create a one page business plan

One-Page Business Plan Templates with a Quick How-To Guide

By Joe Weller | April 6, 2020

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In this article, we’ve gathered a variety of free, one-page business plan templates for you to download in Excel, Word, and PDF formats. 

Included on this page, you’ll find a one-page business plan template for a service business , business plan template for a product business , business plan for a real estate agent , a Lean business plan template , and more. To help get you started, we’ve also included an example of a one-page business plan , and  a quick guide on how to create your one-page business plan .

One-Page Business Plan Template

Download One-Page Business Plan Template

Excel  | Word  |  PDF | Smartsheet

Use this one-page business plan template — designed to be simple, organized, and easy to use — to immediately get started on your plan. Write down your thoughts and key ideas as you decide if your business concept is viable, and adjust it as circumstances change. You can also use this template as a basis to build a more detailed and elaborate plan.

One-Page Business Plan for a Service Business Template

Download One-Page Business Plan for a Service Business Template

Excel | Word | PDF

This business plan template is designed specifically for businesses that provide a service. The one-page plan provides space to list the essential information about your strategy, including the service you offer, the problem you are solving for customers, your mission and vision statements, target audience, staffing requirements, key objectives, and much more. This template also includes a timeline at the bottom for you to add key milestones.

One-Page Business Plan for a Product Business Template

Download One-Page Business Plan for a Product Business Template

Use this one-page template to develop a strategic roadmap for your organization’s product offerings. This template provides space for you to include a business overview, a description of your target market, your competitive advantage, a list of marketing channels and materials you plan to utilize, as well as your pricing strategy, distribution channels, and success metrics. You can also use the visual timeline of milestones at the bottom to enter key dates and events.

One-Page Business Plan for Real Estate Agents Template

Download One-Page Business Plan for Real Estate Agents Template

This one-page business plan template is created for real estate agents to set objectives and put together an action plan. Enter your overarching goal at the top of the template, and establish three high-level activities you need to complete to achieve the goal. The template also includes a strategic action plan that breaks down each high-level activity into tasks and deadlines, with an accompanying visual timeline to ensure you stay on track.

One-Page Business Plan for Nonprofit Organization Template

Download One-Page Business Plan for Nonprofit Organization Template

This one-page business plan is designed for a nonprofit organization, with space to detail your mission, vision, and purpose statements, as well as who you serve, the problem(s) you solve, and programs and resources you offer. Additionally, the template includes space to detail your financial plan, marketing activities, costs, and more.

One-Page Business Plan for Startup Template

Download One-Page Business Plan for Startup Template

This one-page business plan template is intended for an entrepreneur or a small startup business to document a plan as they determine if an idea is feasible. This template provides space to describe the problem and solution, the product or service, the target customer, existing alternatives, the unique value proposition, a marketing and sales plan, success metrics, and other information. You’ll also find room to detail sources of funding and how the funds will be used.

One-Page Business Plan for Small Business Template

Download One-Page Business Plan for Small Business

Use this one-page small business plan template to outline the essential aspects of your business strategy. Provide details on your organization’s vision, mission, product or service offering, and management team. Then identify the target audience, market size, competitor offerings, and your competitive advantage. This plan also includes room to detail your marketing and sales strategy, key objectives, and financial plan.

One-Page Lean Business Plan Template

Download One-Page Lean Business Plan Template

This one-page template uses a Lean approach to develop your business plan. Use this customizable template to detail the crucial elements of your strategy, including a brief business and industry overview, your product or service offering, options from your competitors, and your competitive advantage. Plus, this template includes room to detail your marketing plan, success metrics, financial plan, and a visual timeline of milestones.

One-Page Business Planning Template with Timeline

Download One-Page Business Planning Template with Timeline

Excel | Smartsheet

Use this business planning template to organize and schedule key activities for your business. Fill in the cells according to the due dates, and color-code the cells by phase, owner, or category to provide a visual timeline of progress.

One-Page Business Plan Example

This one-page business plan covers all the essential elements and offers a visually appealing presentation. Information for each aspect of the plan is concise, with details about the business mission, management team, product offerings, key marketing activities, competitors, and financial projections. This plan also provides links to additional resources so that stakeholders can easily find information to support the specifics of the plan.

