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How to Write a Market Analysis for a Business Plan

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A lot of preparation goes into starting a business before you can open your doors to the public or launch your online store. One of your first steps should be to write a business plan . A business plan will serve as your roadmap when building your business.

Within your business plan, there’s an important section you should pay careful attention to: your market analysis. Your market analysis helps you understand your target market and how you can thrive within it.

Simply put, your market analysis shows that you’ve done your research. It also contributes to your marketing strategy by defining your target customer and researching their buying habits. Overall, a market analysis will yield invaluable data if you have limited knowledge about your market, the market has fierce competition, and if you require a business loan. In this guide, we'll explore how to conduct your own market analysis.

How to conduct a market analysis: A step-by-step guide

In your market analysis, you can expect to cover the following:

Industry outlook

Target market

Market value

Competition

Barriers to entry

Let’s dive into an in-depth look into each section:

Step 1: Define your objective

Before you begin your market analysis, it’s important to define your objective for writing a market analysis. Are you writing it for internal purposes or for external purposes?

If you were doing a market analysis for internal purposes, you might be brainstorming new products to launch or adjusting your marketing tactics. An example of an external purpose might be that you need a market analysis to get approved for a business loan .

The comprehensiveness of your market analysis will depend on your objective. If you’re preparing for a new product launch, you might focus more heavily on researching the competition. A market analysis for a loan approval would require heavy data and research into market size and growth, share potential, and pricing.

Step 2: Provide an industry outlook

An industry outlook is a general direction of where your industry is heading. Lenders want to know whether you’re targeting a growing industry or declining industry. For example, if you’re looking to sell VCRs in 2020, it’s unlikely that your business will succeed.

Starting your market analysis with an industry outlook offers a preliminary view of the market and what to expect in your market analysis. When writing this section, you'll want to include:

Market size

Are you chasing big markets or are you targeting very niche markets? If you’re targeting a niche market, are there enough customers to support your business and buy your product?

Product life cycle

If you develop a product, what will its life cycle look like? Lenders want an overview of how your product will come into fruition after it’s developed and launched. In this section, you can discuss your product’s:

Research and development

Projected growth

How do you see your company performing over time? Calculating your year-over-year growth will help you and lenders see how your business has grown thus far. Calculating your projected growth shows how your business will fare in future projected market conditions.

Step 3: Determine your target market

This section of your market analysis is dedicated to your potential customer. Who is your ideal target customer? How can you cater your product to serve them specifically?

Don’t make the mistake of wanting to sell your product to everybody. Your target customer should be specific. For example, if you’re selling mittens, you wouldn’t want to market to warmer climates like Hawaii. You should target customers who live in colder regions. The more nuanced your target market is, the more information you’ll have to inform your business and marketing strategy.

With that in mind, your target market section should include the following points:

Demographics

This is where you leave nothing to mystery about your ideal customer. You want to know every aspect of your customer so you can best serve them. Dedicate time to researching the following demographics:

Income level

Create a customer persona

Creating a customer persona can help you better understand your customer. It can be easier to market to a person than data on paper. You can give this persona a name, background, and job. Mold this persona into your target customer.

What are your customer’s pain points? How do these pain points influence how they buy products? What matters most to them? Why do they choose one brand over another?

Research and supporting material

Information without data are just claims. To add credibility to your market analysis, you need to include data. Some methods for collecting data include:

Target group surveys

Focus groups

Reading reviews

Feedback surveys

You can also consult resources online. For example, the U.S. Census Bureau can help you find demographics in calculating your market share. The U.S. Department of Commerce and the U.S. Small Business Administration also offer general data that can help you research your target industry.

Step 4: Calculate market value

You can use either top-down analysis or bottom-up analysis to calculate an estimate of your market value.

A top-down analysis tends to be the easier option of the two. It requires for you to calculate the entire market and then estimate how much of a share you expect your business to get. For example, let’s assume your target market consists of 100,000 people. If you’re optimistic and manage to get 1% of that market, you can expect to make 1,000 sales.

A bottom-up analysis is more data-driven and requires more research. You calculate the individual factors of your business and then estimate how high you can scale them to arrive at a projected market share. Some factors to consider when doing a bottom-up analysis include:

Where products are sold

Who your competition is

The price per unit

How many consumers you expect to reach

The average amount a customer would buy over time

While a bottom-up analysis requires more data than a top-down analysis, you can usually arrive at a more accurate calculation.

Step 5: Get to know your competition

Before you start a business, you need to research the level of competition within your market. Are there certain companies getting the lion’s share of the market? How can you position yourself to stand out from the competition?

There are two types of competitors that you should be aware of: direct competitors and indirect competitors.

Direct competitors are other businesses who sell the same product as you. If you and the company across town both sell apples, you are direct competitors.

An indirect competitor sells a different but similar product to yours. If that company across town sells oranges instead, they are an indirect competitor. Apples and oranges are different but they still target a similar market: people who eat fruits.

Also, here are some questions you want to answer when writing this section of your market analysis:

What are your competitor’s strengths?

What are your competitor’s weaknesses?

How can you cover your competitor’s weaknesses in your own business?

How can you solve the same problems better or differently than your competitors?

How can you leverage technology to better serve your customers?

How big of a threat are your competitors if you open your business?

Step 6: Identify your barriers

Writing a market analysis can help you identify some glaring barriers to starting your business. Researching these barriers will help you avoid any costly legal or business mistakes down the line. Some entry barriers to address in your marketing analysis include:

Technology: How rapid is technology advancing and can it render your product obsolete within the next five years?

Branding: You need to establish your brand identity to stand out in a saturated market.

Cost of entry: Startup costs, like renting a space and hiring employees, are expensive. Also, specialty equipment often comes with hefty price tags. (Consider researching equipment financing to help finance these purchases.)

Location: You need to secure a prime location if you’re opening a physical store.

Competition: A market with fierce competition can be a steep uphill battle (like attempting to go toe-to-toe with Apple or Amazon).

Step 7: Know the regulations

When starting a business, it’s your responsibility to research governmental and state business regulations within your market. Some regulations to keep in mind include (but aren’t limited to):

Employment and labor laws

Advertising

Environmental regulations

If you’re a newer entrepreneur and this is your first business, this part can be daunting so you might want to consult with a business attorney. A legal professional will help you identify the legal requirements specific to your business. You can also check online legal help sites like LegalZoom or Rocket Lawyer.

Tips when writing your market analysis

We wouldn’t be surprised if you feel overwhelmed by the sheer volume of information needed in a market analysis. Keep in mind, though, this research is key to launching a successful business. You don’t want to cut corners, but here are a few tips to help you out when writing your market analysis:

Use visual aids

Nobody likes 30 pages of nothing but text. Using visual aids can break up those text blocks, making your market analysis more visually appealing. When discussing statistics and metrics, charts and graphs will help you better communicate your data.

Include a summary

If you’ve ever read an article from an academic journal, you’ll notice that writers include an abstract that offers the reader a preview.

Use this same tactic when writing your market analysis. It will prime the reader of your market highlights before they dive into the hard data.

Get to the point

It’s better to keep your market analysis concise than to stuff it with fluff and repetition. You’ll want to present your data, analyze it, and then tie it back into how your business can thrive within your target market.

Revisit your market analysis regularly

Markets are always changing and it's important that your business changes with your target market. Revisiting your market analysis ensures that your business operations align with changing market conditions. The best businesses are the ones that can adapt.

Why should you write a market analysis?

Your market analysis helps you look at factors within your market to determine if it’s a good fit for your business model. A market analysis will help you:

1. Learn how to analyze the market need

Markets are always shifting and it’s a good idea to identify current and projected market conditions. These trends will help you understand the size of your market and whether there are paying customers waiting for you. Doing a market analysis helps you confirm that your target market is a lucrative market.

2. Learn about your customers

The best way to serve your customer is to understand them. A market analysis will examine your customer’s buying habits, pain points, and desires. This information will aid you in developing a business that addresses those points.

3. Get approved for a business loan

Starting a business, especially if it’s your first one, requires startup funding. A good first step is to apply for a business loan with your bank or other financial institution.

A thorough market analysis shows that you’re professional, prepared, and worth the investment from lenders. This preparation inspires confidence within the lender that you can build a business and repay the loan.

4. Beat the competition

Your research will offer valuable insight and certain advantages that the competition might not have. For example, thoroughly understanding your customer’s pain points and desires will help you develop a superior product or service than your competitors. If your business is already up and running, an updated market analysis can upgrade your marketing strategy or help you launch a new product.

Final thoughts

There is a saying that the first step to cutting down a tree is to sharpen an axe. In other words, preparation is the key to success. In business, preparation increases the chances that your business will succeed, even in a competitive market.

The market analysis section of your business plan separates the entrepreneurs who have done their homework from those who haven’t. Now that you’ve learned how to write a market analysis, it’s time for you to sharpen your axe and grow a successful business. And keep in mind, if you need help crafting your business plan, you can always turn to business plan software or a free template to help you stay organized.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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How to Write a Business Plan: Target Market Analysis

The Business Plan and the Importance of Defining Your Target Market

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

Conducting a Market Analysis

Polling your target market, writing the market analysis, online tools for market research, u.s. online market research sources, canadian online market research, local sources of market research, doing your own market research.

 Creative Commons CC0

The market analysis is basically the target market section of your business plan . It is a thorough examination of the ideal people to whom you intend to sell your products or services.  

Even if you intend on selling a product or service only in your community, you won't be selling that service to everyone who lives there. Knowing exactly what type(s) of people might be interested in buying your product or service and how many of them reside in your projected area or region is fundamental in creating your market analysis.

Once target market data has been established, you'll also work on sales projections within specific time frames, as well as how prospective sales might be affected by trends and policies.

Research is key and cornerstone of any solid  business plan .

Don't Skip This Step!

Don't skip market research; otherwise, you could end up starting a business that doesn't have a paying market.

