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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

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How to Write a Business Plan, Step by Step

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.

ZenBusiness

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

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

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• NATURE CAREERS PODCAST
• 02 June 2021

Business of science: How to grow your start-up

• Adam Levy 0

Adam Levy is a science journalist based in London.

You can also search for this author in PubMed   Google Scholar

Credit: Lonza

Adam Levy finds out how scientist entrepreneurs can take their fledgling companies to the next level.

In their early stages, science start-ups require solid commitment, with founders and their teams clocking up long hours with little financial reward.

Despite the uncertainty, company leaders also need to think about business growth. This includes transferring knowledge and skills to junior colleagues, planning organizational structure, product development and quality control, and considering customers and competitors.

Charles Christy leads contract development and manufacturing at Ibex Dedicate, part of Lonza, a Swiss pharmaceutical and biotechnology company headquartered in Basle. He describes how science entrepreneurs should approach this crucial stage. Christy is joined by investor Daniel Batten and science entrepreneurs Javier Garcia Martinez, Wei Wu and Patrick Anquetil, who discuss their experiences of scaling up.

“In an early-stage company, people can’t be half-hearted about things. They really have to commit,” says Barbara Domayne-Hayman, entrepreneur in residence at the Francis Crick Institute in London.

This episode is part of Business of science, a six-part podcast series exploring how to commercialize your research and launch a spin-off.

The series looks at investor pitches, patents, and how to survive the inevitable setbacks along the way.

Never miss an episode: subscribe to the Working Scientist podcast on Apple Podcasts , Google Podcasts , Spotify or your favourite podcast app.

doi: https://doi.org/10.1038/d41586-021-01006-x

Adam Levy 0:08

Hello, I'm Adam Levy. And this is Working Scientist, a Nature Careers podcast.

In this six part series, Business of Science , we're exploring how to commercialize your research.

In the first half of the series we looked at the crucial steps of setting up your business, pitching your idea, getting it patented, and working with your tech transfer office.

But what happens after you've set up? Well, then you really need to get things established and hopefully, begin to grow.

And it's that process of growth that we're focused on in today's episode.

Barbara Domayne-Hayman is entrepreneur-in-residence at the Francis Crick Institute in London.

By supporting businesses in early stages, she can see very well what the crucial elements are. And a clear leadership can make all the difference,

Barbara Domayne-Hayman 1:06

Creating a vision and making sure that everybody really understands what you're trying to achieve, and kind of agrees with it, and really throws themselves into it wholeheartedly.

I mean, I think that's something that you, you really have to have.

I mean, you have to have it in academia as well.

But certainly in an early stage company, you know, people can't be half hearted about things. They really have to commit.

And it's hard work, and it's very long hours, and it's uncertain.

So you have to have that degree of, kind of really wanting to do this and really having a conviction about it.

And you need to look for that in the team of people that you build as well.

If they're just interested in having a kind of 9-5 job, they are probably not the right person to help you build a startup.

Adam Levy 1:57

Throughout this series we're speaking with entrepreneurs like Barbara about their experiences, as well as experts on all the topics we're discussing.

One of the entrepreneurs we spoke with is Javier Garcia Martinez, a chemist based at the University of Alicante in Spain and founder of Rive Rechnology.

Rive Technology uses nanotechnology to improve catalysts. This has given them some stiff competition while establishing their business.

Javier Garcia Martinez 2:24

Competing with the biggest companies probably in the world, that are also producing similar catalysts has been an amazing challenge.

So it has been a little bit like David and Goliath. I mean, we were a small fish in a pond with a lot of big fishes.

Adam Levy: 2.42

And while you're still growing, it can be normal to have this feeling of fighting against the odds.

So what can you do to shift the odds in your favour and avoid your startup prematurely shutting down?

Here's Daniel Batten, an investor with Exponential Founders Fund, and a coach with Beyond the Ceiling.

Daniel Batten 3:02

Out of all the reasons, of course failure, if you put together all the business and technical factors that stuff like you know, your quality control, your product, the science itself, and then the business side, the product market fit, the reaction from customers, competitive pressures, regulatory stuff.

All that stuff together, counts for 35%, of why companies fail.

So the other 65%, this is according to 49, different Silicon Valley based venture capital companies, was the people, was actually the human-centric reasons, or the human factors.

Adam Levy 3:35

So Daniel's message is clear.

While you're growing, don't forget the human factors.

This means having a clear vision from the leadership as Barbara explained, but it also means ensuring that the leadership is taking the time to transfer the skills among the staff,

Daniel Batten 3:51

I see plenty of companies that might be growing 20% every month, or 200%, 300% of the year, but then what happens they get to a certain size, and then the leader has been trying to do it all themselves, and they haven't reproduced that leadership DNA in their company.

And then comes to some point maybe they're opening up a new office or and they're doing a capital raise at the same time.

And, and you're also trying to sell stuff. And suddenly, you can't do everything at once and no one else can do it as effectively because you haven't grown the next generation of leaders.

Adam Levy: 4.22

Before you can grow this next generation of leaders, you actually have to hire them.

Wei Wu, who is COO of Helio Heat, working on a solar power technology. She explains that growing a team is much more complex than just filling vacancies,

Wei Wu 4:39

To find the right people, actually, I think that's the most challenge actually.

Since we are located in the southern Germany, in a really small city, so it's not really big and it doesn't have so much to offer, the city by itself.

And so to get people there is quite hard. I think that that's the most challenge,to really find or to reach the right audience and the right people to work for you.

Adam Levy 5:06

Growing your team and your business can present an almost paradoxical challenge.

Patrick Anquetil is founder and CEO of Portal Instruments with a technology to replace needle based syringes with needle free devices.

He explains the tension between needing to grow in order to expand your business, but at the same time needing resources in order to grow.

Patrick Anquetil 5:31

That alone is actually difficult. It's actually it takes time. It takes resources to do that added. On top of things, you also have to look on the cost side of thing that you have enough finances as well to be able to scale.

So it's almost like a dance where you always have to say that. You're always in pain. You're always playing catch up.

So I think I think that's the other thing that happens during scaling that's so interesting is that you start to see a few, you basically start to see where things are breaking down, right, you start to see not only at the organizational level, as we just talked, but you also start to see it in your processes.

So you may remember that a few years ago when Tesla was increasing production capacity, all the problem starts to happen is that it happened was it was model three, basically.

And they almost went under because of that. So things are more complicated, but you also have less room of manoeuvering at the same time.

Adam Levy 6:28

So to find out a little better how you can walk this tightrope. I spoke with an expert on scaling up,.

Charles Christy is head of commercial solutions of Ibex Dedicate, at Lonza, which works as a partner to pharmaceutical and biotech companies.

Charles Christy 6:44

So I try to translate customers' needs into what we call commercial solutions.

So, for example, the donor which the vaccine which is, I guess, hot news at the moment. That's one of the projects that I helped bring to commercialization.

Basically, I try and translate the customer's process, what their risks are, some of the uncertainties, and try and come up with a creative solution, to take that through the development pathway all the way through to commercial and hopefully supplying patients with the drugs that they need most.

Adam Levy 7:14

So Charles has a lot of experience thinking about scale, and what can help and hinder a company from growing.

So I started out by asking him at what point in the process a company should start thinking about its scaling up strategy.

Charles Christy 7:29

To be honest, it should come up from the outset.

Although there's plenty of uncertainties right at the beginning, when you're starting, you know, you need to look, particularlyone of the lessons is to try to look at what it would be when it grows up, or when it goes industrial.

Because what the product needs to be is a very important consideration from the get go.

And by that I mean cost of goods, availability of raw materials, scale, stability.

All of these things are things that you need to plan for success from the beginning.

So it's never too early. Sure, there'll be uncertainties, and you'll need a plan A, a plan B, from that point of view.

But, you know, we've got the saying that you plan for success. And if you don't plan your fails,

Adam Levy 8:13

Once an organization is ready to start scaling up, or at least to start planning to scale up, what are the technical challenges they need to be mindful of in that process?

Charles Christy 8:25

The first thing really is to start from a solid base. It sounds almost obvious, but to start from somewhere where, you know, from an IP, from a freedom to operate, that you're able to do that.

And then secondly, if any materials are biological in origin, that you have the freedom to use those and that those have a documented and safe background. You know the purity, you know, the biological safety.

And that's a lesson if you don't obviously that comes back with with tremendous problems in the developing even having to start again, then I think if you go forward, looking at scaling up, the key thing, particularly if you're small, or you know, a university or others is to avoid using materials and avoid using processes that cannot be scaled.

And by that, I mean quite often, in a university laboratory, one might use quite exotic chemistry, quite exotic resins or affinity resins, things that work extremely well in the laboratory environment, but just are too expensive or unavailable and scale for commercializing a product.

So I think really that plan to succeed is really looking and going you know, almost a risk based approach saying this is the final scale is 1000 litres or 10,000 literess and I need 500 kilograms of this material. I need 50 grams of this. Is it available? Is it going to cost me hundreds of millions of dollars, particularly here in the time of pandemic when materials are under short supply or being used by by many, many pharma companies.

Having that security of supply and knowing that you can take it through from, you know, laboratory scale to medium scale, right to full commercial scale is very, very important.

And that will prevent tremendous problems later on.

There are examples of companies that have had affinity resins that cost tens of millions of dollars for a batch.

And obviously, that that will make the cost of goods and the availability for patients almost impossible.

Adam Levy: 10:23

Now, when a company is looking to produce a product en masse, what are the advantages of doing that relatively locally versus perhaps having those processes carried out overseas?

Charles Christy 10:36

Commercial processes is really almost independent of location.

For sure, there are locations that are easier in terms of language. in terms of communication.

You know, if you're going to work in time zones, which is a 12 or 15 hours. Timezone differences can be extremely different, difficult for a small company.

So I think more it's about convenience. At the commercial scale, it's really much better to have a scale of operations which gives gives you a cost of goods and security of supply.

So going to the largest facility possible always reduces the cost of goods, always makes that supply more reliable.

And that may not be available locally.

So from my point of view, commercial, I don't think it matters as much. And I think it's actually in that process of taking it to scale where you need a very close partner, because there's much more interaction.

Adam Levy: 11:27

We've been talking about scaling up the production.

But on the other side of that, how do you begin to scale up demand and try and reach overseas markets, whether it's with a new piece of engineering, or medicine?

Charles Christy 11:40

The key to do that is to do scenario planning. And scenario planning is really to look at the competitive landscape and then see where you are vis a vis the competitors, are you likely to get to market first, what is the likely dosage of the product?

And of course, most of these will will be wrong. The patient populations will change, the dosing may change, depending on the potency or the strength of the product.

But it gives you an ability to estimate. And from those estimates, you can really then start to say, "Yes, we need to scale up to a 5000 litre process, or 20,000 litre process, or let's say those estimates, those planning processes can then be refined and adapted as you go along the path to commercialization.

So you've really got to be planning for success from the outset. Now, what

Adam Levy 12:28

About the human side of scale? As a business grows?

Of course, that means growing the number of people working for the business? How do you handle that? And what new considerations does that raise?

Charles Christy: 12:40

I think it's a very important point out and I really think that there's two choices there.

One is the, as you say, the choice to grow the company.

And if you take the companies, typically, at a startup stage, they're very entrepreneurial, typically a founder this, there's a core scientific, very close knit team, they really live and breathe the product.

