1 year business plan template

Small Business Trends

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

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.

Table of Contents

How to Write a Business Plan

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.

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.

Overview and Business Objectives

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

Company Description

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.

Define Your Target Market

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

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

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.

Organization and Management Team

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

Marketing and sales strategy.

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.

Logistics and Operations Plan

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.

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.

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.

Cash Flow Statement

Tips on Writing a Business Plan

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.

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.

What is a Business Plan?

Why you should write a business plan, 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:

Using Business Plan Software

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.

Business Plan FAQs

What is a good business plan, what are the 3 main purposes of a business plan, can i write a business plan by myself.

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?

How long should a business plan be, what is a business plan outline, what are the 5 most common business plan mistakes, 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?

How is business planning for a nonprofit different.

How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

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

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

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

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

Download Free

All fields are required.

You're all set!

Click this link to access this resource at any time.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your 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

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

Don't forget to share this post!

Related articles.

How to Calculate Your Lead Generation Goals [Free Calculator]

What Are Direct Costs & How Do They Differ From Indirect Costs?

How to Write a Business Plan: A Step-by-Step Guide [Examples + Template]

9 Handy Business Calculators That’ll Make Your Life Easier

The Definition of CAC [In Under 100 Words]

How to Calculate Next Month's Lead Gen Goal [Quick Tip]

How to Calculate the Value of Your Social Media Followers [CALCULATOR]

A Simple Calculator to Determine Your Monthly Traffic & Leads Goals [Template]

How to Calculate & Track a Leads Goal That Sales Supports

2 Essential Templates For Starting Your Business

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

8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

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

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

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

So, which ones are actually worth using? 

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

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

What to look for in a business plan template

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

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

1. Bplans — A plan with expert guidance

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

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

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

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

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

Brought to you by

Create a professional business plan

Using ai and step-by-step instructions.

Secure funding

Validate ideas

Build a strategy

2. SBA — Introduction to business plans

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

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

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

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

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

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

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

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

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

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

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

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

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

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

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

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

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

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

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

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

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

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

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

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

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

7. Smartsheet — A wide variety of templates

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

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

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

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

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

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

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

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

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

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

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

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

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

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

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

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

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

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

Table of Contents

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

Related Articles

3 Min. Read

11 Key Components of a Business Plan

7 Min. Read

5 Consequences of Skipping a Business Plan

10 Min. Read

Use This Simple Business Plan Outline to Organize Your Plan

6 Min. Read

Business Plan vs Business Model Canvas Explained

The Bplans Newsletter

The Bplans Weekly

Subscribe now for weekly advice and free downloadable resources to help start and grow your business.

We care about your privacy. See our privacy policy .

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

• Product overview
• All features
• App integrations

CAPABILITIES

• project icon Project management
• Project views
• Custom fields
• Status updates
• goal icon Goals and reporting
• Reporting dashboards
• workflow icon Workflows and automation
• portfolio icon Resource management
• Time tracking
• my-task icon Admin and security
• Admin console
• asana-intelligence icon Asana AI
• list icon Personal
• premium icon Starter
• briefcase icon Advanced
• Goal management
• Organizational planning
• Campaign management
• Creative production
• Content calendars
• Marketing strategic planning
• Resource planning
• Project intake
• Product launches
• Employee onboarding
• View all uses arrow-right icon
• Project plans
• Team goals & objectives
• Team continuity
• Meeting agenda
• View all templates arrow-right icon
• Work management resources Discover best practices, watch webinars, get insights
• What's new Learn about the latest and greatest from Asana
• Customer stories See how the world's best organizations drive work innovation with Asana
• Help Center Get lots of tips, tricks, and advice to get the most from Asana
• Asana Academy Sign up for interactive courses and webinars to learn Asana
• Developers Learn more about building apps on the Asana platform
• Community programs Connect with and learn from Asana customers around the world
• Events Find out about upcoming events near you
• Partners Learn more about our partner programs
• Support Need help? Contact the Asana support team
• Asana for nonprofits Get more information on our nonprofit discount program, and apply.

Featured Reads

• Strategic planning |
• Business plan

Business plan template

If you’re looking for a way to start your business off on the right foot, a business plan template can help you establish the foundation for your strategy. Get started in a few clicks with Asana’s free business plan template.

Sign up to use this template.

INTEGRATED FEATURES

Recommended apps.

You’re pumped—you just thought of the greatest business idea ever. You want to get started, but you don’t have a plan laid out. You need a loan to get your idea off the ground, and the bank wants to see an in-depth business plan. We’re here to help.

What is a business plan template?

A business plan template is a framework that helps you solidify your ideas in an organized format. Our free business plan template walks you through how to create a new business from scratch, or re-imagine your existing business in a new market.

What components are included in a business plan template?

Our business plan template covers what an organization wants to achieve within three to five years. By using our template, you’ll have a place to capture all of the major information you need in order to complete your business plan. That includes:

Company description : Information like your executive summary , your company’s mission statement and vision, and your founder’s bio. 

Product and services: A high-level overview of what your company provides, including core products or services. This may also include how your product is developed, any potential screenshots or prototypes of your product, and pricing plans.

Marketing plan: How you plan to bring your product into market at a high level. You can add information like a SWOT analysis , target market research, and brand positioning in this section.

Financial plan: Important financial information such as balance sheets, a break-even analysis, and your cash flow projections. 

Management and organization information: Information on your company’s founders, executive team, and the board of directors.

How to use our free business plan template

Using Asana’s free business plan template is simple. Start by creating a new project with our free template. From there, add relevant information for your specific business plan in the sections provided in our template. If there’s more information you want to include in your business plan, you’re free to add sections, custom fields, or additional tasks to make this template fit your needs.

Integrated features

Goals . Goals in Asana directly connect to the work you’re doing to hit them, making it easy for team members to see what they’re working towards. More often than not, our goals live separate from the work that goes into achieving them. By connecting your team and company goals to the work that supports them, team members have real-time insight and clarity into how their work directly contributes to your team—and company—success. As a result, team members can make better decisions. If necessary, they can identify the projects that support the company’s strategy and prioritize work that delivers measurable results. 

Reporting . Reporting in Asana translates project data into visual charts and digestible graphs. By reporting on work where work lives, you can reduce duplicative work and cut down on unnecessary app switching. And, because all of your team’s work is already in Asana, you can pull data from any project or team to get an accurate picture of what’s happening in one place.

Milestones . Milestones represent important project checkpoints. By setting milestones throughout your project, you can let your team members and project stakeholders know how you’re pacing towards your goal. Use milestones as a chance to celebrate the little wins on the path towards the big project goal. 

Project Overview . Project Overview is your one-stop-shop for all important project context. Give your team a bird’s-eye view of the what, why, and how of your project work. Add a project description to set the tone for how you’ll work together in Asana. Then, share any important resources and context—like meeting details, communication channels, and project briefs—in one place.

Microsoft Teams . With the Microsoft Teams + Asana integration, you can search for and share the information you need without leaving Teams. Easily connect your Teams conversations to actionable items in Asana. Plus, create, assign, and view tasks during a Teams Meeting without needing to switch to your browser.

Slack . Turn ideas, work requests, and action items from Slack into trackable tasks and comments in Asana. Go from quick questions and action items to tasks with assignees and due dates. Easily capture work so requests and to-dos don’t get lost in Slack. 

Google Workplace . Attach files directly to tasks in Asana with the Google Workplace file chooser, which is built into the Asana task pane. Easily attach any My Drive file with just a few clicks.

Gmail . With the Asana for Gmail integration, you can create Asana tasks directly from your Gmail inbox. Any tasks you create from Gmail will automatically include the context from your email, so you never miss a beat. Need to refer to an Asana task while composing an email? Instead of opening Asana, use the Asana for Gmail add-on to simply search for that task directly from your Gmail inbox. 

How do I create a business plan template? .css-i4fobf{-webkit-transition:-webkit-transform 200ms ease-in-out;transition:transform 200ms ease-in-out;-webkit-transform:rotateZ(0);-moz-transform:rotateZ(0);-ms-transform:rotateZ(0);transform:rotateZ(0);}

Instead of taking the time to create a business plan from scratch, start the process off with Asana’s free template.To further customize your template, add evergreen information about your specific business, such as your business model, company name, address, mission statement, value proposition, or target audience. Adding these details to your template lets you avoid documenting this information from scratch every time you create a new business plan.

What components should I include in a business plan template?

Business plan templates typically contain five main sections: a company description, products and services, a marketing plan, basic management and organization information, and your current financial plan.

How long should my business plan be?

Short answer—as long as you need it to be. The long answer is that your business plan should have the answers to specific questions on how your business is run, from the perspective of an investor. The goal of a business plan is to highlight your business strategy for the next three to five years. This means any important operational, financial, and strategic information should be included. 

Related templates

Action plan template

Taking action has never been easier. Learn how to create a reusable action plan template in Asana to take the guesswork out of strategic planning.

Marketing strategy

A marketing strategy template is a useful tool that helps your marketing team achieve their goals. Learn how to create your marketing strategy with Asana.

PEST analysis

A PEST analysis template helps compile info on the external environment affecting your business. Learn how to prevent risk with a PEST analysis template.

Objectives and key results (OKR) template

Learn how to create an OKR template in Asana so you can standardize the goal-setting process for everyone.

Cost benefit analysis template

Digital cost benefit analysis templates are a useful framework to see if a new project or idea is viable. Learn how to create your own in a few simple steps, with Asana.

Nonprofit business plan template

Success doesn’t just happen—it’s planned. Stay focused on your most crucial work with a custom nonprofit business plan template.

Contingency plan

Using a contingency plan template will help you create well-developed strategies to help you protect your business from potential risk. Learn how Asana can help.

Requirements traceability matrix

A requirements traceability matrix template is a tool to help organize project requirements in a concise manner. Learn how to create one for your team.

Creating a digital punch list template can help streamline the final bits of a project for your team. Here’s how to create one.

Go-to-market strategy template

Simplify your GTM strategy with a go-to-market strategy template that aligns teams and keeps work on track. Learn how in Asana.

Project closure template

Endings are important. Create a project closure template to help your team tie up loose ends and finish their projects with confidence.

Project reporting

Stay on top of your project’s performance. Keep everyone on the same page about what’s been completed and where your project is headed.

Product roadmap

What if you could create, share, and update your product roadmap in one place? Everyone could see you’re tackling the right priorities. Start planning your product roadmap with this template.

Program roadmap

Create a program roadmap template and know the exact structure of each program, how they operate, and their future plans—company-wide.

Operational plan template

Learn how Asana’s operations team uses standardized processes to streamline strategic planning—no matter how many stakeholders are involved.

Strategic planning template

When you’re launching a new product, team, or even a new business, strategic planning templates keep you laser-focused and on task.

Annual planning template

Set clear goals and streamline your planning process—so every level of your company is aligned on what’s important.

Competitive analysis template

The more you know about your competitors, the better your strategy will be. Competitive analysis templates use a data-driven approach to see exactly how your business, products, and features compare to your competition.

Crisis management plan

Does your team know what to do during a crisis? Using a crisis management plan template can help keep all your employees on the same page.

SIPOC template

Use your SIPOC template to ensure that the processes outlined in your SIPOC diagrams are consistent and up to your standards.

Small business, big goals

Coming up with your business strategy can be daunting, but Asana helps businesses of all sizes track and hit their goals. See how with a free trial.

Annual Business Planning Template

Written by Dave Lavinsky

What is an Annual Business Plan?

An annual business plan is a document that sets out the goals and objectives for a company over the course of a year. It provides a roadmap for how the business will operate and achieve its desired results. The best business plan template will help guide you in creating a comprehensive annual plan.

Steps to Create an Annual Plan

There are seven steps to creating an annual business plan:

• Define the company’s overall vision and strategy.
• Set specific, measurable goals and objectives for the year.
• Identify the resources needed to achieve these goals.
• Create a timeline for each goal and objective.
• Assign responsibility for each goal and objective to specific individuals or teams.
• Review and revise the plan on a regular basis.
• Each of these steps is important in creating a well-formulated annual plan. Let’s take a closer look at each one.

Defining the Company’s Overall Vision and Strategy

The first step in creating an annual plan is defining the company’s overall vision and strategy. This involves deciding where the company wants to be in the future and outlining the steps needed to get there. It’s important to be realistic in setting these goals and to make sure they are aligned with the company’s overall strategic vision.

Setting Specific, Measurable Goals and Objectives

Once the company’s overarching vision has been defined, it’s time to set specific, measurable goals and objectives for the year. These should be attainable but challenging and should align with the company’s overall strategy. Each goal should have a target date for completion, as well as a specific metric that will be used to measure progress.

Identifying Resources Needed To Achieve Goals

Next, it’s important to identify the resources needed to achieve these goals. This includes everything from manpower and funding, to office space and equipment. It’s also important to assign responsibility for each goal/objective to specific individuals or teams. This helps ensure that everyone is aware of their role in achieving the desired results.

Creating a Timeline

Once goals have been defined and resources have been identified, it’s time to create a timeline for each one. This will help keep everyone on track throughout the year and ensure that tasks are completed in a timely manner. A Gantt chart can be helpful in organizing this information visually.

Assigning Responsibility

Finally, it’s important to assign responsibility for each goal/objective to specific individuals or teams. This helps ensure that everyone is aware of their role in achieving the desired results. By assigning clear responsibilities, tasks can be delegated efficiently and everyone will know who is responsible for what outcomes.

Reviewing and Revising Plan Regularly

It’s important to review and revise your annual plan on a regular basis. This ensures that the goals are still relevant and achievable and that the resources required are still available. It also allows for any necessary adjustments to be made if something isn’t working as planned. A good rule of thumb is to review the plan quarterly or more often if needed.

Parts of the Annual Strategic Plan Template

There are four key parts to the annual plan template:

1. Vision and Strategy

The first step is to define the company’s overall vision and strategy. This will provide a framework for all of the other steps in the process.

2. Goals and Objectives

The next step is to set specific, measurable goals and objectives for the year. These should be aligned with the company’s vision and strategy.

3. Resources

The third step is to identify the resources needed to achieve the goals and objectives. This includes things like budget, staff, and materials.

4. Timeline

The fourth step is to create a timeline for each goal and objective. This will help ensure that everything is completed on time and within budget.

The Importance of a Well-Formulated Annual Strategic Plan

The importance of a well-formulated annual plan cannot be overstated. It provides a clear roadmap for the company’s operations and sets forth a clear vision for its desired results. Additionally, it helps to ensure that all employees are aware of the company’s goals and objectives and are working towards the same end.

The Difference between an Annual Plan and A Company’s Broader Strategic Vision

The difference between an annual business plan and a company’s strategic vision is that the former is more focused on the specific goals and objectives to be achieved over the course of a year, while the latter is more concerned with the company’s long-term direction. An annual business plan lays out a roadmap for the company’s operations over the course of a year and sets specific targets to be met. A company’s strategic plan, on the other hand, is more concerned with the overall direction of the business and its long-term goals.

Ultimately the difference between an annual plan and a company’s broader strategic vision is that the former is more focused on the specific goals and objectives to be achieved over the course of a year, while the latter is more concerned with the company’s long-term direction.

Best Practices for Annual Planning

There are a few key best practices that businesses should keep in mind when planning their annual operations.  

First and foremost, it is important to be realistic about what can be accomplished in a year. Businesses should establish achievable goals and objectives, and then create a plan of action to achieve them. This includes setting timelines and specific tasks that need to be completed in order to reach the goal. 

Another key element of effective annual planning is creating a budget and sticking to it. Budgets help businesses stay accountable and track progress toward their goals. 

In addition, effective annual planning should always include regular review and course correction as needed. Businesses should routinely assess their progress, make necessary adjustments, and ensure they are still on track to meet their goals.

When it comes to business annual planning, there are a few best practices that can help your organization make the most of the process. Here are a few tips to get you started:

•  Set realistic goals. It’s important to set realistic goals for your annual planning process – this way, you’re more likely to achieve them. Be honest with yourself about what’s achievable and what’s not, and make sure your team is on the same page.
• Make a roadmap. Once you’ve set your goals, create a roadmap for how you’ll achieve them. This will help keep everyone on track and ensure that you’re making progress toward your targets.
• Use data to inform your decisions. When making decisions about your annual planning, use data to inform your decisions. This will help you make informed choices based on evidence rather than intuition alone.
• Communicate regularly. Make sure to communicate regularly with your team throughout the annual planning process – this will help keep everyone updated on what’s happening and ensure that everyone is working towards the same goal.
• Celebrate successes along the way. Celebrate successes along the way – this will keep everyone motivated and help ensure that the process is fun as well as productive.

Annual Contingency Plan Example

Sometimes it’s helpful to have a contingency plan or clause in case things don’t go as expected. Below is a sample contingency plan.

“In the event that we are unable to achieve our sales goals for the year, we will implement a number of contingency measures. These measures may include reducing our advertising budget, downsizing our workforce, and suspending operations at certain locations. We will only implement these measures if absolutely necessary and we are confident that they will help us to get back on track.”