Use these general terms as linchpins in research data for the market analysis section of your business plan, and to identify your target market:

But don't stop here. To succinctly define your target market, poll or survey members of your prospective clients or customers to ask specific questions directly related to your products or services. For instance, if you plan to sell computer-related services, ask questions relating to the number of computing devices your prospective customers own and how often they require servicing. If you plan on selling garden furniture and accessories, ask what kinds of garden furniture or accessories your potential customers have bought in the past, how often, and what they expect to buy within the next one, three, and five years.

Answers to these and other questions related to your market are to help you understand your market potential.

The goal of the information you collect is to help you project how much of your product or service you'll be able to sell. Review these important questions you need to try to answer using the data you collect:

• What proportion of your target market has used a product similar to yours before?
• How much of your product or service might your target market buy? (Estimate this in gross sales and/or in units of product/service sold.)
• What proportion of your target market might be repeat customers?
• How might your target market be affected by demographic shifts?
• How might your target market be affected by economic events (e.g. a local mill closing or a big-box retailer opening locally)?
• How might your target market be affected by larger socio-economic trends?
• How might your target market be affected by government policies (e.g. new bylaws or changes in taxes)?

One purpose of the market analysis is to ensure you have a viable business idea.

Find Your Buying Market

Use your market research to make sure people don't just like your business idea, but they're also willing to pay for it.

If you have information suggesting that you have a large enough market to sustain your business goals, write the market analysis in the form of several short paragraphs using appropriate headings for each. If you have several target markets, you may want to number each. 

Sections of your market analysis should include:

• Industry Description and Outlook
• Target Market
• Market Research Results
• Competitive Analysis

Remember to properly cite your sources of information within the body of your market analysis as you write it. You and other readers of your business plan, such as potential investors, will need to know the sources of the statistics or opinions that you've gathered.

There are several online resources to learn if your business idea is something worth pursing, including:

• Keyword searches can give you an overall sense of potential demand for your product or service based on the number of searches.
• Google Trends analysis can tell you how the number of searches has changed over time.
• Social media campaigns can give you an indication of the potential customer interest in your business idea.

The U.S. Small Business Administration (SBA) has information on doing your market research and analysis , as well as a list of free small business data and trends resources you can use to conduct your research. Consider these sources for data collection:

• SBA  Business Data and Statistics  
• The U.S. Census Bureau maintains a huge database of demographic information that is searchable by state, county, city/town, or zip code using its census data tool . Community, housing, economic, and population surveys are also available.
• The U.S. Department of Commerce Bureau of Economic Analysis (BEA) has extensive statistics on the economy including consumer income/spending/consumption, business activity, GDP, and more, all of which are searchable by location.

The Government of Canada offers a guide on doing market research and tips for understanding the data you collect. Canadian data resources include:

• Statistics Canada  offers demographic and economic data.
• The  Business Development Bank of Canada (BDC)  offers market research and consulting with industry experts.
• The Canada Business Network provides business information to entrepreneurs by province/territory, including market research data.

There are also a great many local resources for building target market information to explore, including:

• Local library
• Local Chamber of Commerce
• Board of Trade
• Economic Development Centre
• Local government agent's office
• Provincial business ministry
• Local phone book

All of these will have information helpful in defining your target market and providing insights into trends.

The above resources are secondary sources of information, in which others have collected and compiled the data. To get specific information about your business, consider conducting your own market research . For instance, you might want to design a questionnaire and survey your target market to learn more about their habits and preferences relating to your product or service.

Market research is time-consuming but is an important step in affording your business plan validity. If you don't have the time or the research skills to thoroughly define your target market yourself, hiring a person or firm to do the research for you can be a wise investment.​

Small Business Administration. " Market Research and Competitive Analysis. " Accessed Jan. 13, 2020.

How to Write the Market Analysis Section of a Business Plan

Written by Dave Lavinsky

What is the Market Analysis in a Business Plan?

The market analysis section of your business plan is where you discuss the size of the market in which you’re competing and market trends that might affect your future potential such as economic, political, social and/or technological shifts.

This helps you and readers understand if your market is big enough to support your business’ growth, and whether future conditions will help or hurt your business. For example, stating that your market size is $56 billion, has been growing by 10% for the last 10 years, and that trends are expected to further increase the market size bodes well for your company’s success.

Download our Ultimate Business Plan Template here

What Should a Market Analysis Include?

You’ll want to address these issues in your market analysis:

• Size of Industry – How big is the overall industry?
• Projected Growth Rate of Industry – Is the industry growing or shrinking? How fast?
• Target Market – Who are you targeting with this product or service?
• Competition – How many businesses are currently in the same industry?

Learn how to write the full market analysis below.

How to Write a Market Analysis

Here’s how to write the market analysis section of a business plan.

• Describe each industry that you are competing in or will be targeting.
• Identify direct competition, but don’t forget about indirect competition – this may include companies selling different products to the same potential customer segments.
• Highlight strengths and weaknesses for both direct and indirect competitors, along with how your company stacks up against them based on what makes your company uniquely positioned to succeed.
• Include specific data, statistics, graphs, or charts if possible to make the market analysis more convincing to investors or lenders.

    Finish Your Business Plan Today!

Industry overview.

In your industry overview, you will define the market in which you are competing (e.g., restaurant, medical devices, etc.).

You will then detail the sub-segment or niche of that market if applicable (e.g., within restaurants there are fast food restaurants, fine dining, etc.).

Next, you will describe the key characteristics of your industry. For example, discuss how big the market is in terms of units and revenues. Let the reader know if the market is growing or declining (and at what rate), and what key industry trends are facing your market.

Use third-party market research as much as possible to validate the discussion of your industry.

Here is a list of additional items you may analyze for a complete industry overview:

• An overview of the current state of the industry . How big is it, how much does it produce or sell? What are its key differentiators from competitors? What is its target customer base like – demographic information and psychographics? How has the industry performed over time (global, domestic)?
• Analyze the macro-economic factors impacting your industry . This includes items such as economic growth opportunities, inflation, exchange rates, interest rates, labor market trends, and technological improvements. You want to make sure that all of these are trending in a positive direction for you while also being realistic about them. For example, if the economy is in shambles you might want to wait before entering the particular market.
• Analyze the political factors impacting your industry . This is an often-overlooked section of any business plan, but it can be important depending on what type of company you are starting. If you’re in a highly regulated industry (such as medical devices), this is something that you’ll want to include.
• Analyze the social factors impacting your industry . This includes analyzing society’s interest in your product or service, historical trends in buying patterns in your industry, and any effects on the industry due to changes in culture. For example, if there is a growing counter-culture trend against big oil companies you might want to position yourself differently than a company in this industry.
• Analyze the technological factors impacting your industry . This includes analyzing new technologies being developed in software, hardware, or applications that can be used to improve your product or service. It also includes emerging consumer trends and will be highly dependent on your business type. In a technology-related venture, you would analyze how these changes are impacting consumers. For an educational-related venture, you would analyze how these changes are impacting students, teachers, and/or administrators.

For each of these items, you want to provide some detail about them including their current state as well as what external factors have played a role in the recent past. You can also include many other important factors if they apply to your business including demographic trends, legal issues, environmental concerns, and sustainability issues.

When you are done analyzing all of these factors, wrap it up by summing them up in a statement that includes your view on the future of the industry. This should be positive to attract investors, potential customers, and partners.

If you’re having trouble thinking about all of these factors then it might be helpful to first develop a SWOT analysis for your business.

Once you have an understanding of the market, you’ll need to think about how you will position yourself within that potential market.

Picking Your Niche

You want to think about how large your market is for this venture. You also want to consider whether you’d like to pick a niche within the overall industry or launch yourself into the mainstream.

If you have an innovative product it can be easier to enter the mainstream market – but at the same time, you might face some additional competition if there are similar products available.

You can choose to specialize in a niche market where you’ll face less competition – but might be able to sell your services at a higher price point (this could make it easier for you to get potential customers).

Of course, if your product or service is unique then there should be no competition. But, what happens if it isn’t unique? Will you be able to differentiate yourself enough to create a competitive advantage or edge?

If you are planning on entering the mainstream market, think about whether there are different sub-niches within your specific market. For example, within the technology industry, you can choose to specialize in laptops or smartphones or tablets, or other categories. While it will be more difficult to be unique in a mainstream market, you will still be able to focus on one type or category of products.

How Will You Stand Out?

Many companies are able to stand out – whether by offering a product that is unique or by marketing their products in a way that consumers notice. For example, Steve Jobs was able to take a business idea like the iPhone and make it into something that people talked about (while competitors struggled to play catch up).

You want your venture to stand out – whether with an innovative product or service or through marketing strategies. This might include a unique brand, name, or logo. It might also include packaging that stands out from competitors.

Write down how you will achieve this goal of standing out in the marketplace. If it’s a product, then what features do you have that other products don’t? If it’s a service, then what is it about this service that will make people want to use your company rather than your competition?

You also need to think about marketing. How are you going to promote yourself or sell your product or service? You’ll need a marketing plan for this – which might include writing copy, creating an advertisement, setting up a website, and several other activities. This should include a description of each of these strategies.

If you’re struggling with the details of any of these sections, it might be helpful to research what other companies in your market are doing and how they’ve been successful. You can use this business information to inform your own strategies and plans.

Relevant Market Size & Competition

In the second stage of your analysis, you must determine the size and competition in your specific market.

Target Market Section

Your company’s relevant market size is the amount of money it could make each year if it owned a complete market share.

It’s simple.

To begin, estimate how many consumers you expect to be interested in purchasing your products or services each year.

To generate a more precise estimate, enter the monetary amount these potential customers may be ready to spend on your goods or services each year.

The size of your market is the product of these two figures. Calculate this market value here so that your readers can see how big your market opportunity is (particularly if you are seeking debt or equity funding).

You’ll also want to include an analysis of your market conditions. Is this a growing or declining market? How fast is it growing (or declining)? What are the general trends in the market? How has your market shifted over time?

Include all of this information in your own business plan to give your readers a clear understanding of the market landscape you’re competing in.

