level 3 business plan

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

By Joe Weller | October 11, 2021

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

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

What Is a Business Plan?

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

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

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

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

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

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

Business Plan Steps

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

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

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

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

Do I Need a Simple or Detailed Plan?

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

How to Choose the Right Plan for Your Business

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

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

Is the Order of Your Business Plan Important?

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

The Difference Between Traditional and Lean Business Plans

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

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

How to Write a Business Plan Step by Step

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

Step 1: Executive Summary

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

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

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

Step 2: Description of Business

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

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

Step 3: Market Analysis

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

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

Step 4: Competitive Analysis

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

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

Step 5: Description of Organizational Management

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

Step 6: Description of Products or Services

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

Questions to answer in this section are as follows:

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

Step 7: Marketing Plan

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

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

Step 8: Sales Plan

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

Start by answering the following questions:

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

Step 9: Funding Details (or Request for Funding)

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

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

Step 10: Financial Projections

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

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

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

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

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

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

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

How to Write a Simple Business Plan

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

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

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

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

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

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

How to Write a Business Plan for a Lean Startup

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

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

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

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

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

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

How to Write a Business Plan for a Loan

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

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

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

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

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

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

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

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

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

Resources for Writing a Business Plan

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

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

How a Business Plan Helps to Grow Your Business

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

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

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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How to make a business plan

Table of Contents

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

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

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

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

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

What is a business plan?

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

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

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

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

Business plan vs. business model canvas

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

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

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

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

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

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

Why is a business plan important?

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

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

Helps to define the business goals and objectives

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

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

Guides decision-making

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

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

Attracts investors and secures funding

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

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

Identifies potential challenges and risks

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

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

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

Provides a basis for measuring success

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

Are we where we want to be at this point?

Did we achieve our goals?

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

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

How to make a business plan step by step

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

1. Create an executive summary

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

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

2. Write your company description

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

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

3. Conduct a market analysis

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

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

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

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

4. Describe your products and services

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

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

5. Design a marketing and sales strategy

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

Pricing strategy

Advertising and promotional tactics

Sales channels

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

6. Determine budget and financial projections

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

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

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

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

8. Make an action plan

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

Types of business plans

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

Startup business plan

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

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

Strategic business plan

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

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

Operational business plan

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

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

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

Growth-business plan

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

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

One-page business plan

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

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

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

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

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

Be practical

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

Be specific

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

Be thorough with your research

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

Get input from others

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

Review and revise regularly

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

Create a winning business plan to chart your path to success

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

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

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

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BUSINESS PLAN FOR INVESTORS, VENTURE CAPITAL OR LOAN FUNDING

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3 Professional Consultants work on your plan

Guaranteed to meet investor guidelines

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Venture Capital (VC) funding in fiscal-year 2023 totaled $170.6 billion in 15,766 start-ups in the United States

Investors, Venture Capital or High Capital Loans – Level 3

Our Level 3 investor business plan is designed for entrepreneurs and business owners who are seeking funds from Angel Investors, Venture Capitalists or want a high capital loan. We provide attentive, personalized service while consulting with you to build a professional plan that fits your unique needs. Beginning with an expertly crafted executive summary, all the way to industry-leading financial projections , our Level 3 plan stands out. We offer 20 free design options for you to choose from so that the style and tone matches your vision. We also offer custom-built pitch decks to add another facet to your presentation.

The Level 3 investor business plan includes a 30-45 page expansive, custom-written Custom Business Plan with a comprehensive market research analysis and extensive Excel formatted financial projections . The Level 3 investor business plan includes 5 years of Financial Statements, a detailed Investor Return section, and additional in-depth market research. This package includes up to 5 free revisions during a 30 day period.

Level 3 investor business plan can be used in a variety of ways. There is no limit to the level of funds that can be sought with the Level 3 plans. They include the solid financial budgeting and projections that investors will require, with quality writing and market data that will exceed their expectations.

An average Level 3 plan will include the following 35 sections:

Cover Page The cover page generally has your company logo, your contact information including name, address, telephone number, and e-mail address.

Mission Statement A clear and concise statement defining your company’s mission.

Vision Statement A forward-looking statement on the direction your company will take.

Table of Contents We build our business plans with a linked table of contents that is done in a manner so that if any changes are made to the text, the page numbers can quickly be updated.

Executive Summary A summation of the business plan and the first thing an investor will read, the executive summary entails the market need, the solution the company will bring to it, and how it will accomplish this. It includes a short description of the company’s products and services, the size of the relevant market, how the company is uniquely suited to succeed, and the amount of investment being sought. Usually one or two pages in length, it is a brief yet important opportunity to persuade the reader to delve deeper into the document. This section is done by our business plan consultants .

Objectives This section generally includes bullet points of your company’s goals. These goals may include market capture rate, financial profitability timelines, and new product launch dates. This section is completed by our business writing and financial consultants.

Keys to Success A listing of the steps required to achieve the company’s stated mission.

Investor Return & Exit Strategy The Investor Return section details the investor(s) initial investment, investment multiple, investment fifth year value, investor(s) share of the company, the value of the company in the fifth year, and internal rate of return for 3 different cases.

Financial Overview This gives the reader a quick overview of your financial projections for the 5 years.

Company Summary This section includes information regarding where the company will be located and how the company will be structured.

Company Ownership A summation of the principle owners and their company share.

Pre-Operating Source and Use of Funds The pre-operating source & use of funds section details the expenses, assets, inventory, investment and debt needed to facilitate the company’s business objectives. The pre-operating expenses and funding occur before the company receives revenue. This section is completed by our financial consultants.

Market Needs and Value Proposition Market, economic, demographic and other factors are taken in to consideration, with a thorough examination of what needs will be met by your new business.

Products and Services This section describes the company’s offering in the marketplace. It presents standard product and/or service descriptions, and how these differentiate the company from what is currently on the market. This is also the area to detail any proprietary products or processes, intellectual property, exclusive designs, patents, or other innovative offerings. If relevant, it will outline why the management is especially suited to bring the product to market, grow the company, help turn it around, etc. This section is done by our business plan writers .

Market Analysis Here, potential investors are provided with a general overview of the market, specifically the size of the market relevant to the company’s operations. This could be on a national or international level for, say, a software company, or in a specific geographic region for a brick-and-mortar or other locally focused establishment. For a software company, this may describe the recent spike in the market for Software as a Service or business intelligence tools, for example. Other stats could detail e-commerce growth pertinent to the company or growth in particular market sectors. Included will be annual sales figures, market trends, major companies, and projected future market size. This section is done by our business plan writers.

Market Segmentation This section profiles potential customers on a business-to-consumer (B2C) and/or business-to-business (B2B) basis. It takes the size of the market and breaks it down specifically for the company with details such as demographics and psychographics for B2C, and the number and size of companies targeted for B2B.

It also further examines the market needs and how the company will solve it, such as why this specific product or service will succeed in the market now and in the future. It could also include a brief narrative of the market and how it is not being effectively served. This section is done by our business plan writers.

Competitive Landscape Research is done to find information on competitors. Competitor information may include their strengths and weaknesses, yearly sales, and number of employees. This section is done by our custom business plan writers .

Demographics Summary This information includes a variety of data, customized to its relevance to each business. Data include population growth, age, gender, sex, and median income, as well as school enrollment, education attainment, marital status, region of birth, language spoken, employment status, occupation, industries occupying the workforce, and class of worker, etc.