Strategic Business Plan Example

Below is an example of a strategic business plan.

“Our long-term goal is to become the leading provider of XYZ products and services in our industry. To achieve this, we will need to increase our market share, expand our operations into new markets, and continue to innovate our product offerings. We are confident that we can achieve these goals and become the industry leader.”

Annual Business Plan Template

Executive summary.

The executive summary is a brief overview of the company’s annual plans while taking into account the company’s broader vision. It should include a description of the company, its products, and services, its marketing and sales strategy, its operations plan, and its financial plan.

Company Overview

The company overview section of the annual planning document should provide a brief history of the company, its mission and vision, and its current status.

Products and Services

This section of the annual plans should describe the company’s products and services in detail. It should also include information on the company’s competitive advantages and any new products or services that will be launched in the coming year.

Marketing Plan

The marketing plan section of the company’s strategy should outline the marketing and sales strategy for the entire organization for the coming year. It should include information on the company’s target market, its branding and positioning strategy, its advertising and promotion budget, and its sales goals.

Operations Plan

The operations plan section of the annual business plan should describe the company’s methods for manufacturing, distribution, and other aspects of its operations. It should also include information on the company’s capacity, its supply chain, and its quality control procedures.

Financial Plan

The financial plan section of the annual business plan should include a summary of the company’s financials, the budgetary approval process, contingency plans, as well as the broader visions and plans for funding and investment.

With regards to financials, you want to include past and projected Income Statements, Balance Sheets, and Cash Flow Statements. Also, if you are seeking external financing, document the amount of funding you need and the key expected uses of these funds.

Annual Goals

When creating your business plan, it’s important to set annual goals and objectives. This will help you track your progress and ensure that you’re on track to reaching your long-term goals. Some things you may want to consider when setting your annual goals include:

• Increasing revenue
• Expanding your customer base
• Improving product or service quality
• Reducing costs
• Developing new products or services
• Enhancing marketing efforts
• Expanding into new markets

One of the most important aspects of any business plan is setting annual goals. These goals should be attainable, yet ambitious, and should help to guide your business in the right direction. Some things you may want to consider when setting your annual goals include increasing sales, expanding your customer base, improving productivity or efficiency, reducing costs, or developing new products or services. Whatever your goals may be, make sure to document them and track your progress throughout the year. This will help you ensure that you are on track to meeting your targets and achieving success for your business.

The appendix of the annual business plan template should include any supporting documentation that is relevant to the plan, such as market research reports, financial projections, and product specifications.

Every company should have an annual business plan. This document helps you track your progress, set goals, plan forward, and make necessary adjustments throughout the year related to key results. Without a business plan, it is difficult to make informed decisions about where to allocate your resources or measure your success. If you need help getting started, we have a great business planning template that can get you on the right track. By following our simple tips and using our template, you can create a comprehensive business plan that will help ensure your success in the coming year. 

How to Finish Your Business Plan Template in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan template?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

How to Write a Business Plan (Plus Examples & Templates)

May 24, 2021

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

80% of businesses fail... Learn how not to.

Learn from business failures and successes in 5 min or less. The stories, frameworks, and tactics that will make you a 10x better founder.

Brandon Boushy

Related articles

How to Sell on eBay: Learn From $360K/Year Seller

How to Sell on eBay for Beginners

• Is It Profitable to Sell on eBay?
• How Old Do You Have to Be to Sell on eBay?
• What Does It Cost to Sell on eBay?
• Who Pays for Shipping?
• What Can I Sell on eBay?

Is It Worth It to Sell on eBay?

How old to sell on ebay, how much does it cost to be a seller on ebay.

How much are eBay final value fees?

• Handling charges
• Shipping service the buyer selects
• Any other applicable fees

How to sell on eBay for free

Who pays for shipping on ebay.

Decide What to Sell on eBay

• Items that show nudity or sexual content
• Historical Artifacts
• Counterfeits
• Medical Equipment
• Prescriptions
• Illegal Products

What Can I S ell on eBay?

• Parts and Accessories
• Consumer Electronics
• Home and Garden

How do beginners sell on eBay?

Want to know more about what sells the most on ebay.

• Pokemon Cards
• Other Collectibles

How to sell Pokemon cards on eBay

• Card Condition
• Other information to help buyers know more about the card.

How to sell shoes on eBay

How to sell books on ebay.

How to sell baseball cards on eBay

How to sell clothes on ebay.

• A title that clearly describes the product
• Front and back pictures
• Sizing information
• Care information
• Materials that the product includes
• Other relevant information

How to sell car on eBay

• Register the VIN with eBay Vin Decoder.
• Is a pre-1980 model.
• Was manufactured outside of North America.
• Was not originally intended for street-legal use.
• Use  Autocheck for eBay . (It’s like CarFax but specifically for eBay sellers.)
• Create your listing. Use this checklist from eBay to make it easier.
• Use an Escrow.com account to give buyers peace of mind between purchase and delivery.
• Accept an offer.
• Deliver the vehicle.
• Request positive feedback.

How much does it cost to sell a car on eBay?

• Monthly Fees : $4.99 to $2,999.95
• Autocheck : $24.99
• Listing Fee : $19 to $79 per car (See what’s included in the table below.)
• Deposit Fee : 2.8%
• International Fee (optional) 1.65%
• Escrow.com Fee : $10 to $890 depending on escrow amount up to $100K.
• Total Potential Fees : $60 to $8,500 assuming the vehicle is under $100K.
• Accurate Shipping Costs : $1,300-$2,000 (Estimated using a car carrier from Las Vegas to New York City. Pricing will vary based on distance, gas prices, and other factors.)

How to Setup eBay Account to Sell

• Go to the eBay Home Page.
• Create an Account. 
• Start a Seller Account.
• Go Through the Guided Tutorial.
• Add Payment and Billing Methods.
• Set Shipping Preferences.

Step 1. Go to the eBay Homepage

Step 2. Create an eBay Account 

Step 3. Start a Seller Account

Step 4. Go Through the Guided Tutorial

The seller hub is the business account portal. first, it will show you how to customize your screen. .

Next, it shows you that you can go to listings from anywhere in the seller's portal.

Next, you can view your messages

eBay Seller Hub overview

Seller hub row 1.

• Get Started : This section includes a New Business Seller Guide , Subscription Options, New Listings Video, Listings Best Practices , and other useful resources.
• Tasks : This section starts empty and adds tasks as you need to do something.
• Sales : This section shows how much you’ve made in the last 7 days, 31 days, and 90 days.

Seller Hub Row 2

• Orders : This section includes orders that need to be shipped, returns, cancellation, ones waiting for payment, orders waiting for feedback, and orders that can count as combined purchases.
• Listings : Create listings, and view active listings, scheduled listings, and unsold closed listings.
• Traffic : Learn how many people are seeing your listing, clicking on it (clickthrough rate), viewing the page, and the percent of page views that result in sales (conversions).

Seller Hub Row 3 

• Seller Level : You can be top-rated, above average, and below standard. Once you reach top-rated or top-rated plus, you’ll have an easier time competing against other sellers. We’ll talk about how to become top-rated later in the blog.
• eBay Academy: This is critical because an established seller can get lazy. Both top and new sellers should continue to learn how to sell stuff on eBay faster.
• Feedback : Buying and selling on eBay requires trust. That’s why reviews matter. You want to pay attention to your reviews because they impact how your items are displayed in comparison to other sellers. Make sure to provide feedback to your buyers and respond to any feedback you are given.

Seller Hub Row 4 

[su_youtube url="https://youtu.be/dg7waxxg0ce"].

• Research : Learn which products sell better on eBay using TeraPeak .
• Shortcuts : These are just useful links for people selling items on eBay.
• Selling Tools : Integrate eBay with other programs like Quickbooks, eBay Seller Capital , and automate your responses.

Seller Hub Row 5

• Announcements : You’ll find updates from eBay to let you know what they have released.
• Promotional Offers : You’ll find special promotions eBay is offering. At the time of writing, they offered 200 listings without insertion fees.
• Monthly Limits (Account Summary): (This section might be labeled with either title.) It summarizes how many more listings you have under your plan.

Step 5. Add Payment and Billing Methods

• Personal bank account
• Business checking account
• Paypal account
• Credit card
• Debit card 

Step 6. Set Up Your Shipping Preferences

• Enroll in the Global Shipping Program : Over 50% of eBay sales are to overseas customers, so you’ll probably want to join it.
• Exclude Shipping Locations : You can choose to limit potential buyers based on the continent, region, or country. 
• Create Shipping Rate Tables : Create default rates to charge when a product is purchased.
• Offer Other Shipping Options : Use calculated shipping, combined payments, flat shipping rates, and other shipping options. 

Find Items You’ll Be Selling on eBay

• Thrift stores
• Garage sales
• NextDoor Free Finds

Tools to Estimate eBay Sales Price

Create Product Photos

• Use a product photography box like the one below.
• Use a background removal tool. 

How to Post on eBay

• Explain What You’re Selling.
• Add Pictures.
• Add the Title.
• Set the Item Category.
• Provide Additional Details.
• Describe the Condition of the Product.
• Provide the Description of the Product.
• Set Pricing.
• Set Shipping Rates.
• Set Preferences.

Step 1. Explain What You Are Selling

Step 2. Add Pictures

• A minimum of a single image per listing.
• Keep sizing at least 500 pixels on the long side and less than 12,000 pixels calculated using height plus width.
• Images must be JPG (all but GIF convert to JPG), BMP, GIF, TIF, or PNG no more than 12 MB file size. Just save a JPG quality 90+ and save space on your computer or phone.
• Do not add borders to images.
• Do not add text or artwork to pictures.
• eBay catalog stock photos cannot be the primary photo for a used item. Books, movies, or video games are exceptions.

Some pictures don’t work right on eBay

• GIF87 format : These will not show at all.
• TIFs with transparent background : This format might result in a black image.
• CMYK color : You’ll need to convert to RGB. eBay suggests using  cmyk2rgb.com to convert your photos.
• PNG : eBay converts transparencies to a white background and saves them as JPG. 

Review the eBay App Picture Links

• Adding Images to Listings : eBay explains how to add photos and use the background removal tool to create white images.
• Photo Tips : Learn how to take photos to make selling on eBay easier.
• Photos must accurately represent the item.
• Placeholder images are not allowed.
• Used, damaged, and broken items must be accurately represented.
• Do not add any text, callouts, or other items to the photos. Only include the item or items for sale.
• Use a product photography box.
• Use Canva background removal tool. It works way better.

Step 3. Add an Item Title to Your eBay Store Store Listing

• Bold Titles : $2.00
• Subtitle : $1.50 for up to 55 characters
• Custom Label or SKU: Free. (Make it easy to track orders and packages with SKUs up to 50 characters.)

Step 4. Set the Product Category

Step 5. provide additional details.

Step 6. Describe Condition of Product

Step 7. Describe Product

Step 8. set pricing.

• Auction Format
• Buy It Now Listings 

Auction Style Listings

• Duration : You can choose three, five, seven, or 10 days.
• Starting Bid: Set the starting price as low as one cent. The lower the opening bid, the better odds of creating a multi-bidder battle that can create extremely profitable products. While writing this section, the auction with the most bids started at 99 cents and has seven bidders competing for a competitive price that is currently around $75 dollars.
• Buy It Now Option: You can set a price where people can bypass the auction, but it needs to be 30% over the starting bid. If you have a reserve price, make sure the “Buy It Now” function is above the reserve price.
• Reserve Price: You can set a price that the auction must exceed. You have to pay a 7.5% fee to enable a reserve price, but it minimizes your losses if demand isn’t there for the product.
• Allow Offers: People can choose to send you an offer and you can auto-accept, accept, counter, or reject the offer. 
• Schedule Listing : Set a specific time and date for the listing to begin.
• Sell as Lot : Sell multiple items together. If you have multiple items you think buyers will want collectively, you can include them in a single listing to stay under your monthly selling limits. (The free plan is 250 listings per month and $20,000 starting off). This is helpful for sellers with lots of products.
• Autorelist Checkbox: If you have listings that don’t sell during the auction period, you can use this feature to relist them up to eight times. Be careful with this. It can eat profit really quickly.
• Private Listing: Some buyers may not want everyone to see what they buy with their personal account. This checkbox lets them bid without showing who they are to the public.

Buy It Now (Fixed Price) Listings

Step 9. Set Shipping Rates

• Standard Shipping
• Local Pickup Only

eBay Standard Shipping Options

Domestic Standard Shipping on eBay

Ebay international shipping.

• Pack the product in your packaging.
• Attach the shipping label.
• Mail the package to eBay’s global shipper. 
• Global shippers handle the international portion of the shipping.
• Provide free domestic shipping.
• Handle the order in a same-day or one-day time frame.
• Meet the sizing and value limitation.

eBay Shipping Freight 

eBay Local Pickup Only

Step 10. Set Preferences

• Payment Types : There are four options for a payment method.
• Returns : You can choose to accept or reject returns for domestic and international customers.
• Item Location : If people want search results near them, they’ll want to be able to see where the product is located.

Automatic Payment Methods

• Credit card 
• eBay gift card, voucher, or bucks
• PayPal account
• PayPal credit
• Pay upon pickup
• Spendable Funds
• Wire transfer for select eBay categories 

Additional Payment Options

• Bank account transfers (bank cash transfers or bank wire transfers)
• Cash on pickup
• Money orders

Step 11. List it!

How much can you sell on eBay before you pay taxes?

How to sell on ebay successfully, how much does it cost to be a seller on ebay, how to use my ebay garage.

How to increase sell limit on eBay?

• Get great feedback. (Free)
• Request a higher limit. (Free)
• Upgrade your plan. (Increased monthly fees)

How to sell on eBay without PayPal?

How to sell multiple items on ebay.

Did We Succeed at Showing You How to Sell on eBay?

Turnkey Business: The Ultimate Guide (2024)

Have you ever wondered how buying a turnkey business works?

A turnkey business is one that you buy and hit the ground running right away. You’ll have everything you need from the get-go, except for maybe customers. These businesses take out a lot of the guesswork so you can start making money faster.

We’ll help you understand turnkey businesses, some of the best types, and how to buy them.

[su_note note_color="#dbeafc"]Click on any of the links below to jump straight to the section that interests you, or just continue reading.

What is a turnkey business?

Turnkey online businesses, turnkey restaurants, private-label business credit, turnkey construction projects, turnkey franchises, what does turnkey mean in real estate, find turnkey business opportunities, research the business’s financial scenario, negotiate the purchase price, submit a letter of intent, perform due diligence, fund the purchase of the existing business model, start turnkey operations.

• What turnkey business do you like? [/su_note]

A turnkey business is ready to operate immediately after purchase. The term "turnkey" comes from when all businesses had physical locations and the buyer could unlock the door and start making money.

Turnkey businesses operate with a proven business model and already have the products and services to sell. This skips many of the cash flow challenges of the startup phase when you start a business from scratch. The buyer benefits from existing revenue streams and well-established relationships.

Next, we’ll talk about some of the best turnkey business opportunities.

Best Turnkey Businesses

When you’re looking to buy a turnkey business, there are numerous established business models, including:

• Turnkey online businesses
• Turnkey restaurant opportunities
• Private-label business credit
• Turnkey construction
• Turnkey franchises opportunities
• Turnkey real estate businesses

A turnkey online business will be comprised of the following:

• Marketing materials
• Apps and integrations
• Standard operating procedures (SOPs)

Some common online businesses for sale include turnkey dropshipping stores, turnkey eCommerce stores, and Amazon FBA selling accounts. You can find sellers that consistently build these kinds of stores, grow the revenue to $3K per month, and then sell it for up to $150K.

Turnkey business opportunities in the restaurant industry allow you to save time because you don’t have to invest in the build-out of the restaurant or develop a menu.

That doesn’t mean the established customer base will be as big as you want. Most proven business models sell for reasons like retirement or if the business model isn’t working in that location. One reason is good, while the other could mean you’re buying a money pit.

A turnkey business opportunity that focuses on private-label business credit is similar to an affiliate program , but instead of earning a commission for each customer, you’re paying a monthly fee to earn the commission.

These businesses pay to brand another company’s products as their own. The products, in this case, are business financing and credit-building services.

Construction businesses often offer turnkey projects.

Turnkey projects are contracts where the future owner makes a builder responsible for designing and constructing a house, warehouse, or other structure. All the builder is given are the budget, timeline, and needs. Then the turnkey project manager carries out:

• Engineering
• Installation of equipment
• Handoff of the building

As a business owner, these types of turnkey business opportunities may be high risk because the existing business may not have been able to complete the project. You may be able to fulfill the expectations if you can negotiate a favorable price for the established business assets.

A turnkey franchise is a franchise that provides everything you need to run the business. Many restaurant franchises are turnkey because all the suppliers, systems, and other necessary items to run the business are put in place for you. All you have to do is hire employees and manage the franchise.