The Competition

Next, you’ll need to create a comprehensive list of the competitors in your market. This competitive analysis includes:

• Direct Competitors – Companies that offer a similar product or service
• Indirect Competitors – Companies that sell products or services that are complementary to yours but not directly related

To show how large each competitor is, you can use metrics such as revenue, employees, number of locations, etc. If you have limited information about the company on hand then you may want to do some additional research or contact them directly for more information. You should also include their website so readers can learn more if they desire (along with social media profiles).

Once you complete this list, take a step back and try to determine how much market share each competitor has. You can use different methods to do this such as market research, surveys, or conduct focus groups or interviews with target customers.

You should also take into account the barriers to entry that exist in your market. What would it take for a new company to enter the market and start competing with you? This could be anything from capital requirements to licensing and permits.

When you have all of this information, you’ll want to create a table like the one below:

Once you have this data, you can start developing strategies to compete with the other companies which will be used again later to help you develop your marketing strategy and plan. 

Writing a Market Analysis Tips

• Include an explanation of how you determined the size of the market and how much share competitors have.
• Include tables like the one above that show competitor size, barriers to entry, etc.
• Decide where you’re going to place this section in your business plan – before or after your SWOT analysis. You can use other sections as well such as your company summary or product/service description. Make sure you consider which information should come first for the reader to make the most sense.
• Brainstorm how you’re going to stand out in this competitive market.

Formatting the Market Analysis Section of Your Business Plan

Now that you understand the different components of the market analysis, let’s take a look at how you should structure this section in your business plan.

Your market analysis should be divided into two sections: the industry overview and market size & competition.

Each section should include detailed information about the topic and supporting evidence to back up your claims.

You’ll also want to make sure that all of your data is up-to-date. Be sure to include the date of the analysis in your business plan so readers know when it was conducted and if there have been any major changes since then.

In addition, you should also provide a short summary of what this section covers at the beginning of each paragraph or page. You can do this by using a title such as “Industry Overview” or another descriptive phrase that is easy to follow.

As with all sections in a business plan, make sure your market analysis is concise and includes only the most relevant information to keep your audience engaged until they reach your conclusion.

A strong market analysis can give your company a competitive edge over other businesses in its industry, which is why it’s essential to include this section in your business plan. By providing detailed information about the market you’re competing in, you can show your readers that you understand the industry and know how to capitalize on current and future trends.

Business Plan Market Analysis Examples

The following are examples of how to write the market analysis section of a business plan:

Business Plan Market Analysis Example #1 – Hosmer Sunglasses, a sunglasses manufacturer based in California

According to the Sunglass Association of America, the retail sales volume of Plano (non-prescription) sunglasses, clip-on sunglasses, and children’s sunglasses (hereinafter collectively referred to as “Sunwear”) totaled $2.9 billion last year. Premium-priced sunglasses are driving the Plano Sunwear market. Plano sunglasses priced at $100 or more accounted for more than 49% of all Sunwear sales among independent retail locations last year. 

The Sunglass Association of America has projected that the dollar volume for retail sales of Plano Sunwear will grow 1.7% next year. Plano sunglass vendors are also bullish about sales in this year and beyond as a result of the growth of technology, particularly the growth of laser surgery and e-commerce.

Business Plan Market Analysis Example #2 – Nailed It!, a family-owned restaurant in Omaha, NE

According to the Nebraska Restaurant Association, last year total restaurant sales in Nebraska grew by 4.3%, reaching a record high of $2.8 billion. Sales at full-service restaurants were particularly strong, growing 7% over 2012 figures. This steady increase is being driven by population growth throughout the state. The Average Annual Growth Rate (AGR) since 2009 is 2.89%.

This fast growth has also encouraged the opening of new restaurants, with 3,035 operating statewide as of this year. The restaurant industry employs more than 41,000 workers in Nebraska and contributes nearly $3 billion to the state economy every year.

Nebraska’s population continues to increase – reaching 1.9 million in 2012, a 1.5% growth rate. In addition to population, the state has experienced record low unemployment every year since 2009 – with an average of 4.7% in 2013 and 2014.

Business Plan Market Analysis Example #3 – American Insurance Company (AIC), a chain of insurance agencies in Maine

American Insurance Company (AIC) offers high-quality insurance at low prices through its chain of retail outlets in the state of Maine. Since its inception, AIC has created an extensive network of agents and brokers across the country with expanding online, call center and retail business operations.

AIC is entering a market that will more than double in size over the next 50 years according to some industry forecasts. The insurance industry is enjoying low inflation rates, steady income growth, and improving standards of living for most Americans during what has been a difficult period for much of American business. This makes this a good time to enter the insurance industry as it enjoys higher margins because customers are purchasing more coverage due to increased costs from medical care and higher liability claims.

American Insurance Company provides affordable homeowners, auto, and business insurance through high-quality fulfillment centers across America that have earned a reputation for top-notch customer service.

AIC will face significant competition from both direct and indirect competitors. The indirect competition will come from a variety of businesses, including banks, other insurance companies, and online retailers. The direct competition will come from other well-funded start-ups as well as incumbents in the industry. AIC’s competitive advantages include its low prices, high quality, and excellent customer service.

AIC plans to grow at a rate that is above average for the industry as a whole. The company has identified a market that is expected to grow by more than 100% in the next decade. This growth is due to several factors: the increase in the number of two-income households, the aging population, and the impending retirement of many baby boomers will lead to an increase in the number of people who are purchasing insurance.

AIC projects revenues of $20M in year one, which is equivalent to 100% growth over the previous year. AIC forecasts revenue growth of 40%-60% each year on average for 10 years. After that, revenue growth is expected to slow down significantly due to market saturation.

The following table illustrates these projections:

Competitive Landscape

Direct Competition: P&C Insurance Market Leaders

Indirect Competition: Banks, Other Insurance Companies, Retailers

Market Analysis Conclusion

When writing the market analysis section, it is important to provide specific data and forecasts about the industry that your company operates in. This information can help make your business plan more convincing to potential investors.

If it’s helpful, you should also discuss how your company stacks up against its competitors based on what makes it unique. In addition, you can identify any strengths or weaknesses that your company has compared to its competitors.

Based on this data, provide projections for how much revenue your company expects to generate over the next few years. Providing this information early on in the business plan will help convince investors that you know what you are talking about and your company is well-positioned to succeed.  

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Other Resources for Writing Your Business Plan

How to Write a Great Business Plan Executive Summary How to Expertly Write the Company Description in Your Business Plan The Customer Analysis Section of Your Business Plan Completing the Competitive Analysis Section of Your Business Plan The Management Team Section of Your Business Plan Financial Assumptions and Your Business Plan How to Create Financial Projections for Your Business Plan Everything You Need to Know about the Business Plan Appendix Best Business Plan Software Business Plan Conclusion: Summary & Recap  

Other Helpful Business Planning Articles & Templates

How to do a market analysis for a business plan

A key part of any business plan is market analysis. This section needs to demonstrate both your expertise in your particular market and the attractiveness of the market from a financial standpoint.

This article first looks at what we mean exactly by market analysis before looking at how to make a good one for your business plan.

What is a market analysis?

A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.

How to do a market analysis?

The objectives of the market analysis section of a business plan are to show to investors that:

• you know your market
• the market is large enough to build a sustainable business

In order to do that I recommend the following plan:

Demographics and Segmentation

Target market, market need, competition, barriers to entry.

The first step of the analysis consists in assessing the size of the market.

When assessing the size of the market, your approach will depend on the type of business you are selling to investors. If your business plan is for a small shop or a restaurant then you need to take a local approach and try to assess the market around your shop. If you are writing a business plan for a restaurant chain then you need to assess the market a national level.

Depending on your market you might also want to slice it into different segments. This is especially relevant if you or your competitors focus only on certain segments.

Volume & Value

There are two factors you need to look at when assessing the size of a market: the number of potential customers and the value of the market. It is very important to look at both numbers separately, let's take an example to understand why.

Imagine that you have the opportunity to open a shop either in Town A or in Town B:

Although Town B looks more competitive (10 competitors vs. 2 in Town A) and a smaller opportunity (market size of £100m vs. £200 in Town A), with 1,000 potential customers it is actually a more accessible market than Town A where you have only 2 potential customers.

Potential customer?

The definition of a potential customer will depend on your type of business. For example, if you are opening a small shop selling office furniture then your market will be all the companies within your delivery range. As in the example above it is likely that most companies would have only one person in charge of purchasing furniture hence you wouldn't take the size of these businesses in consideration when assessing the number of potential customers. You would however factor it when assessing the value of the market.

Market value

Estimating the market value is often more difficult than assessing the number of potential customers. The first thing to do is to see if the figure is publicly available as either published by a consultancy firm or by a state body. It is very likely that you will find at least a number on a national level.

If not then you can either buy some market research or try to estimate it yourself.

Methods for building an estimate

There are 2 methods that can be used to build estimates: the bottom-up approach or the top-down approach.

The bottom-up approach consists in building a global number starting with unitary values. In our case the number of potential clients multiplied by an average transaction value.

Let's keep our office furniture example and try to estimate the value of the 'desk' segment. We would first factor in the size of the businesses in our delivery range in order to come up with the size of the desks park. Then we would try to estimate the renewal rate of the park to get the volume of annual transactions. Finally, we would apply an average price to the annual volume of transactions to get to the estimated market value.

Here is a summary of the steps including where to find the information:

• Size of desks park = number of businesses in delivery area x number of employees (you might want to refine this number based on the sector as not all employees have desks)
• Renewal rate = 1 / useful life of a desk
• The volume of transactions = size of desks park x renewal rate
• Value of 1 transaction = average price of a desk
• Market value = volume of transactions x value of 1 transaction

You should be able to find most of the information for free in this example. You can get the number and size of businesses in your delivery area from the national statistics. Your accountant should be able to give you the useful life of a desk (but you should know it since it is your market!). You can compare the desk prices of other furniture stores in your area. As a side note here: it is always a good idea to ask your competitors for market data (just don't say you are going to compete with them).

That was the bottom-up approach, now let's look into the top-down approach.

