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

Clifford Chi

Published: February 06, 2024

Free Business Plan Template

i think the best business plans are ones that are

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

Thank you for downloading the offer.

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

sample business plans and examples

hbspt.cta._relativeUrls=true;hbspt.cta.load(53, 'e9d2eacb-6b01-423a-bf7a-19d42ba77eaa', {"useNewLoader":"true","region":"na1"});

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.

i think the best business plans are ones that are

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

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

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

1. Executive Summary

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

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

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

Company Description

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

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

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

Products and Services

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

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

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

Executive Summary Business Plan Examples

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

business plan sample: Executive Summary Example

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

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

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

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

2. Market Opportunity

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

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

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

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

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

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

Market Opportunity Business Plan Example

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

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

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

3. Competitive Landscape

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

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

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

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

Competitive Landscape Business Plan Example

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

Business plans examples: Competitive Landscape

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

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

Tips for Writing Your Competitive Landscape

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

4. Target Audience

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

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

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

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

Target Audience Business Plan Example

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

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

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

5. Marketing Strategy

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

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

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

Marketing Strategy Business Plan Example

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

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

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

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

6. Key Features and Benefits

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

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

Key Features and Benefits Business Plan Example

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

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

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

7. Pricing and Revenue

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

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

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

Pricing and Revenue Business Plan Example

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

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

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

8. Financials

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

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

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

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

Financials Business Plan Example

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

Business plans examples: Financials

Tips for Writing Your Financials Section

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

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

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

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

1. Startups

Startup business plans are for proposing new business ideas.

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

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

2. Feasibility Studies

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

3. Internal Use

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

4. Strategic Initiatives

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

5. Business Acquisition or Repositioning

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

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

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

1. HubSpot's One-Page Business Plan

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

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

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

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

Why I Like It

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

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

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

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

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

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

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

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

Sample Business Plan: LiveFLow

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

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

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

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

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

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

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

4. ThoughtCo’s Sample Business Plan

sample business plan: ThoughtCo.

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

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

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

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

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

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

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

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

7. HubSpot’s Complete Guide to Starting a Business

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

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

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

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

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

8. Panda Doc’s Free Business Plan Template

sample business plan: Panda Doc

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

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

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

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

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

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

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

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

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

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

Let’s take a look.

1. LiveFlow

business plan example: liveflow

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

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

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

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

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

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

2. Lula Body

Business plan example: Lula body

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

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

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

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

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

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

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

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

4. Vesta Home Automation

business plan example: Vesta executive summary

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

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

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

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

5. NALB Creative Center

business plan examples: nalb creative center

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

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

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

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

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

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

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

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

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

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

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

7. Culina Sample Business Plan

sample business plan: Culina

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

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

8. Plum Sample Business Plan

Sample business plan: Plum

Don't forget to share this post!

Related articles.

How to Write a Powerful Executive Summary [+4 Top Examples]

How to Write a Powerful Executive Summary [+4 Top Examples]

19 Best Sample Business Plans & Examples to Help You Write Your Own

19 Best Sample Business Plans & Examples to Help You Write Your Own

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

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

Maximizing Your Social Media Strategy: The Top Aggregator Tools to Use

Maximizing Your Social Media Strategy: The Top Aggregator Tools to Use

The Content Aggregator Guide for 2023

The Content Aggregator Guide for 2023

7 Gantt Chart Examples You'll Want to Copy [+ 5 Steps to Make One]

7 Gantt Chart Examples You'll Want to Copy [+ 5 Steps to Make One]

The 8 Best Free Flowchart Templates [+ Examples]

The 8 Best Free Flowchart Templates [+ Examples]

15 Best Screen Recorders to Use for Collaboration

15 Best Screen Recorders to Use for Collaboration

The 25 Best Google Chrome Extensions for SEO

The 25 Best Google Chrome Extensions for SEO

Professional Invoice Design: 28 Samples & Templates to Inspire You

Professional Invoice Design: 28 Samples & Templates to Inspire You

2 Essential Templates For Starting Your Business

Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform

  • Search Search Please fill out this field.

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.

i think the best business plans are ones that are

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 ."

  • How to Start a Business: A Comprehensive Guide and Essential Steps 1 of 25
  • How to Do Market Research, Types, and Example 2 of 25
  • Marketing Strategy: What It Is, How It Works, and How to Create One 3 of 25
  • Marketing in Business: Strategies and Types Explained 4 of 25
  • What Is a Marketing Plan? Types and How to Write One 5 of 25
  • Business Development: Definition, Strategies, Steps & Skills 6 of 25
  • Business Plan: What It Is, What's Included, and How to Write One 7 of 25
  • Small Business Development Center (SBDC): Meaning, Types, Impact 8 of 25
  • How to Write a Business Plan for a Loan 9 of 25
  • Business Startup Costs: It’s in the Details 10 of 25
  • Startup Capital Definition, Types, and Risks 11 of 25
  • Bootstrapping Definition, Strategies, and Pros/Cons 12 of 25
  • Crowdfunding: What It Is, How It Works, and Popular Websites 13 of 25
  • Starting a Business with No Money: How to Begin 14 of 25
  • A Comprehensive Guide to Establishing Business Credit 15 of 25
  • Equity Financing: What It Is, How It Works, Pros and Cons 16 of 25
  • Best Startup Business Loans 17 of 25
  • Sole Proprietorship: What It Is, Pros and Cons, and Differences From an LLC 18 of 25
  • Partnership: Definition, How It Works, Taxation, and Types 19 of 25
  • What is an LLC? Limited Liability Company Structure and Benefits Defined 20 of 25
  • Corporation: What It Is and How to Form One 21 of 25
  • Starting a Small Business: Your Complete How-to Guide 22 of 25
  • Starting an Online Business: A Step-by-Step Guide 23 of 25
  • How to Start Your Own Bookkeeping Business: Essential Tips 24 of 25
  • How to Start a Successful Dropshipping Business: A Comprehensive Guide 25 of 25

i think the best business plans are ones that are

  • Terms of Service
  • Editorial Policy
  • Privacy Policy
  • Your Privacy Choices
  • Credit cards
  • View all credit cards
  • Banking guide
  • Loans guide
  • Insurance guide
  • Personal finance
  • View all personal finance
  • Small business
  • Small business guide
  • View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

How to Write a Business Plan, Step by Step

Rosalie Murphy

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

What is a business plan?

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

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

Bizee

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

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

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

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

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

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

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

Your business’s registered name.

Address of your business location .

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

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

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

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

i think the best business plans are ones that are

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...

Find small-business financing

Compare multiple lenders that fit your business

One blue credit card on a flat surface with coins on both sides.

business plan

How to Write a Business Plan in 2023: The Ultimate Guide for Every Entrepreneur

Are you starting a new business or trying to get a loan for your existing venture? If so, you’re going to need to know how to write a business plan. Business plans give entrepreneurs the opportunity to formally analyze and define every aspect of their business idea .

In this post, you’ll learn how to put together a business plan and find the best resources to help you along the way.

i think the best business plans are ones that are

Start selling online now with Shopify

i think the best business plans are ones that are

What is a Business Plan? 

A business plan is a formal document that outlines your business’s goals and how you will achieve those goals. Entrepreneurs who start out with business plans are 16 percent more likely to build successful companies , according to the Harvard Business Review.  Developing a business plan ensures sustainable success, guiding you as you grow your business, legitimizing your venture, and helping you secure funding (among countless other benefits). 

What Are the Main Purposes of a Business Plan?

Most financial institutions and service providers require you to submit a detailed business plan to obtain funding for your business. Online businesses will likely have a low overhead to start, so they may not need funding and therefore may not feel the need to write a business plan. That said, writing a business plan is still a good idea as it can help you secure a drastic increase limit on your credit card as your business grows or open a business account. This varies per bank.

If you’re growing your business, use it to help you raise expansion capital, create a growth strategy, find opportunities, and mitigate risks.Palo Alto software found that companies who make business plans are twice as likely to secure funding . .

→ Click Here to Launch Your Online Business with Shopify

If you’re just starting your business, making a business plan can help you  identify your strengths and weaknesses, communicate your vision to others, and develop accurate forecasts.

business plan format

How to Make a Business Plan: The Prerequisites 

Here are the prerequisites to creating a solid business plan:

  • Establish goals
  • Understand your audience
  • Determine your business plan format
  • Get to writing! 

Establish Goals

There are two key questions to ask here: 

  • What are you hoping to accomplish with your business?
  • What are you hoping to accomplish with your business plan?

Approaching your business plan through that lens will help you focus on the end goal throughout the writing process. These also provide metrics to measure success against. 

Before writing your business plan, gather the content and data needed to inform what goes in it. This includes researching your market and industry – spanning everything from customer research to legalities you’ll need to consider. It’s a lot easier to start with the information already in front of you instead of researching each section individually as you go. 

Turn to guides, samples, and small business plan templates to help. Many countries have an official administration or service dedicated to providing information, resources, and tools to help entrepreneurs and store owners plan, launch, manage, and grow their businesses. 

The following will take you to online business plan guides and templates for specific countries.

  • United States Small Business Administration (SBA) – The “write your business plan page” includes traditional and lean startup business plan formats, three downloadable sample business plans, a template, and a step-by-step build a business plan tool.
  • Australian Government – The “business plan template” page includes a downloadable template, guide, and business plan creation app.
  • UK Government Business and Self-Employed – The “write a business plan” page includes links to a downloadable business plan template and resources from trusted UK businesses. .
  • Canada Business Network – The “writing your business plan” page includes a detailed guide to writing your business plan and links to business plan templates from Canadian business development organizations and banks.

These business resource sites also offer a wealth of valuable information for entrepreneurs including local and regional regulations, structuring, tax obligations, funding programs, market research data, and much more. Visit the sites above or do the following Google searches to find official local business resources in your area:

  • your country government business services
  • your state/province government business services
  • your city government business services

Some Chamber of Commerce websites offer resources for business owners, including business plan guides and templates. Check your local chapter to see if they have any.

Banks that offer business funding also often have a resource section for entrepreneurs. Do a Google search to find banks that offer business funding as well as business plan advice to see the business plans that get funding. If your bank doesn’t offer any advice, search for the largest banks in your area:

  • business plan guide bank name
  • business plan samples bank name
  • business plan template bank name

If you’re looking for more sample business plans, Bplans has over 500 free business plan samples organized by business type as well as a business plan template. Their collection includes 116 business plans for retail and online stores. Shopify also offers business plan templates intended to help small business owners and aspiring entrepreneurs identify functional areas of a business they may not have considered.

i think the best business plans are ones that are

Understand Your Audience

Because business plans serve different purposes, you’re not always presenting it to the same audience. It’s important to understand who’s going to be reading your business plan, what you’re trying to convince them to do, and what hesitations they might have. 

That way, you can adapt your business plan accordingly. As such, your audience also determines which type of business plan format you use. Which brings us to our next point…

Which Business Plan Format Should You Use? 

The United States Small Business Administration (SBA) presents two business plan formats: 

  • The traditional business plan format is for entrepreneurs who want to create a detailed plan for themselves or for business funding. 
  • The lean startup business plan format, on the other hand, is for business owners that want to create a condensed, single-page business plan.

If the business plan is just for you and internal folks, draft a lean startup business plan or a customized version of the traditional business plan with only the sections you need. If you need it for business funding or other official purposes, choose the formal business plan and thoroughly complete the required sections while paying extra attention to financial projections.

If your business operates outside the U.S., clarify the preferred format with your bank.

How to Create a Business Plan: Questions to Ask Yourself

As you write a business plan, take time to not only analyze your business idea, but yourself as well. Ask the following questions to help you analyze your business idea along the way:

  • Why do I want to start or expand my business?
  • Do my goals (personal and professional) and values align with my business idea?
  • What income do I need to generate for myself?
  • What education, experience, and skills do I bring to my business?

i think the best business plans are ones that are

How to Write a Business Plan Step by Step

According to the business plan template created by SCORE, Deluxe, and the SBA , a traditional business plan encompasses the following sections. 