Real estate investments can be turnkey if they do not require renovations for the new owner to start making money. Some opportunities in real estate that are turnkey businesses include:

• Property management company: Given you don’t own the buildings you are managing, you won’t have to repair buildings except if your clients’ properties need repairs.
• Turnkey properties: Apartment complexes with tenants, homes that have been remodeled, and other properties that do not need current repairs are turnkey businesses.

How to Buy a Turnkey Business

The process of buying a turnkey business varies depending on the business model they are using. A financial expert can provide you with the best advice before you purchase a turnkey business.

In general, buying turnkey businesses requires you to:

• Find turnkey business opportunities.
• Research the business’s financial scenario.
• Negotiate the purchase price.
• Submit a letter of intent.
• Perform due diligence.
• Fund the purchase of the existing business model.
• Start turnkey operations.

Let’s start by discussing how to find turnkey businesses for sale.

You can find turnkey businesses for sale by searching terms like:

• Turnkey (or turn key) business for sale
• Business opportunities for sale
• Turnkey (or turn key) online business for sale
• Turnkey (or turn key) business for sale near me

You’ll want to find the right turnkey business by asking questions like:

• Is it a profitable business?
• What is the initial investment?
• Does the company have brand recognition?
• Is it an independent business or a franchise model?
• How big is the pre-existing customer base?

Check out our blog about questions to ask when buying an existing business or how to buy a franchise .

You want to verify that the turnkey business is actually a successful business with a proven track record. Given a turnkey business can be either an independent business, a franchise, or a white-label offering, let’s discuss each separately.

Existing Business Financials

You’ll have to request the information directly from the business owner. This may pose difficulties because the financial records might not be in good order. They might also try to hide financials that would hurt valuation.

Franchise Business Financials

Franchise opportunities have more disclosure requirements. Franchise owners are required to disclose their financials in Item 19 of the Franchise Disclosure Document.

These businesses will have ongoing franchise fees you’ll need to understand. There are likely additional requirements you’ll need to meet to become a franchisee.

These turnkey businesses may not have been profitable for the previous owner, so establish why they are trying to exit an established brand with proven success.

White-Label Business Financials

Most turnkey businesses that offer white-label marketing will be ones with lots of direct sales. As a new business owner, look at the costs to begin operations, the ongoing costs and support, as well as the products you’ll be selling.

Many online turnkey businesses are in industries like software or marketing.

Next, let’s look at how to negotiate how much you’ll pay for the turnkey business.

Turnkey businesses can be valued in many ways. Learn some of the different ways to value a business .

Independent businesses will provide you with the most negotiating power. Meanwhile, turnkey franchises might allow the current owner to negotiate the price, but they require approval. Many white-label providers will not negotiate with their customer base because the entire process is automated.

Next, you’ll want to submit a letter of intent for the turnkey operation. Your letter of intent should include:

• The Buyer: This is the person or entity buying the turnkey business.
• The Seller: This is the person or entity selling the turnkey business.
• The Business: Make sure to use the legal business name.
• Purchase Price: This is the price you will pay for the business
• Real Estate: This section will document the location, legal description, and purchase price.
• Financing Clause: This is to protect the deal if the buyer is unable to fund the purchase.
• Binding Effect: The laws binding the agreement go in this section.
• Bank Accounts: This section outlines how bank accounts should be handled when the turnkey operation is turned over.
• Formal Agreement Disclaimer: Include a clause that this is not a formal purchase agreement.
• Seller’s Conduct: This is a clause to prevent the turnkey business’s built-in customer base from being damaged until the day-to-day operations are transferred.
• Closing: These terms detail how the closing will be handled.
• Closing Costs: This details how the terms of purchasing the turnkey business work.
• Termination: This specifies when the offer expires.
• Access to Information: Include a clause requiring access to any and all information about the turnkey business.
• Return of Materials: Terms where the buyer does not keep the business’s data if the purchase isn’t completed.
• Conditions: This is a list of all conditions that should be met for the turnkey company to exchange hands. This includes the necessary equipment, marketing campaigns, ongoing support, ongoing fees, and any other requirements to maintain the proven model.
• Confidentiality: Include terms dictating what you can and cannot disclose.
• Good Faith Negotiations: This clause dictates that both parties should act in the best interest of completing the deal.
• Exclusive Opportunity: This clause prevents the current owners from trying to sell the turnkey business to other people while the agreement is in effect.
• Standstill Agreement: The current owner will not attempt to sell or change any portion of the turnkey business.
• Currency: Explain what currency the business will be bought with. Most will be USD, but there may be a chance to purchase with stock, crypto, or other forms of exchange.
• Governing Law: Define the state or country that the contract to buy a turnkey business will be governed under.
• Severability: Include a clause preventing the whole contract from expiring due to an unenforceable clause.
• Counterparts and Electronic Means: This is a clause to allow electronic signature of the document.
• Signature Lines: Of course, you need places for the buyer and seller to sign and date the transfer of ownership for the turnkey business.

You’ll want to have an experienced lawyer provide support for the creation of the letter of intent.

Due diligence is the process of establishing whether the turnkey business has everything you need to be a reasonable investment. When validating that the turnkey business is an acceptable investment, you’ll need to get all documents including:

1. Legal documents 2. Financial information 3. Physical assets 4. Real estate 5. Intellectual property 6. Employee documentation 7. Licenses and permits 8. Environmental issues

9. Taxes 10. Supplier contracts 11. Products and services 12. Customer information 13. Litigation 14. Insurance policies 15. Professionals the company works with 16. All publications the company owns

Check out Score’s due diligence checklist before becoming a new owner of any turnkey business.

You’ve established you want a new business interest in a company, but turnkey businesses have to be paid for. Luckily, there are a variety of ways to get financing.

You can become your own boss by:

• Getting business loans: You can use equipment, cash flow, and inventory to help fund purchasing the business.
• Borrowing from family: Friends and family can help you fund your business purchase.
• Seller financing: Owner financing is when you buy turnkey businesses and pay the previous owner as you go. Check out our blog about how to buy businesses without money to learn more.

Once they’ve handed the keys over to the turnkey business, it’s time to take over business operations. You might want to look at how other businesses operate to grow your business .

What turnkey business do you like?

At this point, you should understand the meaning of “turnkey business,” have some ideas for a turnkey business online and in the real world, and know how to buy a turnkey business.

What turnkey businesses do you like?

520 Candle Company Names (for 2024)

Candle company names are one of the core ways people recognize a candle brand. That’s why you have to find the best candle business names for your candle business.

There are two main naming conventions you need to think about when you start your own candle company:

• Candle business name ideas
• Names for candles or scents

[su_note note_color="#dbeafc"] We’ll discuss both of these types of candle company names to help you find an idea that works for you. You can jump to any of the sections by clicking the links below.

50 Candle Business Name Ideas

50 candle company name ideas, 48 luxury candle business names, 50 catchy names for candle business, 46 unique candle business names, 78 names for candle businesses, 52 unique candle names, 46 funny candle company names, 50 scent name ideas, 50 scented candle names.

• What to Do After Choosing a Candle Company Name [/su_note]

Create a name that sets you apart and is something you’ll want to stick with for the long haul. There are many different types of names you can go with, but your candle business name should be true to your shop and what your offering is. What do you want people to think of when they hear your name?

1. Wick-edly Scent-sational 2. Whispering Wick 3. Glow and Behold Candles 4. Moonbeam & Ember 5. Wax Poetic Candles 6. The Fragrant Alchemist 7. Bright and Bubbly Candles 8. Candlelight Sanctuary 9. Flicker of Joy Candles 10. Enchanted Aroma 11. Scent-sational Serenity Candles 12. Glow Getter Candles 13. A Scentsational Journey 14. Waxing Euphoria Candles 15. Wildflower Glow Co. 16. Flame and Fortune Candles 17. Kissed by Fragrance 18. Twinkle in Time Candles 19. The Gilded Wick 20. Gleeful Glow Candles 21. The Cozy Candle Co. 22. Waxen Whimsy Candles 23. Flame & Fortune 24. Blissful Beams Candles 25. The Luminous Muse

26. Flame Frolics Candles 27. Waxing Poetic 28. Candlelit Capers Candles 29. Scentual Escape 30. Waxen Whoopee Candles 31. Mystic Bazaar 32. Lustrous Laughs Candles 33. Whisper of Aroma 34. Soothing Smiles Candles 35. Emberglow Lights 36. Dazzling Delights Candles 37. Moonlight & Jasmine 38. Twilight Titters Candles 39. Serene Flame 40. Luminary Larks Candles 41. The Unforgettable Flame 42. Radiant Revels Candles 43. The Scentualist 44. Luminous Larks Candles 45. Candleabra Tales 46. Wick Winks Candles 47. Bliss & Bloom 48. Gleaming Guffaws Candles 49. Enchanted Fireside 50. Wick Wit

Pro Tip: Make sure your candle business name sounds appealing and memorable. You want your customers to remember where to go when they need more fabulous scents.

Short or long, your name should tell the story of what your shop offers, who you are, where you’re from, or what kind of experience customers will have when they shop with you. Online or brick and mortar, your name is the first thing they’ll see and hopefully something they’ll remember.

1. Candle Sense 2. Glistening Glow Candle Creations 3. Wax and Relax 4. Waxen Wonderlands Candle Co. 5. Candle Magic 6. Flame Fables Candles 7. Glow and Grow 8. Illuminated Illusions Co. 9. Candle Delight 10. Luminous Lullabies Candles 11. Spark and Scent 12. Wick Wonders Candle Co. 13. Wax Art

14. Glistening Gardens Candles 15. Candle Lab 16. Candlelit Canopies Candles 17. Glow Time 18. Waxen Waterfalls Candles 19. Wax and Glow 20. Lustrous Lagoons Candles 21. Candle Dream 22. Twilight Truffles Candles 23. Spark and Splendor 24. Glowing Groves Candles 25. Wax Appeal

Pro Tip: Your business name will last the length of the business, unless you decide to change your DBA (doing business as name) or update your brand entirely. Make sure you love your name. Don’t settle for “okay”—you should love it!

Luxury candle business names can bring you high-end, bougie buyers who are willing to spend more money because your shop has the “wow factor.”

Consider some of these luxurious candle business name ideas perfect for selling expensive aromatherapy candles, scented candles, or even beeswax candles.

1. Aroma Path 2. Ember & Co. 3. Glow & Co. 4. Gilded Wick Candle Co. 5. Aroma Bloom 6. Moonlight Sonata 7. Zenith Candles 8. Amethyst Flame 9. Glow Haven 10. Silk & Sillage 11. Spark & Scent 12. Emberlight Alchemy 13. Lumena Ignite 14. Velvet Wick 15. Scent Fusion 16. Moonstone Muse 17. Pheroma Memento 18. Whispering Embers 19. Flame Fest 20. Starlight Sanctuary 21. Petal Glow 22. Opulent Glow 23. Scent Sation 24. Golden Nectar

25. Luxe Light 26. Clandestine Embers 27. Flame Bright 28. Seraph's Sconce 29. Zodiac Flames 30. Damask & Dusk Candle Co. 31. Glow Makers 32. Emberlit Soiree 33. Moonstone Candles 34. Whispers of Oud 35. Celestial Scents 36. Gilded Alchemy 37. Eco Flame 38. Starlit Lace Candle Co. 39. Glow & Grow 40. Velvet & Ember 41. Pure Illuminate 42. Luminous Indigo 43. Gilded Haven 44. Seraphim's Ember 45. Luxe Luminance Candle Co. 46. Enchanted Candle Company 47. Custom Candles by Coco 48. The Candle Maker

Pro Tip: Who is your target customer? A good luxury candle business name can help you to target a higher-paying demographic. It’s more appealing to those who have the money to spend. Regardless of whether you will have an Etsy store, Shopify site, or brick-and-mortar store, you need to identify your target customer before you finalize a name.

Make your candle business name sticky…so buyers come back time and again. Using catchy phrases or sayings can really help keep your name top of mind.

1. Wick’d Wonders Candles 2. Soy Much Fun Soy Wax Candles 3. Radiant Flames 4. Waxing Poetic 5. Fabulous Flame Candle Co. 6. Flick Candles 7. Aromatic Artistry 8. The Flickering Flamingo 9. The Illuminated Co. 10. Scentsational Shenanigans 11. Soothing Scentsations 12. Litty & Witty Candles 13. The Candle Connoisseur 14. The Wacky Wickery 15. Illuminated Atelier 16. Candle Capers 17. Candle Conservatory 18. Grin & Glow Candles 19. Illuminated Gallery 20. Laughing Flames Candle Company 21. Candle Emporium Co. 22. Flame On, Funny Bone 23. Candle Artisan Co. 24. The Illuminaughty 25. Illuminated Haven

26. Scents & Sensibility 27. Heavenly Candle Co 28. Wickid Good Scents 29. Scented Studio Co. 30. Wax On, Wax Off 31. Candle Artistry Studio 32. The Melty Misfits Candle Company 33. Illuminated Studio Candles 34. Wickology 101 35. The Scented Atelier 36. Wax Flame Candy Candle 37. Candleabracadabra 38. Illuminated Boutique 39. Sniff & Giggle Candle Co. 40. Candle Emporium Studio 41. Wick It or Quit It Candle Company 42. Illuminated Suite 43. Glow-rious Meetings 44. Scented Emporium Candle Company 45. The Illuminating Co. 46. Scent-sational Humor 47. Lights All the Way Candle Co. 48. Waxing Lyrical 49. Cute Candles, Inc. 50. Love & Life Candles

Pro Tip: What’s your favorite commercial? Is it funny and catchy? It’s obviously memorable! The catchier the name, the better. You want to be remembered—just like that commercial that came to mind for you—even if a customer has lost your web address, can’t find an emailed receipt, and no longer has their candle jar.

What differentiates you from your competitors? Use those identifying factors when selecting your unique business name. You don’t want to sound like everyone else—you want your business name to be descriptive of who you are.

1. Candlelight Glow 2. Candle With Care 3. The Wick & Flame 4. Light My Fire 5. Waxing Poetic 6. Melt Your Heart 7. Sisters’ Soap & Candle Co. 8. Illuminate Creations 9. Glow and Tell Candle Company 10. Scentimental Memories 11. Candle in the Wind 12. Flaming Inspirations 13. Spark Joy Candle Company 14. The Candle Cove 15. Candle Crush 16. The Candle Lab 17. Glow Getter 18. Luminous Expressions 19. Scent From Heaven 20. The Candle Parlour 21. Candle Me Crazy 22. Flicker & Flame Candle Company 23. Ember & Muse

24. The Candle Bar 25. Flicker & Fable 26. The Aromatic Hearth 27. The Hushed Flame 28. The Candle Aisle 29. The Wax Alchemist Candle Company 30. The Candle Cottage 31. Cozy Flicker Co. 32. The Wickery 33. The Candle Conjurer 34. The Candelier 35. The Wandering Wick 36. Scented Wick 37. Flickering Folklore Candle Company 38. Whispers of Flame 39. Candlelight Concoctions 40. The Wickery Embers 41. The Wick Weaver 42. The Flickering Phoenix 43. Aromasmith & Co. 44. Emberlight Alchemy Candle Company 45. My Gentle Glow 46. Sillage Muse

Pro Tip: This is one time when you don’t want to follow the crowd. Be unique so you aren’t battling over a URL and 50 other eCommerce sites with a similar name.

Candle company names can be one or more words, and if you’re in doubt, add the word Candles , Company , or Shop to the end, and Bam! you have a business name!

1. Wick & Whimsy 2. Ember & Oak Co. 3. Radiant Flames 4. Luminescence Atelier 5. The Candle Collective 6. Candlemaker Scents & Pours 7. Wick & Wander Shop 8. The Candle Connoisseur 9. The Wax Emporium 10. Candle Artisan 11. The Gilded Flame Co. 12. The Illuminated Atelier 13. Moonlit Glow LLC 14. The Scented Salon 15. Whisper & Wisp Atelier 16. The Candle Artistry Co. 17. Cinder & Co. 18. The Candle Emporium Co. 19. The Flickering Muse Shop 20. Illuminated Haven Candle Co. 21. The Dancing Ember Atelier 22. The Scented Atelier 23. Nocturne Lumens Shop 24. The Candle Emporium Studio 25. The Alchemist's Candle Co. 26. The Scented Workshop 27. The Glimmering Grotto Shop 28. The Candle Conservatory StudioEmberlight 29. Apothecary Co. 30. The Scented Emporium Candle Company 31. Candlewick & Co. 32. Primitive Candle Company 33. The Flickering Lantern Emporium 34. Pure Light Candle Studios 35. Moonlit Muse Atelier 36. Fragrant Jewels Candle Company 37. The Candle Whisperer, LLC 38. Heaven Scent 39. Aurora Lumens Atelier

40. KC Candle Company 41. The Dancing Flame Emporium 42. Candleberry Studios 43. Candlewick & Whisper Shop 44. Darling Candles 45. Luminescence Alchemy Atelier 46. Enchanted Candle Atelier 47. The Glimmering Path 48. Homefront Candles House 49. Candle in the Wind Emporium 50. Berry Candles 51. Light My Fire, LLC 52. Decorative Candles 53. Scent of a Woman Atelier 54. Flaming Candle Co 55. Burn, Baby Burn Company 56. Country Candle Company 57. Rainbow Earth Gifts 58. Flame of Love Co. 59. None of Your Beeswax 60. Scents and Sensibility Atelier 61. Luxury Candles Co 62. Fire and Ice Co. 63. Scents Illuminated Candle Company 64. Scent From Heaven Atelier 65. Glorious Candles 66. Wick It Shop 67. The Candle Guy 68. Firefly Co. 69. Warwick Candles 70. Candle Magic, LLC 71. Ceremony Dreams Co. 72. Scent of the Sea Atelier 73. Fire Starter Co. 74. Candle Therapy, LLC 75. Wick and Mortar Shop 76. Mickey’s Creative Candles 77. Candleberry Candle Company 78. San Francisco Candle Making Collective

Pro Tip: Are you an LLC, S-Corp, or Sole Proprietorship? If you are an incorporation, you can include that in your name. For example, [Your Candle Business Name], LLC.