The top-down approach consists of starting with a global number and reducing it pro-rata. In our case, we would start with the value of the UK office furniture market which AMA Research estimates to be around £650m and then do a pro-rata on this number using the number of businesses in our delivery area x their number of employees / total number of people employed in the UK. Once again the number of employees would only be a rough proxy given all business don't have the same furniture requirements.

When coming up with an estimate yourself it is always a good practice to test both the bottom up and top-down approaches and to compare the results. If the numbers are too far away then you probably missed something or used the wrong proxy.

Once you have estimated the market size you need to explain to your reader which segment(s) of the market you view as your target market.

The target market is the type of customers you target within the market. For example, if you are selling jewellery you can either be a generalist or decide to focus on the high end or the lower end of the market. This section is relevant when your market has clear segments with different drivers of demand. In my example of jewels, value for money would be one of the drivers of the lower end market whereas exclusivity and prestige would drive the high end.

Now it is time to focus on the more qualitative side of the market analysis by looking at what drives the demand.

This section is very important as it is where you show your potential investor that you have an intimate knowledge of your market. You know why they buy!

Here you need to get into the details of the drivers of demand for your product or services. One way to look at what a driver is to look at takeaway coffee. One of the drivers for coffee is consistency. The coffee one buys in a chain is not necessarily better than the one from the independent coffee shop next door. But if you are not from the area then you don't know what the independent coffee shop's coffee is worth it. Whereas you know that the coffee from the chain will taste just like in every other shop of this chain. Hence most people on the move buy coffee from chains rather than independent coffee shops.

From a tactical point of view, this section is also where you need to place your competitive edge without mentioning it explicitly. In the following sections of your business plan, you are going to talk about your competition and their strengths, weaknesses and market positioning before reaching the Strategy section in which you'll explain your own market positioning. What you want to do is prepare the reader to embrace your positioning and invest in your company.

To do so you need to highlight in this section some of the drivers that your competition has not been focussing on. A quick example for an independent coffee shop surrounded by coffee chains would be to say that on top of consistency, which is relevant for people on the move, another driver for coffee shop demand is the place itself as what coffee shops sell before most is a place for people to meet. You would then present your competition. And in the Strategy section explain that you will focus on locals looking for a place to meet rather than takeaway coffee and that your differentiating factor will be the authenticity and atmosphere of your local shop.

The aim of this section is to give a fair view of who you are competing against. You need to explain your competitors' positioning and describe their strengths and weaknesses. You should write this part in parallel with the Competitive Edge part of the Strategy section.

The idea here is to analyse your competitor's angle to the market in order to find a weakness that your company will be able to use in its own market positioning.

One way to carry the analysis is to benchmark your competitor against each of the key drivers of demand for your market (price, quality, add-on services, etc.) and present the results in a table.

Below is an example of a furniture shop in France. As you can see from the table all the actors on the market are currently focused on the low medium range of the market leaving the space free for a high end focused new player.

This section is all about answering two questions from your investors:

• what prevents someone from opening a shop in front of yours and take 50% of your business?
• having answered the previous question what makes you think you will be successful in trying to enter this market? (start-up only)

As you would have guess barriers to entry are great. Investors love them and there is one reason for this: it protects your business from new competition!

Here are a few examples of barriers to entry:

• Investment (a project that requires a substantial investment)
• Technology (sophisticated technology a website is not one, knowing how to process uranium is)
• Brand (the huge marketing costs required to get to a certain level of recognition)
• Regulation (licences and concessions in particular)
• Access to resources (exclusivity with suppliers, proprietary resources)
• Access to distribution channels (exclusivity with distributors, proprietary network)
• Location (a shop on Regent's Street)

The answer to the questions above will be highly dependent on your type of business, your management team and any relations it might have. Therefore it is hard for me to give any general tips about it.

If regulation is a barrier at entry in your sector then I would advise you to merge this section with the previous one. Otherwise, this section should be just a tick the box exercise where you explain the main regulations applicable to your business and which steps you are going to take to remain compliant.

Now you know how to do a market analysis for a business plan! I hope you found this article useful. If so please share it, and if not let us know what we need to improve.

Also on The Business Plan Shop

• Free business plan template to download
• TAM SAM SOM, what it means and why it matters
• Business model vs business plan
• What is a business plan and how to create one?

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

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View all sample business plans

Example business plan format

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

Executive summary

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

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

Products & services

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

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

Market analysis

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

Competition

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

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

Marketing & sales

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

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

Milestones & metrics

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

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

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

Company & team

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

Financial projections

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

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

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

Types of business plans explained

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

Traditional business plan

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

Business model canvas

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

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

One-page business plan

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

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

Growth planning

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

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

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

Download a free sample business plan template

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

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

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

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

Choose a business plan example from a similar type of company

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

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

Use a business plan example as a guide

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

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

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

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

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

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

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

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

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

Prepare to pitch your business

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

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

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

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

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Market Analysis Business Plan

At first, you may think that a market analysis business plan is complex and formal. However, if you are already aware of the basics of its development and execution, then you can easily understand how easy it is to create this document.

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• 8+ Executive Summary Marketing Plan Examples

Market analysis can be done in an efficient manner as long as you have all the firsthand details that you need, the equipment and tools that can help you within the entire market analysis, and the knowledge about the proper integration of analysis processes and results to your business plan.

Do not feel dissuaded in creating a market analysis business plan just because you think it is a critical document that you cannot create on your own or from scratch. If you are already planning to execute the steps that will help you draft a marketing analysis for your business, there are actually guidelines that will allow you to be more prepared in developing the document.

Do not worry on how to find these guides and other help that you need as we got you covered. Make sure to download the examples of market analysis business plans available in this post for references.

Market Analysis and Business Development Strategy Planning Example

Business Plan Template with Marketing Analysis Example

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What Makes a Market Analysis Business Plan an Important Part of Your General Business Plan?

It is already evident that customers play a vital role when it comes to the successes of the business. Hence, it is of utmost importance for you to continuously provide what they need and meet their expectations as well. However, this will not be possible if you do not know anything about them. This is where the benefits of planning, developing, and implementing a marketing analysis business plan come in. You may also see marketing plan examples .

A comparative market analysis , or any other kinds of market analysis business plan for this matter, is an essential process and document that will help you achieve efficiency and sustainability within the implementation of your marketing efforts, operational action plans, and business development strategies .

Listed below are a few of the reasons why it is recommended for you to include a market analysis business plan in your general business plan are as follows:

1. A market analysis business plan can help provide a thorough explanation of the market segmentation that you have considered as well as the focus that you allotted both for your current market and potential sales leads. With this, you can be more aware of the threats and opportunities that you can face in the future through a valuable market forecast. You may also like marketing strategy plan examples .

2. A market analysis business plan presents the needs, demands, and expectations of your target market. This helps a lot in terms of providing information that will guide you in the development of action plans that can meet the requirements for business sustainability and market relevance.

3. A market analysis business plan can showcase a more in-depth description of your audience. With the help of this document, you can specifically point out your target market, their locations, the things that are relevant and beneficial to their daily activities, and the factors that can affect their purchasing or buying decisions. You might be interested in define marketing plan and its purpose ?

4. A market analysis business plan can show not only the reaction of the market to your offers but also to those coming from the competitors. With this, you can analyze the difference of your products, services, and offers from that of your competition. This can help you a lot when there is a need to plot new market strategies, which can effectively get the attention and trust of your desired audience. You may also see business marketing plan examples .

Business Plan: Market Research and Analysis Example

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Supply Market Analyis and Business Plan Example

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How to Develop an Impressive Market Analysis Business Plan

Are you aware of what a market analysis – demand and supply is? Simply put, it presents the concept that there should be balance with regards the demands of the market and the supply that you provide them with. It is essential for you to know the market that you are catering to so you can successfully use your resources and present your offers. This can result to the improvement of your marketplace standing and operational efficiency.

Developing a market analysis business plan can be very helpful as this document can make it easier and faster for you to organize the call-to-actions that you need to execute and the tactics that you need to incorporate in your efforts and movements to achieve maximum results. You may also see strategic marketing plan examples .

Some of the guidelines that you can follow if you want to develop an impressive market analysis business plan include the following:

1. Know the market segments that you have a hold of and define the kinds or types of customers that are present in each segment. It is essential for you to know the groupings of your target customers so that you can point out the specific key factors that can affect their decisions when buying an item or acquiring services. You always have to be reminded that different market segments have different qualities and characteristics. You may also like apartment marketing plan examples .

Hence, there is a need for your market analysis business plan to provide particular strategies and tactics.

2. Be aware of the factors that can affect the implementation of your market analysis business plan. This includes the nature of the activities of your market segment, the description of the forces that can affect your competitive advantage, the communication and distribution channels that you will use, and the required simple action plans that you need to execute in a timely manner to achieve your goals and objectives.

3. Know the ways on how you can effectively get information of your market. Aside from surveys and questionnaires , there are still different tools and equipment that you can use to have a hand on the details that you need to analyze to come up with the strategies and general action plans that fit your business operations and marketing efforts.

Marketing Business Plan Example

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Market Analysis to Support Business Planning Example

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Business Plan: Market Research Report for Advanced Product Example

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Elements to Consider When Developing a Market Analysis Business Plan

Not all elements of a comparative market analysis are the same with that of a market analysis business plan. There are also differences when you compare the functions of each elements in both documents. Before you create a market analysis business plan, you have to make sure that you will make yourself knowledgeable of the things that you will work on so that you can achieve your desired final document.

Some of the most important elements that you need to consider if you have already decided to start the processes of developing a market analysis business plan are as follows:

1. Geographical and demographic conditions.

How many of your desired audience are within a particular market segment? Is the location of the marketplace convenient to your business and your operations? You have to know the number of people that you can reach through your marketing efforts as well as the areas in which specific activities are needed to be done. You may also see restaurant marketing plan examples .

In this manner, your market analysis business plan can present whether it is really reasonable to tap the particular market specified in the document.

2. Sales leads and potential customers.

Do not just focus on the current customers who provide you with their purchasing power. You always have to be innovative when creating a market analysis business plan as not all customers will forever be there to execute repeat business. Know how to analyze market segments that can be your next target. Doing this can give you a higher possibility of bigger sales and wider market reach. You may also like event marketing plan examples .

