax forms
  • Disadvantages of putting a house in trust
  • How do streaming services fit into your budget?
  • Who should make estimated quarterly tax payments?
  • Standard deduction 2023
  • Is per-card or overall utilization more important?
  • 3. ... or at a dealership
  • What happens when a bank fails?
  • What is short-term capital gains tax?
  • How the annual gift tax exclusion works
  • Risks of self-directed IRAs
  • 2. There's no APR because you can’t carry a balance ...
  • Pay yourself back later
  • How to day trade stocks
  • Medicare Part B (medical insurance)
  • 3. You get more out of the card with a Cred.ai deposit account
  • Top credit cards that offer preapproval without a hard pull
  • 4. Read the fine print
  • What’s a spousal Roth IRA?
  • What eligibility requirements are borrowers still expected to meet?
  • Other ways to reach Star Alliance Gold
  • Strategies to avoid a CD penalty
  • Tips for avoiding late payments
  • How to rebuild credit after repossession
  • Rules for refinancing USDA loans
  • How can you improve your relationship with money? 
  • Requirements: Who qualifies for the child tax credit?
  • Goodbudget, for hands-on envelope budgeting
  • How to book Southwest Airlines Business Select
  • 3. Take as much risk as you can stomach
  • How to pay property taxes
  • Should I earn elite status with Southwest this year?
  • Perks: Goodies for carrying the card
  • Airline loyalty programs
  • 4. Nondeductible IRA
  • Net worth calculator
  • Other notable required minimum distribution (RMD) rules
  • How do I apply for a redress number?
  • Total federal student loan debt
  • When does it make sense to hire a lawyer to make your will?
  • 4. You won't want to carry a balance
  • TD Clear Visa Platinum Credit Card
  • How much is an ACH transfer fee?
  • FDIC insurance: What’s not covered
  • TSA PreCheck renewal is easy
  • Globe Life customer complaints and satisfaction
  • When to estimate closing costs
  • A quiet retreat
  • Factor in other costs
  • How does a HELOC work?
  • You qualify for Public Service Loan Forgiveness
  • When are New York state income taxes due?
  • 4. You've defaulted on a government loan
  • What if you're unable to change your due date?
  • Your 401(k) plan allows after-tax contributions
  • Money market accounts vs. other accounts
  • 5. Fill out the form carefully
  • 4. Create a wish list
  • Other popular ways to make money in one hour usually come with a catch
  • How to deal with debt collection
  • How do you qualify for the federal solar tax credit?
  • Is my bank going to collapse?
  • $59 million on prepaid debit card fees
  • Rules for refinancing jumbo loans
  • How to find AI ETFs
  • Other opportunities to pay off student loans faster
  • Where to avoid exchanging currency
  • How has the value changed over time?
  • Why is there an egg shortage?
  • When are taxes due in October?
  • 2. Electronic funds withdrawal (EFW)
  • An alternative to chasing the best stocks
  • Your personal or credit card insurance may not apply

4. Describe your products and services

  • Who qualifies for the PSLF account adjustment?
  • Today’s rates for specific kinds of mortgages
  • Find ways to stretch your grocery budget
  • Amenities and other perks
  • How to invest in dividend stocks
  • OpenSky® Secured Visa® Credit Card
  • W-4 form 2024
  • What is APR and why is it important?
  • More ways to take charge of your budget
  • 2024 standard deduction
  • 5. Other rewards cards may offer you more
  • The bottom line
  • Capital gains tax rates 2023
  • How does TSA PreCheck work?
  • Discontinued programs that no longer offer free admission to Disney
  • Food and drink in British Airways premium economy
  • Are carry-on bags free?
  • Bottom line
  • Southwest elite status tiers

Credit cards

  • Do I have to pay New York state income tax?
  • 4. The card is essentially fee- and interest-free
  • Uninsured and underinsured motorist coverages
  • A savvy way to save money
  • Stay at pet-friendly hotels
  • Reasons to refinance
  • Dividend tax rate 2023
  • Schedule A tips and tricks for itemizing
  • Skip currency exchange: Use a credit or debit card
  • Additional child tax credit
  • Symetra life insurance rates
  • How Globe Life compares to other insurers
  • 3. ... But it will still cost you to hold the card
  • 3. Become an authorized user
  • How income tax brackets work
  • Drawback of the EOQ formula: The annual timeline
  • You’re at risk of delinquency or default
  • What’s next?
  • Hack your IRA
  • 5. Spousal IRA
  • Your 401(k) lets you move your after-tax money
  • 4. The deal faces regulatory hurdles
  • Calculating RMDs when you have multiple accounts
  • 6. Save the receipt
  • How to open a Roth IRA in 6 steps
  • How flexible are American miles?
  • External ACH transfer fees by financial institution
  • How to check that all money in your accounts is insured
  • More example costs of travel insurance
  • How long does it take to make money with DoorDash?
  • Types of private equity investments
  • How long-term care insurance works
  • How much is United Premier 1K status worth?
  • Can you lower your property tax bill?
  • Booking Air Canada premium economy with points and miles
  • Delta vs. competitors
  • Compare your net worth
  • Alternatives to MCAs
  • Best insurance company for affordability: NJM
  • Total private student loan debt
  • Do I still have to pay the IRMAA if I choose Medicare Advantage?
  • How does credit utilization affect my credit score?
  • Pre-tax vs. Roth 401(k)
  • Should I take my money out of the bank?
  • What this $230 million total misses
  • TD FlexPay Credit Card
  • Compare small-business loans
  • What do closing costs include?
  • Other wallet options
  • 4. Seek inexpensive diversification
  • How much are Marriott points worth?
  • Look for savings
  • 5. You have a criminal record
  • Changing your passport name after marriage recapped
  • The best times to day trade
  • Medicare Advantage (Medicare Part C)
  • 5. It’s made of metal
  • How to find the 2024 W-4
  • Do you qualify for borrower defense forgiveness?
  • Get more help with monthly budget planning
  • 3. Know your rights
  • If you can pay for your rental car upfront
  • More about Globe Life

5. Do your market research

  • How do you use the EOQ formula in your business?
  • What else you need to know
  • Best Medicare Advantage plans
  • How to calculate quarterly estimated taxes
  • Additional standard deduction
  • Say goodbye to hotel points — and hello to airline miles
  • Dividend tax rate 2024
  • Tips for maximizing delayed flight compensation
  • Restrictions on external ACH funds transfers
  • 3 moves to make before Tax Day 2024
  • What is a checked bag?
  • Symetra customer complaints and satisfaction
  • What doesn’t flood insurance cover?
  • What happens when a bank fails
  • How can you make more money with DoorDash?
  • How to deduct property taxes on your tax return
  • Ready to get started?
  • You can’t pay off your interest each month
  • What is New York state's standard deduction?
  • How to earn Delta SkyMiles
  • 6. SIMPLE IRA
  • Food and beverage
  • Keep your options open
  • Strategies for keeping your credit utilization low
  • What other projects are eligible for the residential clean energy credit?
  • Why do I need a business credit score?
  • Could we be in an AI bubble?
  • Types of travel insurance
  • Managing expectations
  • 4. You may qualify for perks, but not rewards

6. Outline your marketing and sales plan

  • Reconsideration for PSLF applications

Wallet-2

  • What factors impact your credit scores?
  • Next steps:
  • You’ve got money left over for savings
  • 5. The bigger the company, the higher the interest rates
  • What types of homes can be FHA-approved?
  • How do I use a redress number?
  • What does a shared equity agreement cost?
  • Compare Roth 401(k) vs. traditional 401(k)
  • How to avoid bank fraud
  • 2023 capital gains tax calculator
  • Comparing lenders to get a bad credit auto loan
  • How did we determine the value of American miles?
  • 3. The Electronic Federal Tax Payment System (EFTPS)
  • How to claim the child tax credit in 2024
  • How the lifetime gift tax exclusion works
  • More about Symetra
  • No-closing-cost mortgages
  • Memberships
  • Day trading risk management
  • Petal® 2 "Cash Back, No Fees" Visa® Credit Card
  • Collision and comprehensive coverages
  • Calculating capital gains tax on a home sale
  • Do I have to update my W-4 every year?
  • Total Parent PLUS loan debt
  • How do I find out if the Medicare IRMAA applies to me?
  • 7 ways to reduce your 401(k) taxes
  • How to report dividend income on your taxes
  • TD First Class Visa Signature credit card
  • How to report changes in earnings
  • 4. Pay bills on time
  • Marriott Bonvoy vs. competitors
  • Compare auto insurance rates for 35-year-olds
  • Am I a resident for New York state income tax purposes?
  • Saving on college tours comes down to being strategic and proactive
  • How do you buy Vanguard Index fund shares?
  • Are Marriott PointSavers the best use of Marriott points?
  • 5. Find the right mortgage for you
  • How do I get my business credit score?
  • The challenges of traveling with pets
  • ACH vs. wire transfer
  • EveryDollar, for simple zero-based budgeting
  • First-time home buyer programs near Illinois
  • Is Business Select worth it on Southwest?
  • What happens if you don't pay property taxes?
  • HELOC requirements
  • Who might not benefit from the new IDR plan?
  • Medicare Part D (prescription drugs)
  • How to apply for borrower defense to repayment
  • How do you claim the solar tax credit?
  • Global Entry vs. TSA PreCheck cost
  • Exchange frequently? Consider a multicurrency account
  • If Turo is more convenient to your destination
  • 5. You may qualify with no Social Security number

7. Perform a business financial analysis

  • Final thoughts on Air Canada premium economy
  • 7. Self-directed IRA
  • How to find FHA-approved homes
  • How to control your dividend tax bill
  • National first-time home buyer programs
  • What is a marginal tax rate?
  • Risks of private equity
  • How to adjust your Form W-4
  • Best Android personal expense tracker apps
  • Alternatives to paying more for a bad-credit auto loan
  • Amenities and other perks of British Airways premium economy
  • How much does it cost to check a bag?
  • When to expect your child tax credit refund
  • How to buy travel insurance
  • Earning Marriott Bonvoy points
  • 5 best uses of the Alaska Companion Fare
  • How to get a home equity line of credit
  • Are these the best dividend stocks?
  • If you want to use Marriott PointSavers rewards ...
  • Bottom line: Is day trading right for you?
  • Sharing a Prime membership Using Amazon Household
  • How do I pay the Medicare IRMAA surcharge?
  • Standard deduction for dependents
  • How repayment of the equity investment works
  • Capital gains tax rates 2024
  • How to calculate your total cost of car ownership
  • Seller-paid closing costs
  • 5. Take off the retirement blinders
  • Medigap (Medicare Supplement Insurance)
  • Expected college debt for a 2023 high school grad
  • How to estimate taxes for an income tax extension
  • Does the solar tax credit work with other incentives? 
  • If you’re considering the Chase Freedom Unlimited®
  • How do you earn ConciergeKey?
  • Should you invest in AI stocks?
  • TD Cash Secured credit card
  • Finding a car you can afford
  • The best place to exchange currency at the end of your trip
  • Are PSLF applicants still eligible for Biden's cancellation?
  • What are the best Vanguard index funds?
  • Upgrade Cash Rewards Visa®
  • Gap insurance
  • Will you owe real estate capital gains taxes?
  • Best insurance company for accident forgiveness: Geico
  • Final thoughts on Star Alliance Gold status
  • 4. If the car is sold, ask if you still owe money
  • Cheapest home insurance rates in each state
  • How to make ACH transfers more quickly
  • How much is the gift tax rate?

8. Make financial projections

  • Cost of long-term care insurance
  • Methodology
  • Factors that don’t affect your credit scores
  • Student loan repayment status
  • Sign up for Expedia Rewards
  • Consequences of a child tax credit error
  • Credit cards with travel insurance
  • If you need special pickup and drop-off
  • Who's gotten PSLF so far?
  • 5. Dispute credit report errors
  • What is an effective tax rate?
  • How much can you borrow with a HELOC?
  • Final thoughts on finding cheap Southwest flights
  • How applying can affect your loans
  • Business grants for Native Americans
  • When can't you take the standard deduction?
  • Fly right with pets
  • Capital gains tax rules and considerations
  • Where to exchange currency: Frequently asked questions
  • How big is your bag and how much do you need to pack?
  • 4. Debit card
  • Got more questions? We have answers
  • Protections: Peace-of-mind benefits
  • Enrolling in Medicare
  • Is Amazon Prime worth it?
  • How to pay estimated taxes
  • FDIC insurance limits and ownership categories
  • How to reduce taxes owed
  • How to improve your credit
  • How to avoid capital gains tax on real estate
  • 6. Get preapproved for a mortgage
  • Where to get a home equity sharing agreement
  • How much do you hate waiting in lines?
  • Empower Personal Dashboard, for tracking wealth and spending
  • Can I appeal the Medicare IRMAA if I don't think it applies to me?
  • Cheapest homeowners insurance in 20 major cities
  • Comparison shop
  • Getting Global Entry or TSA PreCheck for free
  • State child tax credits
  • Is United Premier 1K status worth it?
  • Shopping protections
  • How to strengthen your business loan application
  • How much is my 2023 standard deduction?
  • Final thoughts on American Airlines ConciergeKey
  • Saving on your biggest car costs
  • How much is premium economy on British Airways?
  • Do you pay taxes when you receive a gift?