Industry Summary Industry information for the entire U.S. is compiled to list sales volume, number of businesses, and employees. Additionally, the number of businesses operating in each state is listed in a table. This section is done by our business plan writers .

Industry Analysis This section includes information on U.S. sales per state and sales per employee per state. Specific information for your state and city will be detailed in a custom table. This section is done by our business plan consultants .

Marketing Strategy/Implementation Marketing initiatives and a web-presence summary are detailed here. This describes how customers will be reached, including specifics such as marketing channels, methods of advertising, campaign strategies, and strategic partnerships utilized. This section is done by our custom business plan writers .

Web Summary This section includes information on your company’s website and how it is used to increase profits.

SWOT Analysis The SWOT analysis is included to provide an honest assessment of a company’s strengths, weaknesses, opportunities, and threats. It explains internal and external factors, and positive and negative forces affecting your company. This helps investors see the current state of a company and it also is an excellent tool for self- assessment.

Milestones This section includes milestones that your company has set. This section is done by our business plan writers.

Management Summary The history of the company and its owners is explored, including how they will use their experience to implement successful business strategies. For larger operations, this will include a summary of management gaps as well. This section is done by our business plan writers .

Management Gaps A break-down of important information about executive and staff your company will need to hire. This section is done by our business plan writers.

Financial Summary Provides an overview of your financial situation and financial projections . This section is completed by our financial consultants .

Revenue Forecast The revenue forecast section details the revenue that the company will receive, and the direct costs. Comprehensive graphs illustrate the amount of revenue and gross margin each line item contributes. This section is completed by our financial consultants.

Personnel Forecast The personnel forecast breaks down the payroll expense line on the income statement, and provides total headcount, average salary per category and total pay per category. This section is completed by our financial consultants.

Income Statement The income statement is also known as a profit & loss statement. This table breaks down revenue, cost of revenue, operating expenses, depreciation, interest, taxes, and bottom-line earnings for the first five years. This section is completed by our financial consultants.

Statement of Cash Flow The statement of cash flow illustrates the company’s cash received and cash spent for a five-year period. The table is broken down into three main categories: operating, investing, and financing. The operating activities report the company’s business operations. Investing activities detail the company’s property, plant, and equipment transactions. Financing activities account for the company’s paid-in capital and debt. This section is completed by our financial consultants.

Balance Sheet The balance sheet includes the company’s assets, liabilities, and shareholders’ equity for a given time-period. This section is completed by our financial consultants.

Break-Even Analysis The break-even analysis details two different break-even points. The operating break-even accounts for the company’s revenue and expenses on the income statement. The investment cash flow break-even takes the operating break-even one step further by including the inflows and outflows of the cash flow. The investment cash flow break-even looks at all transfers of money, except investments. This section is completed by our financial consultants.

Best and Worst Case The best-and-worst-case analysis illustrates what the company’s financial statements might look like with an increase or decrease in revenue. This section is completed by our financial consultants.

Appendix – Year 1 Financials Year 1 monthly forecast illustrates the company’s first 12 months, after the pre-operating stage. This section is completed by our financial consultants

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Our Level 3 plan is designed for entrepreneurs and business owners who are seeking funds from Angel Investors, Venture Capitalists or want a high capital loan. We provide attentive, personalized service while consulting with you to build a professional plan that fits your unique needs. Beginning with an expertly crafted executive summary, all the way to industry-leading financial projections, our Level 3 plan stands out. We offer 20 free design options for you to choose from so that the style and tone matches your vision. We also offer custom-built pitch decks to add another facet to your presentation.

The Level 3 includes a 30-45 page expansive, custom-written Business Plan with a comprehensive market research analysis and extensive Excel formatted financial statements. The Level 3 business plan includes 5 years of Financial Statements, a detailed Investor Return section, and additional in-depth market research. FREE revisions are provided with this package.

Level 3 plans can be used in a variety of ways. There is no limit to the level of funds that can be sought with the Level 3 plans. They include the solid financial budgeting and projections that investors will require, with quality writing and market data that will exceed their expectations.

An average Level 3 investor business plan with the following 35 sections:

Executive Summary A summation of the business plan and the first thing an investor will read, the executive summary entails the market need, the solution the company will bring to it, and how it will accomplish this. It includes a short description of the company’s products and services, the size of the relevant market, how the company is uniquely suited to succeed, and the amount of investment being sought. Usually one or two pages in length, it is a brief yet important opportunity to persuade the reader to delve deeper into the document. This section is done by our business plan writers.

Products and Services This section describes the company’s offering in the marketplace. It presents standard product and/or service descriptions, and how these differentiate the company from what is currently on the market. This is also the area to detail any proprietary products or processes, intellectual property, exclusive designs, patents, or other innovative offerings. If relevant, it will outline why the management is especially suited to bring the product to market, grow the company, help turn it around, etc. This section is done by our business plan writers.

Competitive Landscape Research is done to find information on competitors. Competitor information may include their strengths and weaknesses, yearly sales, and number of employees. This section is done by our business plan writers.

Industry Summary Industry information for the entire U.S. is compiled to list sales volume, number of businesses, and employees. Additionally, the number of businesses operating in each state is listed in a table. This section is done by our business plan writers.

Industry Analysis This section includes information on U.S. sales per state and sales per employee per state. Specific information for your state and city will be detailed in a custom table. This section is done by our business plan writers.

Marketing Strategy/Implementation Marketing initiatives and a web-presence summary are detailed here. This describes how customers will be reached, including specifics such as marketing channels, methods of advertising, campaign strategies, and strategic partnerships utilized. This section is done by our business plan writers.

Management Summary The history of the company and its owners is explored, including how they will use their experience to implement successful business strategies. For larger operations, this will include a summary of management gaps as well. This section is done by our business plan writers.

Financial Summary Provides an overview of your financial situation and financial projections. This section is completed by our financial consultants.

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12,000+ Business Plans Across The World Butler Consultants has worked on more than 12,000 custom business plans. You name it, we’ve done it. These plans range from a restaurant seeking $200,000 to a steel manufacturer seeking $500,000,000.

Free Design Upgrade Your business plan purchase will include a free design upgrade. Our Level 2 includes 6 different design choices, and the Level 3 includes 20 different designs from which to choose. There is no extra charge for this service.

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Custom – Quality – Best Prices Butler Consultants never uses pre-written templates or business plan software. Every plan is tailored to your needs, location and business idea. We only provide the best quality research and custom projections. We have competitive prices by keeping our business costs to a minimum and passing the savings to you.

3 Consultants on Every Business Plan Every plan is created by 3 consultants: a Financial Consultant, a Business Plan Writer and a Market Research Expert. The Market Researcher will do all the market research and industry analysis for you!

Package Contents Word document – The business plan comes in an unlocked Word document.

Excel spreadsheet – Your financial projections are built in Excel and linked to the Word document. You have full control over any edits to the financial model.

30 days of revisions – Because of the high quality of our work, we get the first draft so close to perfect that most customers only use 1 revision.

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How to Write a Business Plan, Step by Step

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What is a business plan?

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

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

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.