If you’d want to eat it, make it, or serve it, it’s likely a good name for a candle. Especially if it’s a dessert, drink, or fruit-scented candle.

1. Almond Bark Chocolate 2. Bergamot Delight 3. Blueberries and Whipped Cream 4. Brown Sugar Sizzle 5. Buttercream Sausage 6. Toasted Campfire 7. Caramel Coffee Cookie 8. Musky Cedarwood 9. Chamomile Snooze 10. Chocolate Chip Pancakes 11. Clementine Orange Zest 12. Clove Spice Warmth 13. Cotton Candy Fantasy 14. Cucumber Melon Splash 15. Fig and Olive 16. Frangipani Tropical Flower 17. Just Cut Suburban Lawn 18. Gardenia White Blossom 19. Ginger Lime Fizz 20. Green Tea Jasmine 21. Hyacinth Spring Breeze 22. Key Lime Pie 23. Kiwi Strawberry Smoothie 24. Fragrant Jewels, Heaven Scent 25. Lavender Lemonade Relax 26. Macaron Sweet Treat

27. Magnolia Pink Petal 28. Marshmallow Vanilla Fluff 29. Mint Chocolate Chip 30. Mistletoe Holiday Cheer 31. Nutmeg Spice Cake 32. Oatmeal Double Raisin Cookie 33. Orange Blossom Citrus + Sea Salt 34. Patchouli Earth 35. Peach Cobbler Yum 36. Peony Floral Bouquet 37. Pina Colada Vacation 38. Plum Wine Sangria 39. Popcorn Movie Night 40. Rain Fresh Clean 41. Red Velvet Cupcake 42. Salted Caramel Swirl 43. Smoky Quartz Crystal 44. Sunflower Sunny Day 45. Toasted Marshmallow Cozy 46. Toffee Nut Crunch 47. Vanilla Orchid Exotic 48. Vetiver Woody Aroma 49. Violet Purple Passion 50. Waffle Breakfast Time 51. Walnut Brownie Delish 52. The Woodland Homestead

Pro Tip: Name your candle scents something fun and unique. If you’re an online retailer, the customer will rely on your naming conventions to decide if they’ll like the smell of the candle. So, be unique and descriptive!

Customers will appreciate your sense of humor and know they can expect good-natured customer service when you use a funny candle company name.

1. Wickety Wacky Wonders 2. Light My Fire 3. Scents So Silly, They're Snort-Worthy 4. The Aromatherapy Absurdity Co. 5. The Illuminated Improbability Shop 6. Hilarity & Hygge, LLC 7. Wick-edly Good Scents Atelier 8. The Scents of Wit 9. Sniff & Giggles Galore 10. Flame on, Funny Bone! 11. The Snicker & Sizzle Shop 12. Punny Sentiments 13. Aromas Gone Wild 14. The Wick-edly Creative Waxers 15. Flame On, Fun On! 16. The Candle Cauldron 17. Scents So Silly, They're Scandalous 18. The Illuminating Insanity Atelier 19. Scents That Make You Chuckle 20. The Giggle & Glow Glow-Up Co. 21. Punny Wick Emporium 22. Wick-edly Weird Waxes 23. Scented Silliness Galore Shop

24. Aromas of Absurdity Atelier 25. Burnt Out Candles 26. Scent-sational Candles 27. Candle-icious 28. Wax-tastic Candles 29. Flame Game 30. Candle-ry of the Odd 31. Wick-er Man Company 32. Wick-edly Good Candles 33. Waxing Philosophical 34. Waxing Lyrical Candles 35. Scentsational Silliness, LLC 36. The Humerus Fragrance Co. 37. The Light Chuckle Atelier 38. Scentsational Shenanigans Shop 39. Of Laughters and Illumination 40. You Light Me Up 41. Candle in the Sky 42. Scentsational Wickers 43. The Chuckle Wax 44. Sniff Me Good 45. The Wick-ed Atelier 46. The OG Candle Brand

Pro Tip: Humor is memorable and humor sells. Whether you’re naming your candle business or your candle scents, humor is almost always a good way to go.

Scent names can evoke tastes and smells for the buyer. Make it heavenly and delicious. Something you’d maybe want to eat, but definitely want to smell!

1. Cinnamon Swirl 2. Pumpkin Spice Latte 3. Caramel Apple 4. Cranberry Bliss 5. Peppermint Mocha 6. Gingerbread House 7. Winter Wonderland 8. Sugar Plum Fairy 9. Frosty the Snowman 10. Mistletoe Kisses 11. Candy Lane 12. Sleigh Ride 13. Fireside Chat 14. Warm and Cozy 15. Chestnuts Roasting 16. Mulled Wine 17. Spiced Cider 18. Hot Cocoa 19. Vanilla Bean 20. Lavender Fields 21. Tea Rose Garden 22. Jasmine Dreams 23. Sandalwood Serenade 24. Citrus Grove 25. Ocean Breeze

26. Rainforest Retreat 27. Mountain Air 28. Desert Oasis 29. Tropical Paradise 30. Island Escape 31. Crispy Autumn Leaves 32. Harvest Moon 33. Pumpkin Patch 34. Apple Orchard in Fall 35. Crisp Fall Air 36. Maple Butter and Syrup 37. Cedarwood Forest 38. Pine Needle Forest 39. Eucalyptus-y Mint 40. Peppermint Twist 41. Lemon Verbena 42. Grapefruit Grove 43. Cherry Blossom Farm 44. Magnolia Bloom 45. Honeysuckle Heaven 46. Wildflower Meadow 47. Butterfly Garden 48. Hummingbird Haven 49. Dragonfly Dreams 50. Ladybug Lane

Pro Tip: Most candles are scented, and scents need names to sell. Be creative and imagine what visuals and scents a person might imagine when they read your names.

Your candle labels will need to specify what scent you're selling. Think of feeling-invoking scents that will make your customers want to buy them as gifts or a treat for themselves.

1. Winter Wonderland 2. Cozy Cabin 3. Pumpkin Spiced Chai 4. Lavender Dreams 5. Appley Pear Orchard 6. Caramel Popcorn 7. Ocean Breeze 8. Decadent Chocolate Cake 9. Lemonade Stand 10. Woody Fire 11. Cotton Candy 12. Gingerbread House 13. Rose, No Thorns 14. Banana Bread 15. Tropical Vacation 16. Vanilla and Cream 17. Fresh Laundry 18. Mulled Wine 19. Birthday Cake and Sprinkles 20. Hazelnut Coffee Shop 21. Autumn Leaves with Clove 22. Strawberry Shortcake 23. Rainforest and Fern 24. Maple Syrup and Brown Sugar 25. Cucumber Melon Mint

26. Snickerdoodle Cookie 27. Cherry Blossom Spring 28. Hot Chocolate with Marshmallows 29. Sunflowers and Honey 30. Campfire and S’mores 31. Juicy Peach Cobbler 32. Soothing Jasmine Tea 33. Warm Cinnamon Roll 34. Honeycomb Summer 35. Sandalwood and Vanilla 36. Sweet Blueberry Muffin 37. Refreshing Eucalyptus and Mint 38. Apple Pie Crust 39. Luscious Lilac 40. Tropical Coconut Lime 41. Cozy Oatmeal Cookie 42. Gardenia and Jasmine 43. Cranberry Orange Spice 44. Almond Biscotti 45. Lemongrass and Basil 46. Pumpkin Pie Delight 47. Vanilla Orchid 48. Spicy Ginger Ale 49. Sugar Plum Fairy 50. Earl Grey AM

Pro Tip: Naming candles after food is always a hit because people can imagine what they will taste and smell like.

What to Do After Choosing a Candle Company Name

After you choose a candle company name, you’ll want to make sure it’s available according to the:

• Secretary of State website
• United States Patent and Trademark Office (USPTO)
• A domain name
• Social media accounts

As long as the candle company names you are considering are available across the board, you are good to register your candle business name and start your business.

What candle business name ideas appeal to you?

nice work https://binarychemist.com/

My Name is PRETTY NGOMANE. A south African female. Aspiring to do farming. And finding a home away from home for the differently abled persons in their daily needs.

Become a business owner in less than 90 days

Start your 10-day free trial of the UpFlip Academy and learn how to start your own business from scratch.

Get business advice straight to your   Inbox 

• Design for Business
• Most Recent
• Presentations
• Infographics
• Data Visualizations
• Forms and Surveys
• Video & Animation
• Case Studies
• Digital Marketing
• Design Inspiration
• Visual Thinking
• Product Updates
• Visme Webinars
• Artificial Intelligence

How to Write a Business Plan: Beginner’s Guide (& Templates)

Written by: Chloe West

Thinking about starting a business? One of the first steps you’ll need to take is to write a business plan. A business plan can help guide you through your financial planning, marketing strategy, unique selling point and more.

Making sure you start your new business off on the right foot is key, and we’re here to help. We’ve put together this guide to help you write your first business plan. Or, you can skip the guide and dive right into a business plan template .

Ready to get started?

Here’s a short selection of 8 easy-to-edit business plan templates you can edit, share and download with Visme. View more templates below:

8-Step Process for Writing a Business Plan

What is a business plan, why is a business plan important, step #1: write your executive summary, step #2: put together your company description, step #3: conduct your market analysis, step #4: research your competition, step #5: outline your products or services, step #6: summarize your financial plan, step #7: determine your marketing strategy, step #8: showcase your organizational chart, 14 business plan templates to help you get started.

A business plan is a document that helps potential new business owners flesh out their business idea and put together a bird’s eye view of their business. Writing a business plan is an essential step in any startup’s ideation process.

Business plans help determine demographics, market analysis, competitive analysis, financial projections, new products or services, and so much more.

Each of these bits of information are important to have on hand when you’re trying to start a business or pitching investors for funds.

Here’s an example of a business plan that you can customize to incorporate your own business information.

We’re going to walk you through some of the most important parts of your business plan as well as how to write your own business plan in 8 easy steps.

If you’re in the beginning stages of starting a business , you might be wondering if it’s really worth your time to write out your business plan. 

We’re here to tell you that it is.

A business plan is important for a number of reasons, but mostly because it helps to set you up for success right from the start.

Here are four reasons to prove to you why you need to start your business off on the right foot with a plan.

Reason #1: Set Realistic Goals and Milestones

Putting together a business plan helps you to set your objectives for growth and make realistic goals while you begin your business. 

By laying out each of the steps you need to take in order to build a successful business, you’re able to be more reasonable about what your timeline is for achieving everything as well as what your financial projections are.

The best way to set goals is using the SMART goals guidelines, outlined below.

Reason #2: Grow Your Business Faster

Having a business plan helps you be more organized and strategic, improving the overall performance of your business as you start out. In fact, one study found that businesses with a plan grow 30% faster than businesses that don’t.

Doesn’t that sound reason enough alone to start out your business venture with a solidified plan? We thought so too, but we’ve still got two more reasons.

Reason #3: Minimize Risk

Starting a new business is uncharted territory. However, when you start with a roadmap for your journey, it makes it easier to see success and minimize the risks that come with startups.

Minimize risk and maximize profitability by documenting the most important parts of your business planning.

Reason #4: Secure Funding

And finally, our last reason that business plans are so important is that if you plan to pitch investors for funding for your new venture, they’re almost always going to want to see a detailed business plan before deciding whether or not to invest.

You can easily create your business plan and investor pitch deck right here with Visme. Just sign up for a free account below to get started. 

Hey executives! Looking to cut design costs?

• Spend less time on presentations and more time strategizing
• Ensure your brand looks and feels visually consistent across all your organization's documents
• Impress clients and stakeholders with boardroom ready presentations

Sign up. It’s free.

The executive summary is a brief overview of your entire business plan, giving anyone who reads through your document a quick understanding of what they’re going to learn about your business idea.

However, you need to remember that some of the people who are going to read your business plan don’t want to or have time to read the entire thing. So your executive summary needs to incorporate all of the most important aspects of your plan.

Here’s an example of an executive summary from a business plan template you can customize and turn into your own.

Your executive summary should include:

• Key objective(s)
• Market research
• Competitor information
• Products/services
• Value proposition
• Overview of your financial plan
• How you’re going to actually start your business

One thing to note is that you should actually write your executive summary after the rest of your business plan so that you can properly summarize everything you’ve already created.

So at this point, simply leave a page blank for your executive summary so you can come back to it at the end of your business plan.

The next step is to write out a full description of your business and its core offerings. This section of your business plan should include your mission statement and objectives, along with your company history or overview.

In this section, you may also briefly describe your business formation details from a legal perspective.

Mission Statement

Don’t spend too much time trying to craft this. Your mission statement is a simple “why” you started this business. What are you trying to achieve? Or what does your business solve?

This can be anything from one single quote or a paragraph, but it doesn’t need to be much longer than that. In fact, this could be very similar to your value proposition.

What are your goals? What do you plan to achieve in the first 90 days or one year of your business? What kind of impact do you hope to make on the market?

These are all good points to include in your objectives section so anyone reading your business plan knows upfront what you hope to achieve.

History or Overview

If you’re not launching a brand new business or if you’ve previously worked on another iteration of this business, let potential investors know the history of your company.

If not, simply provide an overview of your business, sharing what it does or what it will do.

Your third step is to conduct a market analysis so you know how your business will fit into its target market. This page in your business plan is simply meant to summarize your findings. Most of your time should be spent actually doing the research.

Your market analysis needs to look at things like:

• Market size, and if it’s grown in recent years or shrinking
• The segment of the market you plan to target
• Demographics and behavior of your target audience
• The demand for your product or service
• Your competitive advantage or differentiation strategy
• The average price of your product or service

Put together a summary of your market analysis and industry research in a 1-2 page format, like we see below.

Your next step is to conduct a competitive analysis. While you likely touched on this briefly during your market analysis, now is the time to do a deep dive so that you have a good grasp on what your competitors are doing and how they are generating customers.

Start by creating a profile of all your existing competitors, or at the very least, your closest competitors – the ones who are offering very similar products or services to you, or are in a similar vicinity (if you’re opening a brick and mortar store).

Focus on their strengths and what they’re doing really well so that you can emulate their best qualities in your own way. Then, look at their weaknesses and what your business can do better.

Take note of their current marketing strategy, including the outlets you see a presence, whether it’s on social media, you hear a radio ad, you see a TV ad, etc. You won’t always find all of their marketing channels, but see what you can find online and on their website.

After this, take a minute to identify potential competitors based on markets you might try out in the future, products or services you plan to add to your offerings, and more.

Then put together a page or two in your business plan that highlights your competitive advantage and how you’ll be successful breaking into the market.

Step five is to dedicate a page to the products or services that your business plans to offer.

Put together a quick list and explanation of what each of the initial product or service offerings will be, but steer clear of industry jargon or buzzwords. This should be written in plain language so anyone reading has a full understanding of what your business will do.

You can have a simple list like we see in the sample page above, or you can dive a little deeper. Depending on your type of business, it might be a good idea to provide additional information about what each product or service entails.

The next step is to work on the financial data of your new business. What will your overhead be? How will your business make money? What are your estimated expenses and profits over the first few months to a year? The expenses should cover all the spending whether they are recurring costs or just one-time LLC filing fees .

There is so much that goes into your financial plan for a new business, so this is going to take some time to compile. Especially because this section of your business plan helps potential cofounders or investors understand if the idea is even viable.

Your financial plan should include at least five major sections:

• Sales Forecast: The first thing you want to include is a forecast or financial projection of how much you think your business can sell over the next year or so. Break this down into the different products, services or facets of your business.
• Balance Sheet: This section is essentially a statement of your company’s financial position. It includes existing assets, liabilities and equity to demonstrate the company’s overall financial health.
• Income Statement: Also known as a profit and loss statement (P&L), this covers your projected expenses and revenue, showcasing whether your business will be profitable or not.
• Operating Budget: A detailed outline of your business’s income and expenses. This should showcase that your business is bringing in more than it’s spending.
• Cash Flow Statements: This tracks how much cash your business has at any given point, regardless of whether customers or clients have paid their bills or have 30-60+ days to do so.