And as you bring on, as you as you would increase the scale of that company, you're actually diluting that core resource.

You've got to onboard people, you've got to train them, you've got to really work hard a) to keep that culture of science, and b) not to dilute those key resources as you grow.

So it's one of the biggest challenges.

And I think really the second challenge is that core team is really used to science and used to maybe fundraising from from early seed funding, and really then has to change to being a commercialization team.

How do you commercialize it? What are the elements of that? And that culture, from science to commercialization is a completely different skill set.

Some companies do that by growing internally, and some companies, for example, will use partners to outsource.

And I guess that's a choice. And it's a very fundamental choice at the beginning of a company is as the as the human considerations.

Do you build up an internal team for a single product, which may or may progress or may not progress?

Or do you use partners? Sponsors, for example? A contract development and manufacturing organization?

And we would do manufacturing and all the various elements of the chemistry, the manufacturing controls, the quality

Do you want to grow? And how do you change your culture from this early entrepreneurial ship into a more commercial organization?

Do you partner do you bring on lots of people at the same time?

Adam Levy 14:32

How do you see this, this process of scale both on the human side and the technical side, going wrongfor some companies?

Charles Christy 14:41

I think the lessons are learned quite often is that that is about planning and it's about communication, that you've really got to not have one plan, you need to have multiple plans.

You need to be able to adapt as you go through the lifecycle of the product, or biotherapeutic and have a Plan B, and aPlan C, and really adapt

The second thing that I think one of the elements that we've seen is that quite often these companies go far too fast at the beginning, and they make compromises.

And I think the compromises can be, you know, in terms of quality, in terms of robustness of the process, or some of the analsyst that may be needed.

And that will come back and bite. So it's going fast enough to be competitive and to get the product through to the market.

But without those compromises, which will either cause a regulatory hold on the product, or the need to go back and repeat an element of that product, whether that's repeat a study or repeat a manufacturing step, that can really cause a six month or a year delay.

So I think that that element of really, how do you take enough risk to be fast and to be flexible and agile, but without compromising the quality of the product, because that's really where you want to be?

All of these elements need to be built in from the beginning of the process.

Adam Levy 16:00

I wonder if you have any stories or anecdotes of times, you've seen this really not go right for company or for folr agroup?

Charles Christy 16:11

Actually, unfortunately, it's one of the major ones. If you look at, if you look in Food and Drug Administration in the US, is one of the organizations which which qualifies and authorizes biological medicines.

And most of their rejections are really around product quality or around product robustness.

And those delays can be six months to 12 months, and can actually mean the company either doesn't make it first to market and then loses tremendous market share, or runs out of money or has to refinance because the cash burn.

If you have to go back and repeat six months or a year or even another clinical study, that delay, and that cash burn can can really jeopardize the future of the company.

We see it far, far too often. I think that's why, certainly in biotherapeutics, you see now with monoclonal antibodies with vaccines, people coming to companies like like Lonza, and like big pharma, where they have platform processes, which are proven and that have really stood the test of time.

So it's a race to be first. But the risk is to avoid these sort of catastrophic errors which derail you and then you've got to repeat a development project.

Adam Levy: 17:23

So what should companies that are still at a fairly early stage be doing to prepare for these questions of scale that are going to come up further down the line?

Charles Christy: 17:36

Quite often, companies now coming back to these lessons learned actually do a lot of these de risking activities now earlier on in the develop.

So people look in particularly biotherapeutics, at these little studies called manufacturability, stability formulation, ease of use.

These types of studies that can be done early on really then pay off later on in development, because you know, then the process is able to be manufactured. Money invested early on in these types of critical questions almost always pays off.

Adam Levy: 18:10

If a company does choose to partner up to help make these questions of scale and growth more manageable. What do they have to be mindful of to make this relationship as fruitful as possible?

Charles Christy: 18.21

When you do have a partner and you work with a company or an outsourcing partner for, for these activities, two or three lessons there.

I think a very critical one is you're going to partner with somebody, it takes a long time to set that partnership up, you have to invest a lot of time and resource into that.

I think that's critical. And I think lessons are about trust and about communication, identify risks, be very transparent and open with each other.

That partnership, if you're going to start with a company, that's going to be a partnership that can last for five or 10 years, or even longer.

And it's critical to the success of a small company.

So don't just see it as a throw-it-over-the-fence and you're paying money to get a service. I think definitely invest more time in that.

Look at that as a partnership where it's going to grow together, over-communicate at the beginning, even though those meetings every week or two weeks and only last five or 10 minutes.

That effort at the beginning will pay dividends as you go through that product development cycle.

Adam Levy 19:24

That was Charles Christy.

As things grow from what may have been a research project and into a fully fledged business, you're going to be increasingly relying on other people.

Wei, who we heard from earlier explains that this can easily present challenges

Wei Wu 19:40

Since there are also many people involved like manufacturers and subcontractors and something and then they have somebody is sick or something then everything is also delayed.

So that's something we always have to deal with.

Adam Levy 19:54

And in our next episode, the fifth in the series, we'll be talking about exactly, this how to deal with setbacks, whether that's a deal falling through, or a global pandemic.

Because if there's one thing you can expect in business, it is, of course, the unexpected.

Stay tuned for that episode. This has been Working Scientist, a Nature Careers podcast.

Thanks for listening. I'm Adam levy

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How to Start a Business: A Comprehensive Guide and Essential Steps

Building an effective business launch plan

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Conducting Market Research

Crafting a business plan, reviewing funding options, understanding legal requirements, implementing marketing strategies, the bottom line.

• How to Start a Business: A Comprehensive Guide and Essential Steps CURRENT ARTICLE
• How to Do Market Research, Types, and Example
• Marketing Strategy: What It Is, How It Works, How To Create One
• Marketing in Business: Strategies and Types Explained
• What Is a Marketing Plan? Types and How to Write One
• Business Development: Definition, Strategies, Steps & Skills
• Business Plan: What It Is, What's Included, and How to Write One
• Small Business Development Center (SBDC): Meaning, Types, Impact
• How to Write a Business Plan for a Loan
• Business Startup Costs: It’s in the Details
• Startup Capital Definition, Types, and Risks
• Bootstrapping Definition, Strategies, and Pros/Cons
• Crowdfunding: What It Is, How It Works, and Popular Websites
• Starting a Business with No Money: How to Begin
• A Comprehensive Guide to Establishing Business Credit
• Equity Financing: What It Is, How It Works, Pros and Cons
• Best Startup Business Loans
• Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
• Partnership: Definition, How It Works, Taxation, and Types
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• Starting a Small Business: Your Complete How-to Guide
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• How to Start Your Own Bookkeeping Business: Essential Tips
• How to Start a Successful Dropshipping Business: A Comprehensive Guide

Starting a business in the United States involves a number of different steps spanning legal considerations, market research, creating a business plan, securing funding, and developing a marketing strategy. It also requires decisions about a business’ location, structure, name, taxation, and registration. Here are the key steps involved in starting a business, as well as important aspects of the process for entrepreneurs to consider.

Key Takeaways

• Entrepreneurs should start by conducting market research to understand their industry space, competition, and target customers.
• The next step is to write a comprehensive business plan, outlining the company’s structure, vision, and strategy.
• Securing funding in the form of grants, loans, venture capital, and/or crowdfunded money is crucial if you’re not self-funding.
• When choosing a venue, be aware of local regulations and requirements.
• Design your business structure with an eye to legal aspects, such as taxation and registration.
• Make a strategic marketing plan that addresses the specifics of the business, industry, and target market.

Before starting a business, entrepreneurs should conduct market research to determine their target audience, competition, and market trends. The U.S. Small Business Administration (SBA) breaks down common market considerations as follows:

• Demand : Is there a need for this product or service?
• Market size : How many people might be interested?
• Economic indicators : What are the income, employment rate, and spending habits of potential customers?
• Location : Are the target market and business well situated for each other?
• Competition : What is the market saturation ? Who and how many are you going up against?
• Pricing : What might a customer be willing to pay?

Market research should also include an analysis of market opportunities, barriers to market entry, and industry trends, as well as the competition’s strengths, weaknesses, and market share .

There are various methods for conducting market research, and these will vary depending on the nature of the industry and potential business. Data can come from a variety of places, including statistical agencies, economic and financial institutions, and industry sources, as well as direct consumer research through focus groups, interviews, surveys, and questionnaires.

A comprehensive business plan is like a blueprint. It lays the foundation for business development and affects decision-making, day-to-day operations, and growth. Potential investors or partners may want to review and assess it in advance of agreeing to work together. Financial institutions often request business plans as part of an application for a loan or other forms of capital. 

Business plans will differ according to the needs and nature of the company and should only include what makes sense for the business in question. As such, they can vary in length and structure. They can generally be divided into two formats: traditional and lean start-up. The latter is less common and more useful for simple businesses or those that expect to rework their traditional business plan frequently. It provides a vivid snapshot of the company through a small number of elements.

The process of funding a business depends on its needs and the vision and financial situation of its owner.  The first step is to calculate the start-up costs . Identify a list of expenses and put a dollar amount to each of them through research and requesting quotes. The SBA has a start-up costs calculator for small businesses that includes common types of business expenses.  

The next step is to determine how to get the money. Common methods include:

• Self-funding , also known as “ bootstrapping ”
• Finding investors willing to contribute to your venture capital
• Raising money online by crowdfunding
• Securing a business loan from a bank, an online lender, or a credit union
• Winning a business grant from a donor, usually a government, foundation, charity, or corporation

Different methods suit different businesses, and it’s important to consider the obligations associated with any avenue of funding. For example, investors generally want a degree of control for their money, while self-funding puts business owners fully in charge. Of course, investors also mitigate risk; self-funding does not.

Availability is another consideration. Loans are easier to get than grants, which don’t have to be paid back. Additionally, the federal government doesn’t provide grants for the purposes of starting or growing a business, although private organizations may. However, the SBA does guarantee several categories of loans , accessing capital that may not be available through traditional lenders. No matter the funding method(s), it’s essential to detail how the money will be used and lay out a future financial plan for the business, including sales projections and loan repayments . 

Businesses operating in the U.S. are legally subject to regulations at the local, county, state, and federal level involving taxation, business IDs, registrations, and permits.

Choosing a Business Location

Where a business operates will dictate such things as taxes, zoning laws (for brick-and-mortar locations), licenses, and permits. Other considerations when choosing a location might include:

• Human factors : These include target audience and the preferences of business owners and partners regarding convenience, knowledge of the area, and commuting distance.
• Regulations : Government at every level will assert its authority.
• Regionally specific expenses : Examples are average salaries (including required minimum wages), property or rental prices, insurance rates, utilities, and government fees and licensing.
• The tax and financial environment : Tax types include income, sales, corporate, and property, as well as tax credits; available investment incentives and loan programs may also be geographically determined.

Picking a Business Structure

The structure of a business should reflect the desired number of owners, liability characteristics, and tax status. Because these have legal and tax compliance implications , it’s important to understand them fully. If necessary, consult a business counselor, a lawyer, and/or an accountant.

Common business structures include:

• Sole proprietorship : A sole proprietorship is an unincorporated business that has just one owner, who pays personal income tax on its profits.
• Partnership : Partnership options include a limited partnership (LP) and a limited liability partnership (LLP) .
• Limited liability company (LLC) : An LLC protects its owners from personal responsibility for the company’s debts and liabilities.
• Corporation : The different types of corporations include C corp , S corp , B corp , closed corporation , and nonprofit .