  • Executive summary
  • Company description
  • Products & services
  • Market analysis
  • Marketing & sales
  • Management & organization
  • Funding request
  • Financial projections
  • SWOT analysis

Since not everyone is aware of the key details to include in each section, we’ve listed information you can copy to fill in your business plan outline. Here’s how to build a business plan step by step.  

Executive Summary

The Executive Summary is the first part of your business plan, so this is where you need to hook readers in. Every business plan starts this way — even a simple business plan template should kick off with the Executive Summary. Summarize your entire business plan in a single page, highlighting details about your business that will excite potential investors and lenders. 

Explain what your business has to offer, your target market , what separates you from the competition, a little bit about yourself and the core people behind your business, and realistic projections about your business’ success.

While this is the first section of your business plan, write it after you’ve completed the rest of your business plan. It’s a lot easier because you can pull from the sections you’ve already written, and it’s easier to identify the best parts of your business plan to include on the first page.

Company Description

In the Company Description, share 411 about your business. Include basic details like: 

  • Legal structure (sole proprietor, partnership, corporation, etc.)
  • Business and tax ID numbers
  • When the business started
  • Ownership information
  • Number of employees

Your mission statement , philosophy and values, vision, short- and long-term goals, and milestones along with a brief overview of your industry, market, outlook, and competitors should also be in the Company Description.

Pro tip: These are the details you’ll use each time you create a business profile, whether that's on social media, business directories, or other networks. Keep your information consistent to reduce confusion and instill more confidence in potential customers. 

Products & Services

The Products & Services section details what you plan to sell to customers. For a dropshipping business , this section should explain which trending products you’re going to sell, the pain points your products solve for customers, how you’ll price your products compared to your competitors, expected profit margin, and production and delivery details.

Remember to include any unique selling points for specific products or product groupings, such as low overhead, exclusive agreements with vendors, the ability to obtain products that are in short supply / high demand based on your connections, personalized customer service, or other advantages.

For dropshipping businesses selling hundreds or even thousands of products, detail the main categories of products and the number of products you plan to offer within each category. By doing this, it’s easier to visualize your business offerings as a whole to determine if you need more products in one category to fully flesh out your online store.

Market Analysis

The Market Analysis section of your business plan allows you to share the research you have done to learn about your target audience — the potential buyers of your products. People requesting a business plan will want to know that you have a solid understanding of your industry, the competitive landscape, who’s most likely to become your customers. It’s important to demonstrate that  there’s a large enough market for your product to make it profitable and/or to make a strong return on investment .

To complete the Market Analysis component of your business plan, check out the following resources for industry, market, and local economic research:

  • U.S. Embassy websites in most countries have a business section with information for people who want to sell abroad. Business sections include a basic “getting started” guide, links to economic and data reports, trade events, and additional useful business links for a particular region.
  • IBISWorld is a provider of free and paid industry research and procurement research reports for the United States , United Kingdom , Australia , and New Zealand .  
  • Statista offers free and paid statistics and studies from over 18,000 sources including industry reports, country reports, market studies, outlook reports, and consumer market reports.   

Use these websites and others to learn about the projected growth of your industry and your potential profitability. You can also use social media tools like Facebook Audience Insights to estimate the size of your target market on the largest social network

Another way to research your market and products is through Google Trends . This free tool will allow you to see how often people search for the products your business offers over time. Be sure to explain how your business plans to capitalize on increasing and decreasing search trends accordingly.

Marketing & Sales

Knowing your target market is half the battle. In the Marketing & Sales section, share how you plan to reach and sell products to your target market. Outline the marketing and advertising strategies you intend to use to market your product to potential customers – search marketing , social media marketing , email marketing , and influencer marketing methods .

If you’re unsure how to market your business’ products, analyze your competitors for some inspiration. Discovering your competition’s marketing tactics will help you customize your own strategy for building a customer base and ultimately taking your business to the next level. 

Do a Google search for your competitor’s business name to find the websites, social accounts, and content they’ve created to market their products. Look at the ways your competitor uses each online entity to drive new customers to their website and product pages.

Then come up with a plan to convert a similar audience with your marketing and advertising messages. For dropshipping businesses, conversions will typically take place on your website as people purchase your products and/or by phone if you take orders over the phone. 

Management & Organization

In the Management & Organization piece of your business plan, describe the structure of your business. In terms of legal structure and incorporation, most businesses are classified as sole proprietorships (one owner), partnerships (two or more owners), corporations, or S corporations.

Draft a condensed resume for each of the key members of your business. If you’re a solopreneur , include how your past education and work experience will help you run each aspect of your business. If you have one or more partner(s) and employee(s), include their relevant education and experience as well.

Think of this as a great way to evaluate the strengths of each individual running your business. When self-evaluating, you’ll be able to identify the aspects of your business that’ll be easier to manage and which ones to delegate to freelancers, contractors, employees, and third-party services. This also makes it easier to find the best way to utilize their strengths for business growth.

Funding Request

Chances are, you don’t have a funding request for a startup dropshipping business since the appeal to dropshipping is the low upfront investment . If you’re looking for a loan, however, this would be the section where you outline the dollar amount you need, what you plan to invest in, and how you see the return on your investment.

Another way to use this section is to analyze the investment you have or plan to make when starting or growing your business. This should include everything from the computer you use to run your website to the monthly fee for business services.

Financial Projections

In Financial Projections, share your projected revenue and expenses for the first or next five years of your business. The idea here is to demonstrate that the revenue you’re anticipating will easily lead to a return on any investment, whether from your personal finances or a capital lending service.

i think the best business plans are ones that are

If you’re looking for funding, you’ll need to go into detail with projected income statements, balance sheets, cash flow statements, and capital expenditure budgets. If you aren’t looking for funding, it won’t hurt to create these types of financial projections so you can realistically plan for the future of your business.

The Appendix of your business plan includes any supplemental documents needed throughout the sections of your business plan. These may include, but are not limited to: 

  • Credit histories
  • Product brochures
  • Legal forms
  • Supplier contracts

If you’re submitting your business plan for funding, contact the lender to see what documentation they want included with your funding request.

SWOT Analysis

In addition to the above sections, some business plans also include a SWOT Analysis. This is a one-page summary of your business’s strengths, weaknesses, opportunities, and threats. The strengths and weaknesses you include will be internal, whereas opportunities and threats you include will be external. 

Depending on the revelations of this section, you may or may not want to make a SWOT analysis when submitting your business plan formally unless it is requested.

i think the best business plans are ones that are

Summary: How to Create a Business Plan

As you can see, creating a business plan for your dropshipping business is a great way to validate your business idea , discover your business’s strengths and weaknesses, and make a blueprint for your business's future.

In summary, here are the sections you will need to write for your business plan, step by step:

  • SWOT analysis (Optional)

If you haven’t already, take the time to create a business plan to launch or grow your business in 2023!

Want to Learn More?

  • How to Start a Dropshipping Business
  • How to Register a Business in the USA
  • How to Launch Your Ecommerce Store in Less Than 30 Minutes Flat
  • 30+ Amazing Startup Business Ideas That’ll Make You Money

i think the best business plans are ones that are

How to Start an Ecommerce Business: 2024 Edition

Discover how to launch your own ecommerce business in 2024. Find practical steps and the latest strategies for success.

color psychology

Color Psychology: How Strategic Color Choices Enhance Marketing and Brand Impact (2024)

Dicover how brands use color psychology to enahnce marketing and brand impact.

how to start a business 2019

How to Start a Business in 2024: A 10-Step Guide

Learn how to find an idea, source your products, develop your brand, manage your money, and everything in between with …

Oberlo uses cookies to provide necessary site functionality and improve your experience. By using our website, you agree to our privacy policy.

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

By Joe Weller | October 11, 2021

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn

Link copied

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.

Streamline Your Business Planning Activities with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

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

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

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

Creating the Best Business Plan for Your Business Idea

A great pitch deck need confidence. Based on years of experience writing winning business plans, Abhishek Sareen lays out the complete guide on how to create the best business plan from scratch.

Over the years of my professional career in management consulting, new business development and corporate strategy, I have been involved in creating business plans in various sectors. I have also pitched them to investment committees for funding a new business unit.

I learned many things in these years, like financial modelling, setting up an organization structure, positioning, etc. However, the most I’ve learned about creating a business plan was recently when I was creating a pitch deck for Shilpa Ahuja Media along with my co-founder wife. The importance of visual storytelling and giving a structure to your business plan are just as important as its core elements. These things not only make it more understandable for the investors, but improve the founder’s thought clarity too.

Here I’m sharing the learnings from all my experiences that will help anyone create the best business plan, whether you’re an entrepreneur or a working professional.

What is a Business Plan

A business plan is a document that outlines the goals of an individual or company, and the activities & resources that will be used to achieve these goals. A business plan is not just about writing down what you want to do, it’s about how you are going to do it and why. It’s about creating a relatable story through identifying a real problem, and showing how your business is going to solve it.

Creating the Best Business Plan – Planning

A business plan should include the following elements:

  • Target Market & Opportunity
  • Customer insights
  • Problem statement
  • Product’s value proposition
  • Competition & Current Solutions
  • Demo, screenshots, mockups, etc.
  • Marketing strategy
  • Financial projections
  • Key team members

We’ll discuss each component below in detail.

Other than these points, you can also include annexures to discuss extra points, or detail these out further. You can also include some other points like why is the timing of your solution relevant now, or unique advantages your solution has. Beware of the word “strategy”, as a lot of people shall talk about it, but very few people understand it. Do read this article for your reference if you want to understand what is strategy .

These are the basics. But creating the best business plan is all about going into detail for each of these. It’s about showing your own belief in your idea. It’s also about showcasing your brand. These days, it’s common for investors to expect well-designed pitch decks that are presented with images, infographics and bold colors or fonts. Be sure to design it in a way that reflects your brand. It needs to be easy to understand and concise.

Why Do You Need a Business Plan

One of the main purpose of a business plan is to raise money from investors or banks. It’s thus very important to keep in mind who your audience is. If someone is going to put money in your money business idea, they would like to know each and every aspect of your plan and how you plan to make money. Your plan’s depth also reflects your confidence, and that’s one of the most important things an investor would be looking for. After all it’s the people behind the business that an investor will really invest in.

Other than the investors, a business plan can also be really helpful for business partners to understand and align each other’s vision for the company. For business owners, it can give thought-clarity and help them discover key challenges or weaknesses.

Key Components of a Business Plan

Every business is unique in the mind of its creator. However, potential business investors have got used to a set format and general conventions, as it helps them quickly evaluate several business plans. The flow of a business plan should be as follows:

1. Vision and Value Proposition

The best business plan starts with a one sentence overview of your business and where you are planning to take it. Vision sets the tone and premise for the entire business plan. It’s the core idea of the founder, what value the business aims to deliver. It’s the direction which anybody may refer to, when you think you are losing your focus.

Don’t go into too much detail here, keep it short and easily understandable, almost like a tweet. The clarity of you vision and value proposition is key, and reflects your self-confidence in the business idea to your potential investors. It’s very common that you may go astray from the core idea you had initially envisaged, so make sure the rest of the business plan, each aspect of it, aligns with this page.

2. The Problem

Every good business idea solves an existing problem – a real problem that people have experienced and can understand. Since you’re going to deliver a solution to your customer, you must first identify the problem. Unless you recognize and define the problem, you would not be able to address it. Once you recognize the pain points of your a potential customer, you would then be able to deliver a solution or product’s value proposition effectively.

Make sure you’re defining a real world problem, and the state in such a way that it is easily relatable for your potential investor. Creating the best business plan is a lot about storytelling, so be sure to start it in an engaging way.

3. Target Market and Opportunity

Once the you have clearly defined your problem, you need to narrow down your focus and define your potential target market. It’s very important to define your ideal customer segment and profile them. You may target a potential market segment, but those need not always be your only customer base. You can always make it broader and have customers in other segments too.

For example, if you are launching a product for the youth, there is a very high probability other older customers may also buy your product or service. Once you are clear about your target market segment, you then need to calculate the opportunity size. While calculating the potential opportunity, you need to be very precise. You need to have a plausible calculation logic and estimate the opportunity that your business is going to address. You can always mention other market segments that may use your products.