9. Summarize how your company operates

  • How to get Public Service Loan Forgiveness
  • Tax advantages of buying long-term care insurance
  • How can I sign up?
  • Discover it® Secured Credit Card
  • Other car insurance types
  • Key terms in this story
  • Frequently asked questions about ACH transfers
  • Is flood insurance required?
  • Frequently asked questions about estimated tax payments
  • Cheapest home insurance for different situations
  • What is the $500 credit for other dependents (ODC)?
  • How to avoid gift tax
  • A regular IRA may be enough
  • TSA liquid limits
  • Compare car insurance rates for drivers with a DUI
  • How can I check and monitor my credit?
  • Starting a landscaping business: The economics
  • Are you ready to lug a carry-on through the airport?
  • Options trading examples

10. Add any additional information to an appendix

  • Is getting a HELOC a good idea?
  • Baggage and other perks
  • Best insurance company for having few customer complaints: American Family
  • If you want to use Expedia …
  • Consider all your options
  • Child tax credit vs. child and dependent care credit
  • 6. Deal with collections accounts
  • How many ounces are allowed on a plane?
  • More Florida home insurance companies
  • Redress numbers for TSA recapped
  • 5. Work on improving your credit
  • If you're ready to start a budget
  • Cheapest for 30-year-old drivers
  • Is it better to travel light?
  • Examples of FDIC insurance limits and coverage
  • Cost of travel insurance recapped
  • Is renting a car on Turo worth it?
  • Is there an over-55 home sale exemption?
  • W-4 calculator
  • 2023 vs. 2024 standard deduction
  • 5. Credit card
  • History of the child tax credit
  • If you want to fly Southwest business class
  • How to buy long-term care insurance
  • Travel protections
  • What is New York City's tax rate?
  • 7. Find a real estate agent
  • Student loan forgiveness
  • Consider alternative lodging and transportation
  • How to avoid, reduce or minimize capital gains taxes
  • Mission Lane Visa® Credit Card
  • Pros and cons of Global Entry, TSA PreCheck
  • 4 ways to save money on British Airways premium economy
  • Carry-on vs. checked bag final thoughts

Business plan tips and resources

  • How to redeem Delta SkyMiles
  • When to claim the standard deduction
  • PocketGuard, for a simplified budgeting snapshot
  • Chase hotel transfer partners
  • Can you keep your doctor on Medicare?
  • What else to know about Form W-4
  • What if you're not eligible?
  • Why trade options?
  • 7. Use a secured credit card
  • TAP Portugal’s elite status program
  • Understanding state 'partnership' plans
  • Is it better to get a home equity loan or line of credit?
  • 8. Go shopping!
  • Worth it for the long-haul
  • How much does homeowners insurance cost in Florida?
  • What Medicare doesn't cover
  • Best insurance company for financial strength: Auto-Owners
  • Important considerations for both programs
  • OK, what's next?
  • Prosper® Card
  • Airlines that allow dogs, cats and other pets, recapped
  • What are tax deductions?
  • What are the Roth IRA rules?
  • 6. Same-day wire transfer
  • What to do if you can’t keep up with your HELOC payments
  • 6 things to know about New York state income tax
  • Other life insurance options for seniors
  • Bonus tip: Take advantage of free stopovers in Portugal
  • Chase Sapphire Reserve vs. AmEx Platinum: Minor features to consider
  • 8. Get credit for rent and utility payments
  • Compare auto insurance rates for drivers with poor credit
  • 9. Make an offer
  • How much flood insurance do I need?
  • What's next?
  • Classes of service
  • Average cost of homeowners insurance in Florida by city
  • Medicare vs. Medicaid
  • Methodology: How we made our pet-friendly airline rankings
  • Honeydue, for budgeting with a partner
  • More about buying life insurance as a senior
  • The NerdWallet guide to travel with your pet
  • How to find out if your bank is FDIC insured
  • Why is homeowners insurance so expensive in Florida?
  • Capital One QuicksilverOne Cash Rewards Credit Card
  • Student loan default
  • Where can I find out more?
  • 10. Get a mortgage
  • Best insurance company for discounts: Amica
  • What are tax write-offs?
  • How much is flood insurance?
  • Flying on TAP Air Portugal: is it worth it?
  • Global Entry application vs. TSA PreCheck
  • 7. Check, money order or cashier’s check
  • 9. Add to your credit mix
  • How to earn Chase Ultimate Rewards® points
  • Additional TSA carry-on rules
  • Delta SkyMiles Medallion status
  • More about top-rated life insurance companies
  • Use Avios to book a premium economy ticket on British Airways
  • How flood insurance works
  • Don't qualify for PSLF? You have other options
  • What to know about Florida homeowners insurance
  • Income-driven repayment use
  • How to make money from home
  • Capital One Platinum Credit Card
  • Alternatives to the best whole life insurance
  • Budgeting resources from NerdWallet
  • Final thoughts on the Alaska Companion Fare
  • How do you claim tax deductions?
  • Who might prefer AmEx Platinum over Chase Sapphire Reserve
  • How to get cheap homeowners insurance
  • Using Marriott Bonvoy points
  • More about whole life insurance
  • 11. Get homeowners insurance
  • FAFSA completion
  • How to get flood insurance
  • Final thoughts on TSA rules for carry-ons
  • Methodology to identify the best budget apps
  • Compare car insurance rates for drivers with an accident
  • AvantCard Credit Card
  • Best insurance company for customer satisfaction: State Farm
  • Is British Airways premium economy worth it?
  • 12. Schedule a home inspection
  • Cheapest for 40-year-old drivers
  • Which Chase Sapphire transfer partners are the best?
  • Other Trusted Traveler programs for U.S. citizens
  • 13. Have the home appraised
  • Blue Cash Everyday® Card from American Express
  • Etihad vs. Emirates vs. Qatar recapped
  • Find the best homeowners insurance in your state
  • Florida department of insurance
  • Best insurance company for military members: USAA
  • Is transferring your Chase Ultimate Rewards® points worth it?
  • 14. Negotiate any repairs or credits with the seller
  • 9. Mobile via IRS2Go
  • Looking for more insurance in Florida?
  • How to make money offline
  • Delta's airline partners
  • Capital One Venture Rewards Credit Card
  • Marriott Bonvoy elite status
  • 15. Close on your new home
  • How to compare car insurance rates
  • Full list of the best car insurance companies
  • 10. IRS payment plan or installment agreement
  • Delta SkyMiles credit cards
  • How to find the best car insurance company for you
  • Should I get Global Entry or TSA PreCheck?
  • Venmo Credit Card
  • Different types of car insurance
  • Marriott Annual Choice Benefit
  • Cheapest for 50-year-old drivers
  • Why is car insurance so expensive?
  • How to maximize the Marriott Bonvoy points program
  • Flying on Delta
  • Car insurance costs by state
  • Why you can trust NerdWallet
  • Final thoughts on the Marriott loyalty program
  • How to choose an insurance company
  • Compare car insurance companies
  • Is the Delta SkyMiles program right for you?
  • Cheapest for 60-year-old drivers
  • Watch out for making money scams
  • Cheapest for 70-year-old drivers
  • How to get cheap car insurance in Florida
  • Minimum car insurance requirements in Florida
  • No-fault insurance in Florida

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

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

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

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

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

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

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

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

Your business’s registered name.

Address of your business location .

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

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

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

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

business planning from

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.

On a similar note...

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The Business Planning Process: 6 Steps To Creating a New Plan

The Business Planning Process 6 Steps to Create a New Plan

In this article, we will define and explain the basic business planning process to help your business move in the right direction.

What is Business Planning?

Business planning is the process whereby an organization’s leaders figure out the best roadmap for growth and document their plan for success.

The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving its efficiency, working out how it will compete against rival firms in the future, and setting milestones for progress so they can be measured.

The process includes writing a new business plan. What is a business plan? It is a written document that provides an outline and resources needed to achieve success. Whether you are writing your plan from scratch, from a simple business plan template , or working with an experienced business plan consultant or writer, business planning for startups, small businesses, and existing companies is the same.

Finish Your Business Plan Today!

The best business planning process is to use our business plan template to streamline the creation of your plan: Download Growthink’s Ultimate Business Plan Template and finish your business plan & financial model in hours.

The Better Business Planning Process

The business plan process includes 6 steps as follows:

  • Do Your Research
  • Calculate Your Financial Forecast
  • Draft Your Plan
  • Revise & Proofread
  • Nail the Business Plan Presentation

We’ve provided more detail for each of these key business plan steps below.

1. Do Your Research

Conduct detailed research into the industry, target market, existing customer base,  competitors, and costs of the business begins the process. Consider each new step a new project that requires project planning and execution. You may ask yourself the following questions:

  • What are your business goals?
  • What is the current state of your business?
  • What are the current industry trends?
  • What is your competition doing?

There are a variety of resources needed, ranging from databases and articles to direct interviews with other entrepreneurs, potential customers, or industry experts. The information gathered during this process should be documented and organized carefully, including the source as there is a need to cite sources within your business plan.

You may also want to complete a SWOT Analysis for your own business to identify your strengths, weaknesses, opportunities, and potential risks as this will help you develop your strategies to highlight your competitive advantage.

2. Strategize

Now, you will use the research to determine the best strategy for your business. You may choose to develop new strategies or refine existing strategies that have demonstrated success in the industry. Pulling the best practices of the industry provides a foundation, but then you should expand on the different activities that focus on your competitive advantage.

This step of the planning process may include formulating a vision for the company’s future, which can be done by conducting intensive customer interviews and understanding their motivations for purchasing goods and services of interest. Dig deeper into decisions on an appropriate marketing plan, operational processes to execute your plan, and human resources required for the first five years of the company’s life.

3. Calculate Your Financial Forecast

All of the activities you choose for your strategy come at some cost and, hopefully, lead to some revenues. Sketch out the financial situation by looking at whether you can expect revenues to cover all costs and leave room for profit in the long run.

Begin to insert your financial assumptions and startup costs into a financial model which can produce a first-year cash flow statement for you, giving you the best sense of the cash you will need on hand to fund your early operations.

A full set of financial statements provides the details about the company’s operations and performance, including its expenses and profits by accounting period (quarterly or year-to-date). Financial statements also provide a snapshot of the company’s current financial position, including its assets and liabilities.

This is one of the most valued aspects of any business plan as it provides a straightforward summary of what a company does with its money, or how it grows from initial investment to become profitable.

4. Draft Your Plan

With financials more or less settled and a strategy decided, it is time to draft through the narrative of each component of your business plan . With the background work you have completed, the drafting itself should be a relatively painless process.

If you have trouble writing convincing prose, this is a time to seek the help of an experienced business plan writer who can put together the plan from this point.

5. Revise & Proofread

Revisit the entire plan to look for any ideas or wording that may be confusing, redundant, or irrelevant to the points you are making within the plan. You may want to work with other management team members in your business who are familiar with the company’s operations or marketing plan in order to fine-tune the plan.

Finally, proofread thoroughly for spelling, grammar, and formatting, enlisting the help of others to act as additional sets of eyes. You may begin to experience burnout from working on the plan for so long and have a need to set it aside for a bit to look at it again with fresh eyes.

6. Nail the Business Plan Presentation

The presentation of the business plan should succinctly highlight the key points outlined above and include additional material that would be helpful to potential investors such as financial information, resumes of key employees, or samples of marketing materials. It can also be beneficial to provide a report on past sales or financial performance and what the business has done to bring it back into positive territory.

Business Planning Process Conclusion

Every entrepreneur dreams of the day their business becomes wildly successful.

But what does that really mean? How do you know whether your idea is worth pursuing?

And how do you stay motivated when things are not going as planned? The answers to these questions can be found in your business plan. This document helps entrepreneurs make better decisions and avoid common pitfalls along the way. ​

Business plans are dynamic documents that can be revised and presented to different audiences throughout the course of a company’s life. For example, a business may have one plan for its initial investment proposal, another which focuses more on milestones and objectives for the first several years in existence, and yet one more which is used specifically when raising funds.

Business plans are a critical first step for any company looking to attract investors or receive grant money, as they allow a new organization to better convey its potential and business goals to those able to provide financial resources.

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 Growthink business plan consultants can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Use This Simple Business Plan Template

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Blog Business

How to Create a Business Plan to Win Over Investors (7+ Business Plan Templates)

By Midori Nediger , Jul 11, 2023

Business Plan Blog Header

A compelling business plan is essential to every new and growing business.

It’s the primary document that prospective investors use to evaluate the potential of a business, going hand in hand with a business pitch deck .

For a business plan, you need to organize a lot of information into a single, easy-to-read document. More than that, your business plan’s design should be engaging, inspire confidence in your stakeholders and motivate them to back your company and its vision. 