Getting a Tax ID Number

A tax ID number is the equivalent of a Social Security number for a business. Whether or not a state and/or federal tax ID number is required will depend on the nature of the business and the location in which it’s registered.

A federal tax ID, also known as an employer identification number (EIN) , is required if a business:

• Operates as a corporation or partnership
• Pays federal taxes
• Has employees
• Files employment, excise, alcohol, tobacco, or firearms tax returns
• Has a Keogh plan
• Withholds taxes on non-wage income to nonresident aliens
• Is involved with certain types of organizations, including trusts, estates, real estate mortgage investment conduits, nonprofits, farmers’ cooperatives, and plan administrators

An EIN can also be useful if you want to open a business bank account, offer an employer-sponsored retirement plan, or apply for federal business licenses and permits. You can get one online from the Internal Revenue Service (IRS) . State websites will do the same for a state tax ID.

Registering a Business

How you register a business will depend on its location, nature, size, and business structure.  For example, a small business may not require any steps beyond registering its business name with local and state governments, and business owners whose business name is their own legal name might not need to register at all.

That said, registration can provide personal liability protection, tax-exempt status, and trademark protection, so it can be beneficial even if it’s not strictly required. Overall registration requirements, costs, and documentation will vary depending on the governing jurisdictions and business structure.  

Most LLCs, corporations, partnerships, and nonprofits are required to register at the state level and will need a registered agent to file on their behalf. Determining which state to register with can depend on factors such as:

• Whether the business has a physical presence in the state
• If the business often conducts in-person client meetings in the state
• If a large portion of business revenue comes from the state
• Whether the business has employees working in the state

If a business operates in more than one state, it may need to file for foreign qualification in other states in which it conducts business. In this case the business would register in the state in which it was formed (this would be considered the domestic state) and file for foreign qualification in any additional states.

Obtaining Permits

Filing for the applicable government licenses and permits will depend on the industry and nature of the business and might include submitting an application to a federal agency, state, county, and/or city. The SBA lists federally regulated business activities alongside the corresponding license-issuing agency, while state, county, and city regulations can be found on the official government websites for each region.

Every business should have a marketing plan that outlines an overall strategy and the day-to-day tactics used to execute it. A successful marketing plan will lay out tactics for how to connect with customers and convince them to buy what the company is selling. 

Marketing plans will vary according to the specifics of the industry, target market, and business, but they should aim to include descriptions of and strategies for the following:

• A target customer : Including market size, demographics, traits, and relevant trends
• Value propositions or business differentiators : An overview of the company’s competitive advantage with regard to employees, certifications, and offerings
• A sales and marketing plan : Including methods, channels, and a customer’s journey through interacting with the business
• Goals : Should cover different aspects of the marketing and sales strategy, such as social media follower growth, public relations opportunities, and sales targets
• An execution plan : Should detail tactics and break down higher-level goals into specific actions
• A budget : Detailing how much different marketing projects and activities will cost

How Much Does It Cost to Start a Business?

Business start-up costs will vary depending on the industry, business activity, and product or service offered. Home-based online businesses will usually cost less than those that require an office setting to meet with customers. The estimated cost can be calculated by first identifying a list of expenses and then researching and requesting quotes for each one. Use the SBA’s start-up costs calculator for common types of expenses associated with starting a small business.

What Should I Do Before Starting a Business?

Entrepreneurs seeking to start their own business should fully research and understand all the legal and funding considerations involved, conduct market research, and create marketing and business plans. They will also need to secure any necessary permits, licenses, funding, and business bank accounts.

What Types of Funding Are Available to Start a Business?

Start-up capital can come in the form of loans, grants, crowdfunding, venture capital, or self-funding. Note that the federal government does not provide grant funding for the purposes of starting a business, although some private sources do.

Do You Need to Write a Business Plan?

Business plans are comprehensive documents that lay out the most important information about a business. They reference its growth, development, and decision-making processes, and financial institutions and potential investors and partners generally request to review them in advance of agreeing to provide funding or to collaborate.

Starting a business is no easy feat, but research and preparation can help smooth the way. Having a firm understanding of your target market, competition, industry, goals, company structure, funding requirements, legal regulations, and marketing strategy, as well as conducting research and consulting experts where necessary, are all things that entrepreneurs can do to set themselves up for success.

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

U.S. Small Business Administration. " Calculate Your Startup Costs ."

U.S. Small Business Administration. “ Fund Your Business .”

U.S. Small Business Administration. “ Grants .”

U.S. Small Business Administration. “ Loans .”

U.S. Small Business Administration. “ Pick Your Business Location .”

U.S. Small Business Administration. “ Choose a Business Structure .”

Internal Revenue Service. “ Do You Need an EIN? ”

U.S. Small Business Administration. “ Get Federal and State Tax ID Numbers .”

U.S. Small Business Administration. “ Register Your Business .”

U.S. Small Business Administration. “ Apply for Licenses and Permits .”

U.S. Small Business Administration. “ Marketing and Sales .”

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Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Fargo Medical Laboratories (FML) is a start-up company committed to providing the most convenient, friendliest blood testing service to the physicians of the Main Street Professional Building and the surrounding area. Fargo Medical Laboratories has been founded as a single member L.L.C. registered in North Dakota by Dave Gigsted. Fargo Medical Laboratories will quickly gain market share serving the Fargo medical community.

Objectives Fargo Medical Laboratories has established three significant objectives to pursue. The first is securing 60% of the physicians in the Main Street Professional Building as customers. The second objective is to develop 20% of their revenue from physicians who practice in the nearby vicinity. The third objective is the desire to reach profitability with 12 months. This is especially important since Fargo Medical Laboratories will be using bank debt would like to see a positive ROI fairly soon.

Market Fargo Medical Laboratories has identified two market segments they will serve. First is the large number of physicians that have a practice in the Main Street Professional Building, where Fargo Medical Laboratories will lease space. This customer segment has 128 potential customers with a growth rate of 3%. The second group is physicians that have medical practices in other nearby facilities. There are 115 potential customers in this segment with a 5% annual growth rate.

Services Fargo Medical Laboratories offers a comprehensive battery of blood tests for physician’s patients. Several tests will be done in-house including:

• CBC- A complete test of red blood cell count, white blood count, and a platelet count. Each of these three can be ordered individually if needed.
• Blood sugar test- Frequently requested for diabetics or possible diabetics.
• Electrolyte testing- For patients who are on diuretics and there is concern that they may be losing too many of their electrolytes.
• Creatine- Often used to check kidney functioning or to determine if there is heart or kidney problems.

Other types of blood analysis can be done with the specimen sent to a central lab for testing.

Management Fargo Medical Laboratories has been founded and will be led by Dave Gigsted. Dave received an undergraduate degree in small business management.  After graduation Dave got his laboratory technician certification and went to work for a laboratory. He was eventually elevated to lab manager, staying with the lab for five years.

Dave then moved with his wife to Fargo where he worked for a year in a lab. Surveying the business environment with the thought of opening up his own blood laboratory, he recognized the great need for a lab in the Main Street Professional Building, and developed a plan and secured financing for the venture.

1.1 Objectives

• To gain 60% of the Professional Building’s blood testing work.
• Develop 20% of the revenues from offices outside the Professional Building.
• Reach profitability within 12 months.

1.2 Mission

It is Fargo Medical Laboratories’ mission to serve local physicians with fast, accurate, private, reasonably priced blood testing services. Fargo Medical Laboratories exists to exceed all of their customer’s expectations. 

1.3 Keys to Success

• Lease space in the Main Street Professional Building, the location of our primary target market.
• Set up a strong contract with a large local laboratory to outsource the more difficult tests, ensuring fast service and good rates.
• Follow a strict regime of accounting controls to help ensure profitability.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Fargo Medical Laboratories has been formed as an L.L.C., registered in North Dakota. Fargo Medical Laboratories is a single member entity owned by Dave Gigsted. Fargo Medical Laboratories will lease office space in the Main Street Professional Building. This building has over 120 offices, 93 of which are leased by medical professionals. Of the 93, a high percentage of those are primary care physicians or general practitioners. There currently is no laboratory within this professional building, and doctors are forced to send their patients across town to have blood drawn and analyzed.  

2.1 Company Ownership

The owner of Fargo Medical Laboratories is Dave Gigsted. Dave has received bank debt financing and will have a long term loan to pay off.

2.2 Start-up Summary

Fargo Medical Laboratories will require the following equipment for the start up of the business:

• Waiting room furniture
• Two computers with QuickBooks Pro, Microsoft Office, and insurance billing software, sharing a laser printer and a broadband Internet connection.
• Five portable ice coolers.
• Four chairs for the blood drawing rooms.
• Latex gloves, syringes, needles.
• Autoanalyzer.
• Complete blood testing machine.
• Centrifuge.
• Refrigerator/freezer unit.

Fargo Medical Laboratories offers routine blood tests on-site and more complex blood tests outsourced to a central lab. FML will be located inside the Main Street Professional Building which is home to numerous physicians. Currently, when the doctors need blood work done, they have to send their patients to an off-site laboratory, a 15 minute drive from the doctor’s office.

Once Fargo Medical Laboratories is up an running the doctors will be able to send their patients to FML’s offices, within the building. For simple tests Fargo Medical Laboratories will do the analysis in-house, for more complex blood work the specimens will be sent to an outsourced central laboratory.

The advantages to the physicians and their patients include: convenience (blood can be drawn within the same building), and faster service (there is no driving or transportation time to get the blood drawn), and for the most commonly requested tests the analysis occurs in-house guaranteeing results within 24 hours.

Fargo Medical Laboratories will offer the following tests in-house:

• Red blood cell count- $15
• White blood cell count- $15
• CBC (a more complete test that counts platelets in addition to white and red blood cell counts)- $30
• Blood sugar (suited for diabetics or people who are trying to determine if they have a blood sugar problem)- $15
• Electrolytes (for people on diuretics)- $20
• Creatine (tests for heart or kidney difficulties)- $15

If more extensive blood work is needed, blood with be drawn in our offices and sent to a central laboratory. Fargo Medical Laboratories will use a courier service that transports the samples in an ice cooler. The specimens are tested within 24-36 hours of receipt at the central lab and the results are returned to FML via encrypted email.

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4.1 Market Segmentation

Fargo Medical Laboratories will provide services geared to two distinct customer segments.

• Main Street Professional Building physicians – This segment is made up of physicians that practice medicine in offices that are located within the Main Street Professional Building. There is a wide range of specialties represented, but predominantly primary care and general practitioners. Most types of doctors need blood work done on their patients with some regularity. The Main Street physicians have always just had to send their patients to another area of town to have blood drawn and analyzed. This is not convenient for their patients and is time consuming, so physicians in the building would generally be quite happy if there were a blood laboratory within the building.
• Nearby physicians – These physicians practice near the Main Street Professional Building. These doctors also have to send their patients out to a different location to have blood work done. Fargo Medical Laboratories’ services would be attractive to this group because FML would be located closer to their offices than the blood lab currently used. The advantage to this group of physicians would also be convenience.

4.2 Target Market Segment Strategy

It is fairly intuitive as to why physicians within the Main Street Professional Building will be targeted, they are the customers who would have the most demand for Fargo Medical Laboratories’ services. Almost all types of doctors regularly have patients who need blood testing done. Assuming that the lab accepts most of the common types of medical insurance, the lab is generally chosen by being the most convenient for the patient since they are the ones who must travel to the lab to have the blood drawn.