While these are the most common financial statements, you may discover that there are other sections that you want to include or that lenders may want to see from you.

You can automate the process of looking through your documents with an OCR API , which will collect the data from all your financial statements and invoices.

The next step is coming up with a successful marketing plan so that you can actually get the word out about your business. 

Throughout your business plan, you’ve already researched your competitors and your target market, both of which are major components of a good marketing strategy. You need to know who you’re marketing to, and you want to do it better than your competition.

On this page or throughout this section of your business plan, you need to focus on your chosen marketing channels and the types of marketing content you plan to create.

Start by taking a look at the channels that your competitors are on and make sure you have a good understanding of the demographics of each channel as well. You don’t want to waste time on a marketing channel that your target audience doesn’t use.

Then, create a list of each of your planned marketing avenues. It might look something like:

• Social media ( Facebook, Instagram, Pinterest)
• Email newsletter
• Digital ads

Depending on the type of business you’re starting, this list could change quite a bit — and that’s okay. There is no one-size-fits-all marketing strategy, and you need to find the one that brings in the highest number of potential customers.

Your last section will be all about your leadership and management team members. Showcasing that you have a solid team right from the start can make potential investors feel better about funding your venture.

You can easily put together an organizational chart like the one below, with the founder/CEO at the top and each of your team leaders underneath alongside the department they’re in charge of.

Simply add an organizational chart like this as a page into your overall business plan and make sure it matches the rest of your design to create a cohesive document.

If you want to create a good business plan that sets your new business up for success and attracts new investors, it’s a good idea to start with a template. 

We’ve got 14 options below from a variety of different industries for you to choose from. You can customize every aspect of each template to fit your business branding and design preferences.

Template #1: Photography Business Plan Template

This feminine and minimalistic business plan template is perfect for getting started with any kind of creative business. Utilize this template to help outline the step-by-step process of getting your new business idea up and running.

Template #2: Real Estate Business Plan Template

Looking for a more modern business plan design? This template is perfect for plainly laying out each of your business plans in an easy-to-understand format. Adjust the red accents with your business’s colors to personalize this template.

Template #3: Nonprofit Business Plan Template

Creating a business and marketing plan for your nonprofit is still an essential step when you’re just starting out. You need to get the word out to increase donations and awareness for your cause.

Template #4: Restaurant Business Plan Template

If your business plan needs to rely heavily on showcasing photos of your products (like food), this template is perfect for you. Get potential investors salivating at the sight of your business plan, and they’re sure to provide the capital you need.

Template #5: Fashion Business Plan Template

Serifs are in. Utilize this template with stunning serif as all the headers to create a contemporary and trendy business plan design that fits your business. Adjust the colors to match your brand and easily input your own content.

Template #6: Daycare Business Plan Template

Creating a more kid-friendly or playful business? This business plan template has bold colors and design elements that will perfectly represent your business and its mission. 

Use the pages you need, and remove any that you don’t. You can also duplicate pages and move the elements around to add even more content to your business plan.

Template #7: Consulting Business Plan Template

This classic business plan template is perfect for a consulting business that wants to use a stunning visual design to talk about its services.

Template #8: Coffee Shop Business Plan Template

Customize this coffee shop business plan template to match your own business idea. Adjust the colors to fit your brand or industry, replace photos with your own photography or stock photos that represent your business, and insert your own logo, fonts and colors throughout.

Template #9: SaaS Business Plan Template

A SaaS or service-based company also needs a solid business plan that lays out its financials, list of services, target market and more. This template is the perfect starting point.

Template #10: Small Business Plan Template

Every startup or small business needs to start out with a strong business plan in order to start off on the right foot and set yourself up for success. This template is an excellent starting point for any small business.

Template #11: Ecommerce Business Plan Template

An ecommerce business plan is ideal for planning out your pricing strategy of all of your online products, as well as the site you plan to use for setting up your store, whether WordPress, Shopify, Wix or something else.

Template #12: Startup Business Plan Template

Customize this template and make it your own! Edit and Download  

This is another generic business plan template for any type of startup to customize. Switch out the content, fonts and colors to match your startup branding and increase brand equity.

Template #13: One-Page Business Plan Template

Want just a quick business plan to get your idea going before you bite the bullet and map out your entire plan? This one-page template is perfect for those just starting to flesh out a new business idea.

Template #14: Salon Business Plan Template

This salon business plan template is easy on the design and utilizes a light color scheme to put more focus on the actual content. You can use the design as is or keep it as a basis for your own design elements.

Create Your Own Business Plan Today

Ready to write your business plan? Once you’ve created all of the most important sections, get started with a business plan template to really wow your investors and organize your startup plan.

Design beautiful visual content you can be proud of.

Trusted by leading brands

Recommended content for you:

Create Stunning Content!

Design visual brand experiences for your business whether you are a seasoned designer or a total novice.

About the Author

Chloe West is the content marketing manager at Visme. Her experience in digital marketing includes everything from social media, blogging, email marketing to graphic design, strategy creation and implementation, and more. During her spare time, she enjoys exploring her home city of Charleston with her son.

• Start free trial

Start selling with Shopify today

Start your free trial with Shopify today—then use these resources to guide you through every step of the process.

7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

• Executive summary.  An introductory overview of your business.
• Company description.  A more in-depth and detailed description of your business and why it exists.
• Market analysis.  Research-based information about the industry and your target market.
• Products and services.  What you plan to offer in exchange for money.
• Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
• Logistics and operations plan.  Everything that happens in the background to make your business function properly.
• Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
• Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

• Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

• Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
• Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
• Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
• Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
• Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
• Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

• Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

• Target customers
• Unique value add  or what sets their products apart
• Sales pitch
• Price points  for products
• Shipping  policy
• Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

• Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

• Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

It then dives deeper into the financials to include:

• Funding needs
• Projected profit-and-loss statement
• Projected balance sheet
• Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

• Executive summary: truncated
• Market analysis: summarized
• Products and services: summarized
• Marketing plan: summarized
• Logistics and operations plan: summarized
• Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

• Market analysis: in-depth
• Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

• Market analysis: comprehensive outlook
• Products and services: for launch and expansion
• Marketing plan: comprehensive outlook
• Logistics and operations plan: comprehensive outlook
• Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

• How to Start a Dropshipping Business- A Complete Playbook for 2024
• The 13 Best Dropshipping Suppliers in 2024
• How To Source Products To Sell Online
• 25+ Ideas for Online Businesses To Start Now (2024)
• The Ultimate Guide To Dropshipping (2024)
• How to Build a Business Website for Beginners
• 7 Inspiring Marketing Plan Examples (and How You Can Implement Them)
• 10 Ways to Write Product Descriptions That Persuade (2024)
• Get Guidance- 6 Business Plan Software to Help Write Your Future
• Business Valuation- Learn the Value of Your Business

Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

• Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
• Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
• Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
• Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

• Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
• Contents: Your content should include details about the products and services you provide, your target market, and your competition.
• Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

Keep up with the latest from Shopify

Get free ecommerce tips, inspiration, and resources delivered directly to your inbox.

By entering your email, you agree to receive marketing emails from Shopify.

popular posts

The point of sale for every sale.

Subscribe to our blog and get free ecommerce tips, inspiration, and resources delivered directly to your inbox.

Unsubscribe anytime. By entering your email, you agree to receive marketing emails from Shopify.

Latest from Shopify

Jun 13, 2024

Learn on the go. Try Shopify for free, and explore all the tools you need to start, run, and grow your business.

Try Shopify for free, no credit card required.

Free Annual Plan Templates: Excel, Microsoft Word, PowerPoint, and Google Slides

By Kate Eby | January 17, 2024

• Share on Facebook
• Share on LinkedIn

Link copied

We’ve collected the top annual plan templates in Excel, Microsoft Word, PowerPoint, and Google Slides. Use the templates to build a 12-month strategy that streamlines the annual planning process based on the company’s vision for goal-setting. 

Included on this page, you’ll find an  annual plan slide template , a  yearly planning template with Gantt chart , an  annual planning template with a calendar , and more. You’ll also learn about the  differences between an annual and a strategic plan , as well as  how to create an annual plan .

Annual Plan Templates vs. Strategic Plan

An annual plan and a strategic plan serve different purposes for building and organizing a growth strategy. A strategic plan focuses on a company’s direction and long-term goals. The annual plan defines actionable steps to achieve yearly goals. 

Review the matrix below to understand the differences between an annual plan template and a strategic plan template.

Simple Annual Plan Template

Download a Simple Annual Plan Template for

Excel | Microsoft Word

Ease your way into annual planning with this simple template that organizes any company’s annual goals, objectives, timelines, and budget. Complete the  Overview, Strategies, and  Global Priorities sections to build a foundation for goal-setting. Then use the table to list objectives, timelines, owners, budgets, and statuses. Reuse this template year after year to save time and to streamline the annual planning process.

Annual Plan Slide Template

Download an Annual Plan Slide Template for 

PowerPoint | Google Slides  

Use this annual plan template to outline and present a high-level one-year plan to stakeholders. Objectives are organized by quarters, so it’s easy to follow their timelines. Add more slides, including the company’s marketing plan, sales plan, or strategic plan to create a comprehensive presentation of the company’s overarching goals.

Yearly Planning Excel Template with Gantt Chart

Download the Yearly Planning Template with Gantt Chart in Excel  

Use this yearly planning template with a Gantt chart to list annual objectives. This template is similar to the simple annual plan, but adds a Gantt chart to provide a visual representation of each deliverable’s timeline. Enter the start date and due date for each objective. The template will automatically populate the dates into a Gantt chart making it easy to track each objective’s progress and ensure the plan stays on course.

Annual Planning Template with Calendar

Download an Annual Planning Template with Calendar 

Excel | Microsoft Word  

Track important deadlines with this annual planning calendar template. This template has all the features of the simple annual plan template but adds a calendar. The calendar format provides space to enter details under any day of the year. Promote timeline transparency and guarantee deliverables meet their due dates by sharing this template with your team.

How to Create an Annual Plan

Create an annual plan by first reviewing the previous year’s wins and losses to determine where to focus the upcoming year’s efforts. Brainstorm annual goals, list the actions to achieve them, and assign the action steps to team members. 

Start drafting an annual plan in Q4 to prepare for the upcoming year. Follow the steps below to create an effective annual plan that drives revenue and growth to any business.   

• Review the Previous Year Meet with stakeholders and review the previous year’s plan and successes. Identify areas that need improvement. This review process will help determine where to focus efforts next year. You can skip this step if it’s the company’s first time creating an annual plan.
• Download an Annual Plan Template Download the simple annual plan template. Using a template will help ensure you don’t miss any vital sections of the plan.
• Enter the Company’s Vision Statement The vision statement describes the company’s long-term aspirations, so keep it at the forefront of the decision-making and goal-setting processes.  
• Brainstorm Annual Goals Collaborate with stakeholders and determine what you want to achieve in the upcoming year. Use last year’s wins and losses to set realistic goals that align with the company’s vision statement.
• List Objectives List the action steps required to meet the goals. Categorize them into sections, such as marketing, financial, customer experience, product, etc. 
• Set Timelines Set a start date and end date for each objective. Annual plans are often broken down into quarters, but it’s not uncommon to set monthly and weekly timelines. 
• Determine a Budget Determine a budget based on financial projections. This step helps allocate resources teams or departments will have available to them, which will make planning more realistic.
• Identify Metrics Decide what metrics to use for tracking and monitoring results. The data these provide is important for measuring if objectives are being met.
• Assign Responsibility Assign a team, department, or individual to each deliverable to ensure nothing is missed.  
• Share with Team Members Share the annual plan with team members to create alignment and build motivation around working toward specific goals.

Elements in an Annual Plan

Elements in an annual plan include everything necessary to outline a comprehensive plan for growing any company. Here is a list of elements found in a general annual plan:     

• Budget: The funds allocated to each goal or objective.
• KPIs:  The tools and metrics used to measure the success of the objectives.
• Objectives: Objectives are the action steps to achieve the goals.
• Owner: The owner is the team, department, or individual responsible for completing an objective.
• SMART Goals:  This represents a type of goal-setting where each should be specific, measurable, achievable, relevant, and time-bound. Learn more about  setting SMART goals .
• Strategies:  List the marketing strategies, operational strategies, and sales strategies to provide a comprehensive framework that drives coordinated efforts.
• Timeline:  The length of time dedicated to each deliverable. Deliverable timelines are typically quarters, but they can also be monthly or weekly.
• Values and Mission Statement: These document the foundation for decision making and goal setting.

Different Types Of Annual Plans

Different types of annual plans support specific areas such as budgeting, marketing, operations, and more. Choose an annual plan from the list below that best fits your company’s needs and growth strategy.

Free Annual Sales Report Templates

Use an  annual sales report template to track yearly sales activities and trends.

Free Annual Business Budget Templates

Use an  annual business budget template to evaluate business expenditures vs. revenue over a one-year period.

Free Operational Plan Templates

Use an  operational plan template to lay out specific actions and resources needed to reach certain milestones.

Annual Report Template

Use this  annual report template to document the company’s yearly accomplishments, impact stories, financial data, and donor list.

Annual Marketing Report

Use this  annual marketing report template to document the total projects delivered, KPIs, and marketing financial overview.

Create Your Annual Plan in Smartsheet and Get Gantt Chart and Calendar Views

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

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

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

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

How to Develop a One-Year Business Plan

• Small Business
• Business Planning & Strategy
• Business Plans
• ')" data-event="social share" data-info="Pinterest" aria-label="Share on Pinterest">
• ')" data-event="social share" data-info="Reddit" aria-label="Share on Reddit">
• ')" data-event="social share" data-info="Flipboard" aria-label="Share on Flipboard">

How to Create a Business Plan as an Entrepreneur

How do i write a three-year business plan, what is the difference between a marketing & business plan.

• Examples of Liquor Store Business Plans
• Business Plan Vs. Business Strategy

Business plans are critical when you start a business, and you shouldn't overlook them. Yearly business plans serve as a road map to each stage of the business and are essential to securing funding and bringing in partners. They detail the business's structure, management and expected growth.

Types of Yearly Business Plans

There is no right or wrong way to create a yearly business plan. However, most business plans fall in the traditional or lean startup categories. According to the experts at the U.S. Small Business Administration (SBA), traditional business plans are the most common. While they tend to be longer than a lean startup plan, traditional business plans dive into the business's details. In most cases, lenders and investors prefer to see a traditional business plan for an in-depth understanding of the business.

Lean startup business plans are less common. However, they're ideal if the business is simple or you want a quick way to explain your business. Unlike traditional plans that can take dozens of pages to write, lean startup plans are typically one page long, only covering the business plan's key elements.

Regardless of the format, all business plans should communicate ideas clearly, objectively and logically. According to the writers at Inc. , business plans must detail the business's projected operations over the first months or years, clearly state the business's vision, management, personnel requirements and marketing plans, and provide an analysis of current and future competition.

Key Elements of Traditional Business Plan

According to the SBA, traditional business plans include nine sections: an executive summary, company description, marketing analysis, organization, services and production line, marketing and sales, funding request financial projections and an appendix.

The executive summary should include the mission statement and concisely explain why the business will be successful. A company description follows that statement, detailing the problem the company will solve, along with the company's competitive advantages.

The market analysis is where the plan details the target market and industry outlook with competitive research and trends. After providing a general view of the market and the space the business will fill, you'll need to explain the business's legal structure. For example, is the company an LLC or a C corporation?

Services, Product Line, Financial Projections and Appendix

Next, detail the service or product line the business will produce. This section is where you include any patents or copyright filings and research and development for the product. The marketing and sales plan follows the services and product section and beneath that is the funding request, which includes how much funding is needed and why it's necessary.

You should include financial projections to justify the funding request. This section includes forecasted income statements, balance sheets and quarterly projections for the first year. Lastly, include an appendix of supporting documents such as credit histories, product pictures and licenses. You can find a one-year plan example on the SBA website.

Key Elements of a Lean Startup Plan

Lean startup plans are less detailed than traditional business plans and only include the plan's key points. This document begins with any key partnerships, such as suppliers, manufacturers and subcontractors. The next section of a lean startup plan details the activities that will give the business a competitive edge. After that, include other key asset information, such as staff, capital and intellectual property.

In the next section, describe the target market, explaining how the business will interact with the customers and the channels that connect these customers to the business. The final section of a lean startup plan includes the cost structure strategy and explains the revenue streams.

• U.S. Small Business Administration: Write Your Business Plan
• Inc.: How to Write the Perfect Business Plan: A Comprehensive Guide

Danielle Smyth is a writer and content marketer from upstate New York. She has been writing on business-related topics for nearly 10 years. She owns her own content marketing agency, Wordsmyth Creative Content Marketing, and she works with a number of small businesses to develop B2B content for their websites, social media accounts, and marketing materials. In addition to this content, she has written business-related articles for sites like Sweet Frivolity, Alliance Worldwide Investigative Group, Bloom Co and Spent.

