business plan database

Writing a Business Plan? These Library Databases Will Boost Your Research

The New York Public Library offers a broad range of databases for company, industry, and market research to aid in developing your business plan. The business databases at NYPL’s Business Center comprise an excellent source of information available to anyone doing business, financial or market research.

Below we've highlighted a few of these business databases and many others are available onsite at the Thomas Yoseloff Business Center. 

Why Write a Business Plan? 

A business plan can help a business owner get a loan from a bank, help the owner evaluate the feasibility of their business model, improve their odds of success, and keep them on track. A business plan helps guide the direction of a company's first several years in business and gives potential investors an idea of the company structure, goals, and future plans.

Writing a business plan requires time and effort, as well as planning and research. A startup business owner needs to consider many things including: what they will sell or offer, who their target customers are, who their is competition, and what the industry environment is for their new business. A potential owner also needs to plan how they will operate, and how they will be profitable. 

Recommended Databases

Reference Solutions

Reference Solutions is a business directory which lists U.S. businesses, both private and public. It also includes a Lifestyles module, to find people based on their interests and buying habits.

What you can do:

• If you are writing a business plan, you can search Reference Solutions to find businesses which will be your competition.
• You can find the locations of your competitors, their estimated annual sales, and details about the business including owners' names, website URLs, and more.
• You can download a list of companies with details.
• You can find information about potential customers, based on their location and buying habits. 

From the  Articles & Databases section of our website, you can select Reference Solutions  (login with your library card). Next, select the "U.S. Businesses" module. Choose the "Advanced Search" tab. Then, click to search "Business Type". Enter a keyword to find companies in your industry. You can narrow results by County (use New York County for Manhattan) or ZIP code, company size, and more. To view your results, update and click. You can download the company details to a USB drive. 

Also be sure to check out the Charts and Heat Maps for neat visual displays of your results. These can also be downloaded, and are a very handy way to illustrate the competitive landscape for your new business.  

Reference Solutions is available in all NYPL locations and remotely for New York State residents with your library card.  

Ibisworld is an industry and market research database which profiles thousands of industries. Ibisworld includes all U.S. industries by NAICS code (North American Industry Classification codes), as well as very niche industries.

• You can use Ibisworld to find in-depth industry profiles, data industry trends, and market research for your business planning. 

This database is available onsite only at the Business Center. From the  Articles & Databases section of our website, you can select Ibisworld and then search by keyword to find industry profiles.

Also be sure to check the State reports for New York State, and the “Specialized Industries” reports for niche industries. When you find a report for your industry, review each tab to view the entire report. Printing is enabled, but not downloading. For more information about Ibisworld,  sign up for a consultation with a business librarian. 

Statista is a resource to find statistics, industry reports, digital trends, consumer outlooks, and more. 

• Use Statista to find statistics and reports about your industry.
• Find data and infographics you can include in a business plan. 
• Download industry reports and outlooks.

Statista is available in all NYPL locations, and remotely for New York State residents, with your library card.

From the  Articles & Databases section of our website, you can select Statista (login with your library card if you are not at an NYPL location) and begin searching for data and reports. 

If you need help with research for your business plan, you can work with a business librarian in a virtual consultation: Just sign up for a 30-minute video consultation .  

First Research – Access through Mergent Intellect 

First Research is a database which provides industry profiles. It includes market size, industry trends, financials, as well as challenges and opportunities. 

• Find profiles of industries for your business planning research.
• Find financial data specific to your industry.
• Find industry specific questions and answers you can use when contacting other business owners.
• Download profiles in PDF format.

This database is available in the Business Center only, not remotely. To access First Research, first log in to the Mergent Intellect database at the Business Center. Scroll down to view the First Research module and then browse industries or use a keyword to search. First Research includes a "Call Prep feature": a series of targeted questions with answers which  you can use when making "cold calls" to other small business owners for getting advice or tips about your industry. You can download industry profiles to a USB drive in PDF format. 

Plunkett Research Online

Plunkett Research Online provides industry sector profiles, with market research trends, industry analytics, statistics, company profiles and associations.

• Access industry profiles with market research trends.
• Find new developments in hundreds of industries.
• Build your own industry report to download in less than 5 minutes with just a few mouse clicks.

Plunkett’s is available in all NYPL locations and remotely for New York State residents, with your library card. If you are onsite in an NYPL library, you can access Plunkett's through the Articles & Database page. Also, please click the "Subscriber Login" box to access the content.   

For more information on doing business research, check out the Business Library's Research Guides.

If you need help with business research, sign up for a virtual consultation by video.   

You can follow the Business Library on Twitter at @NYPLBusiness .

How to Write a Business Plan in 2023 [Examples Included]

Table of contents

So you have come up with a business idea that will turn your company into a Forbes 500 enterprise? Sounds great!

However, you are going to need much more than an idea. You will need to do some comprehensive research, create operational standpoints, describe your product, define your goals, and pave out a road map for future growth.

In other words, you are going to need a business plan.

A business plan is a document that precisely explains how you are going to make your startup a success. Without it, your chances of attracting funding and investments significantly decrease.

Do you want to learn how to create a winning business plan that will take your company to the next level? We created a guide that will help you do just that.

Let’s dive in.

What Is a Business Plan?

Why and when do you need a business plan, types of business plans (what to include in each).

• How Do You Write a Business Plan?

Best Practices for Writing a Winning Business Plan

Business plan examples.

• Monitor the Performance of Your Business with Databox

A business plan is a comprehensive document that defines how a business will achieve its goals. It is essentially a road map for growth that includes operational standpoints from all the key departments such as marketing, financial, HR, and others.

Startups use business plans to describe who they are, what they plan to do, and how they plan to achieve it. This is an extremely valuable document for attracting investors.

However, they are valuable for the company members as well. A good business plan keeps executive teams on the same page regarding the strategies they should implement to achieve their set objectives.

Related : Reporting to Investors: 6 Best Practices to Help Increase Funding

While business plans are especially useful for startups, each business should include them. In the best-case scenario, this plan will be updated from time to time and reviewed whether the goals of the company have been met.

The main things that investors want to check out in the business plan are:

• Product-market fit – Have you researched the market demand for your products and services?
• Team efficiency – Does your startup have devoted professionals that will work on achieving your goals?
• Scalability – How probable is growth in sales volumes without proportional growth or fixed costs?

An organized business plan is essentially a blueprint of your goals and it showcases your abilities as an entrepreneur.

Related : Business Report: What is it & How to Write a Great One? (With Examples)

If you want to persuade venture capitalists and banking institutions to invest in your startup, you won’t be able to do it without a solid business plan. Following a clear business plan format is crucial, as it structures your plan in a way that is easily understandable and demonstrates your business’s potential. 

A business plan is helpful in two ways – it allows you to focus on the specific goals you set for the future and it provides external parties with evidence that you have done your research in advance.

But don’t just take our word for it – here are some of the things that researchers from Bplans found out when they were analyzing the benefits of business plans with the University of Oregon.

• Companies that use business plans have recorded a 30% faster growth compared to those that didn’t use them.
• Getting investments and loans is twice as likely to happen with the help of business plans.
• There is a 129% increased chance for entrepreneurs to go past the ‘startup’ phase through business plans.

You should create a business plan before you decide to quit your regular job. It can help you realize whether you are ready or not.