In a lot of cases, a brand think they will be catering to particular target segment, however in reality a different customer segment my find its use and functionality and become major buyer for it. It’s not uncommon that a brands internal perception about itself is different from the potential customer perception it. However, once you narrow your focus to target segment, your value proposition becomes sharper.

4. The Solution

This is the part where you detail out your solution or how you going to deliver value to your intended target customer. You could define your solution with the help of use cases, compare your solution with other possible offerings in the market. You can also create mock ups to communicate your idea as vividly as possible. Your proposed solution is the heart of your business plan. In a lot of cases the consumers cannot define a need for products or solutions they want, and it’s the entrepreneurs insight or gut feel that defines the product. Sometimes a products availability itself create its demand.

Market or consumer research may be a good tool to understand your consumer’s psyche, but in a lot of cases it’s deceptive. Consumer in reality often don’t really know what they want from product or service. They may think they want something, but the reality could be the complete opposite. This intricate knowledge can be termed as customer insight, which can only be learned by first-hand experience.

5. Revenue Model or Business Model

Based on the market opportunity and solution, you can now put numbers to justify your business plan. Calculate the potential revenue & profits that your business will generate over 5 to 10 years of time. What are the different possible ways that your business solution will generate revenue so that you can make a profit. A business is usually valued by the maximum possible revenue that it can generate in a year, the profits, and number of potential customers it can cater to. The best business plan should try to maximize profits and valuation through a large customer base.

6. Traction and Validation/Roadmap

Here you put down the steps how you would approach building your business step by step. Once in progress, what are the key result areas that you shall achieve to measure your businesses performance. You can break down the roadmap year by year over a period of 5 or 10 years.

7. Marketing and Sales strategy

It’s easy to define your product and make a plan to sell it, but the big question here is, how would you go about selling your product. If you can’t sell your product, your product is of no use. Here you define your product sales pitch, your pricing policy, your distribution strategy, and your advertising message or communication strategy. This should be effective enough to be able to generate the revenue and profit as detailed in your revenue models. You can read my article on marketing here.

8. The Team

Your team is the most important asset. In the end if someone is going to put money in your business, they are eventually putting their faith in you or the individuals that make up the core team behind the business idea that you are selling. At the end of your business presentation, it’s you and your team will be judged. You thus need to market your credibility through your work experience, your insights and your motivation behind this business idea.

9. Financials

Once your revenue streams are clear, you also need to account for the expenses that you shall incur in order to generate this revenue. This will be the starting point of your financial business model. Using this data, you can then take help of some financial expert, who can then help you build profit & loss statement, balance sheet, cash flow statement, etc.

Your financials should also summarizes how the invested money would be used, and when could an investor expect to receive their money back.

10. Competition & Benchmarking

It’s very important to be aware of who your possible competitors are in the market. You would need to benchmark yourself with all possible players. Many a times we tend to shy away from the activity and think you may not have any competitors, but that would not be true as your product or service will compete with other products or category in some way or other.

This slide on competition & benchmarking needs take into account all possible competitive scenarios. This an extremely important exercise and helps you reflect in a mirror, where you compare your solution with potential competitors.

You can analyze what market gaps your competition are filling and what you would be doing differently. This can be shown through  table matrix or infographic.

11. Demo and Screenshots

Your business plan also needs to be low on text, and should be easy to understand using charts and info-graphics. Demos and screenshot should be presented so that your potential investors can visualize your business idea as much as possible, as a picture speaks a thousand words.

12. Relevant Annexures

Some say your business plan need short and concise, but I believe the best business plan is the one that is thorough. A detailed business plan can always be shortened, but the vice versa isn’t true. Your true investors who are considering to put their money, will want to make sure you have taken nothing for granted. You also need to take the right advise from the right people. People who aren’t your investors may find your business plan presentation or document boring and verbose, as they are unlikely to put their money at stake, so you need to be careful who you take advice from.

There is no perfect business plan pitch and there is no ideal investor. Since you have created a business plan, you have to be ready for all kinds questions and interrogations.

Once during a business presentation I was asked something (related to international market players) which was beyond the scope of my presentation. Still I had some prepared some extra slides and kept them in backup. To be frank I has asked myself, if I was an investor what question would I ask. So I just prepared a few extra slides just in case. You can thus be prepared of possible questions and details and keep relevant information related to possible partnership that you many want to engage in business, detailed market research, detailed financial, sensitivity analysis, etc.

Good vs. Great Business Plan

Here are some tips to go over and above the basics, and make the best business plan. It should be:

A good business plan is one that has a clear and concise goal, a well-defined market, a sound financial plan and a good understanding of risks. A great business plan is one that has all of the above but also includes an innovative idea or solution to a problem.

If you are about to create something truly unique, it’s highly likely that people may not understand it in the first go, as it’s unlike any conventional business idea. A great business plan is like a complicated story told well.

Oftentimes, founders complain that their idea is so innovative that others can’t understand or appreciate it. But that’s just because they can’t explain it well. You thus need to be creative and persistent enough to make sure your business idea is communicated to and understood by the intended person. This may be not be easy as it sounds, however that’s the challenge.

Well-Edited

One should not expect to be able to create the best business plan in one sitting. It may take a several iterations to create a good business plan. You may have clarity of thought in your mind, but to give it the shape of a document or presentation is another skill.

Think of potential questions or concerns, and address them in the business plan or annexures. Remove information that’s not addressing the defined problem, or that’s convoluting the plan overall.

To-the-Point

Avoid lengthy explanations or unnecessary points.

The best business plan avoids too many words and long paragraphs. This was the #1 feedback we received from other entrepreneurs who had received funding that we showed our pitch deck to.

Use images or infographics to drive your points. Visually represent your data and ideas where you can. Highlight key points using a bold font or bigger font size. Add an accent color to highlight headings or important points.

Easily Understandable for Someone in a Different Field

A lot of times we assume, the person reading the business plan would have the same level of understanding as the founder or business plan creator, but that is seldom the case.

A business plan creator needs to empathize with the level of understanding of their potential investor and present the information at their level. You should not consider them very dumb, but not very well informed about your field either.

What Makes a Bad Business Plan

While making business plan, it’s very important to have your priorities right. In my personal experience you should spend a majority of time designing and defining your products or service. If your product or service is good, it will sell itself. On the other hand if your product or service is not well thought out and doesn’t convincingly deliver the core functionality, no amount of marketing can make it a success.

Your business idea needs to be scalable, thus the best business plan is one that shows the potential to be big. If your business idea’s scope is small and has limited growth potential, you are not thinking big enough. You should also lay out a plan for the future on how will you expand your business once you have achieved your planned goals.

All business plans have an element of risk. You should be able to articulate those risks for your investors. If you haven’t done that, its mean you are too optimistic about your plan and haven’t planned for any contingencies. By doing a risk assessment and evaluating potential solutions, you are being realistic about your business plan’s execution.

Read next: What is Strategy? An Expert Guide to Business Strategy 101

Abhishek Sareen is a sales & marketing professional with over 16 years of experience. He started his career as a management consultant at Kurt Salmon Associates and has worked in marketing & brand management, international business in sectors like precision steel tubes for automotive industry, consumer goods and retail.

He’s is a passionate cyclist and participated in several endurance competitive events. His interests are in behavioral psychology, economics and chess. He is a graduate in Computer Science and an MBA in Marketing. He completed his executive education from IIM-A in 2016 focusing on business strategy.

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

  • Starting a Business
  • Growing a Business
  • Business News
  • Science & Technology
  • Money & Finance
  • Subscribers For Subscribers
  • ELN Write for Entrepreneur
  • Store Entrepreneur Store
  • Spotlight Spotlight
  • United States
  • Asia Pacific
  • Middle East
  • South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

JUST RELEASED: View the 2024 Franchise 500 Ranking

The Ultimate Guide to Writing a Business Plan These instructions will help you craft the best business plan possible, one section at a time.

By The Staff of Entrepreneur Media, Inc. • Jan 6, 2015

Writing a business plan may sound difficult and dull -- and by "may," we mean "definitely" -- but it doesn't have to be. Yes, we know you're eager to dive right in on that world-changing business idea, but having your strategy on paper is critical.

In many ways, your business plan can act as a map in an entrepreneurial landscape full of potholes, dead-ends and uphill paths. With a business plan, potential investors can clearly see what they'll be getting into, and you'll be better prepared to explain exactly why they should be a part of your vision.

Organizing your thoughts into written paragraphs can force you to think about your goals more deeply than you otherwise would. It also makes your strategy more real; now, rather than just saying you want to raise money, you have to think about how that's going to happen, how much you need and how you'll use it. Writing a business plan also forces you to articulate who your target customers are and what they need, as well as how you'll attract those customers. And this is just a small fraction of the questions you'll have to think about.

It's a thorough process that can take some time, but we're here to help. The links below will take you to articles filled with tips and tricks to make each section of your business plan the best it can be.

Read on and learn how to turn difficult and dull into intriguing and inviting.

Step 1: The Executive Summary

Step 2: The Management Section

Step 3: The Product Section

Step 4: The Industry Section

Step 5: The Marketing Section

Step 6: The Operations Section

Step 7: The Financials Section

Entrepreneur Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick Red Arrow

  • This Black Founder Was Denied a Business Loan and Set Out to Prove the 'Gatekeepers' Wrong. He's Made More Than $500,000 So Far — But It's Just the Beginning.
  • I Tried 3 AI Headshot Generators and There Was a Clear Winner
  • Lock These Are the Highest-Paying Side Hustles for a Single Day of Work
  • An Outpost of a Popular Buffet Chain Has Racked Up Tens of Millions of Views on Social Media. Here's How It Keeps Going Viral .
  • Lock I Biohacked My Way to Better Mood, Sleep and Job Performance — and You Can, Too. Here's How.
  • SMART Goals May Be Holding You Back — Try This Effective Goal-Setting Technique Instead

Related Topics Red Arrow

Most popular red arrow, recruiting firm breaks silence after leaked job listing asks for 'white' candidates only: 'legal action has been initiated'.

Arthur Grand Technologies is an IT staffing firm based in Dallas, Texas.

Create Visually Appealing Social Posts, Ad Banners and More With a Creatrio Pro Lifetime Subscription, on Sale for $49.99

With more than 2,000 templates to work from, no design experience is necessary.

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

10 Simple, Productive Activities You Can Do When You Aren't Motivated to Work

Quick note: This article is birthed out of the urge to do something productive when I am not in a working mood. It can also inspire you on simple yet productive things to do when you're not motivated to work.

She Wrote An 'Escape Plan' to Quit Her Job and Move to an Island. Now She's There Generating Nearly $300,000 A Year

"My detailed, step-by-step plan on how I would quit my job and move to a Caribbean island."

Here Are 3 Strategies Startup Founders Can Use to Approach High-Impact Disputes

The $7 billion "buy now, pay later" startup Klarna recently faced a public board spat. Here are three strategies to approach conflict within a business.

Successfully copied link

comscore

Startup Squared

The Art of Creating a Pitch Deck Team Slide

Hiring a pitch deck writer - Image of five consultants with one selected

The Startup’s Guide to Hiring a Pitch Deck Writer

airbnb pitch deck breakdown and logo

The Airbnb Pitch Deck: An Expert Breakdown

how to launch a startup - rocket in the clouds

Expert Tips: How To Launch A Startup

  • Business Planning
  • Starting A Business

What Is The Best Business Plan Format?

avatar

Let’s face it,  writing a business plan  isn’t as easy as it looks. Sure, you know your business – but putting it in a business plan format that investors can easily digest can be tricky. Developing an investor-ready business plan can be a major undertaking – especially if you’ve never written one – but if you are seeking funding for your business, you will likely need one.

Sometimes, your business plan will need to do all the speaking for you. On some occasions, potential investors may ask to see your business plan before they agree to listen to your pitch. The unfortunate part is, an investor’s attention span may be extremely limited to businesses they aren’t already familiar with. If your information isn’t structured into the right business plan format, you may lose their attention quickly.