Gone are the days when designing a business plan from scratch was a time-consuming and challenging task. Today, business plan templates offer a convenient solution by providing pre-designed layouts that simplify the process.

In this blog, I’m going to break it down for you. I’ll share the six things you need to know to put together a compelling, engaging business plan. Ready to get started now? Venngage’s online Business Plan Maker  lets anyone create a winning business plan quickly and easily.

Just so you know, some of our business plan templates are free to use and some require a small monthly fee.  Sign-up  is always free, as is access to Venngage’s online drag-and-drop editor.

Click to jump ahead:

  • How to format your business plan

Startup business plan templates

Simple business plan templates.

  • How to write your business plan
  • How to design an engaging executive summary
  • How to use charts and graphs to present data
  • How to communicate growth strategies in your business plan
  • How to present financial data in your business plan

1. How to format your business plan

To format your business plan:

  • Start with a clear title page.
  • Include an executive summary.
  • Provide a company description.
  • Conduct a market analysis.
  • Describe your product or service offering.
  • Outline your marketing and sales strategy.
  • Include organizational or business structure and management information.

A typical business plan is an in-depth document and covers every facet of your business (present and future). Creating a traditional business plan makes sense when you have a clear growth plan for the next three to five years, are in need of major funding, or want to attract long-term partners.  

A professional business plan typically has the following sections: 

  • Table of Contents
  • Executive summary
  • Company description
  • Market analysis
  • Organization and management
  • Service or product line
  • Marketing and sales
  • Funding request
  • Financial projections
  • An appendix

A business plan can span a dozen or more pages because it presents the big picture, as complete as possible, to reassure others to invest in you. Investment can mean a few different things – usually financial, but also as partners or employees. 

The sections that can take a lot of research and add to the bulk of your business plan are your market analysis, marketing and sales plans, and financial projections. 

These are the sections that demonstrate your business acumen, your long-term vision, and your accountability. Whereas, sections like the executive summary are meant to grab attention, inspire and get people excited about your business. 

Start with a business plan template

To get started on your business plan, save yourself some time and use a template.

Most business plan templates will include things like a cover page, table of contents and the main sections you need. It will also have pre-formatted pages with placeholder text and charts that you can swap out. 

Green Simple Business Plan Template

It takes time to do market research, present growth plans, put together financial projections, analyze your customer base, create competitor breakdowns…the list goes on.

The last thing you want to do is spend precious time formatting the resulting document. 

Save time by building your business plan from an existing business plan template, and customize it with your own content.

With a clean, consistent structure and clear headings, this template is the perfect starting point:

business plan template

Then you’re free to customize the template with helpful visual elements like charts, tables, and diagrams, that will make your pitch deck impossible to resist.

A Venngage business plan template is designed to help you communicate visually  and explain complex ideas easily. The right business plan template for you depends on the length and detail of your business plan, your brand and style, and the different sections you want to cover.

If your small business doesn’t have a dedicated design team, but you still need to learn how to write a business plan to present to investors–build off of a pre-designed business plan template:

Simple Business Plan TemplateSimple Business Plan Template

There are just a handful of our business plan templates that can be customized in the Venngage editor. Browse more business plan templates,  choose one that’s best for you and start editing right away.

Structuring your startup business plan involves organizing it into sections such as executive summary, company description, market analysis, product/service offering, marketing and sales strategy, financial projections, and operational plan.

Here are some business plan template examples:

startup business plan template

Short Business Plan Template

short business plan template

Number your pages and include a table of contents

A table of contents is crucial to help readers navigate your document and quickly find specific sections that are of interest to them.

It’s a good idea to include page numbers, main section headings, and section subheadings here for easy reference.

business plan template

Keeping these tips in mind will ensure that your business plan design feels clean and professional and doesn’t distract from your content. You want your information, not your formatting, to be the focus!

2. How to write your business plan 

Crafting a solid business plan is vital for the success of your venture. It serves as a roadmap that outlines your objectives, strategies, and financial projections. Here are three tips for writing your business plan to ensure it’s easy to read, appears professional and is memorable.

Use bulleted lists, bold text, and a clear type hierarchy for ‘skimmability’

Business plans need to be understandable at a glance to attract funding . Investors are looking for information that will help them understand your business quickly and without much effort.

Take a look at this snippet of the business plan template from above:

business plan

What stands out to you?

To me, the large green headers pop out first, making it easy to scan through the sections to find what I want to focus on.

This is because there’s a defined type hierarchy, giving more visual weight to the headers over the body text.

business plan

Next, the unique selling points of this business–superior quality products, unique glass carving and brass inlays, and excellent service–jump out. Because they’re presented in an indented list , they’re easier to see at a glance, which will likely make them more memorable.

Finally, I’m drawn to the bolded stats–“top 30% of the industry” and “4 out of 5 households spent money on renovation”.

Key statistics like these can go a long way towards convincing your investors that you’re worth their time and money. If you’re going to include them within larger paragraphs, make sure they stand out by increasing their font weight.

To sum up: make your report skimmable. Draw attention to important takeaways with indented lists, bolded text, and a clear type hierarchy.

Consider using a one-column or two-column grid

business plan

If your business plan contains only text, stick with a single-column layout that reinforces the linear flow of the document. If your business plan includes some supporting data in the form of charts and tables, use a two-column layout to juxtapose text with its corresponding data.

Maintain page margins that set text at a readable line length

When we read long passages of text, the ease at which we read depends on how the text flows on the page. Something called line length (the number of characters in a horizontal line of text) plays a huge role in readability, and is something you should consider when formatting your business plan.

To dictate line length, designers and typesetters play with the width of page margins (the edges of a document that don’t contain any text or images) with the aim of maximizing readability.

It’s generally accepted that the ideal line length sits somewhere between 40 and 90 characters per line. Any longer or shorter and you’ll find that something feels “off” about your document.

business plan

How do you achieve this in your business plan?

If you use a single-column layout, use nice wide margins (1 ½ to 2 inches) to limit your text to less than 90 characters per line.

business plan template

With a two-column layout, you might need to use narrower margins (possibly as little as ½ an inch on either side) to make sure there’s enough space for at least 40 characters per line of text.

business plan template

The last thing to remember about margins and line length–don’t play around with them from page to page. Use consistent margins across your whole document.

3. How to design an executive summary

An executive summary is a snapshot of your business plan. It should be concise and hook your readers. It should reassure stakeholders that your business plan will be a worthwhile read.

How you choose to structure your executive summary is key. You can deliver a lot of excellent information that simply gets lost in a sea of text and paragraphs. Even if someone reads through it entirely, they may have missed something.

To make key information stand out, use vibrant headings, incorporate visuals throughout, and break up the layout of your text.

Executive Summary Business Plan Template

Not every investor looks for the same thing. Some will care more about who you or your executive team are, while another is interested solely in the financials of the business. Identifying each section makes it easy for readers to find exactly what they’re looking for.

You can also list out the key takeaways, briefly explaining them in the executive summary. If your reader finds everything they needed to know in the executive summary, they’ll happily move onto the rest of the business plan.

Executive Summary Blue Business Plan Template

4. Use one feature color to tie your business plan together

Color should be used with restraint in professional documents like business plans. Instead of adding color solely for aesthetic purposes, think of color selection as another tool to highlight information you want your reader to focus on and to tie the document together.

You shouldn’t need more than a single color (ideally one of your brand colors ) to achieve this in a business plan.

In business plan charts, color should be used only to clarify trends and relationships. Use color to emphasize single important data points, differentiate between real and projected values, or group related data:

business plan template

In the rest of your business plan, keep color to a minimum. At most, use it to make headers stand out or to highlight key points in long-form text, diagrams, or tables.

The nice thing about keeping document colors this simple? It’s hard to mess up, and without any complex design work, it creates a sense of cohesion and unity within a document.

4. How to use charts and graphs to present your data

Since your business plan should be backed by solid data, you might want to include some of that data as evidence, in the form of  charts, tables or diagrams . Even simple visuals can communicate better than long paragraphs of text.

I’ll touch on some specific types of charts commonly used in business plans next, but first let’s review a few general chart design tactics.

Use descriptive titles and annotations to spell out chart takeaways

Avoid generic headers whenever possible. Maximize your chart’s value and impact by providing takeaway messages right in the title.

business plan

In the same vein, add direct annotations to data points or trends that support your case.

business plan

Repeating key messages within a chart, in the title, annotations, and captions, may improve viewers understanding and recall of those messages .

Aid understanding of market size and market share with area charts and pie charts

A market potential analysis is a fundamental pillar of your business plan. Market size and market share are two major components of a market potential analysis.

These numbers are typically in the millions and billions (the bigger the better, really), but most people have trouble grasping the meaning of such big numbers . At a surface level we can understand that one billion is one thousand times larger than one million, but we often struggle to comprehend what that really means.

This is the perfect opportunity to add some visual aids to your business plan.

Use bubble charts to represent market size

Bubble charts are useful for showing general proportions among numbers. Check out this one from our redesigned version of AirBnb’s first pitch deck :

business plan

Without having to think about the absolute values of these very large numbers, we can quickly see how they relate to one another.

While bubble charts are good for making quick, general comparisons, they’re less useful when it comes to precise measurements. To help readers make slightly more accurate judgements of proportion:

Use pie or donut charts to represent market share and market composition

Pie and donut charts are the industry standard for showing market share and market composition, since they’re the most widely understood method for representing part-to-whole relationships.

The way Uber breaks down their market with a simple donut chart makes their biggest segment (a key takeaway) really stand out, while the subtler differences between the smaller segments are still evident.

business plan

When you present a market analysis, use pie charts, donut charts, or bubble charts to aid the reader understanding proportions and part-to-whole relationships.

Use histograms and bar charts to represent demographic distributions in market segmentation summaries

Another part of analyzing market potential is about identifying and understanding target customers. This means segmenting customers by geography, interests, demographics…really anything that might affect purchasing behaviour.

Two standard metrics that most businesses include in a market segmentation summary are customer age and gender. These data are easily summarized in a histogram, with bars that represent age group distribution.

business plan template

Bar charts can then be used to contrast the key behaviors and lifestyle choices of the top consumer segments.

business plan template

Histograms and bar charts are standard features of a market segmentation summary. Use them together to identify and present information about top customer segments.

Outline major milestones with a Gantt chart

Stakeholders will want to see that you have a concrete plan in place to help you reach your revenue goals. When formulating your goals, use the SMART principle to provide your stakeholders with a very clear vision of how you intend to achieve them. 

Use a Gantt chart (a sort of modified bar chart) to outline the major milestones and phases of your business strategy. Try to include a multi-year plan, broken down by quarter and by project or department.

business plan

You can create your own Gantt chart with Venngage.

5. How to communicate growth strategies in your business plan

No matter how impressive your product line or services, your business won’t just magically grow. You concrete marketing and sales plans in place, and effectively communicate strategies to your stakeholders.

Start by acknowledging your target market – who are you going after? This is what your marketing and sales efforts will revolve around after all.

Demonstrate an understanding of the competitor landscape. You will always have direct or indirect competition, and showing how your planning accounts for it is key. Then you can talk about actual plans and strategies you wish to implement.

Present your target audience with persona guides

A product may great on its own. But its value is determined when there is a clear and obvious market for it. You can point out shortcomings of your competition, but you also need to show that your target audience exists and how you’re serving them.

A persona guide provides a great deal of context to readers of your business plan. It’s the best way for them to understand who cares about your product or service, how it aligns with their lifestyle and needs, and why your marketing and sales tactics will work.

Business Plan Persona Guide Template

A persona guide needs to be detailed, and share an intimate understanding of your target audience. The more you can divulge, the more reassuring your research and overall business plan will be.

Business Plan Detailed Persona Guide Template

Even if you don’t have a substantial customer base, you can still create an ideal persona guide to show who you’re pursuing.

Business Plan Ideal Persona Guide Template

Highlight competitors and differentiate yourself with a SWOT analysis

Every business plan should include an analysis of the competitive landscape–an assessment of the strengths and weaknesses of competitive businesses.

In terms of visuals, this competitive analysis is typically summarized in a SWOT analysis matrix .

Business Plan SWOT Analysis Template

You can also present the SWOT analysis as a table or a list. The layout is up to you, but you want to focus on strengths, weaknesses, opportunities and threats in relation to your competition.

Business Plan SWOT analysis Table Template

While the SWOT analysis framework provides valuable insights, it’s not the entire reflection of your competitive landscape. For example, it doesn’t make it easy to see at a glance the qualities that differentiate your business from your competitors.

To highlight those offerings that set you apart from your competitors, a comparison matrix is more effective. Take a look at these two templates:

Business Plan Competitor Comparison Template

With a direct competitor comparison, it’s easy to present the key differentiators between the existing options for a product or service, and your business.

Alternatively, a “ Magic Quadrant ” can be useful when you’re focused on comparing across two main metrics ( key differentiators ):

business plan

Finally, in a competitive market, there are going to be a lot of players who compete directly or indirectly with you.  A breakdown of them all may not be necessary. Instead, you can point visually to the space that you will address, that has been so far ignored up to now.