Also, creating a business plan is helpful when:

• You want to attract investments or funding from external parties
• You want to find a new partner or co-founder
• You want to attract talented professionals to join your startup
• You need to change things up due to the slow growth

While creating a business plan is an important step, you first have to know how to differentiate all the different types. This will help you choose the one that is most suitable for your business.

Here are the most common types of business plans and what you should include in each.

One-Pager Business Plan

Startup business plan, internal business plan, strategic business plan, feasibility business plan.

The one-pager is a business plan that only includes the most important aspects of your business. It is essentially a simplified version of a traditional business plan.

When creating the one-pager business plan, your primary focus should be on making it easily understandable.

Since this business plan is rather short, you should avoid using lengthy paragraphs. Each section should be around 1-2 sentences long.

The things you should include in a one-pager business plan are:

• The problem – Describe a certain problem your customers have and support the claim with relevant data.
• The solution – How your products/services can solve the issue.
• Business model – Your plan on how to make money. Include production costs, selling costs, and the price of the product.
• Target market – Describe your ideal customer persona. Start with a broad audience and narrow it down by using TAM, SAM, and SOM models. This lets investors in on your thought process. To understand these models better, check out, for example, the importance of proper TAM evaluation for B2B startups .
• Competitive advantage – How are you different from your competitors?
• Management team – Include your business’s management structure.
• Financial summary – This part should revolve around the most significant financial metrics (profit, loss, cash flow, balance sheet, and sales forecast).
• Required funding – Define how much money you need to make your project a success.

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Related : Check out our comprehensive guide on writing a marketing plan report .

New businesses use startup business plans to outline their launching ideas and strategies to attract funding and investment opportunities. When creating startup business plans, you should primarily focus on the financial aspect and provide evidence that supports it (e.g. market research).

These are some of the main things that should be included:

• Vision statement – Explain your vision for the company and include the overall business goals you will try to achieve.
• Executive summary – A quick overview of what your company is about and what will make it successful. Make sure to include your products/services, basic leadership information, employees, and location.
• Company description – A detailed overview of your company. Talk about the problems you will solve and be specific about customers, organizations, and growth plans. This is the place where you should state your business’s main advantages.
• Market Analysis – Show investors that you have a good understanding of your industry and target market by providing a detailed market analysis. Try to point out certain trends, themes, or patterns that support your objective.
• Organization and management – This section explains the structure and the management hierarchy. Also, describe the legal structure of your business.
• Service or product line – Go into detail about the products and services you are going to sell. Explain the benefits they bring and share your intellectual property plans.
• Marketing and sales – Talk about your marketing strategy and describe how you plan to attract new customers.
• Financial projections – This section should be about convincing your readers why the business will be a financial success. Create a prospective financial outlook for the next few years and it includes forecasts.

An internal business plan is a document that specifically focuses on the activities within your company. While external business plans focus on attracting investors, internal business plans keep your team aligned on achieving goals.

Related : Internal vs. External Reporting: What Are the Differences?

This business plan can differentiate based on how specific you want it to be. For example, you can focus on a specific part of the business (e.g. financial department) or on the overall goals of the whole company.

Nonetheless, here are some things that should universally be included in all internal business plans:

• Mission statement – Focus on the practical, day-to-day activities that your employees can undertake to achieve overall objectives.
• Objectives – Provide specific goals that you want your company to achieve. Make the objectives clear and explain in which way they can be reached. Focus more on short-term objectives and set reasonable deadlines.
• Strategies – Talk about the general activities that will help your team reach the set objectives. Provide research that will describe how these strategies will be useful in the long term.
• Action plans – These plans revolve around particular activities from your strategy. For example, you could include a new product that you want to create or a more efficient marketing plan.
• Sustainability – This refers to the general probability of achieving the goals you set in the internal report. Sometimes, plans may seem overly ambitious and you are going to have to make amends with certain things.

A strategic business plan is the best way to gain a comprehensive outlook of your business. In this document, forecasts are examined even further and growth goals tend to be higher.

By creating a strategic business plan, you will have an easier time aligning your key stakeholders around the company’s priorities.

Here is a quick overview of what a strategic business plan should include:

• Executive summary – Since strategic business plans are generally lengthy, not all executives will have time to go through it. This is why you should include a quick overview of the plan through an executive summary, you can also create an executive summary template to make the step easily repeatable.
• Vision statement – Describe what you wish to achieve in the long term.
• Company overview – This refers to past achievements, current products/services, recent sales performances, and important KPIs.
• Core values – This section should provide an explanation of what drives the business to do what it does.
• Strategic analysis of internal and external environments – Talk about the current organizational structure, mission statements, and department challenges.
• Strategic objectives – Go into detail about the short-term objectives your team should reach in a specific period. Make sure the objectives are clear and understandable.
• Overall goals – This section should include operational goals, marketing goals, and financial goals.

A feasibility business plan is also known as a feasibility study. It essentially provides a foundation for what would be a full and comprehensive business plan. The primary focus of a feasibility plan is research.

The things you should include in a feasibility plan are:

• Product demand – Is there a high demand for your product? Would customers be interested in buying it?
• Market conditions – Determine the customer persona that would be interested in buying your products. Include demographic factors.
• Pricing – Compare your desired price with the current pricing of similar products. Which price would make your service profitable?
• Risks – Determine the risks of launching this new business.
• Success profitability – Is there a good way to overcome the risks and make your company profitable?

How Do You Write a Business Plan Report?

As we explained in the previous heading, there are a few different types of business plan. Depending on the audience you are referring to, the language you use in the plan should be adjusted accordingly.

Nonetheless, there are certain key elements that should be included in all business plans, the only thing that will vary is how detailed the sections will be.

Include these elements in your business plan.

Executive summary

Company description, market opportunity and analysis, competitive landscape, target audience, describe your product or service, develop a marketing and sales strategy, develop a logistics and operations plan, financial projections, explain your funding request, compile an appendix for official documents.

An executive summary is a quick overview of the document as a whole that allows investors and key stakeholders to quickly understand all the pain points from the report.

It is the best way to layout all the vital information about your business to bank officials and key stakeholders who don’t have the time to go through the whole business plan.

If you summarize the sections well, the potential investors will jump into the sections they are most interested in to acquire more details.

You should write the executive summary last since you will then have a better idea of what should be included.

A good executive summary answers these questions:

• Who are you?
• What do you sell?
• How profitable is it?
• How much money do you need?

This section of the business plan aims to introduce your company as a whole. The things you include in the company description can vary depending on if you are only starting a business or you already have a developed company.

The elements included in this section are:

• Structure and ownership – Talk about who the key shareholders in your company are and provide a full list of names. Also, mention details such as where the company is registered and what the legal structure looks like. In most countries, this is a legal requirement for AML regulations.
• History – This segment is if you already have an existing company. Use this section to show your credibility. Include company milestones, past difficulties, and a precise date for how long your company has been operating.
• Objectives – Describe the overall objectives of your company and how you plan to reach them.

Market analysis refers to creating your ideal customer persona and explaining why they would be interested in buying your products.

Market opportunities are the gaps that you found in the current industries and creating a way for your product to fill those gaps.

The most important step in this section is to create a target market (persona) through demographic factors such as location, income, gender, education, age, profession, and hobbies.

Make sure that your target market isn’t too broad since it can put off potential investors.

A good idea is to also include a detailed analysis of your competitors – talk about their products, strengths, and weaknesses.