At ThinkLions, we have worked with hundreds of businesses; helping them create winning business plans and  raise funding for their app startups . After years of developing our process, we have put together a tried-and-proven simple business plan format that has worked for many of our clients. In this article, we’ll discuss the business planning process, examine what you need to do before writing your business plan, explain how to develop the best business plan model, and introduce our business proposal outline.

Before You Write Your Business Plan

Writing a business plan isn’t the first step you should take in bringing your idea to life. Every day that you actively advance your business, you will uncover new information that will be important to add to your plan. By nature, basic business plans are full of projections. However, if you haven’t done the necessary work beforehand, you won’t have the data needed to make an honest assessment of your business. Knowing how to format a business plan is part of the formula, but preparation is key to success. 

How to write a business plan - preparing your strategy

Your business plan format is important, but it’s more important to make sure that you have met the milestones required to prove the potential of your idea. Before you write your business plan, put the necessary time and effort into accomplishing the following:

  • Know Your Market:  Having a fantastic idea means very little if it doesn’t solve a real problem for a real market. The majority of your business plan will center around proving that a market and market demand actually exists. Before writing your business plan, identify your initial market of focus. Learn everything there is to know about your customer. Go out and talk to real consumers. Join forums and online communities where your consumers hang out. Find their pain points. Listen to what they say about competitors. Get to know them intimately. The more you know about your audience, the better you will understand their needs and desires.
  • Validate Your Idea:  Once you know who your market is, you should test your idea with them and validate your assumptions. Before you write a business plan and ask an investor to invest in your idea, make sure your idea is worth investing in.  Build a minimal viable product (MVP) and launch it  to a limited audience. Adapt your product until you’ve truly created something that effectively solves a problem and is in demand by your market.
  • Gather Data:  Google is a great source of information, but if you are going to impress investors, you need real primary data from real customers of your business. As you validate your MVP, monitor  important metrics  such as cost per acquisition, conversion rate, and etc. This data will be used to show traction, forecast trends, and will act as a foundation for your financial projections.

The ThinkLions Business Plan Format

There’s nothing fancy about the business plan format we use at ThinkLions, but it’s a layout that has worked for our  business plan writers  over and over again. Furthermore, we’ll give you a few tips for each section – tips that we’ve gathered over years and years of developing startup business plans.

Click below to download our business plan format doc.

Executive Summary

Although the executive summary should be written last, it appears first in the business plan outline. In the executive summary, you will give a quick overview of the most notable details. This section should touch on all aspects of your business including the problem, solution, competition, marketing strategy, founding team, and financial projections – but in a condensed manner. Although the executive summary is a component of the business plan, it should be strong enough to stand alone as its own document.

Here are a few tips to make sure your executive summary is as strong as possible:

  • Write it last  – Think of your executive summary like the back of a novel. The book itself shouldn’t be built off the summary, but the other way around. Write the rest of the business plan first, and then use the executive summary to summarize the most important points. 
  • Make it persuasive  – Your executive summary should display the highlights of your business and build curiosity within the reader. It should make readers want to read the rest of your plan to find out more. Fail to gain their attention with the executive summary and they may not even read the rest of the plan.
  • Get to the point  – The executive summary should be brief – about one to two pages is ideal. Be brief, but powerful. Make sure every word counts. Don’t dive too deep though, you’ll have the rest of the business plan to get into the intimate details.

Company Details

After the executive summary, we officially start our business plans with details about the business itself. This includes a company summary with milestones and history; short-term and long-term objectives; and the mission and vision statement.

Company Summary

Start off this section with a quick description of your company. Provide a great elevator pitch and talk about the milestones that you’ve accomplished to date.

Here are a few tips to make sure you nail this part of the business plan:

  • Show progress:  As mentioned previously, before you write your business plan (and definitely before you start approaching investors); validate your assumptions by launching a minimal viable product. Show your progress to date. Explain how your progress proves that a demand truly exists for your product or service.
  • Tell the company story:  Don’t get too lengthy here, but give readers an idea of how you started your business. Provide context to how the founders realized that a real customer problem existed. This section gives you the opportunity to really connect with readers and to get them excited about your business.
  • Provide metrics:  Even if you have fantastic writing skills, it’s the numbers, stats, and metrics that investors really pay attention to. Show your most outstanding metrics here. If you have 1,000 customers already using your solution, explain it in detail. Or, if you have already started earning revenue, showcase how much revenue you’ve earned so far. Likewise, if you have generated fantastic marketing metrics, tell readers about it and explain why it matters!

Before you start talking about the strategy to meet your goals, you need to make those goals known. Think about your financial goals, your user objectives, the goals you have for the development of your product, your team ambitions, and more. In some way or another, every section in our business plan format will be used to describe the steps you will take to meet these goals and objectives.

Mission/Vision Statement

Construct a great mission and vision statement and include it here. Think deeply about what your company really is, who you serve, and what you stand for. The best mission statements are short and to the point, but powerful enough that readers can easily comprehend why the company needs to exist.

Products and Services

You’ve already given a summarized version of what your business is, but now you will get into the real detail of your actual product or service. In this section, describe the product’s features and abilities. Consider the features that set your products apart from competitors. If you’re in the ideation stage, your product may not physically exist yet; but this section should be written so well that readers can easily visualize it. If you have a physical product, add images or 3D product blueprints. If you are an app startup, show screenshots of the app or wireframe images.

Industry and Customer Analysis

customer analysis for business plan

Every business plan format will include some type of industry and customer analysis. These are the sections where you will include research to prove that a market and demand actually exists for your product or service.

Industry Analysis

Don’t assume that you will be successful just because you have a cool product. Successful businesses are those that solve a problem for a specific market (or multiple markets). Furthermore, even if you can prove a market exists – you still need to prove that the market is actually in demand for the product or service your offer.

Select the market that is best served by your product or service. Research it deeply. Find the data and statistics that support your case and explain why those stats are important. Look at how the market has grown historically, and identify trends that show where it will grow in the future.

Customer Personas

Once you’ve identified the markets you will serve, it’s important to also explain exactly who your customer is. How old are they? What do they do for a living? Are there specific challenges do they face? Which publications do they read? What podcasts do they listen to? Who are the influencers that they follow online? Where do they live? What are their interests? The more you know about who your customer is, the more effectively you will be able to reach and serve them.

Detail your ideal customer as if they were a real person. Give them a name and write this section in a way where a reader can immediately understand who your customer is. After giving life to your customer persona, answer this question – how does your business solve their specific problem?

Marketing Strategy

The marketing strategy will explain specifically how you will reach the market and convert them into buyers of your product or service.

Pricing & Positioning

In this section, you will explain your pricing strategy and showcase how your business will bring in revenue. Will you succeed by being cheaper than competitors? Will you provide a ‘luxury’ service or product and charge more than less-luxurious competitors? Consider how your product will be positioned in comparison to competitors and display the prices you have selected for each product or service you offer.

SWOT Analysis

The  SWOT Analysis  will allow you to describe your business’ strengths and weaknesses; the opportunities that you will capitalize on; and the threats the business will face. Typically, a SWOT Analysis is presented in a matrix with bulleted points, but we advise adding a section under the matrix that explains each point in more detail.

Marketing & Promotional Techniques

Since you’ve already launched a minimal viable product to the market, you should have an idea of what techniques you need to capitalize on to reach your audience. There are many different marketing strategies you can implement from SEO to influencer marketing to ads and beyond, but you should only focus on the most effective strategies that will allow you to quickly acquire new customers with a low CPA.

how long should a business plan be - marketing strategy

Furthermore, explain the expenses involved with implementing each strategy and the return on investment that you expect. If you mention Facebook marketing, explain how much you will put towards marketing each month, how much you will spend per click, and what percentage will convert into paying customers.

Competitive Analysis

The competitive analysis should thoroughly detail how your solution compares to your competitors’ solutions. To make it easily digestible, consider adding a table that shows each feature of your business and product; and show how it compares to the features that your competitors offer.

Also, describe your competitive advantages. What makes you special? Why should consumers choose your solution over the competition? Even if your business is closely similar to the competition, there should be something that makes it unique. Explain your unique selling points and what makes your business stand out amongst others.

Operational Strategy

There is much more to operating a business than just having a good idea. Bad operations can quickly derail a business, while a strong operational strategy can help catapult a startup to success. In our business plan format, we focus on several main areas of operation – Location, Quality Control, Customer Service, Staffing & Training, and Organizational Structure.

best business plan format - operation strategy

Quality Control

No matter if you are offering a physical product, a service, or software – quality is key. Maintaining quality though can be harder than it seems.

  • When dealing with physical products, it’s important to figure out how your product will be manufactured and how you will ensure that the manufacturers are maintaining a high-quality standard. Explain how quality will be assessed at each stage from manufacturing to final delivery.
  • Those offering services will often need to depend upon their employees and staff to deliver the best level of service to customers. Employees that deliver underwhelming services can cause customers to perceive the entire brand negatively. In this section, describe the processes you will put in place to help employees deliver the best services, and how these services will be assessed for quality.
  • Software products can be extremely fickle. One line of bad code could potentially crash an entire system. In this section of the business plan format, consider how you will deal with bugs and software updates. Describe your relationship with your developers – will they be in-house or third party? If a third party will be used, how will you ensure that they will be available to quickly address bugs found in the product?

Customer Service

Let’s face it, even the strongest brands are faced with dissatisfied customers every now and then. The way in which you deal with these dissatisfied customers will be critical to your success as a business. A single detractor can potentially turn away dozens of potential customers with one bad online review. In fact,  consumer reviews are trusted up to 12 times more  than a manufacturer’s description. The way in which you serve your customers, and not just the happy ones, will play heavily on how much consumers trust your brand.

In this section, address exactly how you will deal with customer dissatisfaction. Will you have a no-questions-asked return policy or will you only allow returns after 7 days? If a customer is dissatisfied by the service your employees provided, will you send someone else out to fix it? The steps you take to remedy your customer situations may have immediate implications on your financials – for example, a recall could cost a business millions of dollars. However, the impact of a dissatisfied customer (or several) will cost much more in lost business and diminished brand trust.

Staffing & Training

Unfortunately, your personal capacity is limited – there are only so many hours in the day and so much energy you can exert before you become overwhelmed. For any successful  B-quadrant business , having the right staff in place at the right time is critical.

For this section, thoroughly assess what your staffing needs will need to be over the next 3-5 years to meet the goals that you outlined in the “Objectives” section. If your objective is to scale 10x over the next year, you will also need to scale your team so that there is enough capacity to meet that goal. If your goal is to expand internationally within 3 years, you may need to hire international staff to manage things on the ground in these regions. Each position should be reflected in your business plan, along with their expected date of hire and salaries.

Unfortunately, employees don’t come already trained. Even if they are highly experienced in their specific area, they will likely need some guidance. How will you train them for success? Will you have a specific training program that each employee must attend? If so, this is the section to talk about it!

Organizational Structure

Now that you know what employees you will need to hire, you can create a simple hierarchy structure that shows who will manage each department and which positions will fall within those departments.

Management Team

Great businesses don’t build themselves. Instead, they are built by fantastic teams who have the right skills and backgrounds. An amazing business idea without a great founding team is like a racehorse without a jockey – it may have potential, but it’s the rider that pushes it to success. In this section of the business plan format, show that you have the right team and right advisors to launch, grow, and scale a profitable business.

business plan format - team and management

Management Bios

The most effective teams have several motivated members who each have skill sets that complement one another and contribute to the overall progress of the business. When writing the bio for each member, consider the following:

  • Background: Take a look at the background of each team member. Do they have past experiences that will help move the business forward?
  • Skills: What skills are necessary to successfully implement the steps described in the business plan? Are all of these skills present in your current team?
  • Contribution & Responsibility: What tasks are each individual responsible for? What have they contributed to the business thus far?

Advisor Bios

Great founding teams also have extensive networks with advisors that they can turn to for advice and insight. Businesses often face challenges, but by relying on the experiences of others, teams can often avoid certain obstacles or solve them quickly.

In this section of the business plan format, provide a short bio for the advisors that have committed to working with you. Detail who they are, what achievements they have made, and the highlights of their backgrounds.