To do that, a prioritization chart can be used. By plotting competing businesses on a prioritization chart, you highlight experiences existing competitors focus on, and where your business falls. 

business plan

Use roadmaps to present your marketing and sales plans

To explain any long-term marketing or sales plan, you want visuals. It’s easier to break down strategies you’ll be deploying every month or each quarter, when you can actually show what you’re talking about.

Keep in mind, those reading your business plan may not be marketers or sales executives. Being able to lay out your approach in a way that’s organized, shows how much thought you’ve given to your growth strategies.

You can design a simple roadmap that points to what you’ll be doing throughout the year. The more detailed you can get, the better.

Business Plan Marketing roadmap Template

You can also present your product roadmap , with your marketing roadmap how the business will be growing overall.

Business Plan Product Roadmap Template

You don’t need to use a traditional roadmap layout, either. Experiment with different formats as you may find one easier to work with than another. As long as the time period for different strategies is clear, your roadmap will be easy to understand.

Business Plan Marketing Roadmap Template

6. How to present financial data in your business plan

Presenting financial data isn’t easy. You have to crunch a lot of numbers before you can share projections with confidence. You’ll also need to explain how you arrived at the numbers and prepare for your answers.

Understanding how to organize your information is key to walking potential investors and other stakeholders through your projections.

Use organizational flow charts and summary tables for budget breakdowns and financial summaries

The financials section of your business plan will get a lot of attention from stakeholders. Simple bar charts and pie charts won’t suffice, as they can’t present financial data in very much detail.

If your business has already been operating for some time, stakeholders will expect a detailed report of revenues and expenses. Tables are usually the best choice for this kind of financial summary, as they provide an unbiased view of the numbers and allow stakeholders to look up specific values.

business plan templates

If you’re interested in highlighting a particular trend, however, you may want to include a line chart featuring a smaller snapshot of your financial data:

business plan templates

If you’re just starting your business and you don’t have any detailed revenue data, you can still provide useful information about your budget. Outline higher-level budget allocation with an organizational flow chart .

business plan

Use line or bar graphs to visualize financial trends

You can use different types of graphs to also show how your business has performed thus far. 

You can share results over the course of a year with a line graph. This is effective to show an overall set of trends and growth rates. 

Business Plan Sales Chart Template

You can also compare previous years to highlight how your business has grown.

Your audience should be able to draw conclusions from your data within seconds. If there is simply too much information, or it’s hard to find important information, they will lose interest. 

Business Plan Revenue Projection Template

Looking for a business plan software to help save time and reduce errors? Pick from one of these 7 best business plan software to get started.

A quick summary 

A business plan is the one key document that every young business needs to present their vision to potential investors and other stakeholders.

The quality of a business plan can make or break a young business Here’s a quick recap of what we covered for you to keep in mind:

  • Get started with a template
  • Use a table of contents and numbered pages
  • Use lists, bold headings and aim for skimmability
  • Consider using a one-column or two-column
  • Maintain page margins
  • Use headings to identify the most important information
  • Use one thematic color palette for your design
  • Use descriptive titles and annotations
  • Use area and pie charts to explain market size and market share
  • Use pie/donut charts to visualize marketing share and market composition
  • Use bar charts and histograms to capture demographics data
  • Highlight major milestones with a gantt chart
  • Identify your target audience using persona guides
  • Differentiate yourself with a SWOT analysis/competitor chart
  • Use roadmaps to visualize your marketing and sales plans
  • Use flow charts and summary tables for financial breakdowns
  • Use line or bar graphs for financial trends and projection

You can always reference this post as you work on your business plan. I’ve also included additional blog posts you can reference for specific areas of your business plan.

More Resources for business planning and growth:

Growth Strategy Checklist: Plan Your Business Goals With These 5 Templates

Growth Strategy Checklist Template Blog Post Header

What is a Marketing Plan and How to Make One?

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How to Communicate Strategy Effectively Using Visuals [Templates]

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30+ Business Report Templates That Every Business Needs [+ Design Tips]

30+ Business Report Templates That Every Business Needs

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MindManager Blog

The ultimate guide to business planning (with template)

November 19, 2020 by MindManager Blog

By: Jill Huettich

If you could do something to double the success of your business, would you do it? Of course you would! Happily, that’s not pie-in-the-sky kind of talk either. There is something you can do to increase your likelihood of business success by a whopping 200%. That something is business planning. Time and time again, business planning has been shown to have a huge impact on business growth.

Take, for instance, the results of a survey completed by 2,877 business owners. After analyzing respondents’ answers, the Oregon Department of Economics concluded that business planning correlates with success in multiple areas, including: obtaining a loan, getting investment capital, making a major purchase, recruiting a new team member, thinking more strategically, and growing a company.

Mind you, those results were “regardless of the type of company, the growth stage of the company, and the intent of the business plan.” Clearly, business planning works!

In this guide to business planning, we’ll cover everything you need to know about business plans, their benefits and importance, what does into one, and will provide a template for you to get started. Jump ahead using the links below.

What is business planning?

The importance of business planning, how to write a business plan, sample business plan template.

  • Downloadable MindManager template

[Free eBook] How Visualization Builds Better Strategic Plans

Business planning refers to the process of determining a company’s objectives, strategies, and projected actions to reach certain goals within a specific time fame. Typically, business planning focuses on two key areas: making profits and mitigating risks.

When companies engage in business planning, it’s with the objective of creating a business plan.  A business plan is a written document that contains: the company’s vision, a description of the company, information about its products and services, marketing research, sales strategies, financial projections, competitor analysis, and financial records.

The purpose of a business plan is to act as a road map of sorts, providing a company with the direction, focus, and clarity it needs to achieve its goals.

Business planning vs. strategic planning

Now that you know what business planning is, you may be wondering if it’s any different from strategic planning, and if so, how? That’s what we’ll go over in this section.

As we mentioned before, business planning provides a detailed overview of a company. Usually, this is undertaken with the goal of building revenue and support for a startup. In other words, a business plan tests the proposition that a “particular undertaking—program, partnership, new venture, growth strategy, or entity as a whole—is economically or operationally viable.”

By contrast, a strategic plan is a high-level document that creates a vision for an established company. From that vision, broadly defined objectives are outlined.

Because strategic plans define companies’ most important objectives, they’re used to align department goals, build consensus among stakeholders, and prioritize company spending.

Another difference between these two types of plans is the length of time they cover. A strategic plan typically looks at a period of 3-5 years, whereas a business plan usually just looks at a year.

Additionally, business plans are primarily written to raise money, so their audience is external. Strategic plans are internal documents, created for people within the company.

The importance of business planning cannot be overstated. In particular, businesses do it for the following reasons :

1. To obtain loans or investments

It would be virtually impossible for a startup to secure capital without a business plan—they’re considered that essential.

That’s because business plans establish the viability of a business, which is something any bank or venture capitalist needs to be convinced of before funding a venture.

2. To prevent mistakes

Unfortunately, most startups don’t even last 5 years. There are a number of different reasons for this, but some of the main ones include: tough competition, low demand for what they’re selling, a poor pricing model, an inadequate team, and an inability to secure that all-important funding we just mentioned.

A good business plan helps companies anticipate these types of problems, so they can prevent them.

3. To examine viability

The idea for a startup is often met with a lot of enthusiasm. That vending machine featuring high-end desserts and pastries? Brilliant!

However, sometimes that enthusiasm needs to be tempered by reality. A business plan offers a great opportunity to do that, because it gets entrepreneurs to think through the answers to questions they may never have even considered, like “Is there a demand in this neighborhood for desserts?” and “How many businesses are already selling desserts in this location?

4. To reduce risk

Flying by the seat of your pants in the business world is not the best idea. A business plan clearly lays out a company’s objectives, as well as the landscape of the market.

As a result, business leaders know which challenges to expect. With that knowledge in hand, they can take proactive steps to mitigate their risks.

5. To accelerate growth

Quite simply, business planning works. In fact, according to one study, companies that plan grow 30% faster than those who don’t. And, interestingly enough, another study found that 71% of fast-growing companies (those defined as having 92% growth in sales from one year to the next) have business plans.

6. To identify problems with cash flow

Business plans contain 3 financial statements: a balance sheet, an income statement, and a cash flow statement. For startups, these numbers are projected.

When entrepreneurs have these numbers to refer to, they can more easily monitor cash flow, comparing reality to their projections. This gives them the opportunity to quickly deal with cash flow challenges, should any arise.

7. To make decisions

When faced with tough business decisions, it can be difficult to know which path to choose. However, with a business plan in hand, entrepreneurs can make well-thought-out decisions based on the analysis they’ve already performed.

As you can see, there are tons of great reasons to create a business plan, particularly for start-ups and other new businesses. However, even well-established businesses can benefit from a business plan.

Not only does a business plan provide a valuable overview of an entire company, but it’s also an excellent tool for pinpointing potential challenges, so they can be proactively addressed and resolved.

There may be nothing more critical to your company’s success than a business plan. That’s why it’s so important to understand how to write a business plan, and to devote time and effort to creating a solid, well-researched one.

The elements of a business plan are fairly straightforward. While no two business plans are identical, most of them rely on the following structure:

1. Executive summary

Business plans typically run dozens of pages long. While, ideally, you’d like to think that people will read your entire plan, there’s no guarantee of that—which is why the executive summary is the most important part of your business plan.

In the summary, you’ll want to provide readers with a quick synapsis that explains what your company is and why it’ll be successful.

This summary should include your company’s mission statement and a description of the product or service you provide. You’ll also want to briefly touch on the company’s founders, employees, location, and financial growth.

Aim to make your executive summary about 4 pages max , and don’t write it until you’ve completed the rest of your business plan. That’ll make it easier to summarize all the information your plan contains.

2. Company description

This detailed overview of your company includes such things as the problems your business solves, as well as the customers it serves. You should view this section as your opportunity to shine by also explaining your business’ competitive advantages.

3. Market analysis

What’s the outlook of the industry you’re in? Who’s your target market and how do you plan to reach the people in it? These are the types of questions you’ll answer in this section of your business plan.

Additionally, you’ll want to use the Market Analysis section to perform a competitor analysis, identifying who the major players are in your industry, as well as their strengths and weaknesses.

By understanding what’s working well for your competitors—and what isn’t—you’ll be better able to determine how you can grab some of their market share.

4. Organization & management

How will your business be structured—as a sole proprietorship, corporation, partnership, or LLC? Include that information in this section, as well as an organization chart showing who’s heading up your company. You may also want to include resumes or CVs for key team members here too.

5. Service or product line

This section should explain what you sell, how it helps customers, and what the product lifecycle looks like. This is where you’ll also want to mention any patents or copyrights.

6. Marketing & sales

How do you intend to attract customers? What marketing channels will you use? What’s your strategy for growth? Think carefully about your answers to these questions, because later, you’ll use this information to make your financial projections.

7. Funding request

If one of the objectives of your business plan is to obtain funding, this section should be included in your plan. When you write your funding request, you’ll want to explain what your funding requirements are over the next 5 years and how those funds will be used.

Additionally, this section should specify , “whether you want debt or equity, the terms you’d like applied, and the length of time your request will cover.”

8. Financial projections

Financial projections are a key part of your plan, particularly if you’re seeking funding. In this section, you’ll want to include financial projections for the next five years, as well as explain how you came up with those figures.

Your projections should include cash flow statements, balance sheets, income statements, and capital expenditure budgets. If your business is operational already, you’ll also want to include the past 3-5 years of those same documents.

9. Appendix

Think of this section as your final opportunity to convince readers of your business’ success. So, this is where you can include supporting documentation, like product pictures, reference letters, permits, patents, legal documents, contracts, credit histories, etc.

And there you have it! Once you’ve finished the analysis required for each of these elements—and typed your findings into a well-formatted document–your business plan will be complete.

Understanding the business planning cycle

After you’ve completed the business planning process, your work—while not over—gets easier. Your job now is to review the business plan periodically to see how well your company is achieving its objectives.

Did you meet your financial projections? In what areas is your company doing well? How is it falling short? Are there any new opportunities for your organization?

During this period of analysis, you’ll ideally want to set 1-year and 3-year goals , as well as key performance indicators (KPIs). These will help you track on a quarterly, or even monthly, basis how well your company’s meeting its objectives.

Most businesses engage in business planning on an annual or quarterly basis. Truly, it depends on how much time your organization has to devote to the task, as well as the industry you’re in.

For smaller businesses, a good aim is to perform the business planning process once a year. For larger companies—or ones where the market changes frequently—you may want to “plan to plan” every quarter.

Business Planning Template - MindManager Blog

Generally speaking, most business plan templates will include the following key elements and information. We’ve provided a downloadable MindManager template below that you can use to create your own business plan.

Section 1: Executive summary

The executive summary is the most important part of your business plan, so you’ll really want to put time and effort into getting it just right.