Related : 12 Best Tools Marketers Use for Market Research

Although you may include a competitive analysis in the market analysis section, this segment should provide a more detailed overview.

Identify other companies that sell similar products to yours and create a list of their advantages and disadvantages. Learning about your competitors may seem overwhelming, but it’s an indispensable part of a good business plan.

Include a comparison landscape as well that defines the things that set you apart from the competitors. Describe the strengths of your product and show which problems it could solve.

Related : How to Do an SEO Competitive Analysis: A Step-by-Step Guide

Use the target audience section to fully describe the details of your ideal customer persona. Include both demographic and psychographic factors.

Ask yourself:

• What are the demographic characteristics of the people who will buy my product?
• What are their desires?
• What makes my product valuable to them?

Make sure to answer all of these questions to get in the mindset of your customers.

If you need more details on how to identify your target audience , check our full expert guide.

When talking about your products and services, be as precise as possible. Mention your target audience and the marketing channels you use for targeting this audience.

This section should reveal the benefits, life cycle, and production process of your products/services. Also, it is a good idea to include some pictures of your products if possible.

When describing your products, you should highlight:

• Unique features
• Intellectual property rights
• What makes the product beneficial

Marketing is the blood flow to your business’s body. Without a good marketing and sales strategy, the chances of your product succeeding are very slim.

It’s always best to already have a marketing plan in place before launching your business. By identifying the best marketing channels, you will show your investors that you researched this topic in detail.

Some of the things you should include are:

• Reach – Explain why a specific channel will be able to reach your target market
• Cost – Is the marketing strategy going to be cost-effective? How much money do you plan on spending on the strategy?
• Competition – Are your competitors already using this channel? If so, what will make your product stand out?
• Implementation – Who will be taking care of the implementation process? Is it a marketing expert? Which suppliers did you reach out to?

Related : 14 Reasons Sales And Marketing Alignment Is Crucial for Skyrocketing Company Growth

This section should explain the details of how exactly your company is going to operate.

These are the things you should include:

• Personnel plan – Define how many people you plan to employ and their roles. Also, if you plan on increasing your staff, you should explain what would be the cause of that.
• Key assets – This refers to assets that will be crucial for your company’s operation.
• Suppliers – Mention who your suppliers will be and what kind of relationship you have with them. Your investors will be interested in this part of the section since they want to be reassured that you are cooperating with respectable counterparties.

The financial projections section is one of the most important parts of your business plan. It includes a detailed overview of expected sales, revenue, profit, expenses, and all the other important financial metrics .

You should show your investors that your business will be profitable, stable, and that it has huge potential for cash generation.

Monthly numbers for the first year are crucial since this will be the most critical year of your company.

At the very least, you should provide:

• Funding needs
• Profit-and-loss statement forecast
• Balance sheet forecast
• Cash-flow statement forecast

Related : How to Write a Great Financial Report? Tips and Best Practices

When providing the funding request, be realistic. Explain why you need that exact amount of money and where it will be allocated.

Also, create both a best-case and worst-case scenario. New companies don’t have a history of generating profits which is why you will probably have to sell equity in the early years to raise enough capital.

This will be the final section of your business plan. Include any material or piece of information that investors can use to analyze the data in your report. 

Things that could be helpful are:

• Local permits
• Legal documents
• Certifications that boost credibility
• Intellectual properties or patents
• Purchase orders and customer contracts

After reading the previous heading, you should have a clear idea of how to write a compelling business plan.

But, just to be sure, we prepared some additional information that can be very helpful.

Here are some of the best practices you should implement in your business plan according to the most successful companies.

Keep it brief

Make it understandable, be meticulous about money, design is important.

Generally, business plans will be around 10-20 pages long. Your main focus should be to cover the essentials that we talked about, but you don’t want to overdo it by including unnecessary and overwhelming information.

In business plan, less is more.

Create a good organizational outline of your sections. This will allow investors to easily navigate to the parts they are most interested in reading.

Avoid using jargon – everyone should be able to easily understand your business plan without having to Google certain terms. 

Make a list of all the expenses your business incurs. Financial information should be maximally precise since it will directly impact the investor’s decision to fund your business idea.

After you wrap up your business plan, take a day off and read it again. Fix any typos or grammatical errors that you overlooked the first time.

Make sure to use a professional layout, printing, and branding of your business plan. This is an important first impression for the readers of the document.

Now you know what a business plan is, how you can write it, and some of the best practices you can use to make it even better.

But, if you are still having certain difficulties coming up with a great business plan, here are a few examples that may be helpful.

HubSpot’s One-Page Business Plan

Bplan’s free business plan template, small business administration free business plan template.

This One-Page Business Plan was created by HubSpot and it can be a great way to start off your business plan journey on the right foot.

You already have fields such as Implementation Timeline, Required Funding, and Company Description created so you will just need to provide your specific information.

This free business plan template highlights the financial points of the startup. If your primary focus will be your business’ financial plan and financial statements, you can use this template to save up some time.

It can also be useful for making sure everyone in your company understands the current financial health and what they can do to improve it.

If you need additional inspiration to kick start your own business plan, you can check out this free template by small business administration .

You just have to decide which type of plan you want to create and then review the format of how it should look like.

Monitor and Report on the Performance of Your Business with Databox

Tracking your company’s performance is an indispensable part of quality decision-making. It is crucial that you know how your business strategy is performing and whether it needs to be optimized in certain areas.

However, doing this manually will undoubtedly take a hefty amount of your valuable time. You will have to log into all of the different tools, copy-paste the data into your reports, and then analyze it. And this isn’t a one-time thing – you have to do it at least once a month.

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How To Write a Business Plan for Data Analytics Company in 9 Steps: Checklist

By henry sheykin, resources on data analytics company.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan

Welcome to our blog post on how to write a business plan for a data analytics company! In today's fast-paced digital world, data analytics has become an essential tool for businesses to gain valuable insights and make informed decisions. According to recent statistics, the global data analytics market is projected to reach a staggering $274.3 billion by 2022, with a compound annual growth rate of 29.7%. With such immense potential, now is the perfect time to dive into the world of data analytics and start your own AI-powered company!

Identify Your Target Market

Identifying your target market is a crucial step in developing a successful business plan for your data analytics company. Without a clear understanding of your target audience, it will be challenging to tailor your products and services to meet their specific needs. Here are a few key points to consider when identifying your target market:

• Research demographics: Begin by conducting comprehensive market research to gather insights on demographics such as age, gender, location, and income level. This will help you understand who your potential customers are and how to effectively reach them.
• Understand pain points: Dive deeper into your target market's pain points and challenges. Identify the problems they face in analyzing consumer behavior patterns and making informed decisions. By addressing these pain points, you can position your business as a valuable solution provider.
• Define target industries: Determine which industries can benefit the most from your data analytics services. For example, you might find that retail, e-commerce, or healthcare sectors have a high demand for consumer behavior analysis. Focusing on specific industries will help you streamline your marketing efforts.
• Use market research tools and databases to gather accurate data about your target market.
• Engage with potential customers through surveys, interviews, or focus groups to gain deeper insights into their needs and preferences.
• Stay up-to-date with industry trends and emerging technologies that could impact your target market.

Identifying your target market is the foundation of your business plan. By understanding who your customers are and what they need, you can develop a data analytics company that provides valuable insights and solutions tailored to their specific requirements.