3. Market movement, purchasing power and buying habits.

The financial and sales aspect of the business should be prioritized when making a market analysis business plan. Analyzing a market whose activities does not align to the business offers will only waste your time, efforts, and resources. This is the reason why you first need to have an initial findings about your target or desired audience. With this, you can assess how they match your business operations and needs. You may also check out digital marketing plan examples .

4. Direct competition and their activities.

A market analysis business plan does not only rely on the evaluation and assessment of the consumers, customers, and/or clients. You also have to look into the activities of your direct competitors.

Doing this can help you become more aware on how their processes affect or impact their operations and brand. Hence, you can veer away from activities that can produce negative results and you can also give more focus on the strategies that can provide you with the most benefits. You might be interested in personal marketing plan examples .

Market Research and Analysis for a Business Plan Example

Transmedia Marketing Plan and Analysis for a Business Example

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Market Analysis and Business Plan Example

In Need of Tips for Creating a Market Analysis Business Plan?

Having the best products and/or services is not enough. If you cannot carry out the exact marketing message that you would like to disseminate in the marketplace, then you cannot expect the best returns from your audience. You may also see annual marketing plan examples .

More so, not knowing how you can connect to your audience or how you can incorporate the usage and benefits of your offers to their needs and activities will most likely lessen the potential successes of your business.

Developing a market analysis business plan is very important as it helps you focus on the environment rather than just internal functions and abilities. With this, you can thoroughly align and use your resources based on the expected results and reactions of your market. All the useful tips that can help you create an outstanding market analysis business plan are listed below. You may also like marketing strategy business plan examples .

1. You should have enough knowledge on how to do the market analysis for a business plan . Aside from the discussions and examples in this post, it will be best if you will still research and find resources that will help you understand the full concept of market analysis. The more you know about the development of this document, the easier it will be for you to put together necessary and relevant information.

2. Make sure that you will come up with a concise and well-defined industry description. You have to know the size and growth forecast of the marketplace where your business belongs. In this manner, you can point out the life cycle of market processes as well as the changes in trends that can affect the decision-making processes of your target audience. You may also check out importance of business plan .

3. Focus not only on your desired market size and the characteristics of your target market segment. You also have to look into the competition and other external factors that you cannot control. This can help you be prepared when facing threats and risks from elements that you do not have a hold of. You might be interested in simple marketing plan examples .

4. Present the market analysis business plan accordingly. Use clauses that can group all the discussion areas or parts that are intended to be together. Using proper headings and subheadings is also a great way to make the document more organized and presentable. If you need help in formatting the document, do not hesitate to use market analysis business plan template examples .

Do not skip the evaluation, review, and assessment of your market when making a business plan document. Knowing the quality standards that you incorporate in your operations and offers is one thing. Knowing how the market will react to your marketing message is another. For you to ensure that your practices and activities are relevant, you have to perform market analysis. Try developing your own market analysis business plan now.

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What is a Marketing Plan & How to Write One [+Examples]

Published: December 27, 2023

For a while now, you've been spearheading your organization's content marketing efforts, and your team's performance has convinced management to adopt the content marketing strategies you’ve suggested.

Now, your boss wants you to write and present a content marketing plan, but you‘ve never done something like that before. You don't even know where to start.

Fortunately, we've curated the best content marketing plans to help you write a concrete plan that's rooted in data and produces results. But first, we'll discuss what a marketing plan is and how some of the best marketing plans include strategies that serve their respective businesses.

What is a marketing plan?

A marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period. Marketing plans can include different marketing strategies for various marketing teams across the company, all working toward the same business goals.

The purpose of a marketing plan is to write down strategies in an organized manner. This will help keep you on track and measure the success of your campaigns.

Writing a marketing plan will help you think of each campaign‘s mission, buyer personas, budget, tactics, and deliverables. With all this information in one place, you’ll have an easier time staying on track with a campaign. You'll also discover what works and what doesn't. Thus, measuring the success of your strategy.

Featured Resource: Free Marketing Plan Template

Looking to develop a marketing plan for your business? Click here to download HubSpot's free Marketing Plan Template to get started .

To learn more about how to create your marketing plan, keep reading or jump to the section you’re looking for:

How to Write a Marketing Plan

Types of marketing plans, marketing plan examples, marketing plan faqs, sample marketing plan.

If you're pressed for time or resources, you might not be thinking about a marketing plan. However, a marketing plan is an important part of your business plan.

Marketing Plan vs. Business Plan

A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics.

A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute resources and make decisions as your business grows.

I like to think of a marketing plan as a subset of a business plan; it shows how marketing strategies and objectives can support overall business goals.

Keep in mind that there's a difference between a marketing plan and a marketing strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

You're all set!

Click this link to access this resource at any time.

Marketing Strategy vs. Marketing Plan

A marketing strategy describes how a business will accomplish a particular goal or mission. This includes which campaigns, content, channels, and marketing software they'll use to execute that mission and track its success.

For example, while a greater plan or department might handle social media marketing, you might consider your work on Facebook as an individual marketing strategy.

A marketing plan contains one or more marketing strategies. It's the framework from which all of your marketing strategies are created and helps you connect each strategy back to a larger marketing operation and business goal.

For example, suppose your company is launching a new software product, and it wants customers to sign up. The marketing department needs to develop a marketing plan that'll help introduce this product to the industry and drive the desired signups.

The department decides to launch a blog dedicated to this industry, a new YouTube video series to establish expertise, and an account on Twitter to join the conversation around this subject. All this serves to attract an audience and convert this audience into software users.

To summarize, the business's marketing plan is dedicated to introducing a new software product to the marketplace and driving signups for that product. The business will execute that plan with three marketing strategies : a new industry blog, a YouTube video series, and a Twitter account.

Of course, the business might consider these three things as one giant marketing strategy, each with its specific content strategies. How granular you want your marketing plan to get is up to you. Nonetheless, every marketing plan goes through a particular set of steps in its creation.

Learn what they are below.

• State your business's mission.
• Determine the KPIs for this mission.
• Identify your buyer personas.
• Describe your content initiatives and strategies.
• Clearly define your plan's omissions.
• Define your marketing budget.
• Identify your competition.
• Outline your plan's contributors and their responsibilities.

1. State your business's mission.

Your first step in writing a marketing plan is to state your mission. Although this mission is specific to your marketing department, it should serve your business‘s main mission statement.

From my experience, you want to be specific, but not too specific. You have plenty of space left in this marketing plan to elaborate on how you'll acquire new customers and accomplish this mission.

Need help building your mission statement? Download this guide for examples and templates and write the ideal mission statement.

2. Determine the KPIs for this mission.

Every good marketing plan describes how the department will track its mission‘s progress. To do so, you need to decide on your key performance indicators (KPIs) .

KPIs are individual metrics that measure the various elements of a marketing campaign. These units help you establish short-term goals within your mission and communicate your progress to business leaders.

Let's take our example of a marketing mission from the above step. If part of our mission is “to attract an audience of travelers,” we might track website visits using organic page views. In this case, “organic page views” is one KPI, and we can see our number of page views grow over time.

These KPIs will come into the conversation again in step 4.

3. Identify your buyer personas.

A buyer persona is a description of who you want to attract. This can include age, sex, location, family size, and job title. Each buyer persona should directly reflect your business's current and potential customers. So, all business leaders must agree on your buyer personas.

Create your buyer personas with this free guide and set of buyer persona templates.

4. Describe your content initiatives and strategies.

Here's where you'll include the main points of your marketing and content strategy. Because there's a laundry list of content types and channels available to you today, you must choose wisely and explain how you'll use your content and channels in this section of your marketing plan.

When I write this section , I like to stipulate:

• Which types of content I'll create. These might include blog posts, YouTube videos, infographics, and ebooks.
• How much of it I'll create. I typically describe content volume in daily, weekly, monthly, or even quarterly intervals. It all depends on my workflow and the short-term goals for my content.
• The goals (and KPIs) I'll use to track each type. KPIs can include organic traffic, social media traffic, email traffic, and referral traffic. Your goals should also include which pages you want to drive that traffic to, such as product pages, blog pages, or landing pages.
• The channels on which I'll distribute my content. Popular channels include Facebook, Twitter, LinkedIn, YouTube, Pinterest, and Instagram.
• Any paid advertising that will take place on these channels.

Build out your marketing plan with this free template.

Fill out this form to access the template., 5. clearly define your plan's omissions..

A marketing plan explains the marketing team's focus. It also explains what the marketing team will not focus on.

If there are other aspects of your business that you aren't serving in this particular plan, include them in this section. These omissions help to justify your mission, buyer personas, KPIs, and content. You can’t please everyone in a single marketing campaign, and if your team isn't on the hook for something, you need to make it known.

In my experience, this section is particularly important for stakeholders to help them understand why certain decisions were made.

6. Define your marketing budget.

Whether it's freelance fees, sponsorships, or a new full-time marketing hire, use these costs to develop a marketing budget and outline each expense in this section of your marketing plan.

You can establish your marketing budget with this kit of 8 free marketing budget templates .

7. Identify your competition.

Part of marketing is knowing whom you're marketing against. Research the key players in your industry and consider profiling each one.

Keep in mind not every competitor will pose the same challenges to your business. For example, while one competitor might be ranking highly on search engines for keywords you want your website to rank for, another competitor might have a heavy footprint on a social network where you plan to launch an account.

Easily track and analyze your competitors with t his collection of ten free competitive analysis templates .

8. Outline your plan's contributors and their responsibilities.

With your marketing plan fully fleshed out, it's time to explain who’s doing what. I don't like to delve too deeply into my employees’ day-to-day projects, but I know which teams and team leaders are in charge of specific content types, channels, KPIs, and more.

Now that you know why you need to build an effective marketing plan, it’s time to get to work. Starting a plan from scratch can be overwhelming if you haven't done it before. That’s why there are many helpful resources that can support your first steps. We’ll share some of the best guides and templates that can help you build effective results-driven plans for your marketing strategies.