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

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

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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BUSINESS STRATEGIES

Free business plan template for small businesses

• Amanda Bellucco Chatham
• Dec 7, 2023

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

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

Ready to launch your business? Create a website today.

What is a business plan?

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

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

Who needs a business plan?

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

Defining your business idea

Clarifying the market and competitive landscape

Outlining your marketing strategy

Stating your value proposition

Identifying/anticipating potential risks

Seeking investments from banks and other sources

Setting benchmarks, goals and key performance indicators (KPIs)

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

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

Download Wix’s free business plan template

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

Lean startup versus traditional business plan formats

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

Traditional business plan format

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

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

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

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

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

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

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

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

Lean startup business plan format

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

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

Solution: How do you intend to solve it?

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

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

Customers: Who are your ideal customers?

Channels: How will those customers find you?

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

Revenue streams: How will your business make money?

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

Benefits of a business plan template

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

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

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

Tips for filling out your business plan template

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

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

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

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

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

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

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

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

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

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

Business plan template FAQ

What is the easiest way to write a business plan.

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

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

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What Is a Business Plan?

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

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

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

Key Takeaways

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

Investopedia / Ryan Oakley

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

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

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

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

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

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

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

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

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

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

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

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

2 Types of Business Plans

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

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

Why Do Business Plans Fail?

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

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

What Does a Lean Startup Business Plan Include?

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

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

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

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

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

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What Is A Business Level Strategy? How To Create It + Examples

Many leaders put a lot of effort into strategic planning, but their grand strategies fall short. More often than not, the issue lies not in the strategy they formulate, but in the strategy they overlook—the business level strategy. 

This strategy concentrates on the execution of initiatives tailored specifically to a business unit. It's like “the middle level” of strategy and as it often happens with middle-level things, it remains overlooked in the shadow of the bigger picture.

Gartner’s survey shows that 67% of key functions at a company are not aligned with business units and corporate strategies. It also shows that 67% of employees do not understand their role when new growth initiatives are launched. These findings suggest that most companies focus primarily on their overarching, high-level strategies, neglecting how these strategies translate to lower levels and functions.

Thinking in terms of strategy levels is a good way of breaking down your overall strategy into manageable parts. This approach makes it easier to understand who's responsible for what and how the strategy should be carried out.

In this article, we'll walk you through the components of a strategy at a business level. We'll show you how to write a perfect strategic plan for your business and then apply it, ensuring all the pieces fit together seamlessly.

🎁BONUS: Download Your Strategy Levels eBook. It's a comprehensive guide that covers all three levels of strategy and will show you how to create both corporate and business strategies.

What Is A Business Level Strategy?

Business level strategy is a sum of the strategic planning and implementation activities that set and steer the direction of an individual business unit. These activities will generally include how to gain a competitive advantage and create customer value in the specific market the business unit operates in.

As a result, organizations with only one distinct business will often combine business strategy with corporate strategy as a single strategy level.

Benefits Of A Business Strategy

Before we dive deeper into business strategy, let's quickly discuss why you should have it regardless of your business model or company size. A well-defined business strategy:

• Provides a clear roadmap and purpose, guiding decision-making and resource allocation .
• Helps align the efforts of different departments and teams, fostering coordination and synergy.
• Enhances competitive advantage by identifying unique value propositions and differentiation opportunities.
• Aids in identifying and capitalizing on market opportunities while mitigating potential strategic risks .
• Improves organizational efficiency, promotes innovation, and enables effective measurement and performance evaluation.

Ultimately, a well-planned and executed business strategy can lead to sustainable growth, profitability, and long-term success.

Difference Between Corporate Level Strategy And Business Level Strategy

There seems to be a lot of confusion surrounding the difference between corporate level strategy and business level strategy, so let’s clear things up and get our definitions straight.

A corporate level strategy comes into play when an organization has multiple businesses operating in different markets. It sets the overall direction for the entire organization . It decides which markets to compete in, how to allocate resources across the organization, and similar big-picture things.

On the other hand, a business level strategy zooms in on a specific business within the organization . It focuses on creating a game plan tailored specifically for that business unit to achieve success in its corner of the market.

To reiterate, a corporate level strategy is about steering the entire organization, while a business level strategy is about guiding a specific business unit to thrive in its market.

To help make the difference between the two levels clearer, let’s look at the example of a bank below and how they use strategy levels in their organization.

Types Of Business Level Strategies With Examples 

To better understand how business level strategy differs from other strategy levels, it’s useful to look at some business level strategy examples . 

When organizations are deciding on the best strategy for a specific business level, they typically consider five types. Let's take a closer look at each of them and see what kind of competitive advantage they offer:

Cost Leadership

A cost leadership strategy is all about offering products at a lower price than your competitors. To become cost leaders, businesses employ economies of scale and various tactics such as improving facilities, investing in tools, reducing overhead costs, and minimizing expenses related to R&D and POS operations. The ultimate goal is to achieve the lowest cost for your product or service.

Differentiation

Rather than focusing on lower costs and passing the savings onto customers, differentiation strategies emphasize the development and marketing of products in a manner that provides greater value to customers and focuses on unique features that warrant a higher price point.

The most famous example of differentiation is Apple , which applies this strategy across all business units (laptops, smartphones, tablets, etc.). Apple has heavily invested in R&D, customer service, and marketing, successfully carving a niche that allows them to charge a premium price for their products without compromising market share.

💡If you're considering pursuing a differentiation strategy, McKinsey's Three Horizons of Growth is a great framework to use.

Focused cost leadership

Businesses can concentrate their efforts by targeting a niche market or even a subset of that niche to further reduce costs.

For instance, a tool manufacturer might choose to focus their cost leadership strategy solely on the professional tradesperson market. 

By narrowing their focus, companies can better understand their customers' needs and create value more efficiently.

Focused differentiation

A focused differentiation strategy involves standing out from competitors while concentrating efforts on a smaller subset of their customer base.

This might seem counterintuitive, but deeply understanding a smaller customer segment allows businesses to anticipate customers’ needs more accurately, making value creation a smoother process.

Integrated low-cost/differentiation

Some businesses find success by combining a low-cost strategy and differentiation.

A great example is the rise of "premium fast food" restaurants, which offer the low prices associated with traditional fast-food chains while providing a differentiated range of offerings. The combination provides just enough uniqueness to cater to a particular market. The success of such restaurants is a testament to the effectiveness of this type of strategy.

📚 If you're struggling to determine the best business strategy for your business unit, consider exploring the Value Disciplines framework . It has guided many successful businesses in the right direction.

How To Write A Business Level Strategic Plan 

Once you've decided on the type of business strategy you want to pursue, you need to write a strategic plan that outlines the actions your business unit will take to achieve its vision.

If you need guidance on how to write a strategic plan , we've covered it in detail before. But it can’t hurt to quickly go over the process anyway.

1. Analyze where you currently stand

First, you need to gather and analyze key information about your business's present state and performance. 

This can include reviewing KPIs, doing a SWOT analysis , evaluating the competitive landscape , reviewing financial performance, gathering customer feedback, considering internal capabilities, and analyzing risks and challenges. 

Such an analysis will help you develop a fact-based understanding of your current position that should your strategic direction and choices. 

2. Prioritize focus areas

Identify the key areas you'll be focusing on when working towards your vision . Your analysis from the previous step should help. These focus areas should be more specific than your vision statement , but not as detailed as having particular metrics or deadlines attached to them.