How to Write a One-Page Business Plan (with Sample Outline)

A one-page business plan takes a standard business plan and extracts the fundamental aspects, then condenses the essential information down to one page. To determine the key elements to emphasize in your one-page plan, consider the type of business you operate, as well as the financial (and other resources) needs of your business.

To streamline your business plan into a one-page document, follow the steps below.

• Create a simple outline for your plan using bullet points. Below, you’ll find an example of an outline for a one-page business plan. You can add or remove sections according to the needs of your business. 
• Business mission
• Problem you are solving
• Funds needed (if applicable)
• Product or service positioning statement
• Unique value proposition
• Target customers
• Market size
• SWOT analysis
• Direct competitors
• Existing alternatives
• Competitive advantage
• Key marketing strategy (e.g., channel or method that will yield the best results)
• Key sales strategy
• Specialized equipment or facilities
• Staffing requirements (e.g., key personnel, skills, and training needs)
• Distribution method
• Sales projection
• Profit and loss projection 
• Gather all your findings on your business and industry.

Compile all the current information you have gleaned from market research, interviews, surveys, and various teams in your business (e.g., the marketing and finance teams). Comb through each document and extract the information that is fundamental to your business’s operation and relevant to the bullet points on your outline.

• Write two to three brief sentences for each main bullet point.

Once you create your outline and gather information, write two to three sentences for each main bullet point that expands on and summarizes the sub-bullet points for that section. For example, the plan summary section could say the following:

Donny’s Food Truck will offer a variety of fresh food at an affordable price in a convenient location. Increased traffic in the Hungry Town area, combined with severely limited dining options, provides an opportunity to offer customers a quick, nutritious meal at a competitive price. A food truck with the necessary equipment has already been acquired, so we are seeking $200,000 to cover wages, emergency repairs, and licenses needed to fund our first year of operations.

• Ensure you are able to support all the information provided in your plan.

Since a one-page plan omits many of the details provided in a traditional business plan, be sure you have market research and other supporting documentation on hand to show stakeholders in case they have questions as they review your plan. In addition, make sure you thoroughly understand the supporting information and know how to restate it in your own words before you disburse the plan. 

• Ensure your plan answers all the vital questions .

At a minimum, an effective one-page business plan should answer the following questions:

• What product or service do we offer?
• Who will use the product or service?
• What problem does our offering solve?
• How will the product or service get to our customers?
• What alternatives do our customers use, and why are we superior?
• What is our unique value proposition?
• What strengths and opportunities can we use to our advantage?
• What resources do we need to get up and running?
• What will our sales look like for the first few years?
• When do we expect to be profitable?

In addition to the steps provided above, you can save time and get started on your plan by downloading one of the templates provided on this page. You can also check out “ Free Executive Summary Templates ,” which can serve the same purpose as a one-page business plan.

Benefits of a One-Page Business Plan

Organizations and stakeholders can unite behind a strategic direction when they have a business plan in place. Developing a traditional business plan can be a daunting task, so many entrepreneurs, small startups, graphic designers, freelancers, and consultants find a one-page business plan a less intimidating place to start. 

Creating a one-page business plan benefits your organization in the following ways:

• Push you to prioritize and focus on key ideas.
• Enable your audience to quickly scan and grasp the core concepts of your plan.
• Allow you to easily share and pitch your business idea to prospective investors and stakeholders (e.g., email attachment, single piece of paper).
• Accelerate business setup, especially businesses that don’t need a loan or investment to get going.
• Provide a solid starting point to expand upon at a later time.
• Enable you to document your thoughts and ideas to see if you have a feasible plan.

Tips for Creating a One-Page Business Plan

Now that you know how to create a one-page plan and the benefits in doing so, here are some tips to get you started:

• Set a time limit (up to one hour) to focus and work on your plan.
• Use a one-page business plan template (you can choose from the options above), or refer to the sample outline provided on this page.
• Ensure your plan details only the core aspects that are fundamental to running and operating your business. 
• Remember that this is a living document — continue to revisit and adjust it as strategies and objectives change.
• Expand on your plan as your business size and needs grow. 

When the time comes that you need more space to lay out your goals and strategies, choose from our variety of free simple business plan templates . You can learn how to write a successful simple business plan here . 

Visit this free non-profit business plan template roundup  or download a  fill-in-the-blank business plan template  to make things easy. If you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  startup business plan templates  or  free 30-60-90-day business plan templates  to find more tailored options.