Related Articles

6 types of business plans, basic business plan structure, what are the key elements of a business plan, what is a business plan template, the breakdown of a marketing plan, how to create a new business plan, why is planning an important step in starting a business, how to compose a small business plan, how to prepare business plans, most popular.

• 1 6 Types of Business Plans
• 2 Basic Business Plan Structure
• 3 What Are the Key Elements of a Business Plan?
• 4 What Is a Business Plan Template?

• Build your business

Business Tools

• Profit Margin Calculator
• Business Name Generator
• Slogan Generator
• Traffic Calculator
• Ecommerce Statistics
• Ecommerce Wiki

Free business tools

Start a business and design the life you want – all in one place.

• © 2015-2024 Oberlo

The 7 Best Business Plan Examples (2024)

As an aspiring entrepreneur gearing up to start your own business , you likely know the importance of drafting a business plan. However, you might not be entirely sure where to begin or what specific details to include. That’s where examining business plan examples can be beneficial. Sample business plans serve as real-world templates to help you craft your own plan with confidence. They also provide insight into the key sections that make up a business plan, as well as demonstrate how to structure and present your ideas effectively.

Example business plan

To understand how to write a business plan, let’s study an example structured using a seven-part template. Here’s a quick overview of those parts:

• Executive summary: A quick overview of your business and the contents of your business plan.
• Company description: More info about your company, its goals and mission, and why you started it in the first place.
• Market analysis: Research about the market and industry your business will operate in, including a competitive analysis about the companies you’ll be up against.
• Products and services: A detailed description of what you’ll be selling to your customers.
• Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market.
• Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background.
• Financial plan: A map of your short-term (and even long-term) financial goals and the costs to run the business. If you’re looking for funding, this is the place to discuss your request and needs.

7 business plan examples (section by section)

In this section, you’ll find hypothetical and real-world examples of each aspect of a business plan to show you how the whole thing comes together. 

• Executive summary

Your executive summary offers a high-level overview of the rest of your business plan. You’ll want to include a brief description of your company, market research, competitor analysis, and financial information. 

In this free business plan template, the executive summary is three paragraphs and occupies nearly half the page:

• Company description

You might go more in-depth with your company description and include the following sections:

• Nature of the business. Mention the general category of business you fall under. Are you a manufacturer, wholesaler, or retailer of your products?
• Background information. Talk about your past experiences and skills, and how you’ve combined them to fill in the market. 
• Business structure. This section outlines how you registered your company —as a corporation, sole proprietorship, LLC, or other business type.
• Industry. Which business sector do you operate in? The answer might be technology, merchandising, or another industry.
• Team. Whether you’re the sole full-time employee of your business or you have contractors to support your daily workflow, this is your chance to put them under the spotlight.

You can also repurpose your company description elsewhere, like on your About page, Instagram page, or other properties that ask for a boilerplate description of your business. Hair extensions brand Luxy Hair has a blurb on it’s About page that could easily be repurposed as a company description for its business plan. 

• Market analysis

Market analysis comprises research on product supply and demand, your target market, the competitive landscape, and industry trends. You might do a SWOT analysis to learn where you stand and identify market gaps that you could exploit to establish your footing. Here’s an example of a SWOT analysis for a hypothetical ecommerce business: 

You’ll also want to run a competitive analysis as part of the market analysis component of your business plan. This will show you who you’re up against and give you ideas on how to gain an edge over the competition. 

• Products and services

This part of your business plan describes your product or service, how it will be priced, and the ways it will compete against similar offerings in the market. Don’t go into too much detail here—a few lines are enough to introduce your item to the reader.

• Marketing plan

Potential investors will want to know how you’ll get the word out about your business. So it’s essential to build a marketing plan that highlights the promotion and customer acquisition strategies you’re planning to adopt. 

Most marketing plans focus on the four Ps: product, price, place, and promotion. However, it’s easier when you break it down by the different marketing channels . Mention how you intend to promote your business using blogs, email, social media, and word-of-mouth marketing. 

Here’s an example of a hypothetical marketing plan for a real estate website:

Logistics and operations

This section of your business plan provides information about your production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan (a.k.a. financial statement) offers a breakdown of your sales, revenue, expenses, profit, and other financial metrics. You’ll want to include all the numbers and concrete data to project your current and projected financial state.

In this business plan example, the financial statement for ecommerce brand Nature’s Candy includes forecasted revenue, expenses, and net profit in graphs.

It then goes deeper into the financials, citing:

• Funding needs
• Project cash-flow statement
• Project profit-and-loss statement
• Projected balance sheet

You can use Shopify’s financial plan template to create your own income statement, cash-flow statement, and balance sheet. 

Types of business plans (and what to write for each)

A one-page business plan is a pared down version of a standard business plan that’s easy for potential investors and partners to understand. You’ll want to include all of these sections, but make sure they’re abbreviated and summarized:

• Logistics and operations plan
• Financials 

A startup business plan is meant to secure outside funding for a new business. Typically, there’s a big focus on the financials, as well as other sections that help determine the viability of your business idea—market analysis, for example. Shopify has a great business plan template for startups that include all the below points:

• Market research: in depth
• Financials: in depth

Your internal business plan acts as the enforcer of your company’s vision. It reminds your team of the long-term objective and keeps them strategically aligned toward the same goal. Be sure to include:

• Market research

Feasibility 

A feasibility business plan is essentially a feasibility study that helps you evaluate whether your product or idea is worthy of a full business plan. Include the following sections:

A strategic (or growth) business plan lays out your long-term vision and goals. This means your predictions stretch further into the future, and you aim for greater growth and revenue. While crafting this document, you use all the parts of a usual business plan but add more to each one:

• Products and services: for launch and expansion
• Market analysis: detailed analysis
• Marketing plan: detailed strategy
• Logistics and operations plan: detailed plan
• Financials: detailed projections

Free business plan templates

Now that you’re familiar with what’s included and how to format a business plan, let’s go over a few templates you can fill out or draw inspiration from.

Bplans’ free business plan template

Bplans’ free business plan template focuses a lot on the financial side of running a business. It has many pages just for your financial plan and statements. Once you fill it out, you’ll see exactly where your business stands financially and what you need to do to keep it on track or make it better.

PandaDoc’s free business plan template

PandaDoc’s free business plan template is detailed and guides you through every section, so you don’t have to figure everything out on your own. Filling it out, you’ll grasp the ins and outs of your business and how each part fits together. It’s also handy because it connects to PandaDoc’s e-signature for easy signing, ideal for businesses with partners or a board.

Miro’s Business Model Canvas Template

Miro’s Business Model Canvas Template helps you map out the essentials of your business, like partnerships, core activities, and what makes you different. It’s a collaborative tool for you and your team to learn how everything in your business is linked.

Better business planning equals better business outcomes

Building a business plan is key to establishing a clear direction and strategy for your venture. With a solid plan in hand, you’ll know what steps to take for achieving each of your business goals. Kickstart your business planning and set yourself up for success with a defined roadmap—utilizing the sample business plans above to inform your approach.

Business plan FAQ

What are the 3 main points of a business plan.

• Concept. Explain what your business does and the main idea behind it. This is where you tell people what you plan to achieve with your business.
• Contents. Explain what you’re selling or offering. Point out who you’re selling to and who else is selling something similar. This part concerns your products or services, who will buy them, and who you’re up against.
• Cash flow. Explain how money will move in and out of your business. Discuss the money you need to start and keep the business going, the costs of running your business, and how much money you expect to make.

How do I write a simple business plan?

To create a simple business plan, start with an executive summary that details your business vision and objectives. Follow this with a concise description of your company’s structure, your market analysis, and information about your products or services. Conclude your plan with financial projections that outline your expected revenue, expenses, and profitability.

What is the best format to write a business plan?

The optimal format for a business plan arranges your plan in a clear and structured way, helping potential investors get a quick grasp of what your business is about and what you aim to achieve. Always start with a summary of your plan and finish with the financial details or any extra information at the end.

Want to learn more?

• Question: Are You a Business Owner or an Entrepreneur?
• Bootstrapping a Business: 10 Tips to Help You Succeed
• Entrepreneurial Mindset: 20 Ways to Think Like an Entrepreneur
• 101+ Best Small Business Software Programs 

1 Year or Annual Business Plan Template

Download this 1 Year or Annual Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

An annual business plan includes your marketing plan, financial plan, improvement plan, and a lot more for the growth of your business. Ascertain the success of your organization by planning ahead through our 1 Year or Annual Business Plan Template. This template was made to be as convenient as possible so it’s easy for you to edit and download it using any file formats presented on nearly all of your devices. We guarantee downloading it will be worth your while since this is expertly done by our legal and financial professionals. Ensure the consistent success of your business when you utilize our practical, premium, and professional Annual Business Plan template today!

Already a premium member?  Sign in

• , Google Docs
• , Apple Pages

You may also like

Get Access to World's largest Template Library & Tools

• Access to 1 Million+ Templates & Tools
• Unlimited access to Design & Documents AI editors
• Professionally Made Content and Beautifully Designed
• Instant Download & 100% Customizable

• Skip to primary navigation
• Skip to main content
• Skip to primary sidebar
• Skip to footer

Legal Templates

Home Business Business Plan

Business Plan Templates

Use our template to make an investment-worthy business plan.

Updated December 8, 2023 Written by Sara Hostelley | Reviewed by Brooke Davis

A business plan is a document outlining a company’s operations, strategies, goals, and objectives. It’s crucial to guide you through each stage of starting and growing your business.

Templates (8)

What is a business plan, why is a business plan essential, components of a business plan, how to write a business plan, business plan sample.

Below, you can find free business plan templates for specific business types. You can also find more in-depth information on writing a plan for your business, whether it’s a food truck, restaurant, real estate business, or another entity:

Create a detailed plan that lays out the details of how your business will achieve it's objectives.

Traditional Business Plan

Create a simplified version of a traditional business plan.

One-Page Business Plan

Create a Non-Profit Business Plan and learn how to write one.

Create a Daycare Business Plan and learn how to write one.

Create a Restaurant Business Plan and learn how to write one.

Create a Real Estate Business Plan and learn how to write one.

Real Estate

Create a Food Truck Business Plan and learn how to write one.

A business plan is a document detailing how a business, whether it’s a new or existing company, will achieve its goals and objectives. It guides you through every step of starting and running a company.

A business plan can be the foundation of your business, serving as a written roadmap that covers all aspects of how to structure, run, and grow your business. You can also refer back to it as your business progresses to track its growth and success.

In addition to being a helpful document internally, a business plan is also vital for a company to communicate its success to external parties that may influence its future success.

Consider some of the main reasons why large and small business owners alike use business plans:

1. Use As a Roadmap

A business plan sets specific, measurable, and time-bound goals. Having these goals helps you track progress, evaluate performance, and adjust as necessary.

By laying out goals, you have a clear and attainable plan of action with the ability to see and monitor your progress.

2. Plan Strategies For Potential Challenges

A business plan can help you think objectively about your business’s key elements and inform your decision-making as you move forward.

A detailed plan can provide a semblance of control over a potentially cumbersome process. Formulating a plan can improve your ability to make choices and decisions for yourself and the business. This approach is much better than suddenly making a critical decision without time to evaluate or haphazardly letting others decide for you.

3. Get Funding or Bring on New Business Partners

An accurate business plan is essential whether or not you need to secure a business loan. Investors and lenders often require a business plan before they commit capital. A solid plan demonstrates your commitment, viability, and potential return on investment.

Create a business plan that grabs the attention of potential investors and provides them with enough structure and confidence that they will move forward and grant funding and support to your business.

You can use your business plan to highlight how the proposed business will be successful and profitable.

4. Discover Any Weaknesses

A business plan includes a strengths, weaknesses, opportunities, and threats (SWOT) analysis that helps identify potential risks and challenges. It is essential to allocate resources and demonstrate monthly profit or loss. By recognizing these elements early, you can develop strategies to mitigate or address them.

5. Analyze the Market and Competition

Market research within the plan helps you better understand your target audience, competition, and industry trends. This knowledge is crucial for making informed business decisions.

By learning about your competition, you can help make your goods or services stand out and help validate your business idea.

You should update a business plan as you go, altering your goals as necessary and being mindful of any changes of direction in your business.

A typical business plan includes the following sections:

• Executive Summary
• Management Team
• Products and Services
• Customers and Marketing
• SWOT Analysis

Our business plan template includes all of the above, so you won’t have to worry about missing out on essential sections.

Step 1 – Create an Executive Summary

An executive summary is the first section of a traditional business plan, serving as the first impression of your business. Please give a brief overview of your company, including its mission, key goals, and a snapshot of your financial projections.

You can skip this step if you’re writing a lean business plan for a startup. Instead, replace it with a few sentences outlining the problem your startup aims to solve and the solution you will provide.

Executive Summary Example:

Market research indicates there are a growing number of dog owners in Tallahassee who want to train their animals. Consumer surveys indicate that most consumers don’t have the time or resources to train their animals themselves.

Consumers have also expressed a desire for combined dog walking and training services to help discipline their animals.

Pawsitive Strides Canine Coaching & Walks provides a convenient service for customers with furry friends and disposable incomes.

Tips for Writing an Executive Summary

• Define a problem in your market and state how your business will solve it.
• Limit your executive summary to one page.
• Use a tone appropriate for your audience.

Step 2 – Describe Your Company’s Team

A professional business plan will include a statement about your company’s team and management.

Describe your startup’s legal structure. After that, you can insert a chart to show the hierarchical structure of your company. Show and name your C-suite executives, management team, and key employees. Include short biographies and links to their resumes and LinkedIn profiles to give the reader a complete picture of your staff’s qualifications.

If you have a smaller staff, you can highlight the founder and CEO and your staff members who perform the services or create your business’s products.

Example for Company’s Team Statement:

Jamie Clayton, Founder and CEO

• Board-certified veterinarian.

Pawsitive Strides Canine Coaching & Walks’s dog walkers and trainers

• 14 full-time staff members.
• 26 part-time staff members.
• All staff members have the Certified Professional Dog Trainer-Knowledge and Skills Assessed (CPDT-KSA) credential from the Certification Council for Professional Dog Trainers.

Tips for Writing about Your Company Management and Team

• Include any roles you’d like to hire to grow your company, if applicable.
• Highlight expertise and awards one to show your staff’s capabilities.

Step 3 – Summarize Market Analysis and Potential

Your business plan must also thoroughly analyze your target market and customer base. The goal here is to show that you understand your market and target audience and that there is a viable market for your business.

Market Analysis Example:

Pawsitive Strides Canine Coaching & Walks’s ideal customer is a dog owner between the ages of 25 and 65 with a high disposable income. They’re ideally a working professional or have recently retired from the workplace. They love their dog (or dogs) and want them to be well-behaved and have an outlet for all their energy.

Market research shows that Pawsitive Strides Canine Coaching & Walks has ample opportunities in the Tallahassee area:

• The total revenue for dog walking services in the U.S. increased from $900 million in 2019 to $1.1 billion in 2023.
• Dog ownership has increased by 20% over the last five years.
• Online search volume for “dog walkers in Tallahassee” is up by 10% since last year.
• 19% of Tallahassee’s residents have a household income of $125,000 or more (compared to the average of 5% across the U.S.).

Tips for Writing a Market Analysis

• Use reliable sources for acquiring data.
• Conduct consumer surveys to hear from people in your target area.
• Focus on the demand in your area and the growth potential.
• Include revenue and expense projections based on market data.

Step 4 – Describe Your Product or Service

Describe the products and services you offer. Pinpoint the value they provide to current and future customers and share your plans for research and development.

The main goal of this section is to convince the reader and yourself that your business is viable and that you have enough resources, time, and energy to achieve your goals.

Product Description Example:

Pawsitive Strides Canine Coaching & Walks isn’t an ordinary dog walking service. When a customer signs up for our monthly subscription plan, we have one of our certified dog walkers go to their house 12 times a month on a schedule that works for them.

Our dog walker takes their dog on a 30-minute walk and corrects their behavior. Their dog learns how to walk on a leash calmly and be around cars and people. Not only does the dog get some exercise and fresh air, but they also learn discipline, meaning the customer doesn’t have to worry about training their dog in this sense.

Tips for Writing a Product/Service Description

• Highlight cross-sell and upsell opportunities, if applicable.
• Emphasize what distinguishes you from other companies providing similar services/products.
• Include details for updating your offerings in the future.

Step 5 – Plan Your Marketing Strategy

Discuss the brand vision you want to cultivate, the metrics you’ll track, and the channels you’ll use to reach your target audience. Outlining how you plan to collect and retain customers will help you experience growth in the long term.

Marketing Strategy Example:

Pawsitive Strides Canine Coaching & Walks will focus on social media and direct mail marketing as its two main forms of advertising. We’ll track customer referrals to determine how many current customers are satisfied with our services.

On our social media platforms, including Instagram and Facebook, we’ll track our audience growth rate, bounce rate, and click-through rate.