Make sure to include the following elements :

  • Explain the mission of your company – what is the reason for your company?
  • Describe your product or service – what types of products and services will you offer customers?
  • Introduce the company founders – who are your company’s founders, and what roles will they play within your organization?
  • Briefly provide information about your customer base – which customers will your business target, and how will your company serve them?
  • Provide an overview of your competitors – explain why your business will succeed by identifying your competitive advantage and describing how you’ll get market share.
  • Summarize your financial projections – what financial growth do you expect your company to achieve over the next few years?
  • Mention financing requirements – if your business is a start-up seeking financing, briefly mention those financial requirements here.

If you want a good idea of what your completed executive summary should look like, you can check out an example of one here.

Section 2: Company overview

In this section, you’ll want to go into greater detail than you did in the executive summary, explaining which problems your business solves, who its customers are, and what competitive advantages your company has.

Here are the important elements you’ll want to include :

  • Provide an overview of your company – what’s its mission, vision, and purpose?
  • Give background about the formation of your company – when did your company form?
  • Explain who your company’s founders are – what backgrounds do they have that make them uniquely qualified to run your business successfully?
  • Provide geographic information – where is your business located and in which markets do you have a presence?
  • Describe your company’s competitive advantages – while this was briefly touched upon in the executive summary, you’ll want to provide more information here about why your company will be successful.

Section 3: Market analysis

In this section, you want to prove the viability of your business by providing solid market research about your industry.

To achieve this goal, you’ll want to include the following in this section:

  • Identify your target market – who are you trying to sell your products and services to?
  • Describe the need for your products or services – why do you anticipate demand for your company’s offerings?
  • Give information about the overall market size – how big is the market? How much do you expect your company to sell? Are there any demographic or geographic factors that might impact your sales projections?
  • Identify the competition – who are your company’s main competitors? What advantages and disadvantages do they have? What’s their percentage of market share? How much do they sell annually?
  • Perform a SWOT analysis – identify your company’s strengths, weaknesses, opportunities, and strengths.

For help writing this section, you may find it useful to look at this marketing analysis example .

For the competitor and SWOT analyses, we recommend an information visualization software, like MindManager. View the SWOT analysis template at the end of this article.

Section 4: Organization & management

In this section, you want to give readers a solid overview of how your company will be structured. To do that, you’ll want to answer the following questions :

  • Describe the legal structure of your business – is it a sole proprietorship, corporation, partnership, or LLC?
  • Identify your management team – name the key roles within your organization, identify who will fulfill them, and explain how those individuals will be compensated. You may want to include an organization chart here too, as well as brief resumes or CVs for key team members.

Section 5: Service or product line

In this portion of the business plan, you’ll want to provide more information about the product or service you provide. So, make sure to include these elements here :

  • Describe the product or service you sell – what are you offering and how does it help customers?
  • Explain the product lifecycle – how long does it take to bring new products/services to market?
  • Provide pricing information – how will you price your products or services? What will your operating costs be?
  • Describe how you’ll acquire products – are you the manufacturer? If not, who is? Are you working directly with a manufacturer or are you going through a wholesaler? If product demand suddenly increases, what’s the likelihood you’ll experience supply problems?

Section 6: Sales and marketing strategy

Your customer acquisition strategy is especially important to potential investors, so you’ll definitely want to be thorough here. Plus, later you’ll be using this information to make financial projections, so take your time when writing this part of your plan.

  • Describe the customer acquisition process – how will you find and attract customers? For instance, will you use salespeople, call centers, social media ads, etc.?
  • Explain any promotional methods you plan on using – will you offer free samples or perform product demonstrations?
  • Provide information about the marketing materials you intend to use – like brochures, flyers, trade show booths, etc.
  • Estimate your advertising budget – how much will you have to spend to achieve your marketing objectives?

Section 7 – Funding request

This section is only necessary if you’re seeking business funding. If you are, you’ll want to include the following information in your business plan:

  • Identify your funding requirements – how much money are you requesting and how will those funds be used?
  • Describe the terms you’re seeking – do you want debt or equity? Which terms do you want applied? What length of time does your request cover?

Section 8 – Financial projections

As you might imagine, financial projections are a key part of your plan, especially if you’re seeking funding. So, in this section, you’ll want to make sure you include :

  • 5 years of projected cash flow statements, balance sheets, income statements, and capital expenditure budgets – these documents should also explain how you came up with the figures you’re using.
  • If your business is already up and running, you’ll also want to include the past 3-5 years of those same documents.

Of course to create these financial projections, you’ll need to have the right software. Two good ones to check out are ProjectionHub and PlanGuru .

These forecasting software packages make it easy to create the kinds of financial statements you’ll want to include in your business plan.

Section 9 – Appendix

This is your last chance to convince readers your business will be a success. So, if you have additional information to give your business plan more weight, you’ll want to incorporate it here. Consider including the following in this section:

  • Product pictures
  • Reference letters
  • Legal documents
  • Credit histories

And that’s it! After you’ve completed these sections, just assemble them into a single document, format everything neatly, add a table of contents, and your business plan will be complete.

Afterwards, you can use it to obtain loans, determine viability, reduce risk, assess cash flow problems, make decisions, and accelerate business growth—making it well-worth the time and effort it takes to write your plan.

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How to write a business plan in 12 steps (2024 edition) Add Add

How to write a business plan in 12 steps (2024 edition).

Updated 08 January 2024 • 12 min read

This guide breaks down how to write a business plan, step-by-step, detailing what your document needs to include and what you need to think about to make your business plan as persuasive as possible.

What is a business plan?

A business plan is an essential document that can provide immense value for new and existing companies of all sizes. It is an overview that includes an outline of your business, its key objectives and plan for achieving important goals.

This information can be used to communicate strategic actions to internal teams and also attract interest from potential partners and investors . However, writing a business plan can be a lengthy and involved process. For many, using a business plan template can be a good way to get started.

For best results, you’ll need to do a lot of thinking and planning before you start writing your business plan. This way you have all the information and resources you need at your fingertips and won’t be under time pressure to come up with something at the last minute. After all, a well-thought-out business plan can help you avoid generic information and set your company up for success.

Download your free business plan template .

Why write a business plan?

Writing your business plan helps to get your strategy nailed down and onto the page. A plan that stays in your head is probably going to be full of unrealistic assumptions and biases, whereas a strategically thought-out and organised approach forces you to notice your blind spots and find a way forward.

If you’re looking for financing, a bank or investor needs to be persuaded by your business proposal and the opportunity to work with you. Therefore, a well-written business plan can help provide potential financial partners with the confidence that your business can become profitable. Your business plan gives them a comprehensive view of all aspects of your business and details your strategy for achieving your goals.

What are the main sections of a business plan?

Whatever your line of work, your business plan will generally need to provide the following:

An executive summary

A business overview

The market opportunity

Your products/services

How to write a business plan

Make sure you cover each of the following steps when preparing your document:

1. Write an executive summary

This section of your business plan should be 1–2 pages in length and enables potential financiers or partners to get an overview of what your business does and – most importantly — what the opportunity is for them. If they’re interested in the opportunity, they’ll conduct their own due diligence - and this will start with going through your business plan and financials.

It’s a good idea to write your executive summary last, when you’ve clarified your thinking around every section of the document. As an overview section, you don’t want to add any new content that isn’t in your business plan. Aim to keep this summary succinct and engaging by using simple, plain language, as this is much more persuasive than complicated or academic wording.

Use sub-headings and bullet points to help your most important information stand out, especially as busy executives may simply scan your executive summary and use this to decide whether they want to find out more.

What to include in an executive summary?

Make sure you include details on:

What your business does

What the opportunity is

What your unique selling points / differentiators are

How much funding you’re looking for

What the funding will be used for

How you'll succeed

Remember, you’re providing the big picture overview of your business - the detail is in the rest of the document and in the appendices.

2. Write your business overview

This section of your business plan needs to be more than just a list of what your business does. Its purpose is to excite those you’re hoping will work with you or help to fund your business.

Information to address includes:

What's the purpose of your business?

What problem does your business’ product or service solve?

What niche could it fill?

What’s different about your offering?

How are you better than anyone else at what you do?

Consider what your customer value proposition is by deciding what you want to achieve and what your number 1 benefit is for your customer.

3. Identify your USP

Think about what your unique selling points (USP) or differentiators are, and what proof-points you can provide to back them up.

For example, you can use terms like “market-leading” but if you don’t provide any evidence to back up your claims, your reader will take them with a big pinch of salt!

You should certainly reference any awards or endorsements that position you as the best person to provide your product or service, as well as any client testimonials. Make sure you include any education or experience that makes you an expert in your field as well.

4. Describe the market opportunity

Show you understand your industry, market and where you fit in it. While no-one can predict the future, offer up where you think the opportunity is for your business and make sales projections based on that. 

For example, imagine your business is selling personalised cookies - there's little competition in your area and you see your market opportunity to create designs for all calendar and holiday events. You expect to increase sales by 30% in one year and 50% in three years, driven primarily by word-of-mouth referrals.

Make sure you also consider macro trends that may create opportunities for you, such as social, environmental, or technological changes that may affect buying behaviour.

5. Include a SWOT analysis

Whatever your business strengths or opportunities, they’ll always be known and unknown weaknesses and threats; there’s no such thing as certainty in business or in life!

However, you can demonstrate that you’ve examined your business through different lenses and have a thorough understanding of it by doing a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Don’t worry about drawing attention to your business’ shortcomings - every opportunity has them and it’ll give investors and partners confidence in you that you won't bury your head in the sand. Naturally, it's important that you specify what you’re going to do to address these weaknesses and counter these threats.

Here are some areas you can think about to get started: reputation, technology, location, experience, staff, overheads, competition, suppliers and price.

6. Present a competitor analysis

Let’s face it, no matter what industry you’re in, or what you’re selling, there’s going to be other businesses offering the same thing. But instead of worrying about the competition, use this as a positive opportunity to up your game and work out the unique advantages you have that will keep you competitive.

Identify your top 3 competitors and analyse what they're doing well and where they’re coming up short. Try to be as objective as possible and identify how to differentiate yourself from them.

You should also look into who the industry leaders are and what the benchmarks are for your industry so that you can set yourself targets for continuous improvement.

7. Create a customer persona

A customer persona is a fictional person who represents your company's ideal customer. Naturally, the persona can be based on a real person - the more you get to know your ideal customer, the more targeted and successful your marketing efforts will be.

To create a customer persona, you need to conduct research into your ideal customer’s age, sex, income, employment, daily activities, interests and hobbies. If you’re feeling unsure about your customer persona, you may need to give your ideal customer further thought and download the customer persona template to get started.

8. Write your marketing strategy

When you’ve created your customer persona, you need to work out how you’re going to reach them. Do they hang out on social media apps, like Facebook, Instagram, Pinterest, Twitter or LinkedIn? Or are they more used to local, traditional marketing like free local papers or high foot traffic areas?

Once you’ve figured where your audience is likely to hang out, you can outline your strategies for promoting and advertising your products or services in the next 12 months.

Make a list of the marketing channels you’ll use to achieve your advertising strategy and be sure to include your budget. How much can you set aside for advertising? And where are you most likely to see a return on your efforts? Paid ads on Facebook? Half or full paid spreads in an industry magazine? Or even a direct mail out? 

For more structured help around this, check out free course: Business 101 | Get social with your business on Facebook . 

9. Design your customer retention strategy

Business success relies heavily on the relationship you’re able to build with your customers. What techniques will you use to keep them coming back? Consider the following:

What can your business do to increase the number of repeat customers? 

Does your business have a referral or loyalty program? 

Do you have a post-purchase follow up in place?

Will you use surveys to track customer satisfaction?

What ways can you continue delivering outstanding service?

Is there a way to continue educating and adding value to your customers?

10. Present your financials

Most people who are looking at investing their time and/or money in your business will want to see your financial statements - your performance to date and your projections over the short and medium term. They'll also want to know how much you’ve received in funding to date and what these other sources of funding are - including your own investment.

Current finances

You need to show how your business has performed financially over the last year, highlighting metrics such as positive cashflow , net profit and assets.

Financial forecasts

You should also provide a balance forecast projecting total assets, total liabilities and net assets over 1, 2 and 3 years, and a profit and loss forecast for the same periods detailing gross profit/net sales, total expenses and net profit/loss. Finally, you should also provide a cashflow forecast month by month over the next year.

It’s also a good idea to speak to an expert like an accountant or bookkeeper about your finances and get advice on how best to present them in this all-important section of your business plan.

11. Detail how much funding is needed

Naturally, you also need to be very clear about how much money you’re looking for and what you plan to do with it. If you’re looking for a loan , you need to detail what it’s for, over what period it’ll be repaid, and what collateral you have to secure it.

12. Propose an exit strategy

Any financial stakeholder in your business will want a return on investment. If you’re pursuing this type of funding, you should include some detail on your proposed exit strategy . For example, do you want to sell the company at some point or go public?