Financial Projections

When writing your own business plan, the financial model is likely where you will find the most difficulty. If you are a startup, your financial model will include future projections with a 3-5 year window. If you are writing a plan for an existing business, the model will include financials from the previous several years, along with future projections. In most cases, a proper financial model will include:

  • Profit and Loss Statement: Summarizes projected revenue, costs and expenses.
  • Balance Sheet: Displays the company’s assets, liabilities and equity at a specific point in time, showing a balance between outgoing and income funds.  
  • Cash Flow Statement: Shows how the cash balance is affected by changes in balance sheet accounts. Also shows the impact of investing and financing activities.

Here’s the major tip for developing the financial model for your business plan – minimize assumptions. While there will be certain things that you will need to assume it’s best when your model uses real numbers.

  • The best financial model uses past financial history to forecast future revenues, expenses, and profits. For startups, this may mean launching a minimal viable product, getting it in the hands of real users, and generating real stats.
  • An average financial model uses secondary data from highly reliable sources, studies, and surveys. However, secondary research only relates to the overall industry – while using real numbers from your business relates directly to how your business performs within the overall industry. Secondary research is good, but statistics may vary from one study to another. Make sure you only use data from high-quality and reputable sources.
  • The least effective financial models are full of assumptions. In these plans, entrepreneurs guess what their expenses will be, what portion of the market they can reach, and how much revenue they can generate; instead of backing it up with real data and research.

Funding Requirement

Finally, reveal your financial ask and explain exactly why you need that amount. Itemize where each dollar will be spent to give readers a clear understanding of your financial requirements. Lastly, state the amount of equity that will be given in exchange for the investment – based upon the current value of your startup.

Exit Strategy

startup business plan - exit strategy

Some business plan writers choose to include an exit strategy, while some do not. Some investors will require it so that they can get an idea of when they will receive their investment back along with a major payoff. Others, however, know that the future of a startup is totally uncertain, and therefore, they don’t really pay much attention to this section.

Whether you decide to include the exit strategy in your business plan format is up to you – but if you do, here are a few tips:

  • Research similar businesses that had a successful and profitable exit. Were they acquired? Did they merge with another business? Did they go public? Explain how other similar businesses were able to exit and why you believe your business will be able to exit in a similar fashion.
  • Tie your exit into your financial projections and show a  projected valuation . Furthermore, show how an XX% ownership in the company (whatever percentage an investor would receive for matching your financial ask) will multiply in returns at exit based upon that valuation.

Using Our Business Plan Format

Unfortunately, just having a great business plan format isn’t enough – now you have to actually write your plan. When creating your business plan, stick to the facts. Investors have short attention spans when it comes to even a simple business plan, and too much fluff will quickly diminish their interest. The  length of your business plan  is important, but the quality of the information is what will get you funded.

Furthermore, some investors (and banks) may have specific business plan formats that they prefer. Make sure to do your research on their specific requirements before writing and submitting your business plan.

Need help getting your business plan together? Contact us today and schedule a consultation with one of our business plan experts!

avatar

You may also like

business plan contest - startup team

How To Win A Business Plan Contest

detroit startups - image of Detroit skyline

Detroit Startups: Launching Your Tech Startup in the Motor City

app incubator - image of watering can and businessmen

What Can An App Incubator Really Do For Your Startup?

Leave a reply cancel reply.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Entrepreneurs Gateway

What is a Business Plan and why do you NEED one?

  • EntrepreneursGateway.com Team
  • October 31, 2018

i think the best business plans are ones that are

If you want your business to be successful, you’ll need to produce a business plan.

In this article, we will explore why every company needs a business plan as well as how you can identify which business plan is right for you. We will cover:

  • What a business plan is
  • Why having one is so important
  • What components you should include in it
  • Different types of business plans you can have

Whether  you need a one-page business plan or something more in-depth, this ultimate business planning guide has you covered!

We will walk you through all the steps necessary to impress your investors and guarantee business success.

Ready? Let’s go.

i think the best business plans are ones that are

What you need to know before writing your plan

It’s all about the 7 Ps!

P rior P reparation and P lanning P revents P i** P oor P erformance!!!

Bottom Line:

This article tells you exactly what you need to know before writing your business plan.

i think the best business plans are ones that are

This article is part of the Business Planning Hub , where you’ll find lots of guides and resources to help you create the perfect business plan!

Table of Contents

Keep in mind:

It is a MUST for all businesses to have a business plan – no matter if you are looking for investment, if you’re a one-person business, or a multi-national million-dollar company.

i think the best business plans are ones that are

It has been proven in studies that   companies that have a business plan grow 30% faster than those that don’t – while 3 in 5 business go bust in their first 2 years of trading.

As the adage goes, if you fail to plan, you’re planning to fail…

Let’s get started.

Businesses who have a #businessplan grow 30% faster than those who don't have one. Tweet

#1 What is a Business Plan?

To put it simply, a business plan is a written document that outlines your core business objectives and how you are planning to achieve them over a period of time.

Think of it as a roadmap.

It explains the nature of a business, sales, goals, marketing technique, strategy and also financial history, as well as consisting of a forecast revenue and loss declaration.

Your business plan ought to comply with the standards pertaining to form and content. There are important areas that should include certain components and address appropriate concerns that individuals who review your plan are most likely to ask.

So, if you’ve ever had that business idea but are short for ways on how to realize it … this section is for you.

How long should my business plan be?

A business plan can vary from a few pages to hundreds pages (usually for large businesses).

If you have a fairly small business (like a cosmetic or bakery one, for example), you should keep your plan as brief and concise as possible – ideally under 30 pages. Even more so if you are planning to submit it to investors or bankers to secure funding!

i think the best business plans are ones that are

The business plan that most of us need is what is known as the “ Lean Business Plan ”.

This is something created only  for internal use within the organization, and has bullet points and projections. It’s essential to keep this up to date.

Compiling a Lean Business Plan is a much less daunting task, because it makes the planning process a lot easier. 

Just keep it simple and let it grow organically.

i think the best business plans are ones that are

#2 How should you present your business plan?

You don’t necessarily have to print out your business plan (unless on special occasions such as sharing with third parties).

K eep in mind:

A business plan is never a finished document.

If you are using it correctly, you are going to keep tweaking it while checking the health of your business.

#3 What should be included in a formal business plan?

If it is funding or investment that you are looking for , then you will need to do a more formal business plan.

In a formal business plan, you need to include:

  • The Executive Summary
  • Company Overview
  • Information about your Management Team and what they bring to the Company
  • Information about your products and/or services
  • Marketing Plan
  • Your Company Milestones
  • A Financial Plan with graphs and charts to illustrate your financial information.

How frequently should you update your business plan?

Updating your business plan is key if you want to grow your business successfully.

Studies show that people who write business plans not only grow their companies faster , but also have a greater chance of getting the resources they need and reach their sale targets more quickly. They are also more likely to deal with product development successfully, and are less likely to see their business fail.

According to William Gartner, Clemson University Entrepreneurship Professor: “Business plans are all about walking the walk.”

PRO TIP : Why not schedule a repeat event on your calendar app? This can be, say, the last Wednesday of every month.

Whatever you choose, be sure to set aside a day each month to have your monthly plan review meeting.

By reviewing your actual financial health compared to your financial projections, you will be sure to have an overview of your business growth and make sure it’s always on track .

i think the best business plans are ones that are

A #businessplan is never a finished document. It’s always going to need tweaking to support the #health of your business. Tweet

i think the best business plans are ones that are

#4 Who needs a Business Plan?

Do i need a business plan.

The short answer is:

The long anwer is…

It might depend on your situation. If you’re simply looking to pick up the odd bit of freelance work to boost your monthly earnings, then you can do without a business plan.

If this is a venture that is going to take a lot of time, resources, and money, then you will need a business plan.

 This will be critical to your success.

ALL businesses should have a business plan , regardless of the stage they are in.

If you’re already an established business, how can you keep track of ever-changing market conditions and any new opportunities that are out there without a plan? A business plan is just as important to a company that’s over 10 years old and looking to grow, as it is to a start-up that’s looking to raise funds.

All businesses should have both long and short term goals and Sales & Marketing budgets .

1. Business Plan for Start-ups

If you’re a start-up business, having a business plan will help you break uncertainty down into meaningful pieces – such as your projected sales, your milestones, budget expenses and tasks.

i think the best business plans are ones that are

With this kind of plan, you can explain what your company is looking to do, how it plans to accomplish its goals, what amount of money it needs to start with, as well as what people are qualified to do the job.

i think the best business plans are ones that are

2. Business Plan for Existing Businesses

If you’re already in business, having a business plan will help you to steer your company and take advantage of any new opportunities in the market .

Existing businesses will use their plan to track their results, reinforce their strategy, manage their resources and responsibilities.

Having a business plan can also be a great competitive advantage and help you spot any potential problems.

People investing in a business plan see their business grow 30% faster. #ultimatebusinessplanguide Tweet

#5 Choosing the Right Business Plan for your Requirements

Before even starting to write  your business plan, it’s vital that you think about the following:

  • What are your goals for your plan?
  • What’s your audience ?

It’s important to explain that the format of your business plan can vary depending upon the business type and the audience .

For example:

If you are writing a Restaurant business plan , you might want to include the location of the restaurant and any renovation work that needs doing.

If you are writing a Medical Center business plan , you may well need to go into details regarding government approval processes, etc.

Of course the language that you would use for the medical centre would be a lot more technical than that for the restaurant.

Business Plans also differ in:

  • Presentation 

Business Plans that are created solely for internal use would use much more causal language and wouldn’t need a polished finish.

If you are looking for investment, your business plan will need to be of the highest spec.

#6 The most common types of business plans:

1. one-page business plan.

The purpose of a one-page business plan is simply to be a great ‘introductory’ tool for you to use with outsiders, for example potential investors. 

It is simply a short, quick business summary that fits on one page . It’s very concise and to the point.

You will need a much more detailed plan later, but initially, this is a great way to get that ‘first meeting’ and your foot in the door.

i think the best business plans are ones that are

Having your summary on one page is also a great way to be able to see your company concept at a quick glance, so that it’s easy to refine.

Learn more about creating a  One Page Business Plan .

2. The Lean Business Plan

  A Lean Business Plan is slightly more detailed than the one-page business plan, as it includes some financial information; but it’s nowhere near as in depth as a traditional business plan.

The main purpose of having a Lean Plan would be for internal use, such as using it as a strategic planning tool.

The main aspects a Lean Business Plan focuses on are:

i think the best business plans are ones that are

  • Business Strategy

With a Lean Plan , you tend to skip out sections such as the history of the company and your management team. (If its main purpose is for internal use, you don’t need this information.)

We recommend you review your lean plan at least every month. If you do this regularly, you would only need an hour or two every month to revise it.

Lean Business Plans are a great management tool that can guide both start-up companies and existing businesses. They help you direct your business growth, make you think about your business strategically, and measure your progress.

3. The Standard Business Plan (External Business Plan)

In this section, you can find the more formal of business plans , which are meant for outsiders to read. This is primarily for businesses who are looking for investment.

The Standard Business Plan should be considered an extension of the Lean Business Plan , but it should be much better presented with a lot more attention to detail. 

See our example standard business plans

If you’re looking for a more detailed plan, why not take a look at our business plan examples:

  • Ecommerce Business Plan sample
  • Bar & Restaurant Business Plan sample
  • Medical Center Business Plan sample
  • Outdoor Activity Business Plan sample
  • Advertising Agency Business Plan sample
  • Real Estate Business Plan sample
  • Boutique Business Plan sample
  • Baker Business Plan sample

#7 What you should include in your Formal Business Plan

What are the components of a business plan? Well, this will vary from plan to plan. However, when writing a formal business plan , there are some elements that definitely need to be included.

1. Executive Summary

The Executive Summary section of your business plan usually goes at the beginning of your business plan and outlines what your business does.

It’s an overview.

It summarizes your key points and prepares the rest of the business plan content.

It’s vital that you provide a solid case for your business idea, which is why your executive summary is so important . Many potential investors may never read more than this section.

Be sure to include the problem your business is going to solve, the target market, any key financial highlights, and an overview of the key management team members.

Remember: The key is to hook the reader.