For physicians who work within the Main Street Professional Building, Fargo Medical Laboratories would be the most convenient laboratory, being located within the same building as the physician’s offices. No longer would the doctor have to ask the patient to travel to have blood drawn. For the second target market, the nearby physicians, the reasoning is similar, convenience for the patients. While it is not quite as convenient as sending the patient to another office within the same building, Fargo Medical Laboratories would still be closer than the current lab.

4.3 Service Business Analysis

Blood laboratories all provide similar services. Most accept a wide range of insurance plans. Some do the tests in-house, others will outsource the tests. Where the tests are completed is not really that significant. To be competitive the labs need to have the tests completed within a couple of days at the most. This means it all comes down to convenience. Labs serve the physicians and doctors that are closest in terms of geographic proximity. In most cities/towns, you will see labs placed throughout the city serving the different clusters of physicians.

Fargo is different, or at least Main Street is. Main Street Professional Building has for years been trying to have a laboratory locate within the building to serve the large population of doctors. The trouble has been that South Dakota is experiencing an exodus of people. As college students have completed school, they have left the state. Fargo has had difficulty attracting qualified technical people, in this instance phlebotomists (blood drawing technicians) and chemical analyzers. This is the explanation for the absence of a blood laboratory in the Main Street Professional Building. The need has existed, just no one has “stepped up to the plate”, at least not until now.

4.3.1 Competition and Buying Patterns

In Fargo, there is a total of seven blood drawing laboratories. Of the seven, two only serve their specific clients and do not do work for other physicians. Of the remaining five, three offer basic tests done on-site, like Fargo Medical Laboratories, and the remaining two are full service laboratories that do work complex for the other labs.

The closest competitor to Fargo Medical Laboratories is Mednet, located four miles away. This is the facility that 95% of the physicians in the Main Street Professional Building currently use. It is used by these physicians because of convenience, it WAS the closest laboratory. As mentioned earlier, blood testing service providers are chosen based on convenience, how close they are to the patients. Hours of operation (i.e. longer hours/evening hours) are insignificant since physicians are only available during traditional daytime office hours.

Strategy and Implementation Summary

Fargo Medical Laboratories will leverage their competitive edge of a convenient location within a large medical facility to help it quickly gain market share. FML has developed a strategic marketing plan that will use several different methods to develop local awareness of itself and the benefits offered. Fargo Medical Laboratories has also developed a sales strategy to help turn the qualified leads into clients by emphasizing the significant benefits that physicians can offer their patients by sending them to Fargo Medical Laboratories. Sections 5.1-5.3 offers more detail regarding the competitive edge, marketing and sales strategies.

5.1 Competitive Edge

Fargo Medical Laboratories’ competitive edge is convenience. In the blood analysis industry it is hard to differentiate yourself from competitors assuming a few basic levels of care and performance:

• You accept several popular insurance plans, otherwise many patients could not use your service.
• You provide fast analysis, tests are completed and reported within 48-60 hours at the most.
• You provide accurate, precise results.

If these basic, foundational levels of performance are met, then you are competitive. This is why convenience is so important and why it is an effective way of distinguishing one lab from another. The physician is looking for a way to get a blood sample from a patient that is easiest from the patient’s perspective.

Other factors include maintaining a high level of customer satisfaction. If these were not met it would not “kill the deal” but would decrease sales. Here are some important customer service elements that all employees of Fargo Medical Laboratories will emphasize:

• The receptionists and phlebotomists are friendly.
• A satisfactory specimen is secured on the first try.
• Patient discomfort is minimized.
• The phlebotomist was able to personify the laboratory and promote a positive impression between the lab and the patient.

These customer service factors will certainly be taught to all employees to ensure the most positive patient experience.

5.2 Marketing Strategy

Fargo Medical Laboratories will undertake a marketing strategy employing three means of communicating its new service offering:

• Direct mail . Local physicians will receive a flyer announcing the opening of Fargo Medical Laboratories and detailing the services offered. A list of physicians is easily obtained through the local licensing board.
• Personal introductions to Main Street Professional Building tenants. A representative from Fargo Medical Laboratories will visit all of the medical offices within the building as a way of introducing FML to the doctors. This will provide FML with an opportunity to develop a personal relationship with doctors, something that is useful and valuable for service providers within a licensed industry.
• Advertisements . Ads will be placed in the regional flyer that all licensed physicians receive as members of their local chapter of the American Medical Association (AMA). 

5.3 Sales Strategy

Fargo Medical Laboratories’ sales strategy will be used to convert a qualified lead into a client by emphasizing three important services:

• Most forms of insurance accepted – This is important because the vast number of patients that will have their blood tested will not be self-paying, they will be using insurance. FML would not be a viable alternative if they did not accept popular insurance plans.
• Quick turnaround – A doctor’s diagnosis and treatment is often based on the results of the test. It is not reasonable to expect the patient to wait an excessive period of time for the results. Fargo Medical Laboratories will deliver results fast.
• Convenience – There is no other alternative that is more convenient than sending the patients to an office within the building.

5.3.1 Sales Forecast

Fargo Medical Laboratories had developed a conservative sales forecast for the three years of this business plan. A conservative forecast was chosen because the venture is being funded by bank debt, which is fairly risk-averse, and therefore, it is in Fargo Medical Laboratories’ best interests if they are able to meet the monthly sales goals. If the forecast was more aggressive it would be far easier for FML to miss sales targets and find themselves hurting financially due to inaccurate assumptions and forecasts. This would then cast doubt on the survival of the business.

5.4 Milestones

Fargo Medical Laboratories has identified several milestones for the organization to achieve. The achievement of the milestones will be instrumental in the success of the the venture. By enumerating the milestones it provides the organization with clear goals that everyone can focus their energy on.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Dave Gigsted is the founder and manager of Fargo Medical Laboratories. Dave received his undergraduate degree in Small Business Management from the University of Illinois. While in college, Dave worked at a bicycle shop, initially as a mechanic, moving up to assistant manager by the time he graduated. This provided him with hands-on business experience to combine with his business degree. 

Upon graduation, Dave began his job search, including opportunities in the medical profession. His mother and aunt are both registered nurses who shared with Dave that, at that time in Illinois, lab technicians were in short supply. So Dave enrolled in an eight-month program through the community college for a degree in Laboratory Technology. After completing this degree, Dave went to work at a laboratory. Within two years, he had been promoted to Lab Manager. Dave found this work challenging, enjoyed the medical aspect and worked hard in the business end of the job.

After five years, Dave and his wife moved to Fargo for a job opportunity for his wife. He immediately began working at a laboratory and worked there for a year. During this time Dave began looking into different business opportunities, recognizing that he had now developed sufficient business skills to operate his own business. Dave found there was a high concentration of physicians in a professional building with no nearby lab. In talking with people, he learned the physicians were looking for a lab to relocate to the building but but had been unable to find any. Armed with this information, Dave began to draft a business plan confident that with a solid strategy and comprehensive plan he would be able to find financing and begin his new venture.  

6.1 Personnel Plan

• Dave will handle business development, sales, marketing, accounting, courier, customer service, and assorted lab tech work.
• Two phlebotomists on staff at any one time to draw blood
• One Lab technician will be responsible for doing onsite blood tests. This will be a part-time position. Dave will be able to fill in as needed in this capacity

Financial Plan investor-ready personnel plan .">

The following sections will outline important financial information.

7.1 Important Assumptions

The following table includes important financial assumptions.

7.2 Break-even Analysis

The Break-even Analysis indicates what will be needed in monthly revenue to reach the break even point.

7.3 Business Ratios

The following chart provides business ratios for Fargo Medical Laboratories as well as for the blood-related health industry, SIC Code 8099.01. Fargo Medical Laboratories’ ratios are consistent with the industry, with the exception of liabilities because it is a start-up organization that is relying on financing for its start-up costs.

7.4 Projected Profit and Loss

The following table will show annual projected profit and loss. A net loss will occur the first year, with well developed profit in year two and year three.

7.5 Projected Cash Flow

The following chart and table describe the projected cash flow. Because we will have a large starting balance because of our initial bank loan, our cash flow should be strong enough to cover our expenses as the business becomes established. The only concern will be to monitor the accounts receivable balances, since the majority of our revenue will be in receivables.

7.6 Projected Balance Sheet

The following table will indicate the projected balance sheet. We will achieve positive Net Worth in the second and third years.

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Best 20 Biotechnology Business Ideas with High Profit

• November 19, 2023
• by Next What Business Research Team

Biotechnology, a transformative field at the intersection of biology and technology, is driving innovation and reshaping industries. Entrepreneurs keen on venturing into the dynamic realm of biotechnology have a spectrum of opportunities to explore. From healthcare breakthroughs to sustainable solutions, here are some of the best biotechnology business ideas poised to make a significant impact:

What is Biotechnology?

Biotechnology is a dynamic and interdisciplinary field. It harnesses the principles of biology and technology to manipulate living organisms, cells, and biological systems for the betterment of humanity. The field of biotechnology involves a wide spectrum of applications, ranging from healthcare and agriculture to industry and the environment. Here’s an overview of the fundamental aspects of biotechnology:

a) Genetic Manipulation

Biotechnology often involves the alteration of genetic material, whether in microorganisms, plants, or animals. This can be achieved through techniques like genetic engineering, CRISPR-Cas9, and gene cloning.

b) Cell Culture and Tissue Engineering

Biotechnologists cultivate and manipulate cells in controlled environments to study their behaviour or create tissues for medical applications. This is crucial in regenerative medicine and the development of artificial organs.

c) Protein Expression

Biotechnology plays a vital role in the expression and production of proteins, including enzymes and therapeutic proteins. Recombinant DNA technology is commonly used to introduce foreign genes into host organisms for protein synthesis.

Applications of Biotechnology

Some of the major applications of biotechnology are the following:

• Pharmaceuticals: Biotechnology contributes to the development of biopharmaceuticals, including vaccines, monoclonal antibodies, and gene therapies.
• Diagnosis and Treatment: Molecular diagnostics, personalized medicine, and targeted therapies are outcomes of biotechnological advancements.

Agriculture

• Genetically Modified Organisms (GMOs): Biotechnology enhances crop traits for improved yield, resistance to pests, and adaptation to environmental conditions.
• Biofertilizers and Biopesticides: Microbial biotechnology provides eco-friendly solutions for soil fertility and pest management.
• Enzyme Technology: Industrial processes benefit from biocatalysts, such as enzymes, for efficient and sustainable production.
• Bioprocessing: Fermentation and other bioprocessing techniques are employed for the production of biofuels, chemicals, and materials.

Environmental Management

• Bioremediation: Biotechnological approaches aid in the cleanup of pollutants and contaminants in soil, water, and air.
• Waste Treatment: Microbial biotechnology contributes to the treatment of wastewater and the conversion of organic waste into useful products.

Research and Development

• Genomic Studies: Biotechnology facilitates genomic research, allowing scientists to sequence, analyze, and understand the genetic makeup of organisms.
• Stem Cell Research: Advances in biotechnology play a crucial role in stem cell research, with implications for regenerative medicine.

Why Start a Biotechnology Business?