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One Page Business Plan for Word, PDF

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Template Highlights

• Eight (short) sections: Business Opportunity, Industry Analysis, Target Market, Company Description, Timeline, Marketing Plan, Financial Plan, and Funding Requirements.
• Easy instructions for each part.
• Zhuzh it up a bit with your company logo and branding.
• Download it as a PDF or Word file.
• Print it, email it, send it via Morse code.

Why all businesses should create a business plan

For startups and enterprises alike, there are many reasons to create a one-page business plan. For example, it can help you:

• Show your progress and how you intend to grow : Your business plan lists vital information on your company, such as your goals, market research results, and success milestones.
• Determine a realistic budget to ensure success : If you don’t create a proper plan, you might underestimate fixed and variable costs and, therefore, lack the financial capacity to succeed.
• Provide concrete information to potential investors : By having a detailed business plan in place, you’ll be able to effectively convey your business goals to internal stakeholders, and you’ll stand a better chance of winning over investors.
• Fulfill the requirements for securing a business loan : Many financial institutions won’t even consider giving you a loan without seeing your plan.

Should you create a business plan from scratch?

You can do this, but it’s often more hassle than it’s worth. If you’ve never made a business plan before, you’ll need to do a lot of research on what to include and ensure you create a professional and eye-catching document.  If you download our free one-page business plan template, you’ll save time and ensure you cover every relevant detail.

How to use the one-page business plan template

Here are the steps for filling out our template:

• Enter your contact details to download the template in Microsoft Word or as a PDF.
• Gather your relevant business documents, such as market research results and financial statements, in case you need to include details from them.  
• Add information to all the fields, including Company Description, Target Market, Industry Analysis, Implementation Timeline, Funding Required, and Financial Summary.
• Get feedback from business partners, employees, or other parties to ensure that all information is correct and up to date.
• Proofread to ensure there are no errors. These look unprofessional, leaving a bad impression of your business.  
• Save your business plan in various locations and formats. This helps you share your plan with stakeholders via email or present it at company meetings.

Template Preview

One page business plan.

One-Page Business Plan Template

This brief business plan template encourages you to stick to your core message and provide investors with just the information they need to know about your new venture.

The Business Opportunity

What is the problem your business will solve? Focus on the customer’s needs.

Give your elevator pitch. Be succinct, clear, and persuasive.

Be sure to include your value proposition -- What do you offer that no one else does?

Industry Analysis

List key factors for success in your industry.

Who is your main competition?

Company Description

Identify important facts about your business:

• Founding date

• Mission statement

• Type of organization

• Core strengths

• Main leadership

Target Market

Describe your customer segments.

Will you serve a particular geographical area?

Implementation Timeline

Provide a brief summary of how you will roll out the business. Consider depicting the different phases in a diagram. You can use the timeline below as a template.

Marketing Plan

Describe what methods you will use to acquire new customers.

Why would your target market prefer your product or service to another option?

Financial Summary

Cost Structure: What are your fixed and variable costs?

Revenue Streams: How will your business make money?

Funding Required

Present the amount of funding that you are seeking from investors and how it will be used.

HubSpot Tip: Be sure to edit and review your plan for typos before distributing it. Errors in a short document can be distracting to the reader and make you look unprofessional.

Frequently Asked Questions

When should i create a business plan, what types of companies need a business plan, how do i write a one page business plan, what should my business plan focus on, is this template free, can i edit this template, related tags:.

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How to Write a Viable Business Plan on One Page

Posted march 10, 2021 by noah parsons.

If you’ve been putting off writing your business plan, you are not alone. Writing a business plan can seem like a daunting task and an easy one to avoid.

But, it doesn’t have to be. An easy way to start is with a one-page business plan .

Advantages of a one-page business plan

Narrowing down your business idea to a single page is a good exercise. It’s also a more useful way to create a viable business plan in under an hour. Still not convinced? Here are a few other benefits to starting with a single-page plan.

It’s faster to create and iterate

A one-page plan is designed to be done quickly and easily. The short format ensures that you don’t get too caught up in developing a lengthy explanation of your solution, and instead forces you to keep moving through the sections of your plan. 

It’s also a plan that’s not meant to be perfect, meaning you’ll likely revisit it. Luckily, keeping everything to one-page makes it fast and easy to update or adapt specific sections or even your entire plan. 