Tips for Writing a Marketing Strategy

• Add the budget/resources you have, if applicable.
• Create strategies for marketing to different segments within your main target audience.

Step 6 – Conduct SWOT Analysis

Organizations use SWOT analyses to determine how closely a business will adhere to its growth trajectories. This analysis involves looking at a company’s SWOTs, which are:

• Strengths: Strengths are things your company does well. Examples include having a unique selling proposition, standout brandings, or human resources, like your employees and C-class executives.
• Weaknesses:  These barriers prevent your project or company from reaching certain milestones. Examples include financial limitations, a shortage of skilled professionals, and unclear selling propositions.
• Opportunities:  These positive external factors could give you a competitive edge. For instance, if you’re a manufacturer and the federal government cuts tariffs, you can export your products into a new market to boost market share and sales.
• Threats:  These are events, competitors, and situations that pose a risk to your company and the goals you’ve set for it. Typical threats include negative media coverage, changing customer demands, emerging competitors, and new rules and regulations.

SWOT Analysis Example:

• Appeals to people who don’t have the time or resources to train their pets.
• Low startup costs.
• Finding enough certified employees to meet the anticipated demand.
• Dealing with aggressive animals may be challenging for newer employees.

Opportunities

• Offering multiple subscription packages for customers who want more frequent training sessions for their pets.
• BehaviorBuddies is a dog walking service in Bradfordville that may take away customers.

Tips for Writing a SWOT Analysis

• Be honest with your business’s weaknesses and threats.
• Capitalize on opportunities you find through market analysis.

Step 7 – Develop a Strategy for Operations

Your business plan needs to include a thorough operations plan. This section reveals your manufacturing, fulfillment, managing, staffing, hiring strategies, and all the other processes you go through when running your business daily.

Operations Strategy Example:

Jamie Clayton will oversee the hiring of all employees, and the team lead will train all employees for at least one month to ensure they have the knowledge necessary to deal with animals of all temperaments.

The team lead will also organize the dog walking schedule to ensure all team members have enough time to arrive at customers’ houses and complete the dog walking/training sessions thoroughly.

Tips for Writing a Business Strategy

• Consider what your business needs to thrive on a daily basis.
• Account for inventory and supplies, even if your business is service-based.

Step 8 – Compile Your Business Financials

Create financial projections, including income statements, balance sheets, and cash flow statements for the first few years of operation. If you need funding, specify the amount and how you plan to use it.

Financial Statement Example:

Income Statement for the Year Ended December 31, 2023

• Revenue: $150,000
• Cost of Goods Sold: $30,000
• Gross Profit: $120,000
• Operating Expenses: $80,000
• Net Operating Income: $40,000
• Other Income/Expenses: -$2,000
• Net Income: $38,000

Tips for Writing a Financial Section

• Double-check the accuracy of financial information.
• Demonstrate how the proposed funding aligns with your company’s goals.
• Forecast future financial performance.

Step 9 – Explain Your Funding Request

If you’re seeking funding or investment for your business, explain the amount you need and how you intend to use it. Be transparent about the terms you’re offering to investors or lenders.

Funding Request Example:

Pawsitive Strides Canine Coaching & Walks has already hired a team to serve our existing customers. Once we scale to $500,000 in annual revenue over the next two years and at a 10% profit margin, our primary ongoing annual expenses (not including taxes) will total $350,000.

While already profitable, we are requesting $200,000 in the form of a business loan to buy two additional company vehicles. These vehicles will improve our employees’ ability to get to customers’ homes, and the remaining money will go toward maintaining current company vehicles.

Tips for Writing a Funding Request

• Add a timeline so investors know your goals and how you plan to use the money.
• If you seek funding in the form of an exchange for equity, an investor may expect to gain decision-making powers in your company. Plan for this situation accordingly.

Step 10 – Compile an Appendix for Official Documents

Include relevant documents, such as resumes of key team members, legal agreements, market research data, product design mock-ups, and your business’s legal structure documents.

Remember that each business plan is unique, so tailor your content to your venture and audience. Your business plan should effectively communicate your vision, strategy, and financial viability to potential investors, partners, and stakeholders.

Combine the appendix with a table of contents and footnotes section so you can reference it throughout your document.

You can download a free business plan template below in PDF or Word format:

Related Documents

• Business Continuity Plan : Outline how your business will run in the event of a range of disaster scenarios with a business continuity plan.
• One-Page Business Plan : A simplified version of a traditional business plan that outlines the basics of your business.
• LLC Operating Agreement : An internal written document among members of a Limited Liability Company (“LLC”).
• Business Proposal : Use this document to form new relationships with other businesses and organizations.
• Request for Proposal : Download this form to allow you to collect offers from various vendors who can provide goods or services your business needs.
• Legal Resources
• Partner With Us
• Terms of Use
• Privacy Policy
• Do Not Sell My Personal Information

The document above is a sample. Please note that the language you see here may change depending on your answers to the document questionnaire.

Thank you for downloading!

How would you rate your free template?

Click on a star to rate

Office Timeline Pro+ is here!

Align programs and projects on one slide with multi-level Swimlanes.

• 1 Year Plan

1-Year Plan Template

Rate this template

Download Template Now

A one-year plan should be a valuable tool in the back pocket of any project manager, as it has the advantage of covering a clearly delimited, foreseeable period of time. Therefore, one of the preferred formats for the 1-year plan is as a timeline . To save precious time, many project managers create a 1-year timeline template and only update it with new data as it comes along.

What are the benefits of a yearly plan ?

The 1-year timeline can also adapt to cover specific unique opportunities, like purchasing commodities from a competitor who is going out of business at a bargain. In this type of scenario, time is of the essence and you need to secure funding quickly and be able to hire the extra manpower required. The versatility of the annual work plan template allows entrepreneurs to make quick calls without having to change the long-term strategic plans.

Long term planning versus short term planning

One of the key differences between 1 year, 3 year and 5-year plans – or plainly between short- and long-term plans – comes from the way goals and objectives are set. Long range objectives are usually determined according to estimates and projections, which in turn are the results of market research. Conversely, an annual goals template will rely more on actual revenue figures and KPIs, and the 1-year plan will update with your venture’s progress.

Another way to frame this would be to say that a 1-year plan is an assessment for the accuracy of your 3- or 5-year-old plans. More exactly, the annual work plan template can help you determine how accurate the original assumptions of the long-term business plan when matched against real world data. When you plan your year , you should also remember that life – with its unforeseen events – tends to get in the way.

How do you write a yearly plan?

Every business venture has its own profile and their 1-year plan template should reflect that by emphasizing on the important aspects while only skimming over non-essential details. With that in mind, standard sections generally consist of the following:

• Executive summary
• Sales and marketing data
• List and description of services and/or products
• Economic projection
• Funding necessities

Note: Depending on the complexity of the plan or when the 1-year timeline is high level, you may need to add an appendix where your stakeholders can find additional documentation.

One of the key differences between 1-year, 3-year and 5-year plans – or plainly between short- and long-term plans – comes from the way goals and objectives are set. Long range objectives are usually determined according to estimates and projections, which in turn are the results of market research. Conversely, an annual goals template will rely more on actual revenue figures and KPIs, and the 1-year plan will update with your venture’s progress.

Applications of the 1-year timeline template

The yearly plan is a timeline template that can be utilized for the operations of the entire company or you could have department specific versions, like an annual marketing plan template , an annual development plan template , etc. It all boils down to the particular requirements of the business venture itself.

The format itself is also important. For instance, Office Timeline allows you to create a PowerPoint schedule template with an added benefit: you can also present your plan to stakeholders in a clear and concise manner thanks to the intuitive format of the timeline project visual.

Our 1-year plan example was created with Office Timeline, a powerful yet intuitive timeline maker add-in for PowerPoint. You can download it free of charge and update it in PowerPoint with your company’s specific details. However, a faster and easier way would be to do this automatically with the help of Office Timeline. Give the free version a try or check out the Pro Edition that caters to more complex planning requirements.

Frequently asked questions about 1-year plan templates

Here are some frequently asked questions about creating and using a yearly plan.

What is a year planner?

A year planner is a type of calendar showing time units (days, weeks, months) of a year, that you use to plan and keep track of events and activities throughout the entire year. A year planner can be of great help when planning ahead, and particularly to prioritize the most important objectives of the year, making sure that you don’t miss any important dates and complete each step in your road map towards achieving your goals.

Presentations usually require a concise view, so you can show the entire one-year plan on just one slide with the help of a PowerPoint timeline maker like Office Timeline, which you can try for free for 14 days .

How do I use the Excel year planner?

An Excel year planner can have multiple forms - some are easier to create and use, others, more complex and harder to keep updated. You can find customizable Excel year planner templates online, or you can create your own planner. Should you choose to make it yourself, first create a header row that includes the year and the month. Next, you will need to create rows for each day of each month.

If you need a one-page, concise Excel planner to use with a presentation software like PowerPoint, our suggestion is to create a timeline that includes the most important milestones for each month so that the main events throughout the whole year can be shown at a glance.

A PowerPoint timeline is easy to use and fast to create. After downloading the Office Timeline add-in , you’ll only need a couple of minutes to automatically generate a timeline. It is also versatile and compatible with Excel: you can copy-paste or import data from Excel to build it, link it to Excel to keep it up to date, or use it as an image in your Excel file.

You can try Office Timeline for free for 14 days .

How can a blank yearly planner help you manage your activities?

A blank yearly planner can be useful for organizing, managing and tracking your activities. Use a yearly planner template to:

Set up a plan . With a blank planner, you can set up a plan for the entire year. Include goals, tasks, and deadlines. By setting up a plan of action for the year, you can stay on track and make sure you’re completing tasks and activities in a timely manner.

Track . A yearly planner template gives you an overview of your activities and progress throughout the year. Listing out project tasks and goals for each month, you can see how the planned activities compare with the actual ones and check them off as you complete them. This can help you stay on track to reach your goals.

Prioritize . A blank planner enables you to prioritize tasks and activities. By dividing tasks into categories and assigning each one a priority level, you can focus on the most important tasks first and complete them before moving onto the less important ones.

The yearly planner found on this page was built with the Office Timeline PowerPoint add-in that can help you improve your planning process and presentations, and that you can try for free for 14 days . The built-in templates and the timeline creator wizard help you build any planner or timeline in just minutes, with a minimum of effort.

Why should you use yearly planner templates to plan your budget?

A well-built yearly planner template can be a great tool for budget planning - it should provide a clear overview of your finances and help you stay organized. Using a yearly planner template allows you to stay on top of your budget-related activities - track your expenses throughout the year and make adjustments in time to avoid drawbacks and budget management issues.

A yearly planner template is a great tool to:

Keep spending under control . When you create a budget for each month, and monitor budget progress, you can easily keep your spending in check and ensure that you stay on track with your goals.

Compare planned vs. actual expenses . With a planner template, it’s easier to compare your planned budget to the actual expenses. This will give you a better understanding of where your money is going and help you adjust your activities as needed.

Keep track of debts, investments, and other financial activities.

Plan ahead and adjust . By setting a budget and tracking your progress, you can make sure that you are prepared for any unexpected expenses or other changes to your finances.

Overall, yearly planner templates make it easier for you to keep your budget under control and make sure that you are not overspending, offering a clear perspective on your finances and allowing you to make adjustments as soon as they are needed.

We’ve used the professional timeline maker, Office Timeline, a PowerPoint add-in, to generate the year planner template found on this page. You can use this tool to generate customized plans and timelines like this one in minutes.

Try it free for 14 days and enjoy full functionality of the tool, including multiple time scales, swimlanes and dependencies, data import or copy-paste from Microsoft Excel or Microsoft Project, tens of built-in templates to choose from and more.

How to make a one-year plan for your business?

A one-year business plan is a strategic roadmap that outlines the activities and goals an organization intends to accomplish over the course of the following 12 months. It typically includes details such as financial projections, marketing objectives, operational goals, and staffing needs. To make a one-year business plan, follow these steps:

Define your goals . Think about the overall objectives of your business for the year and the areas of focus you want to work on. Do you want to increase revenue, launch a new product, or move into a new market? Make sure your goals are SMART (specific, measurable, attainable, relevant, and time-bound).

Make a timeline . Once you’ve identified your goals, create a timeline for reaching them. Break down big goals into smaller, actionable steps and assign dates to each step.

Assign resources . Determine the resources necessary to achieve your goals. This includes staffing, budgeting, and materials needed.

Monitor progress . Finally, you’ll need to monitor progress on your one-year plan. Set up regular check-ins to ensure that you’re on track. Adjust your plan and timeline as needed to meet your goals.

You can easily create a similar plan as the one above with Office Timeline, a PowerPoint add-in that helps you generate timelines and roadmaps in minutes by offering process automation and tens of built-in templates to choose from. Try it free for 14 days .

What format is the 3-year action plan template available in?

There are various template formats that can be used for a 3-year action plan template – from Excel or Word to PDF and PowerPoint. If you need a template that you can use for both tracking and for presentation purposes, one of the best, most concise formats is the PowerPoint presentation format (.pptx file extension).

The 1-year timeline template you see on this page was created with the Office Timeline add-in and is easy to edit and customize to extend the timescale from one to three years. It is also versatile, can be used with other Office tools by linking the timeline to the source file to keep it up-to-date or by simply saving it as an image.

The template can be used for setting goals, developing plans, and tracking progress. You can add or remove sections as needed to create a customized 3-year action plan that meets your individual needs. First, make sure you download the Office Timeline free trial and take advantage of all the perks – tens of other templates, automated timeline creation, multiple time scales and more.

How do I create a work plan template?

A work plan acts as a roadmap for your entire project. When starting a project, the first thing you need to do is create a work plan that clearly states the steps to achieve your project objectives.

To create a work plan template, follow these steps:

Determine the scope of the project and its general timeline . Identify key objectives, deliverables, and estimate a timeline. Try to identify potential risks that could affect the project’s completion.

Create your step-by-step project plan . Start by breaking down the project intro tasks, identifying resources and assigning the tasks to team members. Then try to estimate the time frames for each task and milestone but make sure to include slack in your plan. Lastly, set a budget that includes labor costs, material costs, indirect costs and contingency reserves.

Track results . Create a reporting system that will help track the project’s progress, so that you can identify areas for improvement to ensure your project is completed on time and within budget. This could include a Gantt chart, a timeline , or other visual representation.

Your work plan template should be built in a simple way, so that the project outline is easy to understand. The basic version should include customizable project items, a timeline, and the resources needed to complete your goals. To these, you can add other items based on specific project needs.

Once the template is ready, it will help guide you through the current project management activities and you can re-use it for other projects as needed.

If you’re looking for a work plan template in PowerPoint , we have one created with Office Timeline, a PowerPoint add-in that can generate timelines and roadmaps in minutes, and can make your presentations so much better. Try it free for 14 days and enjoy full functionalities.

What is an action plan example?

An action plan example is a set of goals and objectives that are broken down into steps, along with a timeline for completion. It usually includes activities such as:

Assessing the current situation and identifying what needs to be addressed.

Developing a plan of action with specific goals, objectives, and timeline.

Identifying resources needed to achieve the plan.

Establishing a timeline for monitoring and evaluating progress.

Creating a system to track progress and ensure accountability.

For example, a company might have an action plan to increase their sales by 10% in the next six months. The plan would include specific goals such as increasing the number of customers, developing marketing strategies, and training sales staff. The plan would also include a timeline of when each step should be completed and who is responsible for its completion.

Check out our action plan template created with Office Timeline, a PowerPoint add-in that you can use to quickly generate timelines and roadmaps. You can easily create a similar action plan timeline in minutes by downloading the free trial of Office Timeline . You get process automation and a diversity of built-in templates to choose from.

Legal Litigation Timeline

40,730 downloads

Project Plan

385,525 downloads

Project Schedule

156,028 downloads

Updating your template is simple and fast.

Use the Office Timeline PowerPoint add-in to quickly update any of these timeline templates or create your own project visuals. Easily change the texts, dates, colors, shapes and styles of your timeline, right from inside PowerPoint.

Download Free Timeline Maker

Or try our online timeline maker .

AI ASSISTANTS

Upmetrics AI Your go-to AI-powered business assistant

AI Writing Assist Write, translate, and refine your text with AI

AI Financial Assist Automated forecasts and AI recommendations

TOP FEATURES

AI Business Plan Generator Create business plans faster with AI

Financial Forecasting Make accurate financial forecasts faster

INTEGRATIONS

Quickbooks (Coming soon...) Sync and compare with your quickbooks data

Strategic Planning Develop actionable strategic plans on-the-go

AI Pitch Deck Generator Use AI to generate your investor deck

Xero Sync and compare with your Xero data

See how it works  →

AI-powered business planning software

Very useful business plan software connected to AI. Saved a lot of time, money and energy. Their team is highly skilled and always here to help.