Ready to make your own marketing plan? Get started using this free template.

Depending on the company you work with, you might want to create various marketing plans. We compiled different samples to suit your needs:

1. Quarterly or Annual Marketing Plans

These plans highlight the strategies or campaigns you'll take on in a certain period.

Forbes published a marketing plan template that has amassed almost 4 million views. To help you sculpt a marketing roadmap with true vision, their template will teach you how to fill out the 15 key sections of a marketing plan, which are:

• Executive Summary
• Target Customers
• Unique Selling Proposition
• Pricing & Positioning Strategy
• Distribution Plan
• Your Offers
• Marketing Materials
• Promotions Strategy
• Online Marketing Strategy
• Conversion Strategy
• Joint Ventures & Partnerships
• Referral Strategy
• Strategy for Increasing Transaction Prices
• Retention Strategy
• Financial Projections

If you're truly lost on where to start with a marketing plan, I highly recommend using this guide to help you define your target audience, figure out how to reach them, and ensure that audience becomes loyal customers.

2. Social Media Marketing Plan

This type of plan highlights the channels, tactics, and campaigns you intend to accomplish specifically on social media. A specific subtype is a paid marketing plan, which highlights paid strategies, such as native advertising, PPC, or paid social media promotions.

Shane Snow's Marketing Plan for His Book Dream Team is a great example of a social media marketing plan:

When Shane Snow started promoting his new book, "Dream Team," he knew he had to leverage a data-driven content strategy framework. So, he chose his favorite one: the content strategy waterfall. The content strategy waterfall is defined by Economic Times as a model used to create a system with a linear and sequential approach.

Snow wrote a blog post about how the waterfall‘s content strategy helped him launch his new book successfully. After reading it, you can use his tactics to inform your own marketing plan. More specifically, you’ll learn how he:

• Applied his business objectives to decide which marketing metrics to track.
• Used his ultimate business goal of earning $200,000 in sales or 10,000 purchases to estimate the conversion rate of each stage of his funnel.
• Created buyer personas to figure out which channels his audience would prefer to consume his content.
• Used his average post view on each of his marketing channels to estimate how much content he had to create and how often he had to post on social media.
• Calculated how much earned and paid media could cut down the amount of content he had to create and post.
• Designed his process and workflow, built his team, and assigned members to tasks.
• Analyzed content performance metrics to refine his overall content strategy.

I use Snow's marketing plan to think more creatively about my content promotion and distribution plan. I like that it's linear and builds on the step before it, creating an air-tight strategy that doesn't leave any details out.

3. Content Marketing Plan

This plan could highlight different strategies, tactics, and campaigns in which you'll use content to promote your business or product.

HubSpot's Comprehensive Guide for Content Marketing Strategy is a strong example of a content marketing plan:

At HubSpot, we‘ve built our marketing team from two business school graduates working from a coffee table to a powerhouse of hundreds of employees. Along the way, we’ve learned countless lessons that shaped our current content marketing strategy. So, we decided to illustrate our insights in a blog post to teach marketers how to develop a successful content marketing strategy, regardless of their team's size.

In this comprehensive guide for modern marketers, you'll learn:

• What exactly content marketing is.
• Why your business needs a content marketing strategy.
• Who should lead your content marketing efforts?
• How to structure your content marketing team based on your company's size.
• How to hire the right people for each role on your team.
• What marketing tools and technology you'll need to succeed.
• What type of content your team should create, and which employees should be responsible for creating them.
• The importance of distributing your content through search engines, social media, email, and paid ads.
• And finally, the recommended metrics each of your teams should measure and report to optimize your content marketing program.

This is a fantastic resource for content teams of any size — whether you're a team of one or 100. It includes how to hire and structure a content marketing team, what marketing tools you'll need, what type of content you should create, and even recommends what metrics to track for analyzing campaigns. If you're aiming to establish or boost your online presence, leveraging tools like HubSpot's drag-and-drop website builder can be extremely beneficial. It helps you create a captivating digital footprint that sets the foundation for your content marketing endeavors.

4. New Product Launch Marketing Plan

This will be a roadmap for the strategies and tactics you‘ll implement to promote a new product. And if you’re searching for an example, look no further than Chief Outsiders' Go-To-Market Plan for a New Product :

After reading this plan, you'll learn how to:

• Validate a product
• Write strategic objectives
• Identify your market
• Compile a competitive landscape
• Create a value proposition for a new product
• Consider sales and service in your marketing plan

If you're looking for a marketing plan for a new product, the Chief Outsiders template is a great place to start. Marketing plans for a new product will be more specific because they target one product versus its entire marketing strategy.

5. Growth Marketing Plan

Growth marketing plans use experimentation and data to drive results, like we see in Venture Harbour’s Growth Marketing Plan Template :

Venture Harbour's growth marketing plan is a data-driven and experiment-led alternative to the more traditional marketing plan. Their template has five steps intended for refinement with every test-measure-learn cycle. The five steps are:

• Experiments

I recommend this plan if you want to experiment with different platforms and campaigns. Experimentation always feels risky and unfamiliar, but this plan creates a framework for accountability and strategy.

• Louisville Tourism
• University of Illinois Urbana-Champaign
• Visit Oxnard
• Safe Haven Family Shelter
• Wright County Economic Development
• The Cultural Council of Palm Beach County
• Cabarrus County Convention and Visitors Bureau
• Visit Billings

1. Louisville Tourism

It also divides its target market into growth and seed categories to allow for more focused strategies. For example, the plan recognizes Millennials in Chicago, Atlanta, and Nashville as the core of it's growth market, whereas people in Boston, Austin, and New York represent seed markets where potential growth opportunities exist. Then, the plan outlines objectives and tactics for reaching each market.

Why This Marketing Plan Works

• The plan starts with a letter from the President & CEO of the company, who sets the stage for the plan by providing a high-level preview of the incoming developments for Louisville's tourism industry
• The focus on Louisville as "Bourbon City" effectively leverages its unique cultural and culinary attributes to present a strong brand
• Incorporates a variety of data points from Google Analytics, Arrivalist, and visitor profiles to to define their target audience with a data-informed approach

2. University of Illinois Urbana-Champaign

For example, students who become prospects as freshman and sophomore will receive emails that focus on getting the most out of high school and college prep classes. Once these students become juniors and seniors — thus entering the consideration stage — the emails will focus more on the college application process and other exploratory content.

• The plan incorporates competitive analysis, evaluation surveys, and other research to determine the makeup of its target audience
• The plan lists each marketing program (e.g., direct mail, social media, email etc.) and supplements it with examples on the next page
• Each marketing program has its own objectives, tactics, and KPIs for measuring success

3. Visit Oxnard

This marketing plan by Visit Oxnard, a convention and visitors bureau, is packed with all the information one needs in a marketing plan: target markets, key performance indicators, selling points, personas, marketing tactics by channel, and much more.

It also articulates the organization’s strategic plans for the upcoming fiscal year, especially as it grapples with the aftereffects of the pandemic. Lastly, it has impeccable visual appeal, with color-coded sections and strong branding elements.

• States clear and actionable goals for the coming year
• Includes data and other research that shows how their team made their decisions
• Outlines how the team will measure the success of their plan

4. Safe Haven Family Shelter

This marketing plan by a nonprofit organization is an excellent example to follow if your plan will be presented to internal stakeholders at all levels of your organization. It includes SMART marketing goals , deadlines, action steps, long-term objectives, target audiences, core marketing messages , and metrics.

The plan is detailed, yet scannable. By the end of it, one can walk away with a strong understanding of the organization’s strategic direction for its upcoming marketing efforts.

• Confirms ongoing marketing strategies and objectives while introducing new initiatives
• Uses colors, fonts, and formatting to emphasize key parts of the plan
• Closes with long-term goals, key themes, and other overarching topics to set the stage for the future

5. Wright County Economic Development

Wright County Economic Development’s plan drew our attention because of its simplicity, making it good inspiration for those who’d like to outline their plan in broad strokes without frills or filler.

It includes key information such as marketing partners, goals, initiatives, and costs. The sections are easy to scan and contain plenty of information for those who’d like to dig into the details. Most important, it includes a detailed breakdown of projected costs per marketing initiative — which is critical information to include for upper-level managers and other stakeholders.

• Begins with a quick paragraph stating why the recommended changes are important
• Uses clear graphics and bullet points to emphasize key points
• Includes specific budget data to support decision-making

6. The Cultural Council of Palm Beach County

This marketing plan presentation by a cultural council is a great example of how to effectively use data in your plan, address audiences who are new to the industry, and offer extensive detail into specific marketing strategies.

For instance, an entire slide is dedicated to the county’s cultural tourism trends, and at the beginning of the presentation, the organization explains what an arts and culture agency is in the first place.

That’s a critical piece of information to include for those who might not know. If you’re addressing audiences outside your industry, consider defining terms at the beginning, like this organization did.

• Uses quality design and images to support the goals and priorities in the text
• Separate pages for each big idea or new strategy
• Includes sections for awards and accomplishments to show how the marketing plan supports wider business goals
• Defines strategies and tactics for each channel for easy skimming

7. Cabarrus County Convention & Visitors Bureau

Cabarrus County’s convention and visitors bureau takes a slightly different approach with its marketing plan, formatting it like a magazine for stakeholders to flip through. It offers information on the county’s target audience, channels, goals, KPIs, and public relations strategies and initiatives.

We especially love that the plan includes contact information for the bureau’s staff members, so that it’s easy for stakeholders to contact the appropriate person for a specific query.

• Uses infographics to expand on specific concepts, like how visitors benefit a community
• Highlights the team members responsible for each initiative with a photo to emphasize accountability and community
• Closes with an event calendar for transparency into key dates for events

8. Visit Billings

Visit Billing’s comprehensive marketing plan is like Cabarrus County’s in that it follows a magazine format. With sections for each planned strategy, it offers a wealth of information and depth for internal stakeholders and potential investors.

We especially love its content strategy section, where it details the organization’s prior efforts and current objectives for each content platform.