2. The opportunity

This section of the plan describes the following:

  • Target Market
  • Market Analysis
  • Projections

Competition

Your target market.

You need to define who you are going to sell to, and especially: you need to understand who your target market is , so that you can market to them. 

Market Trends

You need to be able to know if there are any changes happening in your target market, and explain if these trends will go in your favour.

Market Growth

You need to be able to show whether your target market has grown or shrunk over the past few years. Do your research: you can use the Internet, as well as trade associations and any journalists and articles to gauge the market growth.

It’s encouraging to show there is a growing market, which in turn shows there is a stronger demand for your products/services.

It’s good to research your competition.What other options are out there that address your customers’ needs? Why is your solution a better choice? What makes you stand out?

3. Execution

Products and services.

This section outlines the core of your achievements. You detail the actual problem you want to solve, how you plan to solve it, your competitive landscape and competitive edge.

Marketing and Sales

This informs the reader how you plan to reach your target market. How you plan to price your products/services, what methods you will use to promote your products/services as well as the sales processes you have put in place.

You can include how you plan to operate the business. This can mean your office locations, any technology such as software systems etc, and any regulatory issues.

Milestones and Metrics

Having milestones lays out specific tasks which you plan to achieve. Set realistic dates for when they need to be complete and assign a person to these tasks to make them accountable.

You should also give details of key metrics which will help track your business growth. This includes:

  • Generated Sales Leads
  • Visitors to your website

This all helps in determining your business health.

Company overview

For an external business plan, your company overview gives a brief summary of the following:

  • Legal structure
  • Mission Statement.

For Internal plans, this is not required.

4. Management Team

This section should show all key management team players and include a biography of them to show it is made up of the right type of people.

Business plans not only help identify the strengths of a business, but also any areas that need to be improved. If you identify any gaps within the management team, it shows not only knowledge, but also foresight.

5. Financial plan

This is a crucial part of your business plan. To be successful in your business, you need to pay close attention to how much money you are bringing in and how much money is going out.

i think the best business plans are ones that are

If you’re starting a business, having a financial plan enables you to know how much you need to get your business up and running, and then know what to ask a bank or investor.

A financial plan typically includes:

  • Sales Forecast
  • Personnel Plan
  • Profit and Loss Statement
  • Cash Flow Statement
  • Balance Sheet.

i think the best business plans are ones that are

#8 Your Business Plan is a Management Tool

Having a business plan doesn’t guarantee success.

Think of it as your ongoing management tool.

Ensure you constantly review it.

Additional Resources

To help you even further in creating your business plan, why not check out the following articles to help you in writing the perfect plan to impress:

  • 40 Common Business Plan Mistakes
  • How to Write a Business Proposal in 5 Easy Steps
  • 10 FREE Business Name Generator Tools to find your perfect business name
  • Understanding your Business Model
  • How to write a One Page business plan FAST
  • Which type of Business Plan is best for you?

Now, over to you...

Now I’d love to hear from you:

Are you still unsure of which business plan you need?

Maybe you have written a business plan and would like us to review it?

Leave any comments below and I will be sure to answer as soon as they come in!

Useful Links

Leave a comment cancel reply.

i think the best business plans are ones that are

WEEKLY GEMS

Sign up for weekly tips on how to improve your business

  • Work & Careers
  • Life & Arts

McKinsey-led think-tank advised China on policy that fed US tensions

i think the best business plans are ones that are

  • McKinsey-led think-tank advised China on policy that fed US tensions on x (opens in a new window)
  • McKinsey-led think-tank advised China on policy that fed US tensions on facebook (opens in a new window)
  • McKinsey-led think-tank advised China on policy that fed US tensions on linkedin (opens in a new window)
  • McKinsey-led think-tank advised China on policy that fed US tensions on whatsapp (opens in a new window)

Stephen Foley and Sun Yu in New York

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

A McKinsey-led think-tank advised China to deepen co-operation between business and the military and push foreign companies out of sensitive industries as part of a project for the central government in 2015.

The recommendations in a book by the Urban China Initiative, commissioned by the Chinese government’s central planning agency, were among dozens of policies it proposed to boost the country’s technological prowess, according to a review of the work, which has not previously been reported in western media.

The UCI’s book — with a foreword by one of McKinsey’s most senior partners in China and drawing on work by McKinsey’s in-house research arm — formed part of the Chinese government’s research for its 13th Five-Year Plan covering 2016-20. The Five-Year Plan included the “Made in China 2025” policy that increased tensions between Beijing and Washington.

McKinsey shut down UCI in 2021 and has played down its relationship with the Chinese government since coming under political pressure in the US, where lawmakers have questioned if consulting in China conflicts with the firm’s work for the US Department of Defense.

At a congressional hearing this month, Bob Sternfels , McKinsey’s global managing partner, said: “We do no work, and to the best of my knowledge never have, for the Chinese Communist party or for the central government in China. The vast majority of work that we do in China is for multinational companies. Many of those are US companies and private sector Chinese companies.”

McKinsey said the 2015 project for the Chinese government’s National Development and Reform Commission “was not authored by McKinsey and is not McKinsey work” and it stands by its statements regarding its work in the country.

“The Urban China Initiative was a non-profit initiative co-founded in 2011 with Columbia University and Tsinghua University. The Urban China Initiative is not McKinsey, and it did not perform work on McKinsey’s behalf. To our knowledge, McKinsey was not compensated for any UCI-related research or initiatives,” it said, adding: “As we have stated previously, the central government of China is not, and to our knowledge has never been, a client of McKinsey.”

McKinsey founded UCI with its university partners in 2011 in a different geopolitical climate, describing the initiative as a “convener of China’s leading national, provincial and local dialogues on urban issues”. Activities included publishing a sustainable cities index to “help urban leaders make informed policy decisions” and holding regular conferences that afforded McKinsey access to officials at multiple levels of government.

UCI has been described by several people involved as a McKinsey initiative. One said it was initiated and run by McKinsey, rather than Columbia or Tsinghua. UCI’s director of research Gengtian Zhang, described the organisation as “McKinsey (Shanghai) Consulting’s Urban China Initiative” in a biography in the annual report of a company where he is a director. Other former UCI staff members list themselves as having worked for McKinsey on their LinkedIn profiles. The initiative shared an address with the McKinsey office in Beijing.

The UCI’s 310-page book for the NDRC, called Scientific and Technological Revolutions around the World , contained a foreword by McKinsey’s Shanghai-based senior partner Lola Woetzel, who founded UCI in 2011 and co-chaired the initiative. She presented a personalised copy of the work to China’s then premier Li Keqiang at an NDRC symposium in December 2015.

The cover of the Urban China Initiative’s 310-page book called ‘Scientific and Technological Revolutions around the World’

Scientific and Technological Revolutions claimed to provide “a road map to the opportunities for China’s science and technology development” during the 13th Five-Year Plan. It gave an overview of 14 technologies, from cloud computing to 3D printing to electric vehicles, that could help China achieve “dramatic productivity increases” as its investment-led growth model began to lose steam. China lagged behind advanced economies in these areas, according to the book, but could catch up if Beijing pursued industrial policies including tax incentives and mandating the use of Chinese-made products in critical areas.

In all, it made 61 recommendations across 14 different technologies. One chapter covered advanced materials — a class of product including speciality metals and other materials used in cutting-edge manufacturing — where it recommended China “accelerate the conversion of military technology into civil use [ . . . and] promote the two-way transfer and dissemination of military-civil material technology”.

A reliance on foreign suppliers to build China’s cloud infrastructure could lead to the theft of sensitive data from military, economic and government departments and undermine national security, according to another chapter, so that the country should “strive to grow its domestic cloud computing industry and prevent core technologies from being controlled by foreign companies”.

The book also advocated for the Chinese government to provide more financial support for domestic internet of things companies so they could “eventually take control of the industry from foreign firms”.

The NDRC’s work on the 13th Five-Year Plan included an unprecedented level of foreign input. According to a 2015 speech by NDRC official Xu Lin, the government sought research from the OECD, the Asian Development Bank and “the famous American consulting firm McKinsey”, so as to “absorb a wide range of different viewpoints”. Among almost 100 research projects commissioned, Scientific and Technological Revolutions was one of the first two to be published by the NDRC.

Ultimately, the Five-Year Plan adopted a number of policies to improve China’s technological prowess, including a “Made in China 2025” strategy with global market share targets for strategic industries from robotics to aerospace and new energy vehicles. Then US president Donald Trump launched a trade war against Beijing in response, and tensions between the two countries have remained elevated ever since.

Bob Sternfels at a US Senate committee hearing

In Washington, Republican lawmakers have assailed McKinsey for its work in China, where the firm has said it has local governments and state-owned enterprises among its clients. McKinsey says it never takes on work there involving defence, intelligence, justice or police issues.

In the US, it has made at least $450mn from work for the Department of Defense since 2008, a government database shows. McKinsey has said it uses dedicated IT infrastructure vetted by the DoD to protect the confidentiality of its US defence work.

Sternfels’ denial that McKinsey had worked for the Chinese central government came in response to questions from US senators including Josh Hawley, who said consulting firms should be banned from Pentagon contracts if they do any work for the Chinese government or affiliates such as state-owned enterprises. “If [McKinsey] is going to advise foreign nations who are hostile to us and make gobs of money off of them, why should you be getting US government contracts?” he asked.

Woetzel, the McKinsey senior partner behind UCI, has been based in China since 1985 and has been instrumental in building the firm’s presence in the country, according to an internal history that credited her fluent Mandarin for helping attract local graduates to join the firm. She is one of six directors of the McKinsey Global Institute, the firm’s in-house research arm, a title she uses on the dust jacket to Scientific and Technological Revolutions, along with director of McKinsey & Company and co-chair of UCI.

In her foreword, Woetzel wrote: “Drawing on research of the McKinsey Global Institute and the Urban China Initiative, we hope this book provides useful input for the planning and development of China’s technology enterprises and government institutions. We believe there is great potential for China’s science and technology in the years to come!”.

Promoted Content

Follow the topics in this article.

  • Chinese politics & policy Add to myFT
  • US-China relations Add to myFT
  • Professional services Add to myFT
  • Management consulting Add to myFT
  • Chinese business & finance Add to myFT

International Edition

How long is too long at one job? How short is too short? Microsoft's ex-VP of HR explains.

  • Chris Williams was the vice president of human resources at Microsoft and is now an advisor and consultant.
  • He writes that good hiring managers prioritize accomplishments and impact over length of tenure.
  • Changing jobs often leads to higher pay but comes with significant costs.

Insider Today

In my more than 40 years in business, including being the vice president of human resources at Microsoft , I've observed a major shift in how long people stay at a job.

When I first started my career in the 1980s, my parents and every career advisor said you needed to stay in a job for a good five years — three years at the bare minimum. Anything less than that, and you were seen as a job-hopper.

The first thing hiring managers were taught to look for on a résumé was how long the candidates were in each job and to keep an eagle eye out for any gaps. They wanted to see at least three to five years at each job and certainly not a string of short stints in a row.

Job-hopping was seen as a sign of restlessness, immaturity, and an inability to stick through the tough times. Worse, you were seen as disloyal to the company.

Today, the pendulum also swings the other way: Younger recruiters look at an employee with 10 years at one company and ask what the problem was. Longer tenures have become their own red flag, and what was once seen as the minimum tenure now puts you in danger of being seen as a relic.

So how long is too long, and how short is too short? Like most tough questions, the answer is it depends.

Accomplishments are more important than tenure

It doesn't depend on the clock. What matters in your job tenure isn't how long but rather how much. Not when you did it, but what you did.

What a good hiring manager is looking for is whether you've made an impact on the business and whether you're someone who can get things done:

Have you participated in or led a major project that made a difference in the business?

Have you made a change in the revenue, profitability, or customer satisfaction that moved the metric?

They want to see these kinds of accomplishments during your tenure, however long that takes.

If you can come into a job, make a difference, and move on in just one year, that's great. If you stay in a job for more than a decade but show this kind of impact time and again throughout your tenure, wonderful.

This is why so many people offering résumé advice stress the need to have clear, crisp metrics, numbers, and impact in each job entry. They want you to show that your time, however long, at each role was well spent.