3. Define strategic objectives

Strategic objectives represent what you want to accomplish . These objectives are relatively high-level but should still have a deadline associated with them. Make sure your strategic objectives align with one or more of your focus areas. Typically, you'll have 3-6 objectives for each focus area.

4. Assign KPIs

KPIs are values that help you measure progress toward your strategic objectives.  It's important to develop KPIs that directly contribute to achieving specific goals or objectives. Otherwise, you run the risk of diverting attention, time, and resources away from crucial KPIs.

5. Create projects

Projects describe what you will do to accomplish your objectives. Projects need to be specific, including clear deadlines and a description of the actions you'll take. 

Each project should align with at least one strategic objective and outline how it will contribute to achieving that objective. Typically, you'll have multiple projects for each strategic objective.

💡 Pro tip: When writing your strategic plan , it’s helpful to keep in mind that business level strategy decisions are typically based on analyzing two main factors: customers and core competencies.

👉 How Cascade can help:  

Cascade’s Planner makes it easier to create, share and execute strategic plans. To make things even simpler, you can use our template which will help break down your high-level plan into executable outcomes.

👉🏻 Get your free business strategy template here.  

More related business level strategy templates: 

• Business Growth Strategy Template
• Business Development Strategy Template
• Business Continuity Plan Template
• Business Expansion Plan Template
• Business Action Plan Template

‍ 💡Don't see what you're looking for? Explore our strategy template library with over 1,000 templates catered to different business units and industries.

The Key Focus Areas For Business Level Strategies

Now that we understand how to structure a business strategy, let's dive into the actual content that should be included. 

While the specifics will vary depending on the organization, there are generally two key elements that should be addressed in your business level strategy.

Core Competencies

In business level strategy, the concept of core competencies is key. 

Core competencies are the unique elements of a business that set it apart in the market and provide value to customers.

Identifying and leveraging these competencies to gain a competitive advantage is a major aspect of business level strategy.

If you're struggling to identify your business's core competencies or competitive advantages, a VRIO analysis is a great starting point that should help you out. 

👉 Grab your free VRIO strategy template here.

Understanding your customers is another essential aspect of business level strategy. 

You need to know who your current and potential customers are and how they interact with your business. 

To develop this understanding, consider the following who, what, and how questions:

Who are the customers?

Look at demographic descriptors and consumption patterns to paint a clear picture of your customer base. 

Unlike corporate strategists, business level strategists often have a precise understanding of their customers. That allows them to tailor strategic decisions in a way that just isn’t feasible at a corporate level.

What are the products that customers need?

Understanding the wants and needs of your customers is vital for developing and maintaining a competitive advantage. 

Successful businesses are the ones that fulfill customer needs and create value. That’s why you want to understand your target customers to the point where you can forecast changes in customer needs as well as anticipate fluctuations in demand. 

How can the business satisfy customer needs?

Finally, organizations need to leverage core competencies, resources, and their understanding of their target audience to ensure customer satisfaction. Businesses need to create a solution to a pressing problem and create a product or service that’s perceived as valuable in the eyes of the target market segment.

Putting it all together

Now that you have a solid understanding of your core competencies and the customers you serve, you have a powerful foundation for developing strategies that foster competitive advantage and drive value. This is the ultimate goal of the business level strategy.

How To Cascade Business Level Strategy To Functional Level Strategy

Once you've crafted your business strategy, it's important to ensure that it’s effectively communicated and translated into actionable plans at the functional level . 

This process, known as cascading, enables each department to align its efforts with the overall strategic objectives of the organization. Here’s how you do it:

• Share the business level strategy with department heads.
• Identify relevant objectives and projects for each department.
• Define focus areas based on the identified objectives and projects.
• Develop department-specific strategies and tactics. Address specific actions each department will take.
• Align efforts and coordinate among departments.

By following these steps, you can effectively cascade your business strategy to all key departments, coordinate efforts and achieve strategic objectives.

👉 How Cascade can help: 

With Cascade's Alignment & Relationships feature , you can see every plan in your workspace and how they connect to each other from a bird's eye view. Using a simple tree structure, you'll be able to see how every plan is aligned with each other and progressing across your organization.

Final Thoughts

Business level strategy is where abstract strategic directions from the corporate level translate into tangible initiatives that generate real-world value.

Together with a strategy execution platform like Cascade , it can help you achieve great strategic feats. The combination of the right approach and the right software empowers you to:

• Create simple yet impactful strategies

Our most successful customers have used Cascade to zoom in on certain parts of their business, identify their core competencies, and prepare suitable objectives. Instead of overcomplicating strategies, they kept it simple and actionable.

• Reverse engineer your strategy

Cascade enables you to see where your initiatives stand today and provides data as well as the wider context. These strategic insights will help you design metric-based strategies rooted in reality, rather than relying on disconnected numbers, outdated tactics, and irrelevant industry benchmarks.

• Adapt quickly and effectively

You can monitor the impact of a particular approach on a smaller, business level scale, recognize what’s working, and either change course or double down. 

These benefits and everything mentioned in the article make a business level strategy combined with a strategy execution platform immensely valuable. Good and iterative strategic planning at the business level will radically impact outcomes for any organization—from the very small right up to the very large one.

Business Level Strategy FAQs

Should a business level strategy change over time if so, why .

Yes, business level strategies should change over time to adapt to evolving markets, competition, customer needs, and internal capabilities.

The ability to adapt also reflects that the business is monitoring its current performance, the impact of its strategic decisions, and is proactively thinking about improvements. The ability to adapt is crucial for sustainable success.

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Personal Training Business Plan: Example & Template

Written by Megan Williams

What is a personal training business plan?

A personal training business plan is useful for any personal trainers wanting to go solo and set up their own personal training business. Putting together a personal training business plan will ensure you cover all the key events and information you need to successfully launch your personal training business. 

In this handy article, we have outlined detail of the different elements within a personal training business plan along with a downloadable template that you can start building on straight away. Our aim is to provide you with all the elements you need to be successful in kick-starting your personal training business and service.

Why do you need a personal training business plan?

Having a personal training business plan will make the process of starting any personal training business smoother. This may include opening your own personal training studio , becoming a self-employed personal trainer or freelancing for a gym. It can become very easy to quickly start working with clients and avoid planning out the bigger picture.  

Banks or Investors

If you need additional funding to get started with your personal training business , being prepared to showcase your full personal training business plan to potential investors or banks will put you in a better position. In both cases, you are looking to persuade these people to invest in your fitness business, if they can’t see a clear plan mapped out on why you are worth the investment you may be unsuccessful in achieving the investor or funding. This provides potential investors with the step by step process on how you are planning to get your personal trainer services running.

Approaching this situation with a fully mapped out personal trainer business plan shows that you have thought through all possible elements of the business strategically with evidence on how you have got to this stage to be successful in the fitness industry.

Self Motivation

If you are looking to become self-employed and go out in the fitness world as an independent personal training business has a well thought out plan in place that will keep you on track with your own personal business goals. Spending some valuable time putting together a personal training business plan will be beneficial in the long run to keeping yourself on track, this can be a document you constantly refer back to. A personal training business plan will be what continues to drive you to achieve your ultimate business goals.