It provides the clearest picture of your business

There will be plenty of moments over the life of your business where you need to streamline your messaging. From advertisements to pitching to investors, you need to be clear and concise in order to get people on board. That can be difficult to do if you start with overly lengthy explanations of the different elements of your business.

This is why a one-page plan can be so beneficial. It encourages you to keep your descriptions brief and to think more critically about what you need to say about your business. You can always build up from there. 

How does a one-page plan differ from other business plan formats?

There’s really not much difference between developing a business plan on one page and a good executive summary . The only real possible difference is that if you set out to write a business plan on one page, it must absolutely fit on that one page and must be in a font that most people can still read. A traditional executive summary, on the other hand, can extend to two or three pages, but really should never be longer than that.

If you can condense your executive summary to one page, that’s great. Investors don’t have lots of time to read and a one-page executive summary will get the idea of your business across succinctly. It’s actually a very good exercise to trim down your executive summary to the absolute minimum. This will force you to trim needless words and communicate your business idea clearly and with minimal clutter.

In many ways, a one-page plan serves as the perfect starting point for developing a one-page plan. Starting with one page ensures that your points are brief, clear, and to the point. It also helps you identify what sections you need to elaborate on, whether it’s your milestones, operations strategy, or financial forecasts .

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Who is a one-page business plan intended for?

Single-page business plans aren’t meant for just one type of person or business. They can actually be viable in multiple scenarios. Here are just a few business types that can benefit from starting with a simplified business plan:

Building a business plan on one page is ideal for companies that are in the early stages of figuring out how their idea might work. Instead of spending days on a detailed business plan, working through a simple, one-page plan will provide a solid overview of the business in a format that’s easy to change and adjust. 

As you learn more about your business and figure out how your idea is going to work, you’re going to be making lots of changes to your plan. So it’s much better, and easier to keep all your ideas on a single page.

Startups and pre-revenue businesses

Experimentation and testing are at the core of most startup organizations. It helps keep your organization agile, innovative and reduces risk. A traditional business plan doesn’t really allow for that methodology to thrive — it’s too hard to update and takes too long to write. But starting with a single page provides the flexibility to explore multiple options for your business.

The most important thing is to discover your ideal business strategy. A one-page plan helps you do that and can easily transition into a more refined growth plan.

Established businesses 

Even if you’re not a startup, a single-page business plan can be an extremely helpful tool for documenting your business strategy. You can guarantee that your business plan will be read by your team and get everyone on the same page quickly. Allowing you to spend more time on budgeting, forecasting, and tracking your key business numbers.

In many ways, you actually have a leg up on startups when developing a simple one-page plan. You already know your business, you have actual financial data to input, and can kickstart the process of tweaking and refining your strategy while measuring progress toward your goals.

Business expansions

Expanding your business is incredibly similar to starting one. You’re either launching in new locations, seeking new customers, or even launching a new product or service. And you can use your business plan to effectively plan for the expansion.

Think of it as a checklist for success. You’ve already used it once to launch your original business. With the right tweaks and focus you can use it again. Or if necessary just start fresh, after all, it’s only a single page.

How do I write a simple business plan?

When sitting down to write your business plan, there are a few things you can do to simplify the process. 

Outline the elements of a single-page business plan

First, outline the elements you need to include in your plan. The elements you need to cover include:

• Value proposition
• Market need
• Your solution
• Competition
• Target market
• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

Knowing these pieces upfront ensures that you won’t miss any key components as you write your plan. It also helps enforce how much room you actually have to work with when writing out each section. If you’ve only covered four components and almost have a full page, you may need to simplify things. 

For more detailed instructions on how to fill out these sections, be sure to check out our step-by-step guide .

Stick to bullet points and short sentences

To help avoid the need for cutting material out of your plan be sure to stick to bullet points and single sentences. This is meant to be a streamlined strategy guide for yourself, your team, and any third party that needs to understand your business. So, at this point, it doesn’t need to be overly detailed, and eventually, you can elaborate on specific sections if necessary.

A good rule of thumb is to treat each section as a single tweet. How would you describe your value proposition in just 280 characters? Can you explain what marketing channels will you be using in just three bullet points? Challenge yourself here, and try to streamline your messaging as much as possible. It’s always easier to expand on something rather than having to cut elements out.