Conduct Market Research

Before starting a data analytics company, it's crucial to conduct thorough market research to understand the industry landscape, identify potential customers, and uncover any gaps or opportunities. This step will help you gather valuable insights about the market demands, trends, and preferences.

1. Identify Your Target Market: Begin by determining the specific industries or sectors you want to serve. Consider which businesses are most likely to benefit from data analytics services and have a high demand for consumer behavior analysis.

2. Understand Customer Needs: Dive deeper into the potential customers' needs and pain points. Identify the challenges they face in analyzing consumer behavior and making informed decisions. This will help you tailor your services to meet their specific requirements.

3. Segment Your Market: Divide your target market into specific segments based on industry, company size, location, or any other relevant factors. This will allow you to create targeted marketing campaigns and customize your offerings to meet the unique needs of each segment.

4. Analyze Market Trends and Competitors: Research the current market trends in data analytics and identify other companies offering similar services. Understand their strengths, weaknesses, pricing models, and target markets. This analysis will help you position your company effectively and differentiate yourself from the competition.

5. Gather Customer Feedback: Engage with potential customers and conduct surveys or interviews to gather feedback on their preferences, pain points, and expectations from a data analytics company. This feedback will be invaluable in refining your offerings and serving your customers better.

Tips for Effective Market Research:

• Use a combination of primary and secondary research methods.
• Explore online platforms, industry reports, and databases for market data.
• Attend industry conferences and trade shows to network with potential clients and competitors.
• Consider hiring a market research firm for professional insights and analysis.
• Regularly update your market research to stay up-to-date with changing trends and customer demands.

Conducting comprehensive market research will lay a strong foundation for your data analytics company. It will provide you with valuable information to fine-tune your business strategy, identify your target audience, and create a compelling value proposition that differentiates your company in the market.

Define Your Unique Value Proposition

When starting a data analytics company, it is essential to define your unique value proposition. This is the statement that clearly outlines the benefits and value your company will provide to clients, differentiating you from the competition.

Here are some steps to help you define your unique value proposition:

• Identify the problem: Understand the pain points and challenges faced by businesses in relation to consumer behavior analysis. Determine how your data analytics solutions can address these problems effectively.
• Highlight your expertise: Showcase your team's skills, knowledge, and experience in data analytics. Emphasize any relevant certifications, advanced technologies, or proprietary methodologies that set you apart.
• Focus on specific benefits: Clearly communicate the tangible benefits that businesses will gain from utilizing your data analytics services. Whether it's increased sales, improved customer satisfaction, or enhanced decision-making, emphasize how your solutions deliver value.
• Offer a unique approach: Differentiate yourself by outlining a distinctive approach to data analytics. This could be through advanced AI algorithms, real-time insights, or customized solutions tailored to each client's specific needs.
• Showcase client success stories: Provide examples of how your data analytics solutions have helped previous clients achieve their goals. Highlight specific outcomes and metrics to demonstrate the effectiveness of your services.
• Keep your unique value proposition concise and clear.
• Ensure that your value proposition aligns with the needs and expectations of your target market.
• Continuously refine and adapt your value proposition as the industry and client demands evolve.
• Regularly analyze and assess your competitors' value propositions to ensure yours stands out.

Defining your unique value proposition is crucial for effectively positioning your data analytics company in the market. It helps potential clients understand why they should choose your services over others and sets the foundation for building long-lasting client relationships.

Analyze The Competition

An important step in writing a business plan for a data analytics company is to thoroughly analyze the competition . This will help you understand the existing players in the market, their strengths and weaknesses, and how you can differentiate your business.

To begin with, conduct detailed research on similar companies operating in the data analytics industry. Identify their target market, the range of services they offer, their pricing strategies, and their customer base. Take note of any unique features or value propositions that set them apart from others .

• 1. Understand their strengths and weaknesses: Assess the strengths and weaknesses of your competitors, such as the quality of their data analysis, their technology infrastructure, or their customer service. Use this information to find a competitive edge for your own business.
• 2. Identify any gaps or opportunities: Analyze the gaps or shortcomings in the services provided by your competitors. These gaps could be potential opportunities for your business to offer specialized services that fulfill those needs.
• 3. Evaluate their pricing models: Examine the pricing models of your competitors to determine if they are significantly higher or lower than industry standards. Based on this analysis, you can set competitive pricing for your own services.
• 4. Study customer feedback: Look for customer reviews, testimonials, or feedback on your competitors' services. This will give you insights into their customer satisfaction levels and areas where they may have fallen short.
• Regularly monitor the market to stay updated on any new competitors entering the data analytics industry.
• Consider conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to further understand your competitors and determine how you can gain a competitive advantage.
• Networking with industry professionals or attending conferences can provide valuable insights into your competition and the industry as a whole.

By thoroughly analyzing the competition, you can develop strategies to differentiate your data analytics company, highlight your unique value propositions, and position yourself effectively in the market.

Determine The Necessary Resources And Costs

When starting a data analytics company, it is crucial to determine the necessary resources and costs involved in setting up and operating the business. This step will help you understand the financial requirements and ensure that you have everything you need to run your company successfully.

1. Identify the technology and tools: Determine the software, hardware, and other technology resources required for your data analytics company. Consider the cost of purchasing or subscribing to these tools and ensure they align with your business needs and goals.

2. Calculate staffing needs: Determine the number of employees and their specific skillsets required to operate your data analytics company efficiently. Consider the costs associated with hiring and training employees, as well as ongoing salaries and benefits.

• Consider hiring individuals with expertise in data science, machine learning, programming, and statistics to ensure your company can provide high-quality analytics services.
• Consider outsourcing certain tasks or partnering with freelancers or third-party consultants to reduce costs.

3. Estimate infrastructure requirements: Assess the infrastructure needs for your data analytics company, such as office space, internet connectivity, data storage, and security measures. Calculate the associated costs, including rent, utilities, internet service provider fees, and cybersecurity solutions.

4. Determine data acquisition costs: Analyze the costs involved in acquiring the necessary data for your analytics operations. This may include purchasing data sets, subscribing to data providers, or developing partnerships with relevant data sources.

5. Budget for marketing and advertising: Allocate a portion of your resources for marketing and advertising efforts to promote your data analytics company. Consider social media marketing, content creation, search engine optimization, and other strategies to reach your target market effectively.

6. Analyze legal and regulatory compliance costs: Understand the legal and regulatory requirements applicable to your data analytics company and factor in the associated costs. This may include obtaining necessary licenses or certifications, compliance with data privacy regulations, and hiring legal counsel when needed.

By carefully determining the necessary resources and costs, you can create a realistic budget and ensure that your data analytics company operates smoothly and efficiently from the start.

Develop A Solid Financial Plan

A solid financial plan is crucial for the success of any business, especially for a data analytics company. It helps you understand the financial viability of your business idea and ensures that you have a clear roadmap for managing your resources and finances.