Summary & Pitching

The first section will be a summary of your overall business plan which will include business goals/aims, what the business does and any financial projections. The best way to approach this section is to complete it last once you have completed all the research for you to summarise. The purpose of this summary is to outline your business at a quick glance for somebody to understand your main goal and outcome.

Pitching your personal training business plan

A personal training business plan pitch will include a brief summary of what you do and what you are aiming to achieve. In your pitch, you should include your aims and objectives as a business, an overview of financial forecasts, business plan ideas and identify your USP.

The pitch should only be a few sentences long and ensure it is all relevant material avoiding any repetition or filler. The idea of the pitch is to attract your listener, an indicator of a successful pitch is your listen asking questions or wanting to know more about your pt business plan.

Personal background

This section is to outline your own personal background this section will help you outline your strengths and potential weaknesses for listeners to understand. 

Use your experience and expertise to boost credentials

Your qualification and experience will have high value in this section with the opportunity to showcase how you have educated yourself and the route you have followed. If you have undertaken additional studies including continuous professional development courses, this is a good place to showcase this.

This is also a good opportunity to identify any training you may need to still undertake to work on yourself, this demonstrates that you have a focus on personal growth and are planned for this. This is a beneficial section to understand for personal growth, working on identifying your own strengths and weaknesses will highlight any sections of the business you may need additional support or training in prior to starting.

Product or service

Personal training is positioned as a service business as you do not sell a physical product, you offer time and experience to your client’s fitness journey. In this section, you will highlight your core service, will you just be offering personal training sessions or is there an option to build out nutrition meal plans? Use this opportunity to explain your service in detail including what you offer the client, how you plan to deliver the service and any resources needed for this.

Outline your USP

In this section, it is also important that you highlight what makes you different and how your knowledge, experience and background has created a USP for your personal training service.

In order to be successful in launching your personal training business, you would need to have an in-depth understanding of the market you are entering. This includes carrying out market research within the potential clients operate in. After this point you will be able to build out a marketing strategy based on your understanding of the client market, this will ensure you are marketing your business in the most effective way.

Target Market research

Gathering marketing research is the process that helps determine the success of your new service which is conducted in line with your potential clients. Market research is carried out by companies to discover their target market in more detail by gathering opinions and feedback on particular interests.

To carry out successful market research you should gather information which providers you insights on the following:

• Current behavioural habits of your clients?
• How big is the personal training market?
• How much competition is there?
• What are the buying habits of your potential clients?
• Current market trends for pt businesses?

Create a marketing strategy

Once you have completed your market research you will be in a good position to map out your marketing plan strategically. Your marketing plan is a huge contributing factor to running a successful business, without this potential clients will not come across your business which impacts revenue and profit. 

When creating a marketing strategy you may find the cost can be daunting, however, you should consider marketing as a personal business investment for which you calculate the return on investment as this is essential to your business success. Whilst you are going to have to invest money into marketing, there are also options that aren’t as costly to include within your strategy such as word of mouth, attending networking events and running social media accounts. Marketing has a direct impact on your business which is why it is essential to ensure you cover everything you can to benefit from the market share. For this reason, we have covered everything you need to know to build out a marketing plan with our beginner’s guide to personal trainer marketing and advertising.

Competitor analysis

Competitor analysis is a good exercise to complete to ensure you are entering the market in a strong position. To complete a detailed competitor analysis you should carry out thorough research into who your competitors are, their service, their location, their pricing and their strengths and weaknesses. 

Once you have completed this, you should complete a swot analysis on your own personal training business compared to competitors within the market. Doing this will help you identify any pain points you may have as well as a USP which will prove to be a strength within the fitness training business.

Operations & logistics

Operation and logistics are a fundamental part of the business particularly for those setting up their own personal training studio or personal trainer freelancing . This includes evaluating elements of the business operations such as training space and location, suppliers of gym equipment, how to sustain your equipment and any additional products you may need to operate successfully as a business.

Understanding inventory & logistics

This section applies to individuals who are looking to set up their own personal training studio , you should use this area to cover details on where you will be delivering your personal training service, what locations, the facilities you will be using and how you regular sustain any equipment or software.

If you are planning on becoming a freelance personal trainer who is working within different gyms, this section may not be applicable to you as it focuses on how your service will be sourced and delivered.

Pricing strategy

A pricing strategy will help you work out what profit margins you are working towards and understand at what point you will break even and start making money once you have factored in the costs and investment.

When figuring out your price point you need to consider the business needs and client needs, if you are just starting out as a personal training business performing at a higher-end price point is likely to penalise the business success. You need to choose a price which is going to accommodate the business operations as well as appeal to potential clients.

Cost & expenditure planning

As the final part of your personal training plan, you will need to calculate the cost and expenditure involved in how you are planning to operate. This will include calculating gym rent, advertising and marketing, legal costs, personal training equipment, personal training studio rent or gym rent.

Pt business plan: Template

To make the process easier we have put together a personal training business plan template for you to download and use. This template provides the all-important sections needed to create a detailed pt business plan to help you set up your fitness business for success.

Personal Training Business Template – Download Now

Personal trainer business plan conclusion

Writing a pt business plan may seem like a long and daunting task when first faced with it, however completing this is a valuable exercise for your success as a personal training business. As business owners, it is important that this plan is revisited and revised when applicable to ensure your business path and goals are continuously on track and up to date. 

Cash flow may seem slow when getting started but with a plan as detailed as this in place, you will be prepared which will motivate and push you into improving your revenue streams. It is important to remember you are a new business and you are likely to face challenges but just take them head-on and create a learning hurdle from them knowing you have a strong business plan in place. Spend hours completing a personal training business plan to make a worthwhile investment in your personal time and energy later on down the line.

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9.3: The Business Plan

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LEARNING OBJECTIVES

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas, which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 49 His version is basically an extension of a napkin sketch, without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections (Figure 9.3.1). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap, that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the co-founder and former CEO Kathryn Minshew. “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse, and took much of the editorial team of Pretty Young Professional with her. 50 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 51 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

LINK TO LEARNING

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA). The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan

As the name implies, the executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions, requires an executive summary of up to five pages to apply. 52 , 53 Its suggested sections are shown in Table 9.3.1.

ARE YOU READY?

Create a Brief Business Plan

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs, one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 9.3.2 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and ensure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 9.3.3 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM. This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 9.3.4 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 9.3.2 and Figure 9.3.3. A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 9.3.5 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 9.3.6 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture. Include sales forecasts and income projections, pro forma financial statements, a breakeven analysis, and a capital budget. Identify your possible sources of financing. Figure 9.3.4 shows a template of cash-flow needs for La Vida Lola.

ENTREPRENEUR IN ACTION

Laughing Man Coffee

Hugh Jackman (Figure 9.3.5) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 56 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

WHAT CAN YOU DO?

Textbooks for Change

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

WORK IT OUT

Franchisee Set Out

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

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How to Make a Personal Trainer Business Plan

Personal training can be one of the most rewarding careers an individual can pursue. You get to connect with people on a meaningful level, you positively impact their lives, and you can work in a field that you are passionate about.

However, one of the biggest difficulties that derail many careers is the inability to turn a job as a personal trainer into a financially successful career.

One important skill that personal trainers should develop is the ability to develop a business plan that allows the personal trainer to set up and run a financially successful business.

How Do You Write a Personal Training Business Plan?