Starting a biotechnology business is not merely a business venture. It is a commitment to shaping the future of science, healthcare, and sustainability. Entrepreneurs in the biotechnology sector are driven by a confluence of factors that make this field uniquely compelling. Here are compelling reasons to consider starting a biotechnology business:

• Biotechnology has the power to revolutionize industries
• Provide medical solutions
• Biotechnology in agriculture offers solutions for sustainable farming, crop improvement, and environmentally friendly practices.
• Provide cleaner, greener Solutions
• Biotechnology businesses can contribute to global health by developing vaccines, treatments, and diagnostic tools that address prevalent diseases and health disparities.
• Intellectual Satisfaction
• High growth potential

List of 20 Biotechnology Business Ideas

1. genetic testing services.

Offering genetic testing services that provide individuals with insights into their genetic makeup, health risks, and ancestry. This can include testing for hereditary diseases, personalized nutrition plans, and even genealogy services.

• Empower individuals to make informed health decisions.
• Taps into the growing interest in personalized medicine.

2. Precision Medicine Development

You can focus on the development of precision medicine, tailoring medical treatments to individual characteristics. It can be genetic makeup and targeted therapies for cancer and other diseases.

• Enhances treatment efficacy while minimizing side effects.
• Positions the business at the forefront of medical innovation.

3. Agri clinic

A small-scale Agri clinic or agribusiness centre is one of the best businesses in the biotechnology industry to start on agricultural land. Establishing agri clinics that provide agricultural consultancy services to farmers. This can include crop management advice, soil testing, nutrient deficiency charts, seed testing, pest control strategies, and the introduction of innovative farming techniques.

• Supports farmers with expert guidance.
• Creates a channel for disseminating agricultural innovations.

4. Biopharmaceutical Manufacturing

Establishing a biopharmaceutical manufacturing unit to produce biologics, including monoclonal antibodies, vaccines, and other therapeutic proteins. This is a critical sector within the pharmaceutical industry.

• Addresses the increasing demand for biologically derived drugs.
• Offers opportunities for collaboration with pharmaceutical companies.

5. Biodegradable Plastics Production

Leveraging biotechnology to develop and produce biodegradable plastics as an eco-friendly alternative to traditional plastics. This contributes to the reduction of plastic pollution.

• Aligns with global sustainability goals.
• Addresses environmental concerns associated with plastic waste.

6. Biofertilizer Manufacturing

This is one of the best-emerging businesses in the biotechnology industry. Biofertilizers are living microorganisms of bacterial, fungal, and algal origin. The awareness of using biofertilizers, among farmers is increasing rapidly. Biofertilizer manufacturing is very popular among profitable biotech business ideas in the agriculture sector. Apart from this, biofertilizers are essential items for organic farming. Some of the most popular biofertilizers are Rhizobium, Azotobacter, Azospirillum, Blue-green Algae, Phosphate solubilizing microorganisms, etc.

• Improves soil health and fertility.
• Reduces reliance on chemical fertilizers.

7. Biopesticide Manufacturing

Biopesticides are Plant Protection Products that contain Biological Control Agents (BCAs) as microbial, pheromones, and plant extracts. They are typically used in combination with conventional chemical pesticides in the framework of the Pest Integrated Management (IPM) to safeguard the health of the roots, the plant growth, and the quality of the crop, to reduce the occurrence of resistance and to lower residue levels.

• Addresses environmental concerns associated with chemical pesticides.
• Promotes integrated pest management.

8. Compost Fertilizer Production

You can initiate a compost fertilizer production unit in small towns, rural areas, and urban areas. You can start this business with crop waste, vegetable waste, and kitchen waste. Additionally, you can start the unit with a small capital investment. Read More…

• Converts organic waste into valuable fertilizer.
• Enhances soil structure and water retention.

9. Synthetic Biology Applications

Exploring synthetic biology applications to engineer biological systems for various purposes, such as biofuel production, industrial processes, and environmental remediation.

Offers innovative solutions to complex challenges. Explores the potential of bioengineering in diverse industries.

10. Stem Cell Therapy Clinics

Establishing clinics that specialize in stem cell therapies for various medical conditions. This includes regenerative medicine applications for tissue repair and disease treatment.

• Capitalizes on the growing interest in regenerative medicine.
• Addresses a range of medical conditions with innovative therapies.

11. Bioinformatics Services

Overview: Providing bioinformatics services that analyze and interpret biological data, especially in genomics and proteomics. This can include data management, analysis, and interpretation for research institutions and biotech companies.

Supports advancements in genomics and personalized medicine. Serves as a crucial component in drug discovery and development.

12. Agricultural Biotechnology Solutions

Developing biotechnology solutions for agriculture, such as genetically modified crops for enhanced yield, disease resistance, and nutritional value. This can also include sustainable agricultural practices.

Addresses food security challenges. Promotes environmentally friendly farming practices.

13. Microbial Bioremediation Services

Offering services that utilize microbial bioremediation to clean up environmental pollutants. This can include the remediation of oil spills, wastewater treatment, and soil restoration.

• Provides eco-friendly solutions to environmental challenges.
• Aligns with sustainability and corporate responsibility initiatives.

14. Neurotechnology Innovations

Venturing into neurotechnology to develop innovations such as brain-machine interfaces, neurostimulation devices, and diagnostic tools for neurological disorders.

• Contributes to advancements in neuroscience and neurology.
• Addresses the growing prevalence of neurological conditions.

15. Biodiesel Production

Bio-diesel production units can be established on a small-scale basis at any place where the main raw material Jatropha oil is easily available. Setting up a biodiesel production unit that utilizes crops or waste to produce biofuels. This promotes sustainable energy sources and reduces dependence on fossil fuels.

• Contributes to renewable energy solutions.
• Utilizes agricultural resources efficiently.

16. Food Processing

You can consider integrating biotechnological processes into food processing units. This can include developing genetically modified crops for enhanced nutritional content or using enzymes for food preservation.

17. Hybrid Seeds

The production of high-yield seeds is one of the most profitable businesses in the biotechnology industry. Good quality vegetable seeds, fruit seeds, and flower seeds are in high demand.

• Addresses the demand for high-yielding and resilient crop varieties.
• Supports sustainable agriculture practices.

18. Specialty Medicine Manufacturing

A Medicinal product is defined as any substance or combination of substances presented for treating or preventing disease in human beings. Any substance or combination of substances that may be administered to human beings to make a medical diagnosis or to restore, correct, or modify physiological functions in human beings is likewise considered a medicinal product.

• Provides targeted healthcare solutions for livestock.
• Explores the potential of biopharmaceuticals in animal health.

19. Vaccine Manufacturing

You can think of establishing a vaccine manufacturing unit for livestock to prevent and control diseases. This contributes to the overall health and productivity of agricultural animals. This business demands substantial capital investment even to start on a small scale.

• Enhances animal welfare and productivity.
• Addresses health challenges in the agricultural sector.

20. Vermicompost Production

You can Create a vermicompost production facility that utilizes earthworms to convert organic waste into nutrient-rich vermicompost. This supports organic farming practices. It is sometimes superior to chemical fertilizers for better crop growth and safe food production. The business is very profitable. You can start with a small capital investment.

• Produces high-quality organic fertilizer.
• Promotes sustainable waste management.

Related:  Top Agriculture Business Ideas 

Frequently Asked Questions

What qualifications or expertise do i need to start a biotechnology business.

Answer: While a background in biology, biochemistry, or related fields is advantageous, an entrepreneurial spirit and a passion for innovation are key. Collaborating with experts and staying informed about the latest advancements in biotechnology is essential.

How can I secure funding for a biotechnology startup?

Explore various funding options, including venture capital, government grants, angel investors, and partnerships with research institutions. A robust business plan outlining the potential impact of your biotechnology solution can attract investors.

Are there regulatory considerations for launching a biopharmaceutical manufacturing unit?

Yes, regulatory compliance is crucial. Work closely with regulatory authorities to ensure adherence to safety, quality, and ethical standards. Engage with professionals experienced in navigating the regulatory landscape.

What challenges might I face in the production of biodegradable plastics?

Challenges may include finding sustainable raw materials, achieving cost-effective production, and ensuring the biodegradability of the final product. Research and development are key to overcoming these challenges.

How can I stay updated on the latest advancements in bioinformatics for my services?

Subscribe to scientific journals, attend conferences, and engage with online forums and communities in the field of bioinformatics. Establish collaborations with researchers and institutions to stay at the forefront of advancements.

Is there public acceptance of genetically modified crops in agriculture?

Public acceptance can vary. Transparent communication about the benefits, safety measures, and ethical considerations of genetically modified crops is essential. Engaging with communities and addressing concerns contributes to public trust.

What are the ethical considerations in stem cell therapy clinics?

Ethical considerations include informed consent, patient privacy, and responsible use of stem cells. Adhere to ethical guidelines and collaborate with healthcare professionals to ensure ethical practices in stem cell therapies.

How can I ensure the environmental safety of microbial bioremediation services?

Conduct thorough research on the specific microorganisms used in bioremediation, their environmental impact, and potential risks. Collaborate with environmental scientists and regulatory bodies to implement safe and effective bioremediation solutions.

Are there intellectual property considerations in biotechnology businesses?

Yes, protecting intellectual property is crucial. Consider patents for novel inventions, trademarks for branding, and trade secrets for confidential processes. Consult with intellectual property professionals to safeguard your innovations.

How can I navigate the challenges of launching neurotechnology innovations?

Neurotechnology faces challenges related to ethical concerns, regulatory approval, and the complexity of the human brain. Collaborate with neuroscientists, ethicists, and regulatory experts to address these challenges responsibly.

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Bachelor of Science Business Administration

Online Business Management Degree

Adriana Grimes, B.S. Business Management grad

Online Business Degrees For Working Professionals

If you’re looking to advance your career in the world of business, earning an online Bachelor of Science in Business Administration—Management degree could be the perfect path for you. At WGU, we offer a flexible and convenient business management bachelor's program that’s designed to prepare you for a variety of leadership positions in the field, including:

• Operations Manager
• Human Resources Manager
• Marketing Manager
• Financial Analyst
• Business Analyst
• Project Manager
• Sales Manager
• Supply Chain Manager
• Entrepreneur or Small Business Owner

Whether you’re looking to climb the corporate ladder or start your own business, this management program will equip you with the skills and knowledge necessary to succeed. Learn more about what business management is, what careers graduates can work towards, and how this degree can benefit you in your current position.

61% of graduates finish within 

WGU lets you move more quickly through material you already know and advance as soon as you're ready. The result: You may finish faster.

*WGU Internal Data

Tuition per six-month term is

Tuition charged per term—rather than per credit—helps students control the ultimate cost of their business management degree. Finish faster, pay less!

Average salary increase

B.S. business management graduates report an impressive average salary increase after completing their degree at Western Governors University.

Ready to Start Your WGU Journey?

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Start Dates the 1st of Every Month

Business Management Courses

Program consists of 39 courses

At WGU, we design our curriculum to be timely, relevant, and practical—all to help you show that you know your stuff.

The online management degree program is composed of several industry-relevant courses. Some may be waived through transfer from your previous college experience. Courses are generally completed one at a time instead of simultaneously, and you’ll work with your Program Mentor to build a personalized Degree Plan that keeps you on track.

WGU courses are competency-based which means that once you demonstrate mastery in a specific area, you can move on. This allows you to use your existing knowledge to move through your degree program more quickly compared to a four-year program.