Hiring managers don't want to see you flit from job to job having had little effect on the business. Then you do look restless and unable to work hard on problems.

They also don't want to see someone who did one great thing just to rest in the afterglow of that for years. You'll look like someone who's unmotivated to help the business advance.

When should you think about job-hopping?

It's common knowledge that the fastest way to get bigger pay today is to change jobs — being a new hire somewhere else is far easier than getting promoted internally.

That's because companies prioritize new hires over their existing employees. They're faced with needing more talent in a tight job market, and at most companies, the hiring budget is bigger than the promotions-and-raises budget.

There is also far more understanding of unique situations from hiring managers today. They understand a short stint in a job that was a terrible fit, and they are not frightened by a gap in employment for child or family care or education.

They also understand if you get stuck in a bad role, one with an impossible situation, a company on the downturn, or a manager who makes life hard.

As a result, tenures that were once labeled as job-hopping are now standard. Three jobs in five years, once the reddest of red flags, is understandable with just the slightest explanation.

So if you're stuck in a bad situation or can't get competitive compensation, the market today says moving is to your advantage.

When should you think about staying at your job long-term?

On the other hand, if you are being fairly compensated and the work is still interesting, moving may not be the right choice.

Even though it's so much easier than it was in the past, changing jobs still comes at some serious cost.

You lose all the internal connections you have worked hard to build. That network helps make your job easier and often more enjoyable. In a new role, you have to reconstruct that from scratch.

You also lose all the notoriety you have developed. If you're a valued employee, your reputation precedes you with each new opportunity. You go into each new situation with positive expectations and banked goodwill. Starting a new job, you have none of that.

And there are the simpler, more mundane challenges to a new job: wrestling the differences in every process, finding all the right communication channels, and knowing the go-to resources for everyday problem-solving. Sometimes a new environment is invigorating; often, it's just a pain.

The combination of a strong network and a solid reputation makes every new task you start in your current role easier. If you ensure that you're constantly working on some new way to have an impact on the business, a long tenure can be very rewarding .

Make a difference wherever and whenever you are

So focus your attention not on how long you've been in your job but on what you've done while you've been there. Try to make a difference in each role.

Show that your tenure, however long it was, was just the right length.

Chris Williams is the former VP of HR at Microsoft. He's an executive-level advisor and consultant with more than 40 years of experience leading and building teams.

i think the best business plans are ones that are

Watch: Forget a 5-year plan — do this instead

i think the best business plans are ones that are

  • Main content

Learn to Build a Better Business Plan

Browse sample plans

Sample Business Plan Gallery

Browse our library of over 550 free business plan examples to kickstart your own plan.

Browse our library of over 550 free business plan examples.

Write your business plan

How to Write a Business Plan

Step-by-step guide to establish the foundation of your business quickly and efficiently.

Step-by-step guide to establish the foundation of your business.

Write your business plan

Business Plan Template

Build your business using the proven planning template designed by the experts at Bplans.

Use the planning template designed by the experts at Bplans.

Business plan template

Subscribe to Bplans business insights

Stay up to date with the latest business planning, management, growth, and funding trends from bplans..

We care about your privacy. See our Privacy Policy .

Popular Downloads

SWOT analysis

SWOT Analysis

Easily evaluate your competitive position and develop effective growth strategies.

Refine your competitive strategy using a SWOT analysis.

Cash flow

Cash Flow Forecast

Improve the health of your business by easily estimating your business’s financial future.

Estimate and improve the financial health of your business.

Lean business plan

Lean Business Plan Template

Fast, simple, and shareable. Start with a one-page plan to grow alongside your business.

Start with a simple one-page plan to grow alongside your business…

Start Your Business

How Much Should You Personally Cover for Startup Costs?

How Much Should You Personally Cover for Startup Costs?

How much money should you use from savings to cover startup costs for your business? Here's how to c…

How much money should you use from savings to cover startup costs…

14 Tips for Starting a Successful Business

14 Tips for Starting a Successful Business

Are you starting a business? You’ll need more than a good idea. Check out these expert-driven tips…

Are you starting a business? You’ll need more than a good idea.…

What is a Solopreneur? 6 Key Differences From Entrepreneurs

What is a Solopreneur? 6 Key Differences From Entrepreneurs

Want to start a business on your own? Learn what it means to be a solopreneur, how it differs from e…

Want to start a business on your own? Learn what it means to be a…

7 Steps to Successfully Start a Business With No Money

7 Steps to Successfully Start a Business With No Money

Is it possible to start a business with no money? Check out this proven process to get your business…

Is it possible to start a business with no money? Check out this …

Write Your Business Plan

Business planning

Business Planning in Under an Hour

Learn how to write your business plan in under an hour.

Business plan template

1-Page Business Plan Template

A faster, more efficient way to develop your business strategy.

Perfect Your Elevator Pitch

Pitch guide

Pitch Guide

Learn how to create a winning elevator pitch deck and speech that will impress investors.

Impress investors with a winning pitch deck and elevator pitch.

Elevator pitch

Elements of the Elevator Pitch

If you're pitching to investors or building a pitch deck, here are the 7 things you need.

Here are the 7 things you need to include in your elevator pitch.

Pitch deck

Investor-Ready Pitch Gallery

Explore our gallery of sample pitch decks, including a curated collection of startup pitches like Ub…

Explore our gallery of sample pitch decks, including a curated co…

Investor pitch

Investor Pitch Template

Start your pitch off right with a proven pitch deck template.

Get Your Business Funded

Funding guide

Funding Guide

Learn how to prepare your business plan and pitch to secure funding for your business.

Prepare your plan and pitch to secure funding for your business.

Fund your business

Ways to Fund Your Business

When it comes to funding, there isn't a one-size-fits-all method. Here are your options.

Find out what funding options are available for your business.

Grow Your Business

15 Ways to Use and Get Incredible Value From a Business Plan

15 Ways to Use and Get Incredible Value From a Business Plan

Learn about the many ways you can use your business plan to successfully start, manage, grow, and fu…

Learn about the many ways you can use your business plan to succe…

What is CRM? Customer Relationship Management Explained

What is CRM? Customer Relationship Management Explained

What is a customer management system and is it right for your business? Learn everything you need to…

What is a customer management system and is it right for your bus…

How To Make Remote Meetings More Worthwhile

How To Make Remote Meetings More Worthwhile

Are you struggling to manage your remote teams during meetings? Here are 6 effective methods to help…

Are you struggling to manage your remote teams during meetings? H…

3 Habits for Managing and Coaching High Performing Teams

3 Habits for Managing and Coaching High Performing Teams

High-performance coaching marries the best of management and coaching practices for the benefit of t…

High-performance coaching marries the best of management and coac…

Tim Berry blog

Tim Berry Blog

Learn from renowned business planning expert and founder of Bplans, Tim Berry.

Tim Berry blog

Bplans Blog

Check out the latest business planning insights from the Bplans Blog.

Bplans blog

Discover the world’s #1 plan building software

i think the best business plans are ones that are

  • International edition
  • Australia edition
  • Europe edition

hochul gestures while speaking at podium

New York governor seeks to quell business owners’ fears after Trump ruling

Kathy Hochul says law-abiding businesspeople have ‘nothing to worry about’ after question on state’s commercial climate

The New York governor has told business owners in her state that there is “nothing to worry about” after Donald Trump was fined $355m and temporarily banned from engaging in commerce in the state when he lost his civil fraud trial on Friday.

In an interview on the New York radio show the Cats Roundtable with the supermarket billionaire John Catsimatidis, Kathy Hochul sought to quell fears in some quarters that the penalties handed to Trump for engaging in fraudulent business practices could chill the state’s commercial climate.

Asked if businesspeople should be worried that if prosecutors could “do that to the former president, they can do that to anybody”, Hochul said: “Law-abiding and rule-following New Yorkers who are businesspeople have nothing to worry about because they’re very different than Donald Trump and his behavior.”

She added that the fraud case against Trump resulted from “really an extraordinary, unusual circumstance”.

Hochul’s comments were directed at some New York business leaders who said they were concerned that the attorney general Letitia James ’s case against Trump could deter businesses and investment from coming to the state. Hochul noted James’s case demonstrated how Trump and some allies obtained favorable bank loans and insurance rates with inflated real estate values.

The governor said most New York business owners were “honest people, and they’re not trying to hide their assets and they’re following the rules”.

Hochul said most business owners would not merit state intervention.

“This judge determined that Donald Trump did not follow the rules,” Hochul added. “He was prosecuted and truly, the governor of the state of New York does not have a say in the size of a fine, and we want to make sure that we don’t have that level of interference.”

Trump, who denied wrongdoing in the case and maintained there were no victims, now has 30 days to come up with a non-recoverable $35m to secure a bond – a third-party guarantee – against his real estate holdings to show that he can pay the full fine if his appeals fail.

Alternatively, he could put the $355m into an escrow account but would get the money back if he wins on appeal.

Either way, the ruling is a blow to the developer-politician whose sense of self is tied to financial success. And James has said Trump is actually in line to pay more than $463m when interest is taken into account.

In September, Trump’s former lawyer Christopher Kise argued in court that the decision against the ex-president would cause “irreparable impact on numerous companies”. It would also threaten 1,000 employees within the Trump empire, Kise maintained.

after newsletter promotion

But the judge, Arthur Engoron, who found the former president liable for fraud and assessed the fine and three-year disqualification from doing business in New York, dropped an earlier ruling to dissolve all the companies that Trump owns in the state that could have led to a liquidation.

“This is a venial sin, not a mortal sin,” Engoron wrote in a 92-page ruling that allowed the Trump businesses to keep operating and appointed two overseers to monitor “major activities that could lead to fraud”.

Engoron said he could renew his call for “restructuring and potential dissolution” based on “substantial evidence”.

Trump has lashed out at the ruling, vowing to appeal and calling James and Engoron “corrupt”.

But James said on Friday: “This long-running fraud was intentional, egregious, illegal.” She added: “There cannot be different rules for different people in this country, and former presidents are no exception.”

This article was amended on 18 February 2024 to correct a misspelling. An earlier version referred to “venal” rather than “venial” sin.

  • Donald Trump
  • US politics
  • Kathy Hochul

Most viewed

Nikki Haley vows to fight on despite another loss to Donald Trump – this time in her home state

Analysis Nikki Haley vows to fight on despite another loss to Donald Trump – this time in her home state

Nikki Haley walks on stage smiling and waving in South Carolina.

Nikki Haley loves to tell people that throughout her political career she's outperformed expectations.

In 2004 no-one imagined the 30-something newcomer could knock out South Carolina's longest serving lawmaker Larry Koon for a seat in the state legislature, but she did just that.

The daughter of Indian immigrants went on to serve three terms, before again beating the odds to become governor in 2010, the first person to hold that office who wasn't a white man.

She was re-elected in 2014 and was made UN ambassador under Donald Trump in 2017-18.

And as she fights to stay in the race to become the 2024 Republican presidential nominee, she's again trading on that underdog status.

"Underestimate me – that'll be fun," reads the not exactly pithy slogan on her campaign T-shirts.

Nikki Haley speaks with Iowa Governor wearing a shirt that says 'underestimate me, that'll be funny'

Yet even her most fervent supporters appeared to have accepted defeat ahead of the weekend primary in her home state.

At an election eve rally in Mount Pleasant just outside Charleston there were plenty of Nikki stickers and signs. Fuchsia-coloured plastic beads were handed out to the women in the small crowd, but the mood was low-key.

News the campaign bus had taken a wrong turn en route felt like a bad omen. 

The mood lifted a little when the candidate arrived to do her final stump speech, but in the end Donald Trump got around 60 per cent of the vote while Nikki Haley secured about 40 per cent.

That was slightly better for Haley than polls had predicted, but the percentages can be deceptive.

What to look for is how the vote translates into delegates.

Trump pulls further ahead in delegate race 

Winning is all about the maths of getting a majority of delegates who will then support you at the Republican National Convention when the nominee is officially selected.

To secure the Republican presidential nomination, a candidate needs 1,215 delegates. 