A business plan is a blueprint for how to take an idea about a potential business and turn it into something real. It is often a formal document that includes the goals of a business, the methods for attaining those goals, and timelines for when those goals may be achieved.

In the context of personal training, a business plan may be focused on developing a successful gym or personal training studio, or it may be focused on building a successful private online coaching practice .

One of the best places to begin with writing a personal training business plan is to ask and answer the following four questions:

1. Who are your clients going to be?

2. What are your services going to be and how are you going to deliver them?

3. What is it going to cost to run your business?

4. How are you going to make money?

Who are your clients going to be?

One of the best places to begin is trying to define who your clients are going to be as this is often one of the biggest differentiators. For example, if you are going to try and work with professional athletes your business model is going to look very different than if you are going to try and work with senior citizens. Why would they differ? Well, consider the following:

1. Professional athletes all live in major cities.

2. Professional athletes travel a lot and will require more remote work.

3. Professional athletes are a much smaller population so scaling the business may not be viable.

4. Working with professional athletes will require a lot more equipment.

These are just a few examples but identifying your core market is the most critical first step.

What services are you providing and how are you going to deliver your services?

Once you have identified your core audience and who your clients are going to be, the next question to answer is what services are you providing and how are you going to deliver your services? Are you going to do 1-on-1 private session personal training? Are you going to do group fitness ? Are you going to do small group fitness? Are you going to follow a specific training method (e.g., Zumba, CrossFit, Barre Method, Yoga)? Answering this question will help you define the overall scope of what your business is going to provide and help you define whether you need a physical space, how big of a space you might need, what equipment will be required, and if you will need to obtain a franchise or license to operate under a specific training model. Alternatively, depending on your scope of work and practice you may be able to run your business fully online.

What is it going to cost to run your business?

Before you start to think about how much money you are going to make, you need to understand exactly what it is going to cost to even run the business. All businesses cost money to run, but some business models require more capital than others. Developing a good understanding of your operating expenses is critical to developing a successful business plan. Here are some of the major expenses you may need to think about and include in your business.

Rent is often the largest expense for any personal training business. If you are running a small private 1-on-1 studio or have a small office for private consulting you may have a small footprint and keep rent relatively low. Alternatively, you may be looking to start a large gym that teaches big group classes and requires several thousand square feet of space which can be quite expensive. It is important to not overpay for rent as it will generally be your most expensive line item.

The equipment required to run your business will also vary substantially based on your core business model. If you are looking to open a yoga and Pilates studio you may need to spend your initial capital on yoga mats, blocks, and straps and replace them every 12-18 months. The initial expense here may be minimal. Conversely, if you are looking to open a large gym that teaches group classes following CrossFit or Olympic Weightlifting, you will likely need to invest tens of thousands of dollars to outfit your facility so you can even run your classes effectively.

NASM has a course on home gym design that can provide a lot of insight on this aspect of personal training. 

Utilities also need to be included in your business plan as you will have to heat and/or cool the facility if you choose an in-person business model, as well as provide water/plumbing, have the internet to run your business systems, and other miscellaneous utilities.

Operating the business will also include expenses. What software will you use to manage your client's information and billing? How will you run payroll if you have more than yourself as an employee? What will it cost you to clean and maintain the facility? Each business model will have different operating expenses, but they need to be thought through very carefully, as unexpected operating expenses can turn a profitable business into a financial nightmare quickly.

Insurance is a non-negotiable for any thoughtful business owner, especially in the personal training profession. Accidents happen and insurance will save your business when they happen.

Marketing will be the lifeblood of driving new clients through your doors. Without marketing your business your business will not grow. There are many different avenues to market, but they will all require money. Whether you use signs, social media ads, t-shirts, flyers, email marketing, websites, etc., it is incredibly important to include marketing in your business plan.

See How to Get Personal Training Clients for more. 

How are you going to make money?

Once you have fully thought through your business and what it is going to take to run that business, it is time to start thinking about how you are going to make money. There are a lot of different ways to go about generating revenue. Here are a few examples of how you can sell services and products to clients in various types of business models.

1. Sell subscriptions: whether you are looking to open a big box gym or a private studio, you can sell monthly subscriptions to clients.

2. Sell packages: this may look like selling year-long memberships or personal training packages.

3. Sell physical products: this may look like selling branded apparel, supplements, or workout aids (e.g., belts, straps, chalk)

4. Sell educational products: this may look like selling additional courses, seminars, or workshops to your client base.

It is also important to think about how you are going to price your services and how you present that pricing to your potential clients. Are you focusing on total client volume and a low-cost option? Are you focusing on a high-value, intensive training option that is a higher-cost option? Make sure you fully think through your pricing structures and how that might affect your ability to generate revenue.

Why Do You Need a Business Plan as a PT?

Now that we have worked through the core pieces of a business plan it should become apparent as to why you need a business plan as a Personal Trainer. Running a business has a lot of complexes moving pieces and the best way to be successful is to have a goal, a plan to reach that goal, and the actionable steps to help you get to that goal. A business plan lays out all of those components. While a business plan does not guarantee that your business will be successful, it does greatly increase the odds!

What is a Lean Business Plan?

A lean business plan can be thought of in three main ways:

1. A business plan that focuses only on the most important things (e.g., focus on improving the core services instead of spending valuable resources finding the perfect logo).

2. A business plan that minimizes unnecessary overhead (e.g., do you need a 6,000 sq foot state-of-the-art facility or does a 1,500 sq foot warehouse suffice).

3. A business plan that can be easily adapted as you grow and learn as a business owner.

Ideally, your lean business plan incorporates all three aspects.

Fitness Marketing Tips for Flourishing

Marketing is a necessity for all businesses; if potential clients do not know you are there, how can you expect them to become clients? There are a million different ways to market, and each business will need different tools and messages but there are a few core concepts that hold across almost all businesses. The first is to market to where your potential clients are. If you are targeting older, wealthier individuals for private 1-on-1 training sessions, spending your time, energy, and money on TikTok or SnapChat ads is probably not going to be effective. Conversely, if you are targeting high-school athletes for basketball fitness training, that might be the perfect place to reach your audience. The second is you must have a compelling offer. If your offer (product or service) does not resonate with people then you will have a difficult time marketing, as people will not find your services interesting enough to investigate it in more detail. The third is you must sell. Marketing is about raising awareness and educating your potential client, but you must actively sell to your potential clients. That is why one of the most common lines in sales and marketing is "ABC"... Always Be Closing.

Do You Need to Take Protein Powder If You Are Serious About Fitness?

Reasons why you should become a wellness coach, brad dieter.

Brad is a trained Exercise Physiologist, Molecular Biologist, and Biostatistician. He received his B.A. from Washington State University and a Masters of Science in Biomechanics at the University of Idaho, and completed his PhD at the University of Idaho. He completed his post-doctoral fellowship in translational science at Providence Medical Research Center, Providence Sacred Heart Medical Center and Children’s Hospital where he studied how metabolism and inflammation regulate molecular mechanisms disease and was involved in discovering novel therapeutics for diabetic complications. Currently, Dr. Dieter is the Chief Scientific Advisor at Outplay Inc and Harness Biotechnologies, is co-owner of Macros Inc and is active in health technology and biotechnology. In addition, he is passionate about scientific outreach and educating the public through his role on Scientific Advisory Boards and regular writing on health, nutrition, and supplementation. Want to learn more in Brad's areas of expertise? Check out his NASM product recommendations.