The Bachelor of Science Business Administration, Management program is an all-online degree program. You’ll complete program requirements independently, with instruction and support from WGU faculty. You’ll be expected to complete at least 12 competency units for each 6-month term. Each course is typically three or four units. There’s no limit on the number of units you can complete each term, so the more courses you complete, the quicker you can finish your program.

An unofficial estimated 14 courses are fulfilled by your associate degree leaving 27 courses.

This is an unofficial estimate of your transfer credits. You may receive more or less credits depending upon the specific courses taken to complete your degree and other credits you may have. Below are the anticipated courses that will be fulfilled based on your indication that you have earned an associate’s degree. During the enrollment process this information will be verified.

This course teaches students to think like sociologists, or, in other words, to see and understand the hidden rules, or norms, by which people live, and how they free or restrain behavior. Students will learn about socializing institutions, such as schools and families, as well as workplace organizations and governments. Participants will also learn how people deviate from the rules by challenging norms and how such behavior may result in social change, either on a large scale or within small groups.

Applied Probability and Statistics is designed to help students develop competence in the fundamental concepts of basic statistics including: introductory algebra and graphing; descriptive statistics; regression and correlation; and probability. Statistical data and probability are often used in everyday life, science, business, information technology, and educational settings to make informed decisions about the validity of studies and the effect of data on decisions. This course discusses what constitutes sound research design and how to appropriately model phenomena using statistical data. Additionally, the content covers simple probability calculations, based on events that occur in the business and IT industries. No prerequisites are required for this course.

Applied Algebra is designed to help you develop competence in working with functions, the algebra of functions, and using some applied properties of functions. You will start learning about how we can apply different kinds of functions to relevant, real-life examples. From there, the algebra of several families of functions will be explored, including linear, polynomial, exponential, and logistic functions. You will also learn about relevant, applicable mathematical properties of each family of functions, including rate of change, concavity, maximizing/minimizing, and asymptotes. These properties will be used to solve problems related to your major and make sense of everyday living problems. Students should complete Applied Probability and Statistics or its equivalent prior to engaging in Applied Algebra.

In this course you will learn key critical thinking concepts and how to apply them in the analysis and evaluation of reasons and evidence. The course examines the basic components of an argument, the credibility of evidence sources, the impact of bias, and how to construct an argument that provides good support for a claim. The course consists of an introduction and four major sections. Each section includes learning opportunities through readings, videos, audio, and other relevant resources. Assessment activities with feedback also provide opportunities to check your learning, practice, and show how well you understand course content. Because the course is self-paced, you may move through the material as quickly or as slowly as you need to gain proficiency in the four competencies that will be covered in the final assessment. If you have no prior knowledge or experience, you can expect to spend 30-40 hours on the course content.

This is World History: Diverse Cultures and Global Connections. In this course, you will focus on three main topics—cultural and religious diversity; pandemics; and the relationship of empires and nation states—as well as the skills of identifying root causes, explaining causes and effects, and analyzing complex systems. This course consists of an introduction and four major sections. Each section includes learning opportunities through reading, images, videos, and other relevant resources. Assessment activities with feedback also provide opportunities to practice and check how well you understand the content. Because the course is self-paced, you may move through the material as quickly or as slowly as you need to, with the goal of demonstrating proficiency in the four competencies covered in the final assessment. If you have no prior knowledge of this material, you can expect to spend 30-40 hours on the course content.

Welcome to Composition: Successful Self-Expression! In this course, you will focus on four main topics: professional writing for a cross-cultural audience, narrowing research topics and questions, researching for content to support a topic, and referencing research sources. Each section includes learning opportunities through readings, videos, audio, and other relevant resources. Assessment activities with feedback also provide opportunities to check your learning, practice, and show how well you understand course content. Because the course is self-paced, you may move through the material as quickly or as slowly as you need to gain proficiency in the seven competencies that will be covered in the final assessment. If you have no prior knowledge or experience, you can expect to spend 30-40 hours on the course content. You will demonstrate competency through a performance assessment. There is no prerequisite for this course and there is no specific technical knowledge needed.

Welcome to Introduction to Communication: Connecting with Others! It may seem like common knowledge that communication skills are important, and that communicating with others is inescapable in our everyday lives. While this may appear simplistic, the study of communication is actually complex, dynamic, and multifaceted. Strong communication skills are invaluable to strengthening a multitude of aspects of life. Specifically, this course will focus on communication in the professional setting, and present material from multiple vantage points, including communicating with others in a variety of contexts, across situations, and with diverse populations. Upon completion, you will have a deeper understanding of both your own and others’ communication behaviors, and a toolbox of effective behaviors to enhance your experience in the workplace.

This course provides students with an overview of the basic principles and unifying ideas of the physical sciences: physics, chemistry, and earth sciences. Course materials focus on scientific reasoning and practical, everyday applications of physical science concepts to help students integrate conceptual knowledge with practical skills.

Ethics in Technology examines the ethical considerations of technology use in the 21st century and introduces students to a decision-making process informed by ethical frameworks. Students will study specific cases related to important topics such as surveillance, social media, hacking, data manipulation, plagiarism and piracy, artificial intelligence, responsible innovation, and the digital divide. This course has no prerequisites.

Health, Fitness, and Wellness focuses on the importance and foundations of good health and physical fitness—particularly for children and adolescents—addressing health, nutrition, fitness, and substance use and abuse.

This introductory course provides students with an overview of the field of business and a basic understanding of how management, organizational structure, communication, and leadership styles affect the business environment. It also introduces them to some of the power skills that help make successful business professionals, including time management, problem solving, emotional intelligence and innovation; while also teaching them the importance of ethics. This course gives students an opportunity to begin to explore their own strengths and passions in relation to the field while also acclimating them to the online competency-based environment.

Principles of Management provides students with an introductory look at the discipline of management and its context within the business environment. Students of this course build on previously mastered competencies by taking a more in-depth look at management as a discipline and how it differs from leadership while further exploring the importance of communication within business. This course provides students with a business generalist overview in the areas of strategic planning, total quality, entrepreneurship, conflict and change, human resource management, diversity, and organizational structure.

Business Environment Applications 1 provides students with a generalist overview of the business environment and a deeper look at a number of topics that make up the non-discipline areas of business which are required for a business person to be successful within any business environment. The first part of the course focuses on knowledge about organizations and how people operate within organizations, including the areas of organizational theory, structure, and effectiveness. The course then looks at business from a legal perspective with an overview of the legal environment of business. The course will prepare the student to consider specific legal situations and to make legal and ethical decisions related to those situations.

Emotional and Cultural Intelligence focuses on key personal awareness skills that businesses request when hiring personnel. Key among those abilities is communication. Students will increase their skills in written, verbal, and nonverbal communication skills. The course then looks at three areas of personal awareness including emotional intelligence (EI), cultural awareness, and ethical self-awareness – building on previously acquired competencies and adding new ones. This course helps start students on a road of self-discovery, cultivating awareness to improve both as a business professional and personally.

Principles of Financial and Managerial Accounting provides students with an introduction to the discipline of accounting and its context within the business environment. In this course, students will learn to differentiate between financial, cost, and managerial accounting and where these accounting types fit into the business environment. This course will help students gain a fundamental knowledge of the budgeting process, how to analyze basic financial statements, and how to use spreadsheets to analyze data. This course provides students with a business generalist overview of the field of accounting and acts as a preview course for the accounting major.

This course covers an important part of being a business professional: the knowledge and skills used in building and implementing business strategy. The course helps students build on previously acquired competencies in the areas of management, innovative thinking, and risk management while introducing them to the concepts and theories underpinning business strategy as a general business perspective. The course will help students gain skills in analyzing different business environments and in using quantitative literacy and data analysis in business strategy development and implementation. This course helps to provide students with a generalist overview of the area of business strategy.

This course provides students with an introductory look at the discipline of finance and its context within the business environment. Students gain the knowledge to differentiate between personal and business finance and how they may overlap in a business environment. Students also gain a fundamental knowledge of financial forecasting and budgeting, statement analysis, and decision making. This course provides the student a business generalist overview of the field of finance and builds on previous acquired competencies related to using spreadsheets.

Principles of Economics provides students with the knowledge they need to be successful managers, including basic economic theories related to markets and how markets function. This course starts by defining economics, differentiating between microeconomics and macroeconomics, and explaining the fundamental economic principles of each. It then looks at microeconomics and how it is used to make business and public policy decisions, including the principles of supply, demand, and elasticity, market efficiency, cost of production, and different market structures. The course finishes by looking at macroeconomics and how it is used to make business and public policy decisions, including measurement of macroeconomic variables, aggregate supply and demand, the concepts of an open economy, and how trade policies influence domestic and international markets.

Concepts in Marketing, Sales, and Customer Contact introduces students to the discipline of marketing and its role within the strategic and operational environments of a business. This course covers fundamental knowledge in the area of marketing planning, including the marketing mix, while also describing basic concepts of brand management, digital marketing, customer relationship management, and personal selling and negotiating. All of this helps students identify the role of marketing within an organization. This course provides students with a business generalist overview of the field of marketing and an exploration of the marketing major.

Business Environment II: Logistics, Process, and Operations provides students with a generalist overview of the business environment as they explore themes of ethics, problem-solving, and innovative thinking. This course adds to the students’ business skills and knowledge in a number of professional areas. The first part of the course uncovers a series of business processes like project and risk management. The second part gives an introductory-level look at the specialized areas of operations management, supply chains, and logistics. The course finishes with models of change management and how to use them to overcome barriers in organizations.

Managing in a Global Business Environment provides students with a generalist overview of business from a global perspective, while also developing basic skills and knowledge to help them make strategic decisions, communicate, and develop personal relationships in a global environment. Business today is by its very nature a global environment, and individuals working in business will experience the global nature of business as they progress through their careers. This course builds on previously acquired competencies by providing an overview of U.S. federal laws in relation to doing business in a global environment.

This course ties together all the skills and knowledge covered in the business courses and allows the student to prove their mastery of the competencies by applying them in a simulated business environment. This course will help take the student's knowledge and skills from the theoretical to applicable.

Organizational Behavior and Leadership explores how to lead and manage effectively in diverse business environments. Students are asked to demonstrate the ability to apply organizational leadership theories and management strategies in a series of scenario-based problems.

Business Communication is a survey course of communication skills needed in the business environment. Course content includes writing messages, reports, and résumés and delivering oral presentations. The course emphasizes communication processes, writing skills, message types, and presentation of data. The development of these skills is integrated with the use of technology.

Values-Based Leadership guides students to learn by reflection, design, and scenario planning. Through a combination of theory, reflection, value alignment, and practice, the course helps students examine and understand values-based leadership and explore foundations in creating a culture of care. In this course, students are given the opportunity to identify and define their personal values through an assessment and reflection process. Students then evaluate business cases to practice mapping the influence of values on their own leadership. In this course, students also participate in scenario planning, where they can practice implementing their values in their daily routine (i.e., behaviors) and then in a leadership setting. The course illustrates how values-driven leadership is used in goal setting as well as problem-solving at an organizational level. There are no prerequisites for this course.

Business Ethics is designed to enable students to identify the ethical and socially responsible courses of action available through the exploration of various scenarios in business. Students will also learn to develop appropriate ethics guidelines for a business. This course has no prerequisites.