Similarly, you should outline your succession plan so the business can continue to operate if you decide to step away from it. Likewise, you need a plan for what happens if the business loses money and can’t sustain itself. Documenting this means that everyone is on the same page and potential investors have this information upfront.

Frequently asked questions about writing a business plan:

When to write a business plan.

Typically, entrepreneurs write their business plans within the first year of operations. A business plan is a tool that helps business owners refine their strategy, attract partners and financiers, and grow their business.

If a business plan is written too soon, it may lack the substance that comes with time in the market. However, it’s important to note that a business plan isn't a static document - it can and should change as the business evolves.

How long should your business plan be?

There are no hard and fast rules around how long your business plan should be - it just needs to include all the relevant information. Aim for clear, concise sections and build a business plan that is as easy to read and navigate as possible.

Using a business plan template can help you make sure you have everything covered off, while also having a document that looks as professional as possible. Make sure you run a spelling and grammar check too - any sloppy errors can undermine your credibility.

What’s a business plan on a page?

It’s important to write your business plan as it helps to embed your strategy - as well as communicate what you’re about to potential partners or investors. When you have a comprehensive business plan you can easily adapt it to suit different audiences. For example, a full business plan is essential for raising capital but a business plan on a page may be enough for potential partners or employees.

What do venture capitalists look for in a business plan?

Venture capitalists invest money into businesses with the goal of achieving a return on their investment within the short to medium term. As a result, they’re looking for an attractive market opportunity, a clear point of differentiation, a strong management team, a proven track record, solid financials and, importantly, an exit opportunity.

Where to go for help or more information?

There are many great resources out there to help you fine-tune your business strategy and write your business plan. The Australian Government has a comprehensive website dedicated to supporting businesses at all stages of their journey.

You can also get help from Business Enterprise Centres , business advisors, accountants and fellow business owners. MYOB also has a list of business advisors who can give you feedback on your business plan, so your venture has the very best chance of success. 

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What Is Business Planning?

Why Business Planning Isn't Just for Startups

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

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Business planning takes place when the key stakeholders in a business sit down and flesh out all the goals , strategies, and actions that they envision taking to ensure the business’s survival, prosperity, and growth.

Here are some strategies for business planning and the ways it can benefit your business.

Business planning can play out in many different ways. Anytime upper management comes together to plan for the success of a business, it is a form of business planning. Business planning commonly involves collecting ideas in a formal business plan that outlines a summary of the business's current state, as well as the state of the broader market, along with detailed steps the business will take to improve performance in the coming period.

Business plans aren't just about money. The business plan outlines the general planning needed to start and run a successful business, and that includes profits, but it also goes beyond that. A plan should account for everything from scoping out the competition and figuring out how your new business will fit into the industry to assessing employee morale and planning for how to retain talent.

How Does Business Planning Work?

Every new business needs a business plan —a blueprint of how you will develop your new business, backed by research, that demonstrates how the business idea is viable. If your new business idea requires investment capital, you will have a better chance of obtaining debt or equity financing from financial institutions, angel investors , or venture capitalists if you have a solid business plan to back up your ideas.

Businesses should prepare a business plan, even if they don't need to attract investors or secure loans.

Post-Startup Business Planning

The business plan isn’t a set-it-and-forget-it planning exercise. It should be a living document that is updated throughout the life cycle of your business.

Once the business has officially started, business planning will shift to setting and meeting goals and targets. Business planning is most effective when it’s done on a consistent schedule that revisits existing goals and projects throughout the year, perhaps even monthly. In addition to reviewing short-term goals throughout the year, it's also important to establish a clear vision and lay the path for your long-term success.

Daily business planning is an incredibly effective way for individuals to focus on achieving both their own goals and the goals of the organization.

Sales Forecasting

The sales forecast is a key section of the business plan that needs to be constantly tracked and updated. The sales forecast is an estimate of the sales of goods and services your business is likely to achieve over the forecasted period, along with the estimated profit from those sales. The forecast should take into account trends in your industry, the general economy, and the projected needs of your primary customers.

Cash Flow Analysis

Another crucial component of business planning is cash flow analysis. Avoiding extended cash flow shortages is vital for businesses, and many business failures can be blamed on cash flow problems.

Your business may have a large, lucrative order on the books, but if it can't be invoiced until the job is completed, then you may run into cash flow problems. That scenario can get even worse if you have to hire staff, purchase inventory, and make other expenditures in the meantime to complete the project.

Performing regular cash flow projections is an important part of business planning. If managed properly, cash flow shortages can be covered by additional financing or equity investment.

Business Contingency Planning

In addition to business planning for profit and growth, your business should have a contingency plan. Contingency business planning (also known as business continuity planning or disaster planning) is the type of business planning that deals with crises and worst-case scenarios. A business contingency plan helps businesses deal with sudden emergencies, unexpected events, and new information that could disrupt your business.

The goals of a contingency plan are to:

  • Provide for the safety and security of yourself, your employees, and your customers in the event of a fire, flood, robbery, data breach, illness, or some other disaster
  • Ensure that your business can resume operations after an emergency as quickly as possible

Business Succession Planning

If your business is a family enterprise or you have specific plans for who you want to take over in the event of your retirement or illness, then you should have a plan in place to hand over control of the business . The issues of management, ownership, and taxes can cause a great deal of discord within families unless a succession plan is in place that clearly outlines the process.

Key Takeaways

  • Business planning is when key stakeholders review the state of their business and plan for how they will improve the business in the future.
  • Business planning isn't a one-off event—it should be an ongoing practice of self-assessment and planning.
  • Business planning isn't just about improving sales; it can also address safety during natural disasters or the transfer of power after an owner retires.

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Business Planning Process: Create a Business Plan That Works

Business Startup Checklist

Free Business Startup Checklist

Radhika Agarwal

  • December 15, 2023

Business Planning Process

If you are planning to start or grow your business, you might have heard about the importance of the business planning process countless times. And yes, it is necessary to have a plan. After all, it’ll be your roadmap to success.

But how would you go about it? Where will you start? And most importantly is there a tried and tested process that can make your job easier? What if we told you there is such a process?

And through this article, we’ll walk you through everything from what is business planning to the steps of the business planning process .

What is Business Planning?

Business planning is the process of giving structure to your business idea. It acts as a roadmap to your business journey, helps you get through obstacles, and maximizes opportunities.

It also helps you set realistic goals and pursue the same with a structured action plan.

Moreover, through a business plan, you can analyze your company’s strengths and weaknesses, and understand how that would impact your company while dealing with market competition and how your strengths would help you achieve your goal.

Above all, doing business with a well-written business plan increases your chances of success.

Steps of the Business Planning Process

Although there’s no sole right way to go about the process of planning your business, here’s a compilation of steps that’ll make your planning process faster and easier.

1. Carry out your research

Carry out your Research

The first step to creating a business plan is to do thorough research about the business and industry you are trying to get into. Tap into all the information you can get about your target audience, potential customer base, competitors, market and industry trends, cost of business, etc.

You can give a form to your research by asking yourself the following questions:

  • What are your goals?
  • Where does your business stand currently?
  • What are the prevailing market trends?
  • What strategies is your competitor following?

You can find your answers by conducting market surveys , talking to customers and industry experts, designing good questionnaires, reading articles, blogs, and news updates about your industry and related ones, and so on.

Also, it is a good practice to conduct a SWOT analysis for your company to understand how your company’s strengths and weaknesses would help you stand apart from your competitors based on the current market statistics.

2. Make a Framework

Make a Framework

Once you’re done with your research the next step is to make a framework or a set of strategies for your business based on your research and business goals. You can either design strategies from scratch or reframe previously tried and tested successful strategies to fit your business goals.

But remember that you’ll have to tweak strategies to fit your unique competitive advantages and goals. Hence, strategies that are already being used can act as a good foundation, but it is essential to remember that you’ll have to expand upon them or improvise them for your business.

This step can be completed by taking a deep dive into your customer’s buying motivations and challenges that your product can help solve. Based on that, make a marketing plan, operations plan, and cost structure for your business at least for the first few years of your business.

3. Formulate your Financial Forecasts

Formulate your Financial Forecasts

No matter how tedious finances might seem, they are an integral part of any business. When you map out your finances it is essential to note down all the costs you’ll incur as you grow and run your business for the next five years and what would be your potential revenue , and if or not it would leave room for profit.

You can get your financial forecast by adding your financial assumptions to a financial system which will give you your cash flow statements and give you an idea of what amount of funds you’ll need to start and run your business for the first year.

This step is especially helpful if you want to acquire funding for your business. Nonetheless, it helps you prepare to deal with the financial aspects of your business.

A financial statement essentially provides details of a company’s expenses and profits. It also provides an overview of the company’s current financial stance, including its assets and liabilities.

Through this section try to write down and explain how you plan to use your investments and how would the same give a return.

4. Draft a Plan

Draft a Plan

As you’re done with creating business strategies and planning your finances, it is time to draft your business plan and compile everything into a single document. As you are done with all the technical aspects, this step should feel relatively easy.

But if you need help drafting a business plan and making it look presentable, you can subscribe to business plan software that comes with predesigned templates and tools to make your work easier .

5. Recheck and Improvise

Recheck and Improvise

Now as you’re done with writing your plan, it is a good idea to give it enough time to edit it. Check for any unclear sentences, irrelevant phrases, or confusing terms.

Take suggestions from your team members who are familiar with the functioning of your business. Finally, proofread for any grammar or punctuation errors. One of the most popular and useful pieces of editing advice is to put your work aside for a while and then look at it with fresh eyes to edit it better.

6. Create an Impressive Business Plan Presentation

Create an Impressive Business Plan Presentation

Now, as you’re done with writing your business plan, it is time to create a presentation that leaves an excellent impression on your audience. Highlight all the important and relevant points.

Also, add references for your investors like your financial reports, resumes of your key team members, snippets of your marketing plan, and past sales reports to have a well-rounded presentation.

It is true that starting a business is intimidating. It includes a bunch of emotions, chaotic ideas, and a will to take risks. ( Risks are a part and parcel of starting a business, no matter how much you plan, but yes planning helps you prepare for it.) But in the end, all of us know that all of it is worth it if you have a profitable business in the end.

And business planning is something that takes you one step closer to your idea of success. Moreover, a plan keeps you going in the face of challenges and adversities, and helps you push yourself a little harder to achieve your dreams when things get tougher.

Above all, a business plan helps you take action and turn ideas into a real and functioning business. So, what are you waiting for? Go ahead and start planning !

And while you’re at it, to check out Upmetrics’s business planning software to make business planning easier and faster.

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About the Author

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Radhika is an economics graduate and likes to read about every subject and idea she comes across. Apart from that she can discuss her favorite books to lengths( to the point you\'ll start feeling a little annoyed) and spends most of her free time on Google word coach.

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Business-Plan-Checklist

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.

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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.

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  • Outline your idea.
  • Pitch to investors.
  • Secure funding.
  • Get to work!

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

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

1. Executive Summary

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

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

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

Company Description

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

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

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

Products and Services

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

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

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

Executive Summary Business Plan Examples

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

business plan sample: Executive Summary Example

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

Business plans examples: Executive Summary

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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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Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Business Planning: It’s Importance, Types and Key Elements

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

  • Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
  • Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
  • Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
  • Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
  • Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
  • Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

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Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

  • Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
  • Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
  • Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
  • Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
  • Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

  • Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
  • Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
  • Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
  • Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
  • Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

  • Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

  • Create a business plan to determine your company's direction, obtain financing, and attract investors.
  • Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
  • Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
  • You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

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Understanding The Distinction Between a Business Plan & Business Planning

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In the dynamic world of entrepreneurship, our choice of words matters. Our vocabulary can often become a veritable alphabet soup of jargon, acronyms, and those buzzwords (I'm looking at you, "disrupt").

And let's not get started on business cliches – "circle back," "synergy," “deep-dive,” etc.

Yet sometimes, it's worth pausing to consider the words we casually sprinkle around in our business conversations. In a previous article, we explored the differences between strategic and tactical business planning , two related but distinct approaches to guiding a business. Now, we're going to delve into another pair of terms that often get used interchangeably but have unique implications: "business plan" (the noun) and "business planning" (the verb).

The business plan, a noun, is a tactical document. It's typically created for a specific purpose, such as securing a Small Business Administration (SBA) loan . Think of it as a road map – it outlines the route and the destination (in this case, the coveted bank loan). But once you've reached your tactical goal (in this case, getting the loan), it often gets shoved in the glove compartment, forgotten as part of the organization's action plan until the next road trip (i.e., additional funding ).

Business planning is not a static concept, but rather a dynamic verb. It's an ongoing process that necessitates continual adjustments. It's about creating a holistic, interconnected value-creating strategic plan that benefits all stakeholders. This includes attracting top-tier employees, ensuring a return on lending or investment, and making a positive impact on the community, whether online or in real life.

That being said, the customer remains at the heart of this process. Without customers, there are no sales, no revenue, and no value. Everything else is contingent on this key element.

If we were to compare the business plan to a map, then business planning would be the journey. It's a continuous process of making strategic decisions, adapting to new paths, and steering the business towards its goals. Sometimes, it even involves redefining objectives midway.