At the end, it includes strategic goals and budgets — a good move to imitate if your primary audience would not need this information highlighted at the forefront.

• Includes a section on the buyer journey, which offers clarity on the reasoning for marketing plan decisions
• Design includes call-outs for special topics that could impact the marketing audience, such as safety concerns or "staycations"
• Clear headings make it easy to scan this comprehensive report and make note of sections a reader may want to return to for more detail

What is a typical marketing plan?

In my experience, most marketing plans outline the following aspects of a business's marketing:

• Target audience

Each marketing plan should include one or more goals, the path your team will take to meet those goals, and how you plan to measure success.

For example, if I were a tech startup that's launching a new mobile app, my marketing plan would include:

• Target audience or buyer personas for the app
• Outline of how app features meet audience needs
• Competitive analysis
• Goals for conversion funnel and user acquisition
• Marketing strategies and tactics for user acquisition

Featured resource : Free Marketing Plan Template

What should a good marketing plan include?

A good marketing plan will create a clear roadmap for your unique marketing team. This means that the best marketing plan for your business will be distinct to your team and business needs.

That said, most marketing plans will include sections for one or more of the following:

• Clear analysis of the target market
• A detailed description of the product or service
• Strategic marketing mix details (such as product, price, place, promotion)
• Measurable goals with defined timelines

This can help you build the best marketing plan for your business.

A good marketing plan should also include a product or service's unique value proposition, a comprehensive marketing strategy including online and offline channels, and a defined budget.

Featured resource : Value Proposition Templates

What are the most important parts of a marketing plan?

When you‘re planning a road trip, you need a map to help define your route, step-by-step directions, and an estimate of the time it will take to get to your destination. It’s literally how you get there that matters.

Like a road map, a marketing plan is only useful if it helps you get to where you want to go. So, no one part is more than the other.

That said, you can use the list below to make sure that you've added or at least considered each of the following in your marketing plan:

• Marketing goals
• Executive summary
• Target market analysis
• Marketing strategies

What questions should I ask when making a marketing plan?

Questions are a useful tool for when you‘re stuck or want to make sure you’ve included important details.

Try using one or more of these questions as a starting point when you create your marketing plan:

• Who is my target audience?
• What are their needs, motivations, and pain points?
• How does our product or service solve their problems?
• How will I reach and engage them?
• Who are my competitors? Are they direct or indirect competitors?
• What are the unique selling points of my product or service?
• What marketing channels are best for the brand?
• What is our budget and timeline?
• How will I measure the success of marketing efforts?

How much does a marketing plan cost?

Creating a marketing plan is mostly free. But the cost of executing a marketing plan will depend on your specific plan.

Marketing plan costs vary by business, industry, and plan scope. Whether your team handles marketing in-house or hires external consultants can also make a difference. Total costs can range from a few thousand dollars to tens of thousands. This is why most marketing plans will include a budget.

Featured resource : Free Marketing Budget Templates

What is a marketing plan template?

A marketing plan template is a pre-designed structure or framework that helps you outline your marketing plan.

It offers a starting point that you can customize for your specific business needs and goals. For example, our template includes easy-to-edit sections for:

• Business summary
• Business initiatives
• Target market
• Market strategy
• Marketing channels
• Marketing technology

Let’s create a sample plan together, step by step.

Follow along with HubSpot's free Marketing Plan Template .

1. Create an overview or primary objective.

Our business mission is to provide [service, product, solution] to help [audience] reach their [financial, educational, business related] goals without compromising their [your audience’s valuable asset: free time, mental health, budget, etc.]. We want to improve our social media presence while nurturing our relationships with collaborators and clients.

For example, if I wanted to focus on social media growth, my KPIs might look like this:

We want to achieve a minimum of [followers] with an engagement rate of [X] on [social media platform].

The goal is to achieve an increase of [Y] on recurring clients and new meaningful connections outside the platform by the end of the year.

Use the following categories to create a target audience for your campaign.

• Profession:
• Background:
• Pain points:
• Social media platforms that they use:
• Streaming platforms that they prefer:

For more useful strategies, consider creating a buyer persona in our Make My Persona tool .

Our content pillars will be: [X, Y, Z].

Content pillars should be based on topics your audience needs to know. If your ideal clients are female entrepreneurs, then your content pillars can be: marketing, being a woman in business, remote working, and productivity hacks for entrepreneurs.

Then, determine any omissions.

This marketing plan won’t be focusing on the following areas of improvement: [A, B, C].

5. Define your marketing budget.

Our marketing strategy will use a total of [Y] monthly. This will include anything from freelance collaborations to advertising.

6. Identify your competitors.

I like to work through the following questions to clearly indicate who my competitors are:

• Which platforms do they use the most?
• How does their branding differentiate?
• How do they talk to their audiences?
• What valuable assets do customers talk about? And if they are receiving any negative feedback, what is it about?

7. Outline your plan's contributors and their responsibilities.

Create responsible parties for each portion of the plan.

Marketing will manage the content plan, implementation, and community interaction to reach the KPIs.

• Social media manager: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
• Content strategist: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
• Community manager: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]

Sales will follow the line of the marketing work while creating and implementing an outreach strategy.

• Sales strategists: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
• Sales executives: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]

Customer Service will nurture clients’ relationships to ensure that they have what they want. [Hours per week dedicated to the project, responsibilities, team communication requirements, expectations].

Project Managers will track the progress and team communication during the project. [Hours per week dedicated to the project, responsibilities, team communication requirements, expectations].

Get started on your marketing plan.

These marketing plans serve as initial resources to get your content marketing plan started. But, to truly deliver what your audience wants and needs, you'll likely need to test some different ideas out, measure their success, and then refine your goals as you go.

Editor's Note: This post was originally published in April 2019, but was updated for comprehensiveness. This article was written by a human, but our team uses AI in our editorial process. Check out our full disclosure t o learn more about how we use AI.

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

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

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

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

Table of Contents

How to Write a Business Plan

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

Executive Summary

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

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

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

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

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

Overview and Business Objectives

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

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

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

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

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

Company Description

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

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

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

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

Define Your Target Market

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

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

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

Market Analysis

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

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

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

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

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

SWOT Analysis

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

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

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

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

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

Weaknesses:

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

Opportunities:

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

Competitive Analysis

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

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

Example: Key competitors include:

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

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

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

Organization and Management Team

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

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

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

Products and Services Offered

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

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

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

Marketing and Sales Strategy

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

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

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

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

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

Logistics and Operations Plan

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

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

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

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

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

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

Financial Projections Plan

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

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

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

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

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

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

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

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

Income Statement

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

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

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

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

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

Cash Flow Statement

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

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

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

Operating Activities:

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

Investing Activities:

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

Financing Activities:

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

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

Tips on Writing a Business Plan

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

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

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

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

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

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

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

FREE Business Plan Template

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

The template is divided into the following sections:

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

What is a Business Plan?

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

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

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

Why You Should Write a Business Plan

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

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

What are the Different Types of Business Plans?

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

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

Using Business Plan Software

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

1. LivePlan

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

2. Upmetrics

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

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

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

5. Tarkenton GoSmallBiz

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

Business Plan FAQs

What is a good business plan.

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

What are the 3 main purposes of a business plan?

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

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

Can I write a business plan by myself?

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

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

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

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

How long should a business plan be?

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

What is a business plan outline?

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

What are the 5 most common business plan mistakes?

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

What questions should be asked in a business plan?

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

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

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

How is business planning for a nonprofit different?

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

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15 marketing plan examples to inspire your work

Whether you’re a marketer or managing a team of marketers, a marketing plan is essential to keep your department on track. Following a marketing plan ensures your team executes the correct strategy and achieves its goals.

But every business is different, which means every marketing plan is unique. It’s helpful to see marketing plan examples to understand all the different formats and types of marketing plans.

In this guide, we’ll share 15 examples of successful marketing plans to inspire your team to create its next great strategy. We’ll also share best practices and tools to set direction and provide structure for your marketing efforts. At the end of this article, you’ll have a better understanding of how to create the right marketing plan for your organization.

This post will cover:

How to create a marketing plan

• Visit Baton Rouge
• University of Illinois
• Lush Cosmetics
• The Wisconsin Public Library
• Botanical Bounty
• The Palm Beaches, Florida
• The City of West Chicago
• Safe Haven Family Shelter
• Austin, Texas
• Visit Oxnard

Create a strong marketing plan for your business

Adobe can help, marketing plan faq.

Before we look at marketing plan examples, it’s important to understand the foundational concepts of how companies structure their marketing plans.

Every organization is unique, but you can create a marketing plan by first identifying your business goals and establishing the metrics you’ll use to measure results. From there, learn about the customers you’re targeting and conduct competitor research. Then you can organize a team and set a budget before creating the marketing plan.

When it’s time to write the marketing plan, make sure your document includes these seven sections at a minimum:

• Executive summary. This is a high-level overview of your business and the marketing approach you’ll follow.
• Mission statement. Describe your company’s unique selling proposition (USP) and your brand’s purpose.
• Marketing objectives. This section of the plan should focus on marketing-specific goals that will help you achieve your broader business objectives.
• SWOT analysis. Through a SWOT analysis, your team will identify internal strengths and weaknesses and external opportunities and threats.
• Market research. This section of the marketing plan addresses your market, competitors, existing solutions, and target audience.
• Marketing strategy. The marketing strategy part of your plan should detail exactly how you’re going to achieve your marketing goals. Be as specific as possible to make this document valuable to your marketing team.
• Budget. Finally, break down your marketing tactics and assign a budget for each area of your strategy. If your budget changes frequently, set aside a certain percentage of your total budget for each tactic, instead of dollar amounts.

Once you create a marketing plan, you might wonder whether it’s effective or if there’s a better way to structure the plan for your situation. For example, a SaaS business has very different needs than an ecommerce company, so your marketing plan likely needs some level of customization.

If you need more direction, check out marketing plan examples from businesses within your industry or with a similar business model. Learn from these 15 successful marketing plan examples to create an effective plan for your own business.