Operations and Supply Chain Management provides a streamlined introduction to how organizations efficiently produce goods and services, determine supply chain management strategies, and measure performance. Emphasis is placed on integrative topics essential for managers in all disciplines, such as supply chain management, product development, and capacity planning. This course guides students in analyzing processes, managing quality for both services and products, and measuring performance while creating value along the supply chain in a global environment. Topics include forecasting, product and service design, process design and location analysis, capacity planning, management of quality and quality control, inventory management, scheduling, supply chain management, and performance measurement.

Business Management Tasks addresses important concepts needed to effectively manage a business. Topics include understanding the cost-quality relationship, using various types of graphical charts in operations management, managing innovation, and developing strategies for working with individuals and groups.

Quantitative Analysis for Business explores various decision-making models, including expected value models, linear programming models, and inventory models. This course helps student learn to analyze data by using a variety of analytic tools and techniques to make better business decisions. In addition, it covers developing project schedules using the Critical Path Method. Other topics include calculating and evaluating formulas, measures of uncertainty, crash costs, and visual representation of decision-making models using electronic spreadsheets and graphs. This course has no prerequisites.

Change Management provides an understanding of change and an overview of successfully managing change using various methods and tools. Emphasizing change theories and various best practices, this course covers how to recognize and implement change using an array of other effective strategies, including those related to innovation and leadership. Other topics include approaches to change, diagnosing and planning for change, implementing change, and sustaining change.

Project Management prepares you to manage projects from start to finish within any organization structure. The course represents a view into different project-management methods and delves into topics such as project profiling and phases, constraints, building the project team, scheduling, and risk. You will be able to grasp the full scope of projects you may work with on in the future, and apply proper management approaches to complete a project. The course features practice in each of the project phases as you learn how to strategically apply project-management tools and techniques to help organizations achieve their goals.

Talent Acquisition focuses on building a highly skilled workforce that meets organizational staffing needs by using effective strategies and tactics for recruiting, selecting, and onboarding employees. The learner will develop competency in critical skills related to talent acquisition, such as workforce planning, developing strategic recruiting plans, and ensuring effective selection strategies. Talent acquisition is a top skill for HR professionals, and successful talent acquisition practices lend to individual, team, and organizational success.

This course provides an introduction to the management of human resources, which is the function within an organization that focuses on recruitment, management, and direction for the people who work in the organization. Students will be introduced to topics such as strategic workforce planning and talent acquisition; compensation and benefits; training and development; employee and labor relations; and occupational health, safety, and security.

Employment and Labor Law reviews the legal and regulatory framework surrounding employment, including recruitment, termination, and discrimination law. The course topics include employment-at-will, EEO, ADA, OSHA, and other laws affecting the workplace. Students will learn to analyze current trends and issues in employment law and apply this knowledge to manage risk in employment relationships effectively. Functions of Human Resources and Introduction to Human Resources are recommended prior to Employment and Labor Law.

Strategic Training and Development focuses on the development of human capital (i.e., growing talent) by applying effective learning theories and practices for training and developing employees. The course will help develop essential skills for improving and empowering organizations through high-caliber training and development processes.

This course develops competence in the design and implementation of total rewards approaches in an organization. The total rewards perspective integrates tangible rewards (e.g., salary, bonuses) with employee benefits (e.g., health insurance, retirement plan) and intangible rewards (e.g., location, work environment). This perspective allows learners to use all forms of rewards fairly and effectively to enable job satisfaction and organizational performance.

This course provides students with knowledge on the sales profession, customer relationship management, and sales management functions. Students gain insights into the sales process, the relationship between sales and marketing, and the responsibilities of sales management within both business-to-consumer (B2C) and business-to-business (B2B) selling environments.

For the Business Management Capstone Written Project students will integrate and synthesize competencies from across their degree program to demonstrate their ability to participate in and contribute value to their chosen professional field.  A comprehensive business plan is developed for a company that plans to sell a product or service in a local market, national market, or on the Internet. The business plan includes a market analysis, financial statements and analysis, and specific strategic actions relevant to the chosen company.

Introduction to IT examines information technology as a discipline and the various roles and functions of the IT department as business support. Students are presented with various IT disciplines including systems and services, network and security, scripting and programming, data management, and business of IT, with a survey of technologies in every area and how they relate to each other and to the business.

Capstone Project

Special requirements for this program

At the end of your program, you will complete a capstone project that represents the culmination of all your hard work—a project that allows you to take what you’ve learned and apply it to a real-world situation, proposing a solution to an actual issue you face in your place of business. 

Skills For Your Résumé

As part of this program, you will develop a range of valuable skills that employers are looking for. 

• Management: Provided guidance and direction to teams, including setting performance standards and monitoring performance, ensuring alignment with organizational goals and objectives.
• Operations: Managed policies and procedures in collaboration with supervising staff and human resources.
• Sales: Connected the organization's mission to sales strategies and tactics, ensuring alignment with overarching goals and values to drive business success.
• Problem Solving:  Conducted research to identify solutions to organizational challenges, leveraging data and insights to inform strategic decision-making and problem-solving efforts.
• Detail Oriented:  Manipulated complex financial data with precision and accuracy, ensuring reliability in financial analyses.
• Written Communication:  Wrote to effectively communicate the analysis and quality of research to a target audience, translating complex findings into clear and understandable insights for stakeholders.

“My enrollment experience was seamless. The first moment I spoke to my Enrollment Counselor got me excited about WGU. They tell you what the different benefits are, the format and everything. They walk you through everything. If you want it, it's there. Getting enrolled and getting started is easy-peasy.”

—Dale Boolton B.S. Business Management

WGU vs. Traditional Universities Compare the Difference

Traditional Universities

TUITION STRUCTURE

Per credit hour

Flat rate per 6-month term

Schedule and wait days or even weeks to meet with one of many counselors

Simply email or call to connect with your designated Program Mentor who supports you from day one

Scheduled time

Whenever you feel ready

Professor led lectures at a certain time and place

Courses available anytime, from anywhere

TIME TO FINISH

Approximately 4 years, minimal acceleration options

As quickly as you can master the material, typically less than 3 years

TRANSFER CREDITS

Few accepted, based on certain schools and specific courses

A generous transfer policy that is based on your specific situation

Earning Potential

A management degree can dramatically impact your earning potential. After graduation WGU business management students report earning $14,621* more per year.

On Your Schedule

Competency-based education means you can move as quickly through your degree as you can master the material. You don't have to log in to classes at a certain time—you are truly in the driver's seat of your education

Entirely Online

The business management bachelor's degree at WGU is 100% online, which means it works wherever you are. You can do your coursework at night after working at your full-time job, on weekends, while you're traveling the world or on vacation—it's entirely up to you.

Accredited, Respected, Recognized™

One important measure of a degree’s value is the reputation of the university where it was earned. When employers, industry leaders, and academic experts hold your alma mater in high esteem, you reap the benefits of that respect. WGU is a pioneer in reinventing higher education for the 21st century, and our quality has been recognized.

COST & TIME

Online Business Programs That are Affordable

By charging per six-month term rather than per credit—and empowering students to accelerate through material they know well or learn quickly—WGU helps students control the ultimate cost of their degrees. The faster you complete your program, the less you pay for your degree.

A College Degree Within Reach

There is help available to make paying for school possible for you:

The average student loan debt of WGU graduates in 2022 (among those who borrowed) was less than half* the national average.

Most WGU students qualify for financial aid, and WGU is approved for federal financial aid and U.S. veterans benefits. 

Many scholarship opportunities are available. Find out what you might be eligible for.

* WGU undergraduate students have approximately half the debt at graduation compared to the national average, according to the Institute for College Access and Success (2022).

FLEXIBLE SCHEDULE

A Different Way to Learn: Degree Programs Designed to Fit Your Life—and All the Demands on Your Time

Professional responsibilities. Family obligations. Personal commitments. At WGU, we understand schedules are tight and often unpredictable for adult students. That’s why we offer a flexible, personalized approach to how education should be. No rigid class schedules. Just a solid, career-focused teaching program that meshes with your current lifestyle. You'll be challenged. You'll work hard. But if you commit yourself and put in the hours needed, WGU makes it possible for you to earn a highly respected degree as a busy working adult.

"Attending WGU online was the perfect way for me to further my education. I could basically work at my own pace and use the knowledge I had already learned from working for so many years before attending. I love WGU and all the mentors who helped me succeed and earn my bachelor's degree in Business Management.”

—Debra Marshall B.S. Business Management

CAREER OUTLOOK

Success in Management Starts With a College Degree in Business

Whether you aspire to work for a Fortune 500 organization, a government agency, a non-profit organization, or a fast-paced start-up, a degree in business management can be key to thriving in any setting. At WGU, our online Bachelor of Science in Business Administration—Management degree program was built with input from industry experts to give you the keys to success in a variety of industries, including:

• Finance and Banking
• Manufacturing

Return on Your Investment

On average, wgu graduates see an increase in income post-graduation.

Average income increase from all degrees in annual salary vs. pre-enrollment salary. Source:  2023 Harris Poll Survey  of 1,655 WGU graduates.

Survey was sent to a representative sample of WGU graduates from all colleges. Respondents received at least one WGU degree since 2017.

This program covers a wide range of career-relevant topics such as marketing, finance, human resources, operations, and strategy. You’ll learn how to analyze financial statements, create marketing plans, manage human resources effectively, and make strategic decisions that drive business success. Whether you want to earn a raise, a promotion, or pursue an entirely new future, our program can help you stand out from the competition and achieve your goals.

All management occupations are expected to see 8% growth across industries by the year 2031, largely due to the creation of new businesses.

—U.S. Bureau of Labor Statistics

Learn About All the Job Opportunities in Business Management

Our nearly 7,000 Bachelor of Science Business Management alumni have great jobs and satisfying careers.

• Account executive
• Marketing manager
• Business or healthcare analyst
• Project or program manager 

Diverse Industries

• Private companies
• Government and military
• Nonprofit organizations
• Colleges, universities, and K–12 schools/districts 

Major Employers

• American Red Cross
• Kaiser Permanente
• Self-employed 

WGU Grads Hold Positions With Top Employers

Bachelor of business management admission requirements.

Applicants to undergraduate School of Business programs must possess a high school diploma or its equivalent AND demonstrate program readiness through one of the following options below:

• Option 1 : Submit transcripts documenting completion of college-level coursework with a cumulative GPA of 2.0 or higher.
• Option 2:  Possess a bachelors or associates degree (A.A or A.S. acceptable) from an accredited post-secondary institution.
• Option 3:  Submit high school transcripts for review with a GPA of 2.0 or higher.

NOTE: You do not need to take the ACT or SAT to be admitted to this program. Learn why we don't require these tests.

Get Your Enrollment Checklist

Download your step-by-step guide to enrollment.

Get Your Questions Answered

Talk to an WGU Enrollment Counselor.

Transfer Credits

Get added support and flexibility as you start your degree  take a course or two at your pace before committing to a full degree program. strengthen your study habits, gain essential learning skills and, best of all, each completed course counts toward your degree requirements. .

Learn More about Pathways to Starting

MORE DETAILS

Certificates in Business Management

The Business Management degree program allows students to earn valuable credentials on their path to a degree, including the management, strategic thinking and innovation, and leadership certificates. These certificates allow you to demonstrate mastery and add credentials to your résumé before you even graduate with your degree.

Commonly Asked Questions About Our Online Business Management Bachelor's Degree

What jobs can i get with a business management degree.