- Julien López

BY USE CASE

Secure Funding, Loans, Grants Create plans that get you funded

Starting & Launching a Business Plan your business for launch and success

Validate Your Business Idea Discover the potential of your business idea

Business Consultant & Advisors Plan with your team members and clients

Incubators & Accelerators Empowering startups for growth and investor readiness

Business Schools & Educators Simplify business plan education for students

Students & Learners Your e-tutor for business planning

• Sample Plans

WHY UPMETRICS?

Reviews See why customers love Upmetrics

Customer Success Stories Read our customer success stories

Blogs Latest business planning tips and strategies

Strategic Planning Templates Ready-to-use strategic plan templates

Business Plan Course A step-by-step business planning course

Ebooks & Guides A free resource hub on business planning

Business Tools Free business tools to help you grow

The Different Types of Business Plans

Free Business Plan Template

Ayush Jalan

• December 14, 2023

A business plan is a blueprint for your business. No matter if you’re running a startup or a well-established company, every entrepreneur needs to create a business plan. It helps you have a clear idea of your goals, and objectives, the execution of your strategies, and tracking progress.

Business plans come in all shapes and sizes.

You can create a plan based on your unique requirements and goals. Often, businesses require different types of plans for different situations and to tackle different problems. Having just one standard business plan is not enough.

A meticulously crafted business plan will efficiently serve its intended purpose . In fact, business plans are categorized based on the type of audience, the scope of the plan, and the purpose and format of the plan.

Understanding the basics of each type will help you pick out the right one for your business requirements. In this article, you will learn the different types of business plans and when and where they are used.

Based on Audience

Business plans are broadly categorized into two types based on the type of audience. They are:

• 1. Internal business plans: As the name suggests, an internal business plan is solely for the people inside the company. These can be specific to certain departments such as marketing, HR, production, etc. Internal business plans focus primarily on the company’s goals, and the personnel and processes aimed to achieve them.
• 2. External business plans: On the contrary, external business plans are intended for people outside the company, such as investors, banks, partners, etc. These plans usually contain detailed information about the company’s background, finances, and overall operation of the business.

Based on the Scope

Similarly, business plans are classified into two types based on their size and the depth of information they encompass. They are:

1. Standard business plans

A standard business plan is a bulky document that contains every detail of the company. Most external plans slide into this category as they often need to be detailed for presentation to people outside the company.

A standard business plan contains these sections:

• Executive summary
• Company Overview
• Problem analysis
• Market analysis
• Customer analysis
• Competitive analysis
• SWOT analysis
• Marketing Plan
• Operations plan
• Management team
• Finances plan
• Supporting documentation

A standard plan is usually presented to banks and any potential investors as it provides a complete view of the company, and future financial projections , and helps attain funding. But oftentimes, drafting a traditional business plan can be a tedious task as it takes a lot of time and effort.

2. Lean business plans

A lean plan is a condensed version of the standard business plan. It includes the highlights of a standard business plan and summaries of all the sections. It is a compact document that emphasizes achieving milestones and tracking finances.

Drafting a lean business plan is easier, faster, and is considered to be more efficient compared to a standard plan. It is flexible and can be revised effortlessly as many times as needed, which provides room for adjusting milestones, and improvising.

A lean business plan is apt for situations where you are uncertain about the process of creating a business plan, and it can be the essential first draft for your business. Everything in a lean business plan should be concise and represented in bullet points or short texts.

These are the elements that a lean business plan focuses on:

Based on purpose and format.

Business plans are further classified based on their purpose and format into seven types, they are:

1. One-page business plans

A one-page business plan can be described as an outline of a lean business plan . It is also called a business pitch or a quick summary. It is sometimes used to present a quick overview of your business to your vendors, partners, and employees and as a summary to banks and investors.

This encapsulates all the essential parts of a business plan on a single page. This summarizes the target market, business offering, main milestones, and essential sales forecast.

2. Startup business plans

A startup business plan can be defined as a lean plan with elements of a standard plan included to seek investors. The primary purpose of a startup plan is to put forth the steps required to get a business up and running. Later on, it should also serve as a plan that will help score investment.

The steps of establishing a new company include acquiring licenses and permits, setting up an office or store, getting equipment, and hiring and managing employees. All of these should be included in the startup business plan.

A startup plan should include information about the company, its products, and services, a detailed analysis of the industry, market, competition, SWOT, the bios of management, their responsibilities and roles, complete financial details and analysis, and projections of the usage of funding.

3. Strategic business plans

A strategic business plan is a lean business plan that contains details of the strategies and their implementation to achieve the goals and objectives of a company. These are internal plans that will focus entirely on the strategies with almost no inclusion of finances.

Conduct SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to begin an effective strategic business plan. This will help you better understand the factors that play a role in the decision-making process of a business.

A SWOT analysis will help you decide the strategies that will best suit your company and accomplish the goals, utilizing the available resources. Every strategic plan should contain these five elements:

• Mission statement
• Vision statement
• Factors that determine success
• Strategies to achieve goals
• Implementation process

4. Feasibility business plans

You require a feasible plan in case the business is stepping into a new market or introducing a new product or service. It is more a decision-making plan than a business plan as it focuses on two primary concerns:

• Determining the existence of a market
• Determining the profits of the initiative

A feasibility plan is a quick analysis of the practicality of a business idea.

This type of business plan usually excludes all the other sections and solely focuses on the scope of the initiative, its profitability, analysis of the market and competition, and acquiring the funding for it.

It is mostly crafted for internal management and ends with recommendations on whether the decision of entering a new market or introducing a new product or service is viable or not.

5. Operational business plans

An operational plan is a type of lean plan that focuses on the implementation process, achieving milestones, project deadlines, and the responsibilities of management, departments, and employees. It also focuses on the funding required to accomplish the milestones.

This business plan is called an annual plan, as businesses often use it to plan and specify milestones and their implementation for the coming year.

Some of the key elements every operational plan should contain are:

• Objectives for the operations
• Activities required to achieve objectives
• Resources required
• Staffing requirements
• Deadlines for implementation
• Tracking progress

6. Growth business plans

Draft a growth business plan when a company looks to expand its business into new markets. It is essentially a startup plan for a new segment of your business. This is also known as an expansion plan as it focuses on the long-term goals of a business.

This business plan can be both external and internal.

An external growth plan includes complete financial details and a funding request. On the other hand, an internal one contains details of the forecast of sales and expenses of the upcoming venture.

7. What-if business plan

Use a what-if plan when a business is taking a risky decision and needs a plan if the outcome turns unfavorable. This plan is usually less formal unless a funding request is included.

It entails a contingency plan that considers the worst-case scenarios.

This plan provides a glimpse into the possible outcomes of taking that risky decision and its effects on the company. It makes sense when taking a major business decision, merging with another company, raising the prices of products, etc. These are all the different types of business plans from which you can hand-pick the best fit for your company.

A Plan for Every Priority

Planning is essential for every business, without one a business is not likely to sustain itself in the long run. Although daunting sometimes, choosing the right plan for your business requirement can help you achieve your goals faster and with smart use of resources.

Every situation needs a unique approach to tackle effectively. Fortunately, there’s a plan for every purpose to help your business stand the test of time. Feel free to pick one that suits your business the best. Make sure to update it regularly.

Build your Business Plan Faster

with step-by-step Guidance & AI Assistance.

About the Author

Ayush is a writer with an academic background in business and marketing. Being a tech-enthusiast, he likes to keep a sharp eye on the latest tech gadgets and innovations. When he's not working, you can find him writing poetry, gaming, playing the ukulele, catching up with friends, and indulging in creative philosophies.

Related Articles

Business Plan vs. Business Proposal

How to Design a Cover Page for a Business Plan?

Business Plan Vs Strategic Plan: What’s the Difference?

Reach your goals with accurate planning.

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

How To Start A Business In 11 Steps (2024 Guide)

Updated: Apr 7, 2024, 1:44pm

Table of Contents

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.

Featured Partners

ZenBusiness

$0 + State Fees

Varies By State & Package

On ZenBusiness' Website

On LegalZoom's Website

Northwest Registered Agent

$39 + State Fees

On Northwest Registered Agent's Website

The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?
• What do you hate to do?
• Can you think of something that would make those things easier?
• What are you good at?
• What do others come to you for advice about?
• If you were given ten minutes to give a five-minute speech on any topic, what would it be?
• What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

• What type of funding do you have?
• How much time do you have to invest in your business?
• Do you prefer to work from home or at an office or workshop?
• What interests and passions do you have?
• Can you sell information (such as a course), rather than a product?
• What skills or expertise do you have?
• How fast do you need to scale your business?
• What kind of support do you have to start your business?
• Are you partnering with someone else?
• Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

• Start a Franchise
• Start a Blog
• Start an Online Store
• Start a Dropshipping Business
• Start a Cleaning Business
• Start a Bookkeeping Business
• Start a Clothing Business
• Start a Landscaping Business
• Start a Consulting Business
• Start a Photography Business
• Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

• Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
• Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
• Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
• Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
• Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
• Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
• Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
• Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
• Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

• Selling the business to another party
• Passing the business down to family members
• Liquidating the business assets
• Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

• Subscription-based businesses
• Businesses that sell digital products
• Franchise businesses
• Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

Start A Limited Liability Company Online Today with ZenBusiness

Click to get started.

When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

• LLCs offer liability protection for the owners
• They’re one of the easiest business entities to set up
• You can have a single-member LLC
• You may be required to file additional paperwork with your state on a regular basis
• LLCs can’t issue stock
• You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

• Partners have limited liability for the debts and actions of the LLP
• LLPs are easy to form and don’t require much paperwork
• There’s no limit to the number of partners in an LLP
• Partners are required to actively take part in the business
• LLPs can’t issue stock
• All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

• Sole proprietorships are easy to form
• There’s no need to file additional paperwork with your state
• You’re in complete control of the business
• You’re personally liable for all business debts
• It can be difficult to raise money for a sole proprietorship
• The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

• Corporations offer liability protection for the owners
• The life span of a corporation is not limited
• A corporation can have an unlimited number of shareholders
• Corporations are subject to double taxation
• They’re more expensive and complicated to set up than other business structures
• The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

Helpful Resources

• How To Set Up an LLC in 7 Steps
• How To Start a Sole Proprietorship
• How To Start a Corporation
• How To Start a Nonprofit
• How To Start a 501(c)(3)

There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

• It can help you open a business bank account under your business name
• A DBA can be used as a “trade name” to brand your products or services
• A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

• Best LLC Services
• How To Register a Business Name
• How To Register a DBA
• How To Get an EIN for an LLC
• How To Get a Business License

Start an LLC Online Today With ZenBusiness

Click on the state below to get started.

Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

• The Best Business Checking Accounts
• The Best Accounting Software for Small Business
• How To Open a Bank Account

There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards
• Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

• Small business loans
• Small business grants
• Angel investors
• Venture capital
• Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

• Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
• Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
• Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
• Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
• Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
• Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

• Best Small Business Loans
• Best Startup Business Loans
• Best Business Loans for Bad Credit
• Business Loan Calculator
• Average Business Loan Rates
• How To Get a Business Loan

You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

• Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
• Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
• Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
• Product liability insurance protects against claims that your products caused bodily injury or property damage.
• Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
• Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
• Best Small Business Insurance
• Best Commercial Auto Insurance
• How To Get Product Liability Insurance
• Your Guide to General Liability Insurance
• 13 Types of Small Business Insurance

Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

• Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
• Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
• Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
• Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
• Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
• Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
• Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
• Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

• Best Website Builders
• How To Make a Website for Your Business
• The Best E-Commerce Platforms
• Best Blogging Platforms
• Best Web Hosting Services

To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

• Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
• Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
• Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
• Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

• Best Recruiting Software
• How To Hire Employees
• Where To Post Jobs
• Best Applicant Tracking Systems

To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

• Best Registered Agent Services
• Best Trademark Registration Services
• Top LegalZoom Competitors
• Best Business Loans
• Best Business Plan Software
• ZenBusiness Review
• LegalZoom LLC Review
• Northwest Registered Agent Review
• Rocket Lawyer Review
• Inc. Authority Review
• Rocket Lawyer vs. LegalZoom
• Bizee Review (Formerly Incfile)
• Swyft Filings Review
• Harbor Compliance Review
• Sole Proprietorship vs. LLC
• LLC vs. Corporation
• LLC vs. S Corp
• LLP vs. LLC
• DBA vs. LLC
• LegalZoom vs. Incfile
• LegalZoom vs. ZenBusiness
• LegalZoom vs. Rocket Lawyer
• ZenBusiness vs. Incfile
• How to Set Up an LLC
• How to Get a Business License
• LLC Operating Agreement Template
• 501(c)(3) Application Guide
• What is a Business License?
• What is an LLC?
• What is an S Corp?
• What is a C Corp?
• What is a DBA?
• What is a Sole Proprietorship?
• What is a Registered Agent?
• How to Dissolve an LLC
• How to File a DBA
• What Are Articles Of Incorporation?
• Types Of Business Ownership

Next Up In Business

• Best Online Legal Services
• How To Write A Business Plan
• How To Start A Candle Business
• Starting An S-Corp
• LLC Vs. C-Corp
• How Much Does It Cost To Start An LLC?
• How To Start An Online Boutique
• Most Recession-Proof Businesses In 2024

How To Start A Print On Demand Business In 2024

HR For Small Businesses: The Ultimate Guide

How One Company Is Using AI To Transform Manufacturing

Not-For-Profit Vs. Nonprofit: What’s The Difference?

How To Develop an SEO Strategy in 2024

How To Make Money On Social Media in 2024

Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

Create designs that inspire

Trending searches, productivity, social media, generate stunning ai-powered visuals.

A girl rides a skateboard while walking her dog. The girl is wearing a purple sweatshirt, baggy jeans and boots. She has expressive, round brown eyes and a look of determination. The background is an out of focus park and the girl is in a 3d illustrated animation style.

A watercolor hummingbird, centered, in red and yellow with a soft cream, watercolor background.

A banana with sunglasses surfing a blue wave.

Front-facing view of a mountain with floral decorative elements, papercraft quilling style, in pastel pink, blue and purple colors.

An abstract background of melting liquid with a metallic sheen, dark purple and gold colors with reflective studio light.

Illustration of a man playing a decorated steel pan drum.

A macro, detailed portrait of the face of a Dalmatian dog staring straight ahead with bright blue eyes on a solid pastel blue, out of focus background. The portrait is realistic with studio lighting.

A yellow sun with orange rays rises over white and purple clouds in a pop art style. There should be a halftone effect and screen printing aesthetic. The orange rays radiate outward and fill the background.

A group of assorted donuts in a pink bakery box.

A portrait of a man in a digital collage style. The man is wearing thick red glasses with circular patterns in blue and orange on the inside of the frames. The man is in a red polka dot shirt with a background of thick, brightly colored lines in pink, blue, and red. Collaged into the background is a ferris wheel and a circus tent.

A profile view of a caterpillar crawling on a moss-covered rock with the lush, green forest in the background, macro view, detail, close-up.

Cartoon style woman with a blue hat, fishing on a river near a forest.

A colorful street scene in the style of Mexican mural art. The street has adobe-colored shops on both sides with striped awnings. There is a fountain in the center and trees and mountains in the distance.

A single pink ranunculus in the style of a vintage botanical drawing.

A unicorn stands on a wooden pier looking out over clouds below, with a starry night sky above.

Create and edit in an instant with Microsoft Designer

Image generator

Generate any image you can imagine with just a text description.

Background remover

Remove the background from your image in one click.

Sticker creator

Describe the sticker you want, and our AI will generate it for you.

Browse thousands of customizable templates

Fresh picks.

Celebrate an occasion

Food and drink

How it works

1. Start with the perfect template

2. Customize it with help from AI

See the templates for:

3. Share your creation with the world

An official website of the United States government

Here’s how you know

Official websites use .gov A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS A lock ( Lock Locked padlock icon ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

International travel documents for children

See what documents a child needs to travel to or from the U.S. alone or with a parent or relative.

Children traveling to the U.S.

All children, including infants, must have their own travel documents such as a passport or document from a Trusted Traveler Program to enter the U.S. If you travel or are going to travel with a child, consider taking the following documents:

• If the child is traveling with only one of their custodial parents, they must have a letter of consent, preferably in English and notarized, from the other parent or signed by both parents. The letter should say "I acknowledge that my son/daughter is traveling outside the country with [the name of the adult] with my permission."
• If one parent has sole custody of the child, a copy of the custody document can take the place of the other parent's letter.
• Parents who frequently cross the border by land with a minor must always carry a letter of permission from the other parent.

U.S. citizen children traveling abroad

Ports of entry in many countries have security measures to prevent international child abduction . If you are traveling alone with your child, you may be required to present documentation proving you are the parent or legal guardian. You may also need a letter of permission from the other parent for your child to travel. 

If your child travels alone, depending on the country, they may be required to present a notarized letter from both parents or their legal guardian. If a minor is traveling abroad and is not accompanied by both parents or a legal guardian, contact the embassy or consulate of the country you will be visiting and ask about entry and exit requirements for that country.

LAST UPDATED: December 6, 2023

Have a question?

Ask a real person any government-related question for free. They will get you the answer or let you know where to find it.