Here are the key steps to develop a solid financial plan for your data analytics company:

• Estimate your startup costs: Determine the initial investment required to set up your company, which may include purchasing software and infrastructure, hiring employees, and covering other operational expenses. It is essential to have a realistic estimate of your startup costs to secure adequate funding.
• Project your revenue: Conduct thorough market research to estimate the potential revenue that your data analytics services can generate. Consider factors like the size of your target market, pricing strategies, and potential growth opportunities. This projection will help you set achievable revenue goals.
• Create a budget: Based on your estimated revenue and startup costs, develop a detailed budget that outlines all your financial requirements. Include expenses like employee salaries, marketing costs, and operational expenses. Periodically review and update your budget as necessary to ensure effective financial management.
• Secure funding: Identify the funding sources that align with your financial needs. This can include self-funding, seeking investments from venture capitalists or angel investors, or applying for business loans. Be prepared to present a comprehensive financial plan to potential investors or lenders to convince them of the profitability and sustainability of your business.
• Monitor and analyze financial performance: Establish key performance indicators (KPIs) to measure your company's financial performance, such as revenue growth, profitability ratios, and cash flow. Regularly track and analyze these metrics to identify areas for improvement and make informed financial decisions.

Tips for developing a solid financial plan:

• Seek advice from financial experts or consultants who specialize in the data analytics industry. They can provide valuable insights and help ensure that your financial plan aligns with industry standards and best practices.
• Consider potential risks and uncertainties that may impact your financial plan, such as changes in market trends, regulatory requirements, or technological advancements. Develop contingency plans to mitigate these risks.
• Keep your financial plan flexible and adaptable to accommodate changes in your business environment. Regularly review and update your financial projections and strategies to stay ahead of the competition.

Create A Marketing Strategy

A strong marketing strategy is essential for the success of any business, including a data analytics company. It helps you promote your services effectively, attract potential clients, and build a reputable brand in the market. Here are some important steps to consider when creating your marketing strategy:

• Identify your target audience: Determine the specific industries or businesses that can benefit from your data analytics services. Understanding their needs and preferences will help you tailor your marketing efforts accordingly.
• Develop a compelling value proposition: Clearly communicate the unique benefits and advantages that your company offers compared to competitors. Highlight how your AI-powered technology can provide valuable insights and drive informed decision-making for businesses.
• Choose the right marketing channels: Identify the most effective channels to reach your target audience. This may include digital platforms such as websites, social media, and email marketing, as well as offline methods like industry events and conferences.
• Create engaging content: Produce high-quality content that educates, informs, and engages your target audience. This could include blog posts, whitepapers, case studies, and videos that showcase your expertise in data analytics.
• Utilize search engine optimization (SEO): Optimize your website and content for search engines to attract organic traffic. Conduct keyword research to understand the specific terms and phrases your target audience searches for.
• Establish strategic partnerships: Collaborate with relevant industry influencers, businesses, or associations that can help promote your services to their network. This can enhance your credibility and reach a wider audience.
• Track and analyze your marketing efforts: Implement analytics tools to monitor the performance of your marketing campaigns. This will help you identify what strategies are most effective and make data-driven decisions to optimize your marketing tactics.

Tips for creating an effective marketing strategy for your data analytics company:

• Stay up-to-date with industry trends: Continuously monitor and adapt to the latest advancements in data analytics and marketing techniques to stay ahead of the competition.
• Build thought leadership: Regularly share knowledge and insights through thought leadership content to establish your company as a trusted authority in the field.
• Utilize targeted advertising: Consider investing in paid advertising to reach a wider audience and target specific demographics or industries.
• Leverage customer testimonials: Showcase success stories and testimonials from satisfied clients to build trust and credibility with potential customers.

Define Your Business Goals And Objectives

Defining clear and specific business goals and objectives is crucial for the success of your data analytics company. These goals and objectives will serve as your roadmap, guiding your business towards growth and profitability.

• Identify your long-term vision: Start by determining where you want your company to be in the future. Consider the potential for expansion, partnerships, and other opportunities.
• Set achievable short-term goals: Break down your long-term vision into smaller, actionable goals that you can work towards in the short term. These goals should be realistic and measurable.
• Create objectives with clear metrics: Objectives are the specific targets you need to achieve to reach your goals. Ensure that your objectives are specific, measurable, attainable, relevant, and time-bound (SMART).
• Align goals and objectives with your value proposition: Ensure that your business goals and objectives are aligned with your unique value proposition. This will help you create a focused strategy that sets you apart from competitors.

Tips for defining your business goals and objectives:

• Involve key stakeholders: Seek input from key stakeholders such as employees, advisors, and customers to ensure that your goals and objectives are comprehensive and aligned with their expectations.
• Prioritize: Focus on a few key goals and objectives that will have the most impact on your business. Trying to achieve too many goals simultaneously can lead to diluted efforts and lack of progress.
• Monitor and adjust: Regularly review and monitor your progress towards your goals and objectives. If necessary, make adjustments to your strategies or objectives to stay on track.
• Communicate your goals and objectives: Share your goals and objectives with your team members to ensure everyone is aligned and working towards the same vision. Regularly communicate progress and celebrate milestones.

By defining clear and well-defined business goals and objectives, you will have a focused direction for your data analytics company. This will not only help you stay motivated but also allow you to measure your success and make necessary adjustments along the way.

Establish A Legal And Regulatory Framework

When starting a data analytics company, it is crucial to establish a legal and regulatory framework to ensure compliance and protect your business interests. Here are some important steps to consider:

• Consult with legal experts: Seek advice from lawyers experienced in data privacy, intellectual property, and contract law. They can help you navigate complex legal issues and ensure your compliance with relevant regulations.
• Secure intellectual property rights: Protect your proprietary algorithms, software, and data models by filing for patents, copyrights, or trademarks. This can safeguard your unique technology and give you a competitive advantage.
• Implement data privacy measures: Analyzing consumer behavior patterns involves handling sensitive and personal information. Establish rigorous data protection protocols and comply with data privacy laws, such as the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA).
• Ensure ethical practices: Maintain transparency and honesty while collecting, analyzing, and utilizing consumer data. Develop an ethical code of conduct to guide your team's actions and create trust among your clients.
• Obtain necessary licenses and permits: Research the licensing requirements specific to your industry and location. Depending on your jurisdiction, you may need permits or certifications to operate legally.
• Create clear agreements: Draft contracts and service agreements that outline the terms and conditions of your data analytics services. Clarify client obligations, confidentiality, data ownership, and legal liabilities to protect the interests of both parties.
• Regularly review and update your legal and regulatory framework to adapt to changing laws and industry standards.
• Consider getting liability insurance to protect your business against potential lawsuits or data breaches.
• Stay informed about emerging regulations and industry best practices to stay ahead of legal obligations.

By establishing a robust legal and regulatory framework , you can ensure your data analytics company operates legally, ethically, and with the necessary safeguards in place. This helps you build trust with clients and protects your business from legal challenges in the future.

In conclusion, writing a business plan for a data analytics company requires careful consideration of various factors. By following the nine-step checklist outlined above, you can create a comprehensive and effective plan that sets your company up for success.

Begin by identifying your target market and conducting thorough market research to understand their needs and preferences. Next, define your unique value proposition and analyze your competition to differentiate yourself in the market.

Furthermore, determine the necessary resources and costs, considering the technology and talent required for your AI-powered data analytics company. Develop a solid financial plan to ensure sustainability and profitability.

Create a marketing strategy to promote your services and attract clients, and establish clear business goals and objectives to guide your company's growth. Finally, ensure compliance with legal and regulatory frameworks to protect your business.

By going through these steps, you will be well-equipped to write a comprehensive business plan that demonstrates your expertise and potential in the data analytics industry.

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Resources for business plans, alternative or specialty business plans.