There are many career opportunities for graduates with a business management degree including:

• Business analyst
• Account manager
• Project manager
• Sales manager
• Operations manager
• Financial advisor
• C-level executive

How long does it take to earn a bachelor's in business management?

Traditional bachelor's degrees take 4 years to complete. However, at online schools like WGU, you may be able to finish faster. The majority of WGU business management students finish their degree program more quickly than a traditional model.

Where can I work with a bachelor’s degree in business management?

Absolutely every industry needs business professionals who can help it run smoothly. With a degree in business management you'll be qualified to work in any industry or organization, from healthcare, to education, to IT, and more. 

What's the best online business school?

• Western Governors University
• University of North Carolina
• Indiana University
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The UTSA Draper Data Science Business Plan Competition is designed to empower student entrepreneurs in North America to advance business ventures that leverage data science to generate value with the potential to globally reshape lives and workplaces.  Student-led business teams compete to win cash investments of up to $75,000 for their ventures, all while benefitting from invaluable mentorship and insights provided by seasoned experts and judges.

The competition featured six finalists who presented their business plans to a panel of judges on Friday, April 12, 2024 at the UTSA School of Data Science: Autowatch - UTSA, San Antonio, TX EpyDiagnosis - Tec de Monterrey, Monterrey, Mexico Life Stream - Rice, Houston, TX Penta Labs - ITAM, Mexico City, Mexico Samuel by Aptitude Medical Modeling - UTSA & UT Health, San Antonio, TX Sonar Sight  - UTSA, UT Health, Texas A&M Corpus Christi, San Antonio, TX & Corpus Christi, TX Made possible by a generous $1 million donation from Timothy Draper, a third-generation venture capitalist, and his wife, Melissa Parker Draper, this competition illuminates the intersection of data science and entrepreneurship.

Draper Competition Winners 2024

1st place & fan favorite - penta labs itam, mexico city, mexico  , 2nd place & bonus - sonar sight utsa, ut health, texas a&m corpus christi, 3rd place - epydiagnosis tec de monterrey, monterrey, mexico, honorable mention - samuel by aptitude medical modeling utsa & ut health.

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“Data science will drive the greatest transformations of the next few decades. Business plan competitions tend to encourage and attract those people who are going to make those transformations. Melissa and I have found these competitions to be a magnet for progress and change.”

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Science with a Business Plan

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We have seen in the previous chapter how the technology industries behaved when free from restraint to impose their values in the crucible of the Industrial Revolution. The leverage new inventions gave industrial entrepreneurs was magnified by the absence of a regulatory framework and supported by a moral crusade exhorting industrial discipline as a manifestation of godliness. The extent to which this served them in pursuit of profit and economic stratification, as they swept away the old stability of the agrarian economy and its associated technologies, can be measured by the disparity between their own acquisition of wealth and the misery this created for the rapidly urbanising poor. These latter were sucked into cities without the infrastructure to cope with such an influx and threatened with starvation lest they offer their labour at whatever rate may be arbitrarily set. They endured appalling conditions that eventually roused government into intervening as a matter of protecting itself from its own citizens, despite a disposition to do otherwise and a preference for allowing the market to operate freely. We have seen there is plenty of evidence to suggest this was a poor deal for those who were forced to accept it, but regardless of the concomitant problems, it was not without some seductive benefits.

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Sporton, G. (2015). Science with a Business Plan. In: Digital Creativity. Palgrave Macmillan, London. https://doi.org/10.1057/9781137486417_3

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A Modi Win Will Only Mean More Trouble for Indian Muslims

M ore than two years have passed since a picture of me, picked up from my personal social media handles, was put up with a price tag for auction on the internet. It was part of a website called Bulli Bai , a religious slur used for Muslim women in India. 

Why was I targeted? Likely because of my reporting. The perpetrators wanted to shame and humiliate a journalist who was determined to expose the failures of the ruling Hindu nationalist Bharatiya Janata Party’s gender, caste, and religion-based violence. But more importantly, they wanted to shut up a Muslim woman who had dared to be vocal in Modi’s India.

When the photo was posted, I wondered how the main perpetrator , a 21-year-old student from Assam, who created Bulli Bai could be so consumed by his hatred that he felt compelled to auction Muslim women online for their outspoken criticism of the BJP—journalists, social workers, actors, and politicians. A recent meeting with my lawyer about my case against the Bulli Bai creators, who are still being investigated by the Delhi police, was a painful reminder of the targeted harassment faced by outspoken Muslim voices critical of the ruling BJP. 

As the ongoing election in India is set to finish on June 1, it has once again offered deeper insight into how political dialogue is fueling this culture of hate. 

Particularly, the political campaign of Prime Minister Narendra Modi’s BJP has leaned into anti-Muslim sentiment, progressively making Islamophobia one of the defining features of this election.

It was most prominently on display when Modi, in a thinly veiled reference to Muslims, referred to the 200 million Indian Muslim population as “infiltrators” at a BJP campaign rally while addressing voters in the Western state of Rajasthan on April 21. The Prime Minister also accused the opposition Congress party of planning to distribute the country’s wealth to Muslims.

Modi, in his speech, asked, “Earlier, when his [ former Prime Minister and Congress Party member Manmohan Singh’s] government was in power , he had said that Muslims have the first right on the country’s property, which means who they will collect this property and distribute it to—those who have more children, will distribute it to the infiltrators. Will the money of your hard work be given to the infiltrators? Do you approve of this?”

Read More: How India’s Hindu Nationalists Are Weaponizing History Against Muslims

This 2006 statement by former Prime Minister Manmohan Singh emphasizing that minorities, particularly Muslims , should have the first claim on resources to help uplift their socio-economic status, has been often quoted out of context in political rhetoric, distorting its original intent to uplift marginalized communities.

The reemergence of conspiracy theories like “Love Jihad,” alleging a covert agenda by Muslim men to ensnare and convert Hindu women, by Modi, has surged back into public attention, prominently surfacing at an election rally on May 28, days before the seventh and last phase of the ongoing elections, in the Eastern state of Jharkhand . 

The alarming rhetoric about Muslim population growth too have dominated the election discourse, fueled by the BJP's top leader, Modi, who has been criticized for his Islamophobic remarks, evoking memories of Gujarat's 2002 riots. While he later denied singling out Muslims in an interview with an Indian news channel, his history of linking them to population growth fuels a Hindu-majoritarian conspiracy theory.

Following the 2002 anti-Muslim riots in Gujarat during his tenure as chief minister, Modi faced scrutiny regarding his administration's lack of assistance to relief camps, predominantly established by non-profit organizations and Muslim communities. During a campaign rally, Modi then insinuated that these camps might transform into "baby factories," implying that Muslims could potentially have families as large as 25 children.

In his Jharkhand rally in May of this year, Modi spoke of "unseen enemies" working to divide society and claimed that the opposition parties were playing into the hands of “infiltrators”. He warned against "Zalim (cruel) love," alluding to Love Jihad. 

As the elections progressed, Modi’s speeches transformed slowly from issues such as “development” to anti-Muslim rhetoric. Unlike previous elections, Modi's campaign strategy this time has shifted towards overt Hindu-Muslim politics, drawing attention to his past record and raising concerns among Indian Muslims, as evidenced by the Election Commission's intervention in a campaign video by the BJP inciting hatred against Muslims. 

The video, shared by BJP Karnataka wing with a cautionary message in Kannada, depicted a cartoon version of Congress’s Rahul Gandhi placing an egg marked "Muslims" into a nest alongside smaller eggs labeled with categories such as "Scheduled Castes," "Scheduled Tribes," and "Other Backward Castes.” The narrative unfolds as the "Muslim" hatchling is shown being nourished with financial resources, eventually growing larger and displacing the other hatchlings from the nest—implying that a Congress government will give away all resources to Muslims. 

This came days after another animated video shared by the BJP’s official Instagram handle was removed on May 1 after a large number of users of the platform reported the video for “false information” and “hate speech.” The video repeats the BJP’s rhetoric on the Congress party, who they allege are“empowering people who belong to the very same community [of] invaders, terrorists, robbers and thieves [who] used to loot all our treasures” while the voice-over says, “If Congress comes to power, it will snatch all the money and wealth from non-Muslims and distribute them among Muslims, their favorite community.” 

Despite its controversial content, the video amassed over 100 thousand likes before being removed.

Both videos come after claims by Modi during his campaign speeches that Congress was planning to “steal” reservations in educational institutes and government jobs among other benefits from Scheduled Castes, Scheduled Tribes, and Other Backward Castes and redistribute them to Muslims.

Modi may be the foremost leader, but he's not alone in setting the tone; other top-tier BJP leaders are also walking in his footsteps. Home Affairs Minister Amit Shah's remarks linking voting for the Congress party to "jihad" in the South Indian state of Telangana have also stirred controversy.

Read More: The Modi-fication of India Is Almost Complete

The India Hate Lab, a Washington D.C.-based group that documents hate speech against India’s religious minorities, in its report of 2023 paints a grim picture of rising hate speech incidents against Muslims, totaling 668 documented cases. 

These incidents, often featuring calls for violence and spreading divisive theories, were predominantly concentrated in regions governed by the BJP, particularly during key election periods like in Rajasthan, Madhya Pradesh, Telangana, and Chhattisgarh. Additionally, the report highlighted stark differences in hate speech content between BJP and non-BJP-governed areas, with BJP leaders more frequently involved in non-BJP territories as they strive to expand political footholds.

When leaders resort to fear-mongering, it legitimizes the dehumanization of minorities, creating a fertile ground for extremists. This often isn’t just about one app or incident. It’s about the pervasive atmosphere of intolerance that such rhetoric by the BJP leaders breeds. And those who oppose this type of hate speech want to ensure that no one—regardless of their faith, gender, or caste—has to live in fear of being targeted for who they are. 

Modi’s statement received widespread criticism from the opposition, the intelligentsia community including authors, writers, scholars, academics, and the minority Muslim population of India. The Congress party even filed a complaint with the Election Commission, alleging that Modi's remarks violate electoral laws that prohibit appeals to religious sentiments. Despite public outcry and demands from activists and citizens for action, the Election Commission has so far taken no appropriate action. 

Modi's Islamophobic statements, which have fueled fears over and over again among India's Muslim population, must be viewed within the broader context of his party's strategies—which often invoke religious and communal sentiments to galvanize their voter base. And this time, the aim is to break all previous records by securing 400 plus seats in the 543 seat parliament.

If the BJP is able to secure such a huge majority in the parliament, Hindu majoritarianism will remain unchecked. The hostility towards the minorities could escalate even more, and opposition parties may bear the brunt of state agencies and crackdowns if they ask questions. 

During Modi’s previous terms, Muslims have seen an increased marginalization and discrimination fueled by Hindu nationalist agendas—ranging from difficulty in securing a rented accommodation in urban cities, erasure of Muslim names from roads, cities and railway stations, to the underrepresentation in government jobs and discrimination and vandalism of shops of small Muslim vendors. 

Today, India, a country which once took pride in its ganga-jamuni tehzeeb —a term used to refer to the fusion of Hindu-Muslim cultures—has become a global epicenter of divisive politics. While elections will come and go, the impact of the irresponsible words of Modi and the BJP will stay with the 200 million plus Muslims in the country.

These words have real and dangerous implications for the safety and security of India's Muslim population. Muslims in India currently face increased social ostracism, economic boycotts, and even physical violence. And another victory with an overwhelming majority will only mean more trouble.

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