So, let's do a "deep-dive" (I couldn't resist) into these two terms, examining their application in the real world. Along the way, we'll uncover some tools that can aid us in the ever-evolving process of strategic business planning and the more finite task of crafting a winning business plan.

The Business Plan is a Document

Alright, let's take a closer look at a phrase we've all tossed around: the business plan. Imagine it as the detailed blueprint of your organization's goals, strategies, and tactics. It's like the North Star for your entrepreneurial ship, shedding light on the key questions: what, why, how, and when (speaking of questions, here are some FAQs about the business plan ).

Writing a solid business plan isn't easy , especially if you're just dipping your toes into the world of business planning. But don’t worry; we'll get to that (eventually).

So, let's break it down. What does a business plan document consist of, exactly?

  • Executive Summary: Just as it sounds, this is a quick overview of the nitty-gritty that's in the rest of your business plan. It's the introduction to your organization, highlighting your mission statement and serving up the essential details like ownership, location, and structure.
  • Company Overview: This is where you will detail your products and/or services, their pricing, and the operational plan. If you're opening a restaurant, this section is where you present your menu, and it's also where you talk about your ingredient sourcing, the type of service you'll provide, and the ambiance you're aiming for. 
  • Market Analysis Summary: This section demands a comprehensive analysis of your industry, target market, competitors, and your unique selling proposition. Without access to top-notch (and often not free) research tools, it can be challenging to find current industry data. Check out our  guide on the best market research tools to get started.
  • Strategy and Implementation Summary: Here, you'll lay out your short-term and long-term objectives along with the strategies you'll implement to attract and retain customers. This is where you’ll talk about all the different marketing and sales strategies you'll use to charm your future customers.
  • Management Summary: This is your chance to spotlight your company's key personnel. Detail the profiles of your key leaders, their roles, and why they're perfect for it. Don't shy away from acknowledging talent gaps that need to be filled, and do share how you plan to fill them!
  • Pro Forma Financials: This is where you get down to the dollars and cents with a detailed five-year revenue forecast along with crucial financial statements like the balance sheet and the profit & loss statement.

A business plan is an essential instrument, not just for securing funding, but also for communicating long-term goals and objectives to key stakeholders. But, while a business plan is essential for many circumstances, it's important to understand its scope and limitations. It's a tactical tool, an important one, but it's not the be-all and end-all of business strategy. Which brings us to our next point of discussion: business planning.

Business Planning is a Process

If we view the business plan as a blueprint, then business planning is the architect. But let's be clear: we're not building just any old house here. We're building the  Winchester Mystery House of business. Just as the infamous Winchester House was  constantly under construction , with new rooms being added and old ones revamped, so too is your business in a state of perpetual evolution. It's a dynamic, ongoing process, not a one-and-done event.

In the realm of business planning, we're always adding 'rooms' and 'corridors' – new products, services, and market strategies – to our 'house'. And just as  Sarah Winchester reputedly consulted spirits in her Séance Room to guide her construction decisions, we consult our customers, market data, and strategic insights to guide our strategy. We're in a constant state of assessing, evolving, executing, and improving.

Business planning touches all corners of your venture. It includes areas such as product development, market research, and strategic management. It's not about predicting the future with absolute certainty – we’re planners, not fortune tellers. It's about setting a course and making calculated decisions, preparing to pivot when circumstances demand it (think global pandemics).

Business planning is not a 'set it and forget it' endeavor. It's akin to being your company's personal fitness coach, nudging it to continually strive for better. Much like physical fitness, if you stop the maintenance, you risk losing your hard-earned progress.

Business Planning Case Study: Solo Stove

Now that summer is here, my Solo Stove stands as a tangible testament to effective business planning.

For those unfamiliar, Solo Stove started with a simple yet innovative product – a smoke-limiting outdoor fire pit that garnered over $1.1 million on Kickstarter in 2016, far exceeding its original objective. Since then, it has expanded its portfolio with products tailored to outdoor enthusiasts. From flame screens and fire tools to color-changing flame additives, each product is designed to fit seamlessly into modern outdoor spaces, exuding a rugged elegance that resonates with their target audience.

This strategic product development, a cornerstone of business planning, has allowed Solo Stove to evolve from a product to a lifestyle brand. By continually listening to their customers, probing their desires and needs, and innovating to meet those needs, they've built a brand that extends beyond the products they sell.

Their strategy also includes a primary "Direct To Consumer" (DTC) revenue model, executed via their e-commerce website. This model, while challenging due to increased customer acquisition costs, offers significant benefits, including higher margins since revenue isn’t split with a retailer or distributor, and direct interaction with the customer.

Through its primary business model,  Solo Stove has amassed an email database of over 3.4 million customers . This competitive advantage allows for ongoing evaluation of customer needs, driving product innovation and improvement, and enabling effective marketing that strengthens their mission. The success of this approach is evident in the company's growth: from 2018 to 2020,  Solo Stove’s revenue grew from $16 million to $130 million , a 185% CAGR.

While  85% of their revenue comes from online DTC channels, Solo Stove has also enhanced their strategic objectives by partnering with select retailers that align with their reputation, demographic, and commitment to showcasing Solo Brands’ product portfolio and providing superior customer service.

Solo Stove's success underscores how comprehensive business planning fosters regular assessment, constant evolution, and continual improvement. It's more than setting goals – it's about ceaselessly uncovering ways to deliver value to your customers and grow your business.

However, even successful businesses like Solo Stove can explore additional strategic initiatives for growth and diversification, aligning with their strategic direction and operational planning. For instance, a subscription model could provide regular deliveries of products or a service warranty, creating a consistent revenue stream and increasing customer loyalty. Alternatively, a B2B model could involve partnerships with adventure tourism operators, who could purchase Solo Stove products in bulk.

These complementary business models, when integrated into the operational plan, could support the primary DTC model by driving customer acquisition, providing ongoing revenue streams and expanding the customer base. This strategic direction ensures that Solo Stove continues to thrive in a competitive market.

The Interplay between the Business Plan (Noun) and Business Planning (Verb)

In the realm of business strategy, there's an intriguing chicken-and-egg conundrum: which comes first, the business plan or business planning? The answer is both straightforward and complex: they're two sides of the same coin, each indispensable in its own right and yet inextricably linked.

The process of business planning informs and modifies the business plan, just as the business plan provides a strategic foundation for the planning process. This interplay embodies the concept of Model-Based Planning™, where the business model serves as a guide, yet remains flexible to the insights and adaptations borne out of proactive business planning.

Let's revisit the Solo Stove story to elucidate this concept. Their business model, primarily direct-to-consumer, laid the groundwork for their strategy. Yet, it was through continuous business planning  –  the assessment of customer feedback, market trends, and sales performance –  that they were able to refine their model, expand their product portfolio, and enhance their growth objectives. Their business plan wasn't a static document but a living entity, evolving through the insights gleaned from ongoing business planning.

So, how can you harness the power of both the tactical business plan and strategic business planning in your organization? Here are a few guiding principles:

  • Embrace Model-Based Planning™: Start with a robust business model that outlines your strategic plan. But remember, this isn't set in stone—it's a guiding framework that will evolve over time as you gain insights from your strategic planning process.
  • Make business planning a routine: Regularly review and update your business plan based on your findings from market research, customer feedback, and internal assessments. Use it as a living document that grows and adapts with your business.
  • Foster open communication: Keep all stakeholders informed about updates to your business plan and the insights that informed these changes. This promotes alignment and ensures everyone is working towards the same goals.
  • Be agile and adaptable: A key part of business planning is being ready to pivot when necessary . Whether it's a global pandemic or a shift in consumer preferences, your ability to respond swiftly and strategically to changing circumstances is crucial for long-term success.

Fanning the Flames: From Planning to Plan

The sparks truly ignite when you understand the symbiotic relationship between tactical business plans, strategic business planning, and the achievement of strategic goals. Crafting a tactical business plan (the noun) requires initial planning (the verb), but then you need to embark on continuous strategic planning (the verb) to review, refine, and realign your strategic business plan (the noun). It's a rhythm of planning, execution, review, and adjustment, all guided by key performance indicators.

Business planning, therefore, isn't a one-off event, but rather an active, ongoing process. A business plan needs constant nurturing and adjustment to stay relevant and guide your organization's path to success. This understanding frames your business plan not as a static document, but as a living, breathing entity, evolving with each step your business takes and each shift in the business landscape. It's a strategic roadmap, continually updated to reflect your organization's objectives and the ever-changing business environment.

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How to start a small business at home in 2024

Blair Travers

Sierra Campbell

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Published 8:07 a.m. UTC Feb. 16, 2024

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Starting a small business at home can help you turn your passions, skills or ideas into financial prosperity. There are some unique perks and challenges to consider when deciding to start a home-based business. 

You’ll also want to have a solid plan and follow some key steps to get your business off on the right foot. It’s helpful to know where you can find ideas, answers to your questions and other resources you need to run an at-home business successfully.

Should you start a business at home?

There are many factors to consider when deciding to start a small business at home. On the one hand, it’s important to make sure there is demand for your business. On the other hand, you want to be able to handle the amount of business you receive. Gauging things like demand, profit margins and the ability to scale your business early on can help you avoid trouble down the road.

Across the country, at-home businesses make up a large portion of small businesses. C.E. “Tee” Rowe is the president and CEO of America’s Small Business Development Centers (SBDC), which provides free or low-cost support for small businesses in partnership with the U.S. Small Business Administration. “Here at America’s SBDC, we have seen an uptick in home-based businesses that started during the pandemic but continues to date,” said Rowe. 

Pros of a home business

Here are some key benefits to starting a business at home:

  • Increased flexibility: Set your own hours, freeing you up for other commitments as needed.
  • Less commuting: Save time and money by skipping the drive to work.
  • Comfortable work environment: Design your workspace how you want it. After all, it is your home.
  • Money-saving perks: Pay lower startup costs compared to larger businesses by avoiding costs like renting retail or office space. Take advantage of tax breaks for at-home businesses.
  • Reduce risk: Protect yourself by limiting your liability and avoiding the cost and risk of maintaining commercial space.
  • Rewards for your hard work: Work hard for your business, and your business reaps the benefits instead of some other employer.

Cons of a home business

These are some of the disadvantages of starting a business at home:

  • Limited space: You give up part of your home, and even then, you may still need more space for your business.
  • Distracting work environment: Crying babies, barking dogs and loud neighbors can all be distracting when running a business at home.
  • Professional boundaries: Some people may feel awkward about meeting to discuss business at your home or a public location.
  • Increased mental health risks: Running a home business can feel isolating for some. A lack of social interaction, time outside, work-life balance or effective time management can also threaten mental health.
  • Growth restrictive: If your home-based business scales too rapidly, you may outgrow your workspace quickly. In this situation, success creates a problem for home businesses to solve.
  • Increased costs: Whether you’re paying new employee salaries or wages or forking over more money for higher utility bills, you may feel the financial squeeze.

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7 steps to start a home business

After considering the pros and cons, does the idea of taking the reins and starting a home business appeal to you? You’re not alone. 

“When we work with individuals seeking to start a home-based business, it is frequently based on a desire to control their own circumstance and success, which are great reasons, but it always needs to be thought out carefully,” Rowe explained.

Planning is key. From creating a business plan and determining your business structure to securing funding and setting your marketing strategy, there’s a lot to think through. Follow the steps below to get on the right track to starting a small business at home.

1. Find your niche

Plenty of successful at-home businesses arise from emotion: a passion to do what you love, a frustration with the status quo or excitement to seize on a timely opportunity.

If you’re struggling to find your niche, ask yourself:

  • What do you love to do that others may find challenging?
  • What is a need that no business currently has the right solution for?
  • What are you good at? What do people ask for your help with?
  • What high-demand skills or services do you have to offer?

2. Draft a business plan

Having a business plan is essential for running your business effectively. As Rowe pointed out, “Every business needs a solid, comprehensive plan to guide them to success. That plan needs to focus on skills, finance, revenue and marketing.”

A business plan outlines the direction of the business — its goals, strategies, structure, ways of measuring success and plans for dealing with things like change and risk. Simply put, it’s the roadmap to success for your business.

When creating your business plan, include key sections such as an executive summary, a business description, market analysis and financial projections. For more on what to cover, check out this step-by-step guide to drafting a business plan .

3. Select a business structure

According to the IRS, the most common business structures are sole proprietorships, partnerships , corporations and limited liability companies (LLC) . Each business structure comes with its own set of operational, legal, financial and tax considerations. 

A sole proprietorship is a business owned and operated by a single individual, while a partnership is jointly owned by two or more individuals who share responsibilities. 

In contrast, corporations — like C corporations and S corporations — are independent legal entities. C corporations limit shareholder liability but are highly complex. S corporations feature pass-through taxation, distributing income (and losses) to shareholders.