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If you want to understand the components of a Business Plans, the resources on this page will take you through the steps involved in writing a business plan,  prepare your pitch, and presenting ideas.

Once you’ve learned more about what should be included in a good business plan, use Company Research Guide to help you with specific sections of your plan. Additionally, it's helpful to conduct a SWOT analysis and market research; they can improve your pitch and help you grow your business in the right direction.

If you are creating a plan for a startup, consider using the Business Model Canvas rather than a traditional business plan.

Business Development Bank of Canada (BDC Entrepreneur's Toolkit) - Free web tools for business assessments, bench-marking, webinars, eBooks, publications templates and guides from the Business Development Bank of Canada. Includes business plan template

Business Plan Archive - A research database of sample business plans from the dot.com era (late 1990s to 2007). All interested users conducting academic, non-commercial research, must submit a research proposal describing the intended scope and purpose of their research. On completing the registration process, users are required to print their proposal and mail it to the Archive office at the University of Maryland, along with a letter of support from your host institution. Register via the Access the Archive link.

• Example of a High-Tech Marketing Business Plan - Work through this sample high-tech business plan of a fictional company, "Acme Consulting," provided by the Canada Business Network.

Shopify's Ultimate Guide to Business Plans - Looking to write a business plan for your ecommerce store? This comprehensive guide walks you through the nuts and bolts of writing your very own business plan.

U.S. Small Business Administration: Starting & Managing a Business - Provides access to a wealth of resources, including articles on the essentials of writing a good business plan.

• Lean Canvas - Provides content and coaching for entrepreneurs, including a guide to help you communicate your business idea in one page.

The $100 Start Up - Provides downloadable guides that can help you quickly promote your idea, the site's "Resources" section includes a One-Page Business Plan and a 39-Step Product Launch Checklist.

The Right-Brain Business Plan - Create a visual map for the success of your business.

10 Alternatives to the Formal Business Plan - Think outside the business plan with these ideas for alternatives to traditional plans.

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Business Plans Handbook

Sample business plans, templates, listings, glossary and bibliography.

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Sample business plans, templates, listings, glossary and bibliography. Comprising sample plans from entrepreneurs seeking funding for small businesses in North America, the collection includes diverse sectors such as manufacturing, retail, and services, with only company names and addresses altered.

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Funding ready business plan, executive summary, company overview.

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Explore a library of sample business plans we generated to get the idea of what to expect. Currently able to generate viable plans for 50+ industries.

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Frequently Asked Questions

What is a business plan and why is it important.

• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
• Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
• Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.

How to Write a Business Plan?

• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.

Who Can Benefit from Plannit AI?

• Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
• Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
• Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
• Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
• Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
• Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
• Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
• Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
• Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.

Why is Plannit AI the best choice for an AI business planning software?

• Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
• Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
• Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
• Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
• Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
• Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.

How can ChatGPT help me to create business plans?

• Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
• Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
• Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your 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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Didn't find what you are looking for.

The answer is simple.

It’s an informal business plan that can convince you that your idea makes sense to the outside world because you are investing your time, money, and everything into that idea.

To write a business plan, maybe you think you don’t need a step-by-step guide or a sample business plan . After all, some entrepreneurs achieved success without writing a business plan. With great timing, past business experiences, entrepreneurial ambitions, and a little luck, some entrepreneurs build successful businesses without even writing an informal business plan.

But the odds are greater than those entrepreneurs fail.

And that’s why writing a business plan will help you succeed .

The easiest way to simplify the work of writing a business plan is to start with sample business plans.

What is business plan sample?

Why you should refer a business plan example, who should use business plan examples, how to use sample business plans.

What is Business Plan Sample?

That’s why we created business plan examples to help you get started.

Use our 400+ business plan examples written for all industries and write your business plan in half of the time with twice the impact.

• Guidance on what to include in each section.  If you’ve never attended business school, you might never have created a  SWOT analysis   or a balance sheet before. Business templates that give guidance — in plain language — about what to include and how to fill in each section and create a complete and effective plan.
• A business plan is vital to get an investment.  If you’re seeking investment for your business, you’ll need to convince banks and investors why they should invest in your business . Lenders and investors will only risk their time and money if they’re certain that your business will be successful and profitable and they will get a great return on their investment.
• A business plan can help you prioritize.  A complete, well-balanced business plan is one of the most valuable tools in assisting you to reach your long-term goals. It gives your business direction, defines your goals, outlines out strategies to reach your goals, and helps you to manage possible bumps in the way.

Who should use Business Plan Examples?

Well Everyone, who wants to write a business plan should use these sample business plans. These plans apply to almost all industries.

We have created a library of professional sample business plans from a wide variety of industries to help you start writing your business plan with minimum effort.

Use our Upmetrics — business plan software that offers step by step guide to start writing your business plan , especially if you’re writing an informal business plan to get a bank loan or outside investment.

Our extensive sample business plans library includes  business plan templates  and  business plan examples  for almost all business industries.

Make your plan in half the time & twice the impact with Upmetrics.

How to use Business Plan Examples to write your own?

Having real-life and industry-specific business plan examples by your side can be incredibly resourceful to help you write a business plan from scratch. 

A well-planned structure helps you outline your plan, while content inspiration helps you set the tone for your business document. 

Let’s dive deep and understand how to use these examples effectively to write your business plan.

1. Use examples as a guide

2. understanding the structure.

Traditional business plans generally follow a similar structure. 

It starts with an executive summary followed by a company description, market analysis, product and services, sales and marketing strategies, operational plan, management team, financial plan, and appendix.

Using an example business plan is the best way to understand the structure and outline your plan. 

3. Gaining Inspiration

Reading industry-specific business plan examples can help you gain inspiration for your plan. You can gain insights on presenting your business idea, vision, mission, and values and persuade investors to invest in your idea.

4. Learning Industry-Specific Language

There’s no universal template for business planning that fits all. An industry-specific template can help you learn and understand the business language for your industry and the best way to communicate your message to your investors.

5. Identifying Key Elements

Reading business plan examples of similar businesses can help you identify the key elements and information to include in your plan. You can keep note of these and ensure everything necessary for investors to consider is present in your final draft.

6. Crafting Financial Projections

A financial plan is a critical component of your business plan, and a good business plan example can help you better understand how they project their financials which can be incredibly helpful while forecasting yours.

7. Refining Your Executive Summary

As mentioned earlier, your executive summary is a key factor influencing potential investors and lenders to invest or lend you money. Analyzing free business plan templates can help you optimize your executive summary to make it more brief, persuasive, and attention-grabbing.

8. Realizing What Works and What Doesn’t

Analyzing industry-specific and real-life examples can help you determine what works best and what doesn’t within your industry. Understanding these factors can help you avoid many significant pitfalls.

While business plan examples can be incredibly helpful in writing a plan from scratch, ensure your plan is customized for your business and sends out a unique message. Your business plan must reflect its unique idea, vision, and target market.

Using your Business Plan as a Management Tool

It’s essential to have a business plan, but it’s also crucial to keep it up to date as your business progresses. A business plan is not merely a document that you write once and forget after you get started. It’s a business road map and vision that you should develop as your business progresses and evolves. It’s also important to update your business plan regularly as your business situation and position change.

How Business Plan Software can help you?

We have created Upmetrics — business plan software to simplify the process of business planning.

Our financial forecasting module will create all the essential reports automatically. You just need to enter numbers and the application will do all the math to generate your financial reports. Later you can embed those reports into your business plan.