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Unit 21 Training and Development Assignment 1 Employee Development, Reasons, Benefits & Costs

Unit 1 Exploring Business Assignment 1 Learning aims A & B

Unit 19 Pitching for a new Business Assignment 2 Develop a business plan for micro-business start-up

Unit 18 Digital Animation and Effects Assignment 1 Investigating Digital Animation and Effects

Unit 3 Using Social Media in Business Assignment 1 business promote their products & services

Unit 4 Managing an Event Assigment 2 Feasibility of a proposed event & detailed plan for a business

Unit 17 Digital Marketing, Assignment 1 Learning Aim A & B Examine the role mix & Effectiveness

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Business administrator

This apprenticeship standard is in the process of being revised. In the meantime, the version below remains approved for delivery. Further details of this and other occupational standards in revision are available in the revisions status report .

Overview of the role

Supporting and engaging with different parts of the organisation and interact with internal or external customers.

Reference Number: ST0070

Details of standard, occupational profile.

Business administrators have a highly transferable set of knowledge, skills and behaviours that can be applied in all sectors. This includes small and large businesses alike; from the public sector, private sector and charitable sector. The role may involve working independently or as part of a team and will involve developing, implementing, maintaining and improving administrative services. Business administrators develop key skills and behaviours to support their own progression towards management responsibilities.

The responsibilities of the role are to support and engage with different parts of the organisation and interact with internal or external customers. With a focus on adding value, the role of business administrator contributes to the efficiency of an organisation, through support of functional areas, working across teams and resolving issues as requested. The flexibility and responsiveness required allows the apprentice to develop a wide range of skills.

The business administrator is expected to deliver their responsibilities efficiently and with integrity – showing a positive attitude. The role involves demonstrating strong communication skills (both written and verbal) and adopting a proactive approach to developing skills. The business administrator is also expected to show initiative, managing priorities and own time, problem-solving skills, decision-making and the potential for people management responsibilities through mentoring or coaching others. 

The apprenticeship will typically take between 12 and 18 months to complete.

This apprenticeship standard is at Level 3.

Where a business administrator has not already achieved Level 2 English and Maths, they must do so before taking the end-point assessment.

Career progression

The administration role may be a gateway to further career opportunities, such as management or senior support roles.

Review date

The apprenticeship should be reviewed after 3 years.

Crown copyright © 2024. You may re-use this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. Visit www.nationalarchives.gov.uk/doc/open-government-licence

Business administrator assessment plan

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• International Foundation Diploma

Level 3 Diploma in Business and Management

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Diploma in Business and Management Level 3

The gateway to a prestigious business degree.

The Level 3 Diploma in Business and Management is a globally recognised programme. It is an alternative to an A-Level or Access to HE qualification. The Level 3 Diploma in Business and Management offers students an opportunity to gain entry to undergraduate degrees at the London School of Business and other leading business schools and universities in the United Kingdom.

By studying this programme, students will develop a strong understanding of their chosen subject(s), providing them with the business understanding and skills to build their careers in an exciting and dynamic business environment.

Why should I choose this course?

Key features.

• The ATHE Level 3 Diploma in Business will help prepare a student with everything that they require to achieve success during their term as an undergraduate student here in the UK.
• Level 3 Diploma in Business at London School of Business will help international students in becoming academically adept at pursuing higher education here in the United Kingdom.
• A first track route to London School of Business and other prestigious UK universities for students who have a lack in British A-level or equivalent qualifications.

Level Diploma – Level 3 Credits 120 Mode of Study Campus – Full Time Duration 9 Months or 6 Months (Fast Track) Fees per year UK / EU – £9,250 International – £12,000 Payment Plan Available Scholarship Available Intakes February, March, June, October

Programme Highlights

1  Master Business Operations and Resources:

• Learn to optimize business processes, finance, and assets • Develop strategic models to maximize productivity and efficiency • Gain expertise to improve performance and profitability

2  Understand the Business Environment:

3  lead and collaborate with teams:.

• Foster communication, delegation, and relationship building skills • Motivate and develop talent to enhance team effectiveness • Promote collaboration, diversity, and inclusion for innovation

4  Make Principled and Ethical Decisions:

• Consider moral, social, and environmental ramifications • Learn frameworks for ethical business governance and leadership • Practice CSR, sustainability, and operating with integrity

5  Gain Crucial Career-Readiness:

• Develop knowledge and skills to boost employability • Transition smoothly into business degrees and careers • Fast-track progress compared to other pathways

A Program For Visionaries : Where Ambition Meets Achievement

Gateway to Higher Education Excellence

• Aspiring undergraduate students ready to elevate their academic journey • International students aiming for academic adeptness in the UK • Individuals looking for a fast-track route to prestigious UK universities

Versatile Learning Experiences:

• Students with diverse academic backgrounds seeking bridging programs • Those lacking British A-level or equivalent qualifications • Individuals desiring a tailored and versatile learning experience

Academic and Career Acceleration:

• Aspirants eager to unlock academic and career opportunities • Individuals aiming for success in the dynamic business environment • Those with a passion for business excellence and global recognition

Learning Outcomes

Apply conceptual learning skills in today’s business environment.

Analyse financial performance of an organisation.

Evaluate organisational decisions with consideration of the political, legal and ethical aspects of business.

Assess strengths, weaknesses, opportunities and threats of the business environment.

Business Environment

How Businesses and Organisations work

Business Communication

Working in Teams

Market Research

Introduction to Financial Controls in Business

Leading and Managing People

Principles of Marketing and Sale

• International Business

Entry Requirements

We accept candidates who have achieved a wide range of credentials, including any post-16 qualification in the UK. Functional, Vocational and other essential skills are recognised and taken from all around the world. Please get in touch with us to discuss the specific requirements for your country.

UK & EU Students

Prior achievement of at least one of the following:.

BTEC A level 2 qualification in business, economics

GCSE GCSE or Functional Skills, Mathematics and English or equivalent international qualifications.

International Students

School Certificate Successful completion of secondary education in an appropriate range of subjects.

English Requirements IELTS 5.0

If you do not meet the entry requirements as mentioned above, please contact us to find out other possible entry routes.

“My experience at LSB has been very positive. Last year I studied a Level 3 Diploma in Business  and management which ran for six months, and for such a short course this was actually helpful! The teachers seemed experienced and knew what they were talking about when explaining the material. I was able to improve my business skills.”

Kurtoglyan, Spain Level 3 Diploma in Business and management

Tuition fees cover the cost of a student’s academic studies. It usually includes teaching costs, registration and examination fees (not repeat or tailing modules, re-sit fees or coursework resubmission). Any costs associated with work placements will be the students’ responsibility.

For full details,  please contact us.

Assessments

Assessment is by completing assignments and meeting assessment criteria for each of the modules. These assignments are meant to demonstrate your achievement of learning objectives. All units within this qualification are internally assessed via exams and assignments which are externally verified by the awarding organisation.

The assignments submitted by learners must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. Learners can achieve pass, merit or distinction grade depending on quality of assignment and questions attempted. To achieve a merit or distinction grade, the learners must demonstrate that they have achieved all the criteria set for these grades.