While sole proprietorship is a common structure for just starting out, LLC is another popular option for at-home businesses. It combines elements of a corporation and a partnership, offering limited liability to its members and the flexibility of pass-through taxation. Members of an LLC can choose to be taxed as a sole proprietorship, partnership, C corporation or S corporation.

4. Register your business and get an EIN

After you choose a business structure, you’ll need to register your business with state and federal governments. Select a business name , pay fees and provide required documents, which vary by state.

After getting registered with your state, you can then apply for an Employer Identification Number (EIN) from the IRS. Once you’re approved, you’ll receive this unique nine-digit number that is essential for all sorts of business purposes, from filing your taxes to hiring employees. 

Not all businesses need an EIN, such as sole proprietors and single-member LLCs with no employees.

5. Get any required licenses and permits

Depending on your industry and federal, state and local requirements, you may also need to obtain licenses and permits for your business. 

Here are some examples of licenses and permits you may need, depending on your business:

  • Occupational, professional or trade licenses.
  • Online business permits.
  • Sales tax permits.
  • Health department permits.
  • Safety permits.
  • Home-based child care licenses.
  • Zoning, signage, environmental and other permits to operate an at-home business, as required by local government, HOA or deed restrictions.

6. Obtain funding for your business

Many owners fund their businesses using their own savings. Self-funding is a viable choice if you can get up and running without much money, can come up with the needed funding from your own accounts or can ask for help from family or friends. 

You can also apply for a business loan . Banks will likely want to see a rock-solid business plan, strong financial projections, good personal and/or business credit history and any collateral you’ll use for your loan. If you are a good candidate for lending, make sure that shows in your application so that you can get the best funding and terms for your business.

If you don’t have much personal or business credit history, it may be easier to get a business credit card . This gives you benefits like payment flexibility, credit card rewards and essential early or emergency spending power. It will also help your business establish or strengthen its credit so you can get favorable terms on future loans and other credit.

7. Launch and market your business

You’ve planned out your business, defined its structure and gotten your business registered, licensed, permitted and even paid for. Now it’s showtime. For many who seek to start a small business at home, the launch is the most exciting part of the journey. You are now ready to conduct business.

It’s also important to get others excited about your small business — and keep them engaged. Here are some of the most common marketing strategies for small home-based businesses:

  • Social media marketing: Reach potential customers on platforms like Facebook, Instagram, TikTok and X (formerly Twitter) by sharing engaging content and updates.
  • Business website: More than just a place to sell your products or services online, your business website should help users find what they want to meet their needs. It should also help achieve business objectives by offering features like payment services or e-commerce functionality .
  • Advertising: Platforms such as search engines and social media can help you reach your target audience.
  • Content marketing: Write blog posts, produce videos or create helpful graphics to explain what your business offers and to establish trust and authority.
  • Email marketing: To keep business coming back, build an email list to communicate using promotions, newsletters and updates.
  • Word of mouth: In the early stages, many small home-based businesses rely on word of mouth. You can also ask for customer reviews on platforms like Google and Yelp.

Weigh the costs and benefits when deciding on your marketing plan, so you choose what’s best for your business.

Top home business ideas

Check out these home business ideas to find the right fit for you:

  • Retail: Sell products you make — including crafts and customized gifts — or resell products you get for less than what you pay for them.
  • Case-based services: Open up an in-home daycare, provide home-based care for adults or even take care of pets by offering pet sitting and mobile grooming.
  • Events: Plan weddings and events. Create the perfect look as a makeup artist or stylist. Play music in a band or take your place on the 1s and 2s as a DJ.
  • Art and creative services: Capture the moment as a photographer, or maybe you’d rather bring your vision to life as an artist. More of a words person? Write, edit or translate content. 
  • Education: Teach the next generation how to do math, play an instrument or learn a new language. Provide adults with specialized training in arts and crafts, life coaching or test preparation.
  • Health and wellness: Become a personal trainer to get people in the best shape of their lives or a mental health counselor to help them find their inner peace.
  • Home and real estate: Transform homes by organizing, decorating or even staging. Produce virtual home tours for real estate agents, or become a realtor yourself.

Resources to start a business

For more resources and guidance on how to start a small business at home, check out these guides and articles:

  • Follow our step-by-step guide on how to start a business from the ground up.
  • Learn how to start an LLC if that’s your chosen business structure.
  • Discover how to start a business with no money so funding doesn’t hold you back.
  • Skip the overhead that comes with brick-and-mortar stores and find out how to start an online business .
  • Explore options to accept payments online and start making money in your sleep.
  • Find the cheapest payroll services to pay your employees and contractors.
  • Build a successful business by attracting loyal, repeat customers. 

Frequently asked questions (FAQs)

The cost of starting a business at home varies widely and depends on several factors. Some businesses, including sole proprietorships, can get away with paying little to no money to start their business. Other home-based businesses, including those with manufacturing or inventory expenses, could have considerably higher startup costs.

Yes, you can use your home address to register a business. However, you’ll want to make sure that usage does not go against local laws, HOA bylaws or property covenants. It’s also a good idea to check with your mortgage and homeowners insurance companies to make sure that running a business out of your home does not introduce unforeseen headaches.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Blair Travers

Blair Travers is a business writer and content strategist with over a decade of experience breaking down complex problems to help businesses move forward with confidence. He brings a wide range of technology, banking and retail expertise. Blair enjoys helping businesses figure out complex processes and make choices that are right for them. His work has been published in U.S. News & World Report and Carfax.

Sierra Campbell is a small business editor for USA Today Blueprint. She specializes in writing, editing and fact-checking content centered around helping businesses. She has worked as a digital content and show producer for several local TV stations, an editor for U.S. News & World Report and a freelance writer and editor for many companies. Sierra prides herself in delivering accurate and up-to-date information to readers. Her expertise includes credit card processing companies, e-commerce platforms, payroll software, accounting software and virtual private networks (VPNs). She also owns Editing by Sierra, where she offers editing services to writers of all backgrounds, including self-published and traditionally published authors.

How to start a small business: A step-by-step guide

How to start a small business: A step-by-step guide

Business Eric Rosenberg

550+ Business Plan Examples to Launch Your Business

550+ Free Sample Business Plans

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

Find your business plan example

Accounting, Insurance & Compliance

Accounting, Insurance & Compliance Business Plans

  • View All 25

Children & Pets

Children & Pets Business Plans

  • Children's Education & Recreation
  • View All 33

Cleaning, Repairs & Maintenance

Cleaning, Repairs & Maintenance Business Plans

  • Auto Detail & Repair
  • Cleaning Products
  • View All 39

Clothing & Fashion Brand

Clothing & Fashion Brand Business Plans

  • Clothing & Fashion Design
  • View All 26

Construction, Architecture & Engineering

Construction, Architecture & Engineering Business Plans

  • Architecture
  • Construction
  • View All 46

Consulting, Advertising & Marketing

Consulting, Advertising & Marketing Business Plans

  • Advertising
  • View All 54

Education

Education Business Plans

  • Education Consulting
  • Education Products

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

Entertainment & Recreation

Entertainment & Recreation Business Plans

  • Entertainment
  • Film & Television
  • View All 60

Events

Events Business Plans

  • Event Planning
  • View All 17

Farm & Agriculture

Farm & Agriculture Business Plans

  • Agri-tourism
  • Agriculture Consulting
  • View All 16

Finance & Investing

Finance & Investing Business Plans

  • Financial Planning
  • View All 10

Fine Art & Crafts

Fine Art & Crafts Business Plans

Fitness & Beauty

Fitness & Beauty Business Plans

  • Salon & Spa
  • View All 35

Food and Beverage

Food and Beverage Business Plans

  • Bar & Brewery
  • View All 77

Hotel & Lodging

Hotel & Lodging Business Plans

  • Bed and Breakfast

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

IT, Staffing & Customer Service

IT, Staffing & Customer Service Business Plans

  • Administrative Services
  • Customer Service
  • View All 22

Manufacturing & Wholesale

Manufacturing & Wholesale Business Plans

  • Cleaning & Cosmetics Manufacturing
  • View All 68

Medical & Health

Medical & Health Business Plans

  • Dental Practice
  • Health Administration
  • View All 41

Nonprofit

Nonprofit Business Plans

  • Co-op Nonprofit
  • Food & Housing Nonprofit
  • View All 13

Real Estate & Rentals

Real Estate & Rentals Business Plans

  • Equipment Rental

Retail & Ecommerce

Retail & Ecommerce Business Plans

  • Car Dealership
  • View All 116

Technology

Technology Business Plans

  • Apps & Software
  • Communication Technology

Transportation, Travel & Logistics

Transportation, Travel & Logistics Business Plans

  • Airline, Taxi & Shuttle
  • View All 62

View all sample business plans

Example business plan format

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

Executive summary

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

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

Products & services

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

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

Market analysis

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

Competition

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

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

Marketing & sales

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

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

Milestones & metrics

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

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

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

Company & team

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

Financial projections

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

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

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

Types of business plans explained

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

Traditional business plan

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

Business model canvas

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

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

One-page business plan

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

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

Growth planning

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

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

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

Download a free sample business plan template

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

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

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

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

Choose a business plan example from a similar type of company

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

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

Use a business plan example as a guide

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

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

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

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

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

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

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

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

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

Prepare to pitch your business

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

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

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

Get LivePlan in your classroom

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

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

Ready to get started?

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

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

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Pro-war Russian businessman to take over Danone's Russian assets -FT

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'DISTRESSED SALE'

Reporting by Utkarsh Shetti and Shubham Kalia in Bengaluru, Alexander Marrow in London; additional reporing by Dominique Vidalon in Paris, editing by Miral Fahmy and Jason Neely

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GM says Cadillac Lyriq again qualifies for $7,500 US EV tax credit

General Motors said on Wednesday the automaker's Cadillac Lyriq is again eligible for a U.S. $7,500 electric vehicle tax credit after a battery sourcing change to address two minor components.

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Thousands of student-loan borrowers are set to get emails from Biden that their balances are wiped out. Here's what happens next.

  • Biden announced $1.2 billion in student-debt cancellation for 153,000 borrowers.
  • It's a result of early implementation of a SAVE plan provision to shorten the timeline for debt relief.
  • Biden is notifying impacted borrowers on Wednesday, and it could take a few weeks for servicers to apply the relief.

Insider Today

Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled.

On Wednesday morning, the White House and Education Department announced it would be canceling $1.2 billion in student debt for 153,000 borrowers — the result of early implementation of a provision in the SAVE income-driven repayment plan that shortens the timeline for borrowers to see relief.

Specifically, borrowers who originally took out $12,000 in loans or less and have made as few as 10 years of qualifying payments are becoming eligible to have their remaining balances wiped out .

Beginning on Wednesday, borrowers in the first batch of relief will receive emails from Biden stating: "Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan."

"I hope this relief gives you a little more breathing room," the email, a draft of which was reviewed by Business Insider, said. "I've heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they've put on hold."

A White House fact sheet stated that the shortened timeline to forgiveness will especially help "borrowers with smaller loans and put many on track to being free of student debt faster than ever before." Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment.

Here's what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief.

Next steps for SAVE plan debt relief

Biden's email noted that the Education Department has already informed impacted borrowers' loan servicers that they are eligible for relief. The relief will happen automatically, and borrowers who are notified will not need to take any action.

Servicers will notify borrowers that their forgiveness has been applied, but "it may take some time for your account with your servicer to reflect this change," per the email. It recommends borrowers wait at least 21 days after being notified of the relief to contact their servicers if they still do not see the relief applied to their accounts.

The Education Department also said that beginning next week, it will start emailing borrowers not currently on the SAVE plan that they could become eligible for relief if they enroll. Borrowers already enrolled in SAVE but not included in the first batch of debt relief will have their loans automatically discharged once they meet the criteria, and the department will continue evaluating borrowers' accounts "on a regular basis," per its press release .

Biden's email also cautioned borrowers to watch out for scams and said that any notification regarding debt relief would come from [email protected], [email protected], or [email protected].

More upcoming student-debt relief

While the relief announced on Wednesday was a result of early implementation, other provisions of the SAVE plan will be going into effect in July. Those include cutting payments for undergraduate loans in half and allowing periods in deferment of forbearance to count toward forgiveness progress.

Beyond the SAVE plan, the Education Department is also planning to complete its one-time account adjustments for borrowers on income-driven repayment plans and Public Service Loan Forgiveness by July 1. The adjustments have so far given thousands of borrowers relief, but the department recommends borrowers who are not in the federal direct loan program or have federally-held loans in the Federal Family Education Loan program consolidate their loans by the end of April to benefit from the adjustment.

More broadly, on February 22 and 23, the department is holding its final negotiation session with stakeholders to help craft its second attempt at student-debt relief after the Supreme Court struck down the first plan. Once negotiations conclude, the department will prepare proposed text on the borrowers it's seeking to include in this new relief plan.

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Watch: Why student loans aren't canceled, and what Biden's going to do about it

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  21. Understanding The Distinction Between a Business Plan & Business Planning

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

  25. Danone planning to sell Russian operations to Chechnya-linked

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  28. Next steps for SAVE plan debt relief

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