After completing your business plan, you can download your business plan in PDF or DOC file using Upmetrics. Also, you can share it online with investors or with other important people just by a quick link.

Ready to take the next step?

Now that you have a business idea and you know how to write a business plan, it’s time to go for it . Our business plan software will take you through each step outlined above in more detail so there are no surprises on your journey.

Simplifying Business Planning through AI-Powered Insights.

Founder, CEO & Lead Scientist at Nanolyse Technologies

After trying Upmetrics, I wish to highly recommend this app to anyone who needs to write a business plan flexibly and to a high standard.

Frequently Asked Questions

What is sample business plan, how do i write a business plan.

In business plan writing you will need to write the following sections into your business plan. These sections include an Executive Summary, Company Overview, Problem Analysis, The Solution, Market Analysis, Customer Analysis, Competitive Analysis, SWOT Analysis, Marketing Plan, Operations Plan, and Financial Plan.

Check out our article to learn how you can write these sections in detail for your business plan.

How long should my business plan be?

The length of your business plan depends on the type of plan you choose. There are one-page business plans that offer easy and practical planning. Then you have traditional business plans that usually vary from 20 to 50 pages. It’s worth noting that the quality of your business plan matters more than its length.

Should I hire someone to write my business plan for me?

Absolutely No, You as a business owner know all about your business idea, your business goals, target market and audience, and what you want to achieve by writing your plan. Don’t hire someone who doesn’t know what your readers will want, the reason is that, if you intend to raise funds, you are the best person that understands what investors will look out for in your business plan.

Consultants or  business plan writers  definitely can write a business plan but not better than you.

Looking for a faster way to finish your business plan?

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Microsoft, OpenAI Plan $100 Billion Data-Center Project, Media Report Says

FILE PHOTO: OpenAI logo is seen in this illustration taken, March 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Microsoft and OpenAI are working on plans for a data center project that could cost as much as $100 billion and include an artificial intelligence supercomputer called "Stargate" set to launch in 2028, The Information reported on Friday.

OpenAI did not immediately respond to Reuters' requests for comment.

Rapid adoption of generative artificial intelligence technology has led to sky-rocketing demand for AI data centers capable of handling more advanced tasks than traditional data centers.

The Information reported that Microsoft would likely finance the project, which is expected to be 100 times more costly than some of the biggest existing data centers, citing people involved in private conversations about the proposal.

The proposed U.S.-based supercomputer would be the biggest in a series the companies are looking to build over the next six years, the report added.

The Information attributed the tentative cost of $100 billion to a person who spoke to Altman about it and a person who has viewed some of Microsoft's initial cost estimates. It did not identify those sources.

Altman and Microsoft have spread the supercomputers across five phases, with Stargate as the fifth phase. Microsoft is working on a smaller, fourth-phase supercomputer for OpenAI to be launched around 2026, according to the report.

Microsoft and OpenAI are in the middle of the third phase of the five-phase plan, with a significant portion of the cost for the next two phases involving acquiring the needed AI chips, the report said.

AI chips are often sold at high prices. Chip company Nvidia CEO Jensen Huang told CNBC earlier in March that the latest "Blackwell" B200 artificial intelligence chip will be priced between $30,000 and $40,000.

Microsoft had also announced a duo of custom-designed computing chips in November last year.

The report said the new project would be designed to work with chips from different suppliers.

"We are always planning for the next generation of infrastructure innovations needed to continue pushing the frontier of AI capability," a Microsoft spokesperson said in an emailed statement to Reuters. The spokesperson did not comment directly on the report about the planned launch of the Stargate supercomputer.

Expenses for the plan could exceed $115 billion, more than triple Microsoft's expenditure last year on capital spending for servers, buildings and other equipment, the report stated.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Paul Simao and David Gregorio)

Copyright 2024 Thomson Reuters .

Tags: artificial intelligence , United States

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• A Comprehensive Guide to Airtel Prepaid Data Plans: Discovering the...

A Comprehensive Guide to Airtel Prepaid Data Plans: Discovering the Perfect Fit

Airtel offers a vast array of prepaid data plans tailored to suit the unique needs of its customers. From students to professionals, travellers to business owners, there’s an Airtel data plan for everyone. In this blog, we will delve into the various Airtel prepaid recharge data plans, their features, and how to choose the ideal option to meet your requirements.

Airtel Prepaid Data Plans: An Overview

Airtel’s prepaid data plans are designed to provide a hassle-free, flexible data experience without the commitment of monthly bills. These plans are perfect for users who want control over their expenses and the freedom to change their plans as needed. Airtel offers an extensive range of prepaid data plans, all of which can be accessed from the Airtel Thanks mobile recharge app .

Get Multiple Data Pack Options with Airtel Prepaid

Airtel’s daily data packs are ideal for users who need a short-term data solution as a lump sum or want to manage their data usage on a day-to-day basis. These packs offer varying amounts of data with 28 days, 84 days and 365 days of data (and many other options).

Read more: How to keep Airtel SIM active while travelling abroad?

Choosing the Best Airtel Prepaid Data Plan for Your Needs

To select the best Airtel prepaid data plan for your needs, consider the following factors:

– Data usage: Analyse your data consumption pattern to determine how much data you require. If you’re a heavy user, opt for a plan with a higher daily or monthly data allowance.

– Validity period: Choose a plan with a validity period that suits your requirements. If you want the flexibility to change plans frequently, go for short-term plans. For long-term users, choose a plan with a longer validity period, such as monthly or long-term validity plans.

– Additional benefits: Consider the extra benefits offered by the plans, such as unlimited calling and SMS. If these are essential for you, opt for a plan that includes them.

– Budget: Keep your budget in mind when selecting a plan. Airtel offers a wide range of prepaid plans, for a variety of users.

Read more: How to protect your device from SIM card cloning?

What are the benefits of choosing Airtel prepaid data packs?

There are several benefits of choosing Airtel prepaid data plans, making them a popular choice among users. These benefits include:

• Cost Control: Airtel prepaid plans allow users to effectively manage and control their expenses, as they only pay for the services they use. This helps avoid any unexpected charges or bill shocks at the end of the month.
• No Commitments: With Airtel prepaid plans, there are no contracts or long-term commitments. Users can easily start or stop using the service at any time without any penalties or termination fees.
• Network Coverage and Quality: Airtel is known for its extensive network coverage and high-quality services, ensuring a seamless and reliable data experience for prepaid users.
• International Roaming: Airtel prepaid plans also offer international roaming services, allowing users to stay connected while travelling abroad without the need for a separate SIM card or plan.
• Easy Account Management: Airtel prepaid users can manage their accounts through the Airtel Thanks app, which provides an easy-to-use interface for checking balance, recharging, and changing plans.
• Customer Support: Airtel offers robust customer support for its prepaid users, ensuring any issues or queries are promptly addressed. Go to the help section in the Airtel Thanks app to connect to customer care.

In summary, Airtel prepaid data plans offer a combination of cost control, flexibility, convenience, and quality, making them an attractive choice for a wide range of users.

Read more: How 5G networks are paving the way for autonomous vehicles

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National Plan to Look Into Homeowners Insurers Hits a Hurdle

Roughly two weeks after state regulators said they were collecting details on insurers’ homeowners businesses, key states may opt out, undermining the effort.