Download a Prospectus

Download a copy of our 2024 diploma prospectus (pdf document), employability.

Level 3 Diploma in Business and management has been designed for learners who wish to develop the skills and knowledge required for roles in junior management. They have also been developed with progression in mind and enable learners to continue to a range of Bachelor’s degrees. The addition of our General Education pathway, if taken in combination with the Level 4 Extended Diploma in Business and Management.

Jobs directly related to your degree:

Business Administrator

Office Manager

Administration Manager

Office Administrator

Administrative Assistant

Administrative Coordinator

Join the Next Wave of Business Visionaries

Join a vibrant community of professionals, transforming business concepts into reality. Develop essential management skills, collaborate on impactful projects, and empower your career journey. Gain a competitive edge in the ever-evolving world of business with us.

Further Study

A detailed list of potential courses, you can consider for furter study to build upon the foundation established through Level 3 Diploma in Business and Management, directs you to a long – term sucess and advancement in your chosen field.

Professional Courses Include:

BA (Hons) Business and Human Resources Management

If you are interested in applying we encourage you to visit the School and meet with our recruitment and admissions staff. This is neither a requirement nor expectation if you are planning on applying to the programme.

Related Programmes

At LSB, you will have the chance to study a broad range of subjects. The School offers a unique opportunity to study business alongside other disciplines.

Extended Diploma in Business and Management ATHE Level 4

The ATHE Level 4 Extended Diploma in Business and Management consisting of 120 credits, is a correspondent to the 1 st year of an undergraduate degree. This qualification is developed and designed in a manner that provides a sound understanding of management skills.

Extended Diploma in Business and Management ATHE Level 5

The ATHE Level 5 Extended Diploma in Business and Management, is a 120-credit size qualification and is the equivalent level to the 2nd year of a Bachelor’s degree. This designed qualification is useful to develop your understanding and to develop essential management skills.

Extended Diploma in Business and Management ATHE Level 6

The ATHE Level 6 Extended Diploma in Business and Management is a 120-credit size qualification and is equivalent to the 3rd year of a Bachelor’s degree. This designed qualification is to develop your understanding and to develop essential management skills.

Enrolling at LSB will help you study in a diverse mix of cultures, providing an opportunity to socialise and make friends from nations across the globe. Apply now, and one of our Admission Advisors will be in touch to support you through the process.

GO TO ONLINE APPLICATION

You can use the following link to apply for the programme: https://www.lsbuk.com/apply/

ADD YOUR PERSONAL PROFILE INFORMATION

Personal details

Family information

Extracurricular activities

Global interests and experiences

SUBMIT APPLICATION FEE

The application fee is £100.

SUBMIT SUPPORTING APPLICATION DOCUMENTS

Proof of your academic achievements, including official school transcripts

Evidence of English proficiency, i.e: TOEFL/IELTS/ Functional Skills Level 2 (if English is not your native language)

GMAT/SAT/ACT scores (optional)

One academic reference

A Personal Statement as an essay (400–500 words)

Scholarship and financial aid application included with the application form

PERSONAL ASSESSMENT INTERVIEW

In order to assess your eligibility for the programme, we will review your profile and your expectations from your career. This will be done via an in-person, telephonic or video conversation. In addition, we will mark your English proficiency for the course as well, and advise on further actions to be taken on your part.

ADMISSIONS DECISION

Once your application and personal assessment interview are completed, you will receive an admission decision within two weeks. If you have any questions regarding the status of your application, feel free to contact your Admission Advisor.

CONFIRM YOUR PLACE

If you are accepted into the program and have decided to start your studies at London School of Business, you must confirm your place prior to confirmation deadline.

PRE-ARRIVAL SUPPORT

Once we confirm your student status with us, we will be sending out useful information regarding your pre-arrival, and pre-enrolment.  Not only that, we will work alongside to make sure you have a seamless arrival in the UK.

Need Help Choosing A Programme?

Choosing the right programme is an important part of your future success. Our dedicated student counsellors are happy to assist you in choosing the right programme that best suits your professional goals. Please contact us on +44 (0)20 3305 8124 or send us an email to [email protected] to discuss your requirements and obtain an application form.

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Watch CBS News

Many taxpayers fear getting audited by the IRS. Here are the odds based on your income.

By Aimee Picchi

Edited By Alain Sherter

Updated on: April 11, 2024 / 3:15 PM EDT / CBS News

IRS Audits help the agency collect money that tax cheats owe the federal government, but experts say they also serve another important purpose: They help deter fraud.

That can cause some serious agita, of course. The IRS says about 6 in 10 taxpayers cite the anxiety of getting audited as a motive for being honest on their taxes. 

Meanwhile, the IRS has vowed to increase audits on taxpayers with annual income over $400,000 as a way to raise revenue and crack down on tax dodgers, funded by the Inflation Reduction Act. After the 2022 law was passed, roughly a quarter of voters expressed concern about getting hit with an audit,  according to Morning Consult research. 

So what are the odds of getting audited? Very low. Only 0.2% of all individual income tax returns filed for the 2020 tax year faced an audit, according to the most recent data available from the IRS. That means about 1 in 500 tax returns are audited each year. 

To be sure, some people face higher audit risks than others, and one of them might surprise you. The taxpayers most likely to be audited are those with annual incomes exceeding $10 million — about 2.4% of those returns were audited in 2020. But the second most likely group to get audited are low- and moderate-income taxpayers who claim the Earned Income Tax Credit, or EITC.

Why can the EITC trigger an audit?

The higher audit rate for people who claim the EITC has sparked criticism from policy experts. The Bipartisan Policy Center notes  that these examinations tend to disproportionately fall on people of color, partly because they are more likely to qualify for the tax credit.

People can claim different amounts through the EITC based on their income and their number of dependent children. For instance, a married couple filing jointly with three kids and less than $63,398 in income can claim the maximum EITC amount, at $7,430. But the most a single taxpayer with no kids can claim is $600. 

EITC returns can get flagged if the IRS' records show the taxpayer doesn't qualify for all or some of the credit, such as claiming a child who isn't actually eligible (which can happen if they're over 19 and not a full-time student). About 8 in 10 audited returns that claimed the EITC had either incorrectly claimed a child or misreported income, the National Taxpayer Advocate noted in a 2022  report .

Still, these audits are slightly different than the kind a wealthier taxpayer would typically face. The IRS relies on so-called " correspondence audits " to handle EITC issues, which are handled via letters and phone calls, rather than in-person visits from an IRS agent, or how audits are handled with high-income taxpayers.

Are taxpayers more or less likely to get audited these days?

Quite the opposite. In fact, the audit rate has been declining for years, according to IRS data. 

For instance, the agency in 2014 audited about 9.4% of all tax returns for people earning more than $10 million a year — that's almost four times the present audit rate, IRS data shows.

Middle-class taxpayers are also much less likely to get audited today. IRS figures show that the audit rate for people with annual income of $50,000 to $75,000 was 0.4% in 2014 — also four times higher than the current audit rate. 

The reason, the IRS says, is partly due to its shrinking workforce. In fiscal year 2022, the agency had about 79,000 full-time equivalent workers, a 9.1% decline from 2013. But the IRS is now beefing up its staff, thanks to Inflation Reduction Act funding, and it says that it is focusing on increasing audits for those earning above $400,000.

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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