1. Visit Baton Rouge

Baton Rouge, Louisiana might not be as well-known as New Orleans, but the vibrant city wanted to change that through an ambitious new marketing plan . Not only is the plan organized and easy to follow, but it does a great job of highlighting the needs of its multiple audiences.

For example, its separate personas for “Leisure Travelers” and “Sales/Meetings Travelers” help Baton Rouge create custom marketing journeys based on each persona’s unique expectations. The marketing plan has a fully fleshed-out strategy that includes an event calendar, which gives the marketing team actionable next steps after creating its plan.

2. University of Illinois

In 2021, the University of Illinois set out to boost enrollment. Its Office of Undergraduate Admissions created an in-depth marketing plan with three major sections:

• Section I provides context on the admissions process and knowledge of its target students.
• Section II dives into market research on the current state of admissions and student demographics.
• Section III details the university’s strategic action plan, including success metrics.

The University of Illinois marketing plan is effective because it breaks down the high-level components of its strategy, as well as specific marketing tactics. Instead of aiming for generic goals like “interact with high school students,” the plan indicates specific tactics to make that happen, such as direct mail campaigns, swag, and events.

As this marketing plan example for Sony shows, it’s possible to compose a simple but actionable plan for your team. The plan keeps its introduction, vision, and marketing objectives clean, to-the-point, and easy to read.

This marketing plan does a great job of focusing on pricing as a marketing differentiator. Although you might consider pricing to be a sales or product issue, it can have a direct impact on how customers perceive your business. Specify what your prices will be, how the pricing model works, and why your pricing is a differentiator.

4. Coca-Cola

Marketing plans are usually documented in text, but this isn’t the only way you can share your marketing plan with the team. For example, Coca-Cola created its own video marketing plan in 2020. The video follows the typical format of a written marketing plan, but distills big concepts into easily digestible visuals through the power of video.

This approach is ideal if you need to communicate the contents of your marketing plan to a large group or to marketing-adjacent teams, like sales or product development. It doesn’t hurt that the whiteboard-style cartoon animation draws viewers in to ensure everyone truly understands your marketing strategy.

5. Lush Cosmetics

Lush Cosmetics is a renowned international beauty brand. In anticipation of its expansion into Portugal, Lush created a new marketing plan for customers in this new market.

The Lush in-depth marketing plan touches on several elements, including:

• Specific geographical areas of Lush’s two stores in Portugal, and the unique considerations for shoppers in these areas.
• Physical marketing within Lush stores, including the store and staff direction, as an extension of the marketing team.
• The brand’s unique approach to sensory marketing, which describes precisely how Lush products appeal to all of its shoppers’ senses.

When crafting your own marketing plan, consider adding new sections that are unique to your brand, such as Lush’s section on sensory marketing. This will make the plan more relevant to your business and simplify execution.

6. The Wisconsin Public Library

The Wisconsin Public Library created this no-frills marketing plan example specifically for other organizations to copy and use. Although it’s intended for use by libraries, anyone can access and use the components in this free marketing plan template.

The Wisconsin Public Library marketing plan includes several helpful resources. For example, the “Research Your Audience” section links to resources for conducting audience research, including the United States Census and focus groups.

As with any template, be sure to replace the library’s content with information about your business and market. This marketing plan example doesn’t include a list of marketing tools or media. If that’s important to your company, be sure to create a new section detailing the tools your marketing team will use to execute the strategy.

7. Patagonia

Sometimes it’s difficult for companies to articulate their mission statement. However, every business has a greater purpose. Outdoor brand Patagonia is a great example of how large companies should lead marketing initiatives with a mission statement.

On the Patagonia website , the brand makes its mission statement clear: “We're in business to save our home planet.” This isn’t lip service — Patagonia donates a percentage of its profits to protecting the environment.

Your marketing plan needs to marry your corporate mission statement with direct action. For example, if you’re a B2B brand and your mission is to support small businesses with affordable accounting software, your marketing plan could include interviews with small business owners. Or maybe you could host local get-togethers for small business owners while promoting your brand.

The goal is to blend your mission statement with your marketing tactics in a way that makes it clear your business is truly living out its mission statement.

8. Cyberclick

Cyberclick is a marketing agency based in Barcelona, Spain. As a marketing agency, it knows the importance of understanding its target audience.

In this marketing plan example, Cyberclick creates multiple buyer personas to help it understand customer pain points. For example, it has personas like Bilingual Brandon, Millennial Molly, and Donor Dana to understand the unique traits of its target buyers.

When composing your own marketing strategy, follow Cyberclick’s example by creating in-depth personas that your marketing team will find useful. Your personas should include:

• Demographic information
• Geographic information
• Social media preferences
• Personality
• Personal and professional goals
• Pain points
• Software and tools used

9. Starbucks

Coffee giant Starbucks is famous for its distinctive brand elements. Consumers immediately recognize the hunter-green mermaid logo, but the Starbucks marketing plan doesn’t just revolve around clever branding. If anything, the company’s success comes down to the buyer experience.

In fact, experience is part of the Starbucks marketing plan . The company targets higher-earning professionals who are willing to pay a premium for drinks. Instead of simply serving coffee, its marketing team works with interior designers and architects to create posh spaces that encourage buyers to spend time in the store as a “third place,” which also increases brand engagement and retention.

Your marketing plan should address the experience buyers can expect from your brand. In an age when many businesses compete over customer service and experience, the quality of service you provide can also give you a competitive marketing advantage.

10. Botanical Bounty

Botanical Bounty is an herbal tea and supplement company based out of New York City. In this marketing plan example , the Botanical Bounty executive summary quickly spells out the problem, solution, market overview, competition, and unique selling proposition (USP) for the company. Formatted like a case study, the executive summary is easy to read and does a great job of summarizing the entire report.

Botanical Bounty also highlights specific due dates for its marketing milestones, as well as target metrics for those milestones. Many marketing plans fail to set specific due dates for milestones, but Botanical Bounty holds itself accountable for executing the plan by assigning due dates for each goal.

11. The Palm Beaches, Florida

The Palm Beaches is known for upscale homes and beaches, but the Cultural Council for Palm Beach County wanted to turn the Florida town into more than a beach destination. In its marketing plan , the council lays out its plan to transform The Palm Beaches into a hub for culture and art in a post-COVID environment.

The marketing plan first describes the council’s past successes in 2020 and 2021, which lays the groundwork for the 2022 marketing plan. This is a great way to show a continuation between different marketing plans, especially if your company’s past initiatives feed into this year’s strategies.

12. The City of West Chicago

The City of West Chicago has a rich history, but it’s largely misunderstood by people in the surrounding areas. In an effort to revitalize tourism, the city created a new marketing plan to rebrand itself and promote the area as a travel destination.

If you’re considering a new image or brand for your company, the West Chicago marketing plan is a great example to follow. The plan creates new market segments for the city’s ideal audience, a plan to drive awareness, and a list of strategic partnerships to aid in the rebrand.

13. Safe Haven Family Shelter

Safe Haven Family Shelter is a nonprofit that aids families experiencing homelessness. Its 2022 marketing plan tells the story of Safe Haven while promoting itself as an industry authority.

In this marketing plan example , Safe Haven takes an action-focused approach. Its template aligns objectives and action steps side by side, assigning staff members to each action step. The marketing plan also includes items like an editorial calendar and social media calendar, which its staff use for planning precise messaging that fits the organization’s larger goals.

14. Austin, Texas

Austin, Texas isn’t just the state capital — it’s also considered the live music capital of the world. However, tourism dipped substantially during the pandemic, and the city’s Visit Austin nonprofit responded with an updated marketing plan to attract tourists to the Texas capital.

The Visit Austin marketing plan includes a visual representation of its wins from 2021, which measured the impact of the organization’s work in past years. But this marketing plan truly shines in terms of its market research. Visit Austin not only conducted in-depth research about travelers’ plans to visit Austin, but also visualized this data in an engaging format to boost understanding.

15. Visit Oxnard

Oxnard, California, faced similar challenges with pandemic recovery. Visit Oxnard created a marketing plan to position the city as a destination for both leisure and business.

What’s unique about the Visit Oxnard plan is that it leans heavily into the business side of travel. Its marketing plan includes considerations for business events and meetings, as well as a strategy for attracting film productions as a less expensive alternative to Los Angeles. This is a great example of how marketing plans can introduce new, out-of-the-box positioning and segmentation to take advantage of a gap in the market.

Marketing plans clarify your focus and give marketing teams a solid vision of what they need to do. But not all plans are effective. It’s important to develop a strong marketing plan to give your audience exactly what it needs, as well as make a name for yourself in an increasingly competitive market.

While these 15 marketing plan examples are a great jumping-off point, you might need more guidance on how to create a marketing plan. Check out Adobe’s guide to building a marketing plan to get the most results from your marketing plan. You can also use our marketing plan templates to save time organizing and formatting your marketing plan.

You need a marketing plan to move forward. But then you need to execute your plan, and that’s where things can get complicated.

After investing in a marketing plan, opt for an automation platform to save time and deliver a better user experience. Adobe Marketo Engage helps businesses make sense of complex buying journeys. Build engaging, personalized experiences at scale and prove your impact every step of the way with this all-in-one marketing platform.

Watch the Marketo Engage overview video or take the interactive tour to learn more.

What is a marketing plan?

A marketing plan is a documented strategy for how a business plans to promote itself over a period of time. Organizations use this marketing plan to set goals, learn about their audience, and create marketing campaigns to help the business stand out.

What are some marketing plan examples?

Coca-Cola created a unique marketing plan formatted not as a written document, but as a video. This marketing plan example is a great illustration of how businesses should make their marketing plans as digestible as possible to increase internal adoption and understanding.

What are the elements of a good marketing plan?

Every good marketing plan should include an executive summary, a mission statement, marketing objectives, a SWOT analysis, market research, a marketing strategy, and a budget. Many marketing plans include additional sections as needed, depending on an organization’s goals and strategy.

https://business.adobe.com/blog/basics/digital-marketing-strategy-definition

https://business.adobe.com/blog/basics/strategic-planning

https://business.adobe.com/blog/basics/learn-about-marketing-campaign-management