By Emily Flitter

A sweeping effort by state regulators to find out why homeowners insurance is so expensive and hard for customers to secure is already facing challenges, as some crucial states say they may opt out of the call for data.

The National Association of Insurance Commissioners, an umbrella group representing state insurance regulators, said on March 8 that state agencies were asking insurers for detailed data on how they were treating their customers, including information about the kinds of coverage they offer in various ZIP codes, the recent history of claims payouts in those areas, the size of deductibles for insurance customers and their opportunities for discounts by fixing or upgrading parts of their homes. At the time, a top N.A.I.C. official said the goal was to “address the critical challenge of the affordability and availability of homeowners’ insurance and the financial health of insurance companies.”

The group said data requests would reach more than 400 insurance companies and offer insight into about 80 percent of all homeowners’ plans in the United States as measured by total insurance premiums. Some of the data would be shared with the Treasury Department to help it pinpoint where homeowners face the highest risks and living costs. State and federal officials called the effort a watershed moment for the insurance sector. The request is the biggest and broadest request for information that insurance companies have had to face from a regulator in decades. Such granular data has never been collected on a national level.

But each state regulator can decide whether to participate in the data call, and some of the states where homeowners face the greatest risks of damage from severe storms and where insurance markets are most turbulent — like Louisiana, Texas and Florida, where Republican politicians regularly balk at policies dealing with climate change — may either share limited data or opt out of the program entirely.

Regulators say that even without full participation, the program is still an enormous advancement in their quest to understand what is happening with homeowners insurance. But the states’ reluctance to participate could leave a significant hole in the picture regulators are trying to piece together about homeowners insurance markets across the country. It could stymie their efforts to decide exactly how to deal with the tangle of problems, caused by inflation and increasingly severe weather driven by climate change, that have caused some major insurers to leave states like Florida and California. In those places, and in others hit hard by catastrophic events like windstorms and wildfires, some homeowners unable to pay the rising costs of insurance have slashed their coverage .

“It makes no sense to leave out the 20 percent of the country with the significant climate risk and related consumer impacts or leave out the types of insurance impacting the most vulnerable consumers,” said Birny Birnbaum, an insurance expert who is the executive director of the Center for Economic Justice, a nonprofit focused on equal access to economic opportunity.

During a meeting on Wednesday of the Federal Advisory Committee on Insurance, attended by Treasury officials, insurance industry representatives and state regulators, Mr. Birnbaum told attendees he feared that as many as 10 states would decline to share data.

Steven E. Seitz, director of the Treasury’s Federal Insurance Office, declined to name or discuss the states that were not participating, but said at the meeting that the data call was “a very positive first step on the data coverage.”

But Texas and Florida have already expressed a reluctance to fully participate in the effort, and Louisiana is opting out completely.

John Ford, a spokesman for Louisiana’s insurance regulator, said its commissioner, Timothy J. Temple, had decided not to compel companies operating in the state to share their data. Mr. Temple and his staff are “focused this year on regulatory and legislative efforts that will attract insurers to our state and stabilize the market,” Mr. Ford said.

Ben Gonzalez, a spokesman for the Texas Department of Insurance, said, “Texas is not planning to collect any new information,” because it already collects data from insurers that is “generally responsive” to what the umbrella group was asking for.

Florida is weighing what information to share, according to a spokeswoman. A bill passed this year by the Florida Legislature would require insurers in the state to report ZIP code-level information about claims payouts. But they would not have to disclose the same kinds of details about the policies they had offered customers, like the size of their deductibles, that the National Association of Insurance Commissioners data call asks for.

Some information from states that have entirely opted out of the data call could still make its way to the umbrella group. That’s because regulators in participating states, like Pennsylvania, are asking national brands that operate in their states, like State Farm and Nationwide, to share details about their homeowners plans wherever they are sold.

A spokeswoman for the N.A.I.C. said the group did not plan to publish a list of participating states.

Emily Flitter writes about finance and how it impacts society. More about Emily Flitter

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Xiaomi shares HyperOS rollout plan for Q2: Check list of supported devices

Xiaomi released the hyperos in january for first batch of supported device. the next-generation os from xiaomi is now set to expand to more devices, including redmi smartphones.

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First Published: Apr 01 2024 | 2:44 PM IST

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2 river flood warnings in effect for Brantley and Columbia Counties

At&t says a data breach leaked millions of customers' information online. were you affected.

Wyatte Grantham-Philips

Associated Press

NEW YORK – The theft of sensitive information belonging to millions of AT&T's current and former customers has been recently discovered online, the telecommunications giant said this weekend.

In a Saturday announcement addressing the data breach, AT&T said that a dataset found on the “dark web” contains information including some Social Security numbers and passcodes for about 7.6 million current account holders and 65.4 million former account holders.

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Whether the data “originated from AT&T or one of its vendors" is still unknown, the Dallas-based company noted — adding that it had launched an investigation into the incident. AT&T has also begun notifying customers whose personal information was compromised.

Here's what you need to know.

WHAT INFORMATION WAS COMPROMISED IN THIS BREACH?

Although varying by each customer and account, AT&T says that information involved in this breach included Social Security numbers and passcodes — which, unlike passwords, are numerical PINS that are typically four digits long.

Full names, email addresses, mailing address, phone numbers, dates of birth and AT&T account numbers may have also been compromised. The impacted data is from 2019 or earlier and does not appear to include financial information or call history, the company said.

HOW DO I KNOW IF I WAS AFFECTED?

Consumers impacted by this breach should be receiving an email or letter directly from AT&T about the incident. The email notices began going out on Saturday, an AT&T spokesperson confirmed to The Associated Press.

WHAT ACTION HAS AT&T TAKEN?

Beyond these notifications, AT&T said that it had already reset the passcodes of current users. The company added that it would pay for credit monitoring services where applicable.

AT&T also said that it “launched a robust investigation” with internal and external cybersecurity experts to investigate the situation further.

HAS AT&T SEEN DATA BREACHES LIKE THIS BEFORE?

AT&T has seen several data breaches that range in size and impact over the years .

While the company says the data in this latest breach surfaced on a hacking forum nearly two weeks ago, it closely resembles a similar breach that surfaced in 2021 but which AT&T never acknowledged, cybersecurity researcher Troy Hunt told the AP Saturday.

“If they assess this and they made the wrong call on it, and we’ve had a course of years pass without them being able to notify impacted customers,” then it’s likely the company will soon face class action lawsuits, said Hunt, founder of an Australia-based website that warns people when their personal information has been exposed.

A spokesperson for AT&T declined to comment further when asked about these similarities Sunday.

HOW CAN I PROTECT MYSELF GOING FORWARD?

Avoiding data breaches entirely can be tricky in our ever-digitized world, but consumers can take some steps to help protect themselves going forward.

The basics include creating hard-to-guess passwords and using multifactor authentication when possible. If you receive a notice about a breach, it's good idea to change your password and monitor account activity for any suspicious transactions. You'll also want to visit a company's official website for reliable contact information — as scammers sometimes try to take advantage of news like data breaches to gain your trust through look-alike phishing emails or phone calls.

In addition, the Federal Trade Commission notes that nationwide credit bureaus — such as Equifax, Experian and TransUnion — offer free credit freezes and fraud alerts that consumers can set up to help protect themselves from identity theft and other malicious activity.

AP Reporter Matt O'Brien contributed to this report from Providence, Rhode Island.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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