Associated Press is projecting Donald Trump has won 47 of the 50 delegates up for grabs in South Carolina, with Nikki Haley picking up just three.

That puts Mr Trump's current delegate count at 110 compared to 20 for Haley.

So what exactly is she still doing in the race?

"She's the last best hope for the Republican party", voter Mike Burgess told me.

The US history schoolteacher from Lexington county defines himself as a Reagan Republican and has a long list of reasons why he chose Nikki Haley over Donald Trump.

"She's not facing 91 felony charges. She didn't try to incite an insurrection. She didn't spread the big lie about the election being rigged," Mr Burgess said.

"She will not pull us out of NATO. She will honour and support our allies in this time where we have three large powers in Russia, China, and Iran that are expansionist."

The South Carolina result is both testament to Donald Trump's grip on the party's base and to the unusual nature of this race.

The former president is not an incumbent, but he feels like one and that almost always gives candidates a significant advantage.

From a full field, to just Haley and Trump

Other Republican nominee hopefuls saw the writing on the wall and have made a strategic and practical decision to get out of the race.

By the time Florida Governor Ron DeSantis announced his run in May last year, Donald Trump had already been criminally indicted in the New York hush money case and was managing to turn that into an electoral advantage.

The more he spun those charges — and the others that soon followed in three separate criminal cases — as a political witch-hunt, the more the donations flowed in.

Mr DeSantis's campaign never really took off.

On the stump and in debates he was wooden, and selling himself as a less chaotic version of Trump did not land.

If you liked Trump and you could have him, why vote for an alternative version?

Ron DeSantis could also be keeping his powder semi-dry for a possible 2028 run, though given his lacklustre campaign appearances, that's currently hard to envisage.

Then there was Tim Scott, the South Carolina senator selling an upbeat story of the American dream where a black man raised by a single mother could go on to great things.

He dropped out before voting even began, snubbing the woman who appointed him to the Senate, Nikki Haley, and endorsing Donald Trump.

Tim Scott may have a different calculus.

The senator, an evangelical Christian, is said to be on Donald Trump's shortlist for running mate as vice-presidential candidate.

Nikki Haley isn't ready to follow suit and endorse the former president — she has a different plan.

Haley: 'No need to kiss the ring'

The 52 year-old has sharpened her attacks on Donald Trump over the course of the campaign.

While she began mainly on a platform of generational change, she now describes the former president as "unhinged".

"I feel no need to kiss the ring", she said ahead of the primary vote.

Not yet at least.

Republican presidential candidate Nikki Haley talks to reporters outside a pollling booth with her family next to her.

Some voters the ABC spoke to thought Haley might try and negotiate some kind of deal with Donald Trump in return for dropping out of the race.

Others feel she's already gone way too far for him to entertain that.

The most plausible strategy appears to be to that Haley is staying in the race for as long as possible so that if Donald Trump were to come a cropper, she would be the last person standing.

While the former president has made hay with his criminal charges, polling consistently suggests were he actually convicted, he could lose crucial votes in key states.

It's a very long shot as to whether Haley would still be in the frame by then, and whether she'd be an acceptable alternative.

"It's tough because the longer she stays in, the more delegates she can get, … but she also runs the risk of making that core Trump supporter really, really angry", Professor of political science at the College of Charleston Gibbs Knotts said.

"She's going to need those people and those delegates if she's going to ultimately be in a position to pick up the pieces if something does happen to Trump."

School teacher and Haley supporter Mike Burgess is a believer in the late upset scenario.

"I don't think it's far-fetched, he said. 

"I don't think it's a Hollywood script."

"You have [in Trump] a severely damaged candidate. The man is going to be spending countless days and hours in court and these are not parking ticket charges."

Could Nikki Haley defeat Joe Biden?

Of course it's all about the money, and Nikki Haley — at least ahead of the South Carolina vote — was still pulling in donors apparently keen to invest in a possible Trump alternative.

In January her campaign said she had raised USD$16.5million (AUD$25million), her biggest monthly total so far.

"I think they like Nikki Haley's policies better," Professor Knotts said of the donors.

"I also think they think Nikki Haley is a better general election candidate."

Lines of people wait in line to vote at the primary in south carolina.

Polling suggests in a head-to-head with the likely Democratic nominee Joe Biden, Nikki Haley would win.

A recent CNN poll put her 13 points ahead of the president in this theoretical match-up.

In her primary night speech in a downtown Charleston hotel, Haley told supporters she wasn't ready to give up "when a majority of Americans disapprove of both Donald Trump and Joe Biden". 

"This election is going to be decided in suburban Georgia, suburban Wisconsin, suburban Pennsylvania. And I don't see how highly educated suburban women are going to necessarily all of a sudden decide they like Donald Trump," Professor Knotts said.

"They might go ahead and vote for Nikki Haley."

Haley is making a campaign stop in Michigan today, which holds its primary this week and has vowed to keep going through Super Tuesday on March 5, when 16 states and territories vote in Republican primaries.

"They have the right to a real choice, not a Soviet style election with only one candidate," Haley told supporters.

On Super Tuesday, 874 delegates are up for grabs.

If things keep going Donald Trump's way, he could reach the 1,215 needed to clinch the GOP nomination by mid-March.

That doesn't leave Nikki Haley much time to turn anything around.

She's stayed the course and won against the odds before, but in the race against Donald Trump she hasn't yet won a state. 

If she keeps promising to deliver and doesn't, the former South Carolina governor runs the risk of having for once been overestimated.

  • X (formerly Twitter)

Related Stories

'you're fired, joe': confident trump revives reality tv persona after big win in south carolina.

Donald Trump kisses the American flag on stage at a conference

A hospital patient dropped frozen embryos onto a clinic floor. What followed has rocked IVF in the US

Sperm injection process

  • Government and Politics
  • US Elections
  • United States
  • World Politics

IMAGES

  1. 9 Best Business Plan Infographics images

    i think the best business plans are ones that are

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

    i think the best business plans are ones that are

  3. How to Write a Business Plan

    i think the best business plans are ones that are

  4. 5 Tips For A Strong Business Plan

    i think the best business plans are ones that are

  5. How to create a perfect Business Plan? Steps to create a successful plan

    i think the best business plans are ones that are

  6. How to develop a business plan for small business

    i think the best business plans are ones that are

VIDEO

  1. IT job or Business: Which one is best? (Part 2)

  2. IT job or Business: which one is Best? (Part-3)

  3. IT job or Business: which one is Best? (Part-4)

  4. Puncture Shop Business

  5. Very Effective Motivation..! #motivation #powerful #shrts #youtubeshorts

COMMENTS

  1. The 7 Best Business Plan Examples to Inspire Your Own (2024)

    / Blog / The 7 Best Business Plan Examples (2024) Article by Adeel Qayum 6 Nov, 2023 Skip to article content Post contents 1 7-part template for business plan examples 2 7 business plan examples (section by section) Executive summary Company description Market analysis Products and services Marketing plan Logistics and operations Financial plan

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

    Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...

  3. 24 of My Favorite Sample Business Plans & Examples For Your Inspiration

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

  4. 7 Business Plan Examples to Inspire Your Own (2024)

    7 business plan examples: section by section. The business plan examples in this article follow this example template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis.

  5. How to Write the Perfect Business Plan: A Comprehensive Guide

    Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those ...

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

    Vikki Velasquez What Is a Business Plan? A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups...

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

    Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...

  8. Write your business plan

    Content Business plans help you run your business A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business.

  9. How to Write a Business Plan in 2023: Step by Step Guide

    The following will take you to online business plan guides and templates for specific countries. United States Small Business Administration (SBA) - The "write your business plan page" includes traditional and lean startup business plan formats, three downloadable sample business plans, a template, and a step-by-step build a business plan ...

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

    Competitor analysis Marketing plan and sales strategies Brand strategy Financial planning Explore each section to bring fresh inspiration to the surface and reveal new possibilities for developing your business. You may choose to adapt the sections, skip over some, or go deeper into others, depending on which format you're using.

  11. How to Write a Business Plan: A Step-by-Step Guide

    Pick Your Format (traditional vs. lean startup) There are now two ways you can write your business plan. The traditional route, and the most common, is likely what you'll be using. The traditional plan contains far more details and should be used for most scenarios.

  12. 15+ Business Plan Examples to Help You Write Your Own

    A great consulting business plan template will include a summary, objectives, market strategies, services and price listings for customers. This template makes great use of large, high quality images. With Visme, you can simply drag and drop images onto the template to replace the existing images with your own.

  13. 10 Qualities That Make a Good Business Plan

    3. Realistic goals. While you might love to run a multi-billion-dollar conglomerate, most small businesses stay relatively small. That isn't to say you can't find great success as a small business owner, but make sure your goals are achievable.. As you work through the potential revenue numbers, pay attention to what others in your industry make in a year.

  14. Simple Business Plan Template (2024)

    Whether you want to launch a side gig, a solo operation or a small business, you need a simple business plan template to guide you. Forbes Advisor offers you a comprehensive and easy-to-follow ...

  15. 550+ Sample Business Plan Examples to Inspire Your Own

    550+ Sample Business Plan Examples to Inspire Your Own — Bplans 550+ Business Plan Examples to Launch Your Business Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

  16. How to Write a Simple Business Plan

    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 ...

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

    24 min. read Updated February 2, 2024 Download Now: Free Business Plan Template Writing a business plan doesn't have to be complicated. In this step-by-step guide, you'll learn how to write a business plan that's detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

  18. 19 Small Business Ideas For 2024

    1. Tutoring 2. Music and Voice Lessons 3. Bookkeeper 4. Pet Care Services 5. Subscription Box Service 6. Dropshipping Website 7. Dog Grooming 8. Copywriter 9. Copy Editor 10. Wedding or Events...

  19. Creating the Best Business Plan for Your Business Idea

    One should not expect to be able to create the best business plan in one sitting. It may take a several iterations to create a good business plan. ... Think of potential questions or concerns, and address them in the business plan or annexures. Remove information that's not addressing the defined problem, or that's convoluting the plan overall.

  20. The Ultimate Guide to Writing a Business Plan

    Read on and learn how to turn difficult and dull into intriguing and inviting. Step 1: The Executive Summary. Step 2: The Management Section. Step 3: The Product Section. Step 4: The Industry ...

  21. What Is The Best Business Plan Format?

    Write it last - Think of your executive summary like the back of a novel. The book itself shouldn't be built off the summary, but the other way around. Write the rest of the business plan first, and then use the executive summary to summarize the most important points.

  22. What is a Business Plan and why do you need one?

    Business plans not only help identify the strengths of a business, but also any areas that need to be improved. If you identify any gaps within the management team, it shows not only knowledge, but also foresight. 5. Financial plan. This is a crucial part of your business plan.

  23. McKinsey-led think-tank advised China on policy that fed US tensions

    A McKinsey-led think-tank advised China to deepen co-operation between business and the military and push foreign companies out of sensitive industries as part of a project for the central ...

  24. Capital One Plans to Acquire Discover

    Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval. The deal would integrate the issuers' payment networks, but banking accounts could remain the ...

  25. When should you think about job-hopping?

    In my more than 40 years in business, including being the vice president of human resources at Microsoft, I've observed a major shift in how long people stay at a job.. When I first started my ...

  26. Bplans: Business Planning Resources and Free Business Plan Samples

    Bplans Blog. Check out the latest business planning insights from the Bplans Blog. Bplans offers free business plan samples and templates, business planning resources, how-to articles, financial calculators, industry reports and entrepreneurship webinars.

  27. New York governor seeks to quell business owners' fears after Trump

    The New York governor has told business owners in her state that there is "nothing to worry about" after Donald Trump was fined $355m and temporarily banned from engaging in commerce in the ...

  28. How To Craft A Strategic Roadmap For Business And Technology Synergy

    First, the business and the people who own its processes must be fully engaged while partnering on the technology projects to be successful. Second, there needs to be a structured methodology.

  29. 'I don't think it's far-fetched': The plot twist non-Trump Republicans

    In 2004 no-one imagined the 30-something newcomer could knock out South Carolina's longest serving lawmaker Larry Koon for a seat in the state legislature, but she did just that.