Focus on the content

Don’t forget, the content of your business plan is far more important than the formatting. Too many companies spend time focusing on the presentation and graphical display of their plans when what they are saying and how they are saying it is really the most critical aspect of your executive summary. Don’t get me wrong, you don’t want to have an ugly presentation, but focus on the content more than anything else.

Remember that you can always come back

If you’re in the early stages of your business you may not have exact ideas of who your larger team will be, what milestones you’ll need to hit in three years, or even an accurate expense budget. That’s perfectly ok. 

This one-page plan is meant to be an exercise for you to establish the core elements of your business. It doesn’t need to be perfect. You don’t need to have every single thing laid out. Just the general elements that can give you, and anyone else, a clear picture of what your business is and does. 

The intention is for you to come back and revisit this plan . To expand on necessary components and turn it into a one-page document that helps you manage your business . 

Start crafting your one-page business plan

Writing a business plan on one page is a great jumping-off point to work on a more detailed business plan. Once you have a summary of your idea figured out on one page, you’ll be ready to validate, expand and provide more details in a more thorough business plan—if you need to write one. 

For some businesses, a simple plan written on only one page might be enough. Especially if you’re just using it internally and don’t need to share lots of details with outsiders. For other businesses, especially those trying to get loans and investments, they’ll need to provide more details in a larger business plan.

If you need help putting together a simple business plan that you can fit on one page download our one-page business plan template . Or, if you’re looking for a more modern business planning option, you may want to try out a tool like LivePlan . It will walk you through every planning step and help you develop a plan that grows with your business.

Editor’s note: This article was originally published in 2012. It was updated for 2021.

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Create a Business Plan One-Pager (+ Proven Templates )

Learn what to include in a business plan one-pager & the best doc format. Learn how to write a one-page business plan, either from scratch or using a template.

Dominika Krukowska

14 minute read

Short answer

What to include in a business plan one-pager.

• Title slide
• Unique value proposition (UVP)
• Company overview
• The problem you are solving
• Market analysis
• The solution you offer
• Marketing and sales plan
• Main objectives and success metrics
• Key team members and their roles and accreditation
• Request for funds and use of funds
• Next steps (small concession)

Even the best business plan can be badly received if not presented well

If you make it too complex, dry, or fail to spark the investors’ interest, you’ll bury your chances of securing the funding necessary to get your business off the ground.

Your success lies in how you’re going to structure and deliver your business plan.

This post will provide you with essential tips and templates for creating a winning business plan one-pager .

You'll learn what to include, how to structure, and how to design a visually striking business plan that grabs attention and gets results.

Read on to build your confidence and empower yourself to present any business idea persuasively and stand out from your competition.

Let’s see how it’s done!

What is a business plan one-pager?

A business plan one-pager is a document that summarizes the key elements of a full business plan onto a single page.

It includes an outline of your company's mission, target market, products or services, revenue streams, competitive advantage, marketing and sales strategy, and financial projections.

Business plan one-pagers are often used as a pitch deck for investors, a proposal for business partnerships, or as an executive summary for internal use.

Why use a one-page rather than multi-page business plan?

Compared with traditional multi-page business plans, a one-pager has 3 significant advantages.

• It's concise and to-the-point. This makes it easier for investors and partners to grasp your vision quickly.
• A one-pager business plan has limited space. This forces you to present only the most important aspects of your business plan which makes your case more clear and compelling.
• It's more share-worthy. Because it's just one page, it's more likely to be read and shared.

Can I use a one-page business plan as a substitute for a more comprehensive business plan?

Probably not. Your business plan one-pager is not meant to replace a full business plan, but rather to supplement it.

While your one-pager provides a high-level overview of your business idea, it may not provide the level of detail some investors or partners require.

TIP: You can use a business plan one-pager as a way to test your business idea and get feedback before investing time and resources in creating a full-scale business plan.

How to write a one-page business plan

Let’s see how you can distill your business idea into a compelling format that makes you stand out and leave a lasting impression.

By the end, you'll be equipped with the skills and knowledge to make others believe in your vision with just one page.

What to include in a business plan one-pager

We've identified 11 key elements that should be included in every highly effective business plan one-pager.

11 critical slides included in a business plan one-pager:

1. Title slide

The title slide of your business plan one-pager is your first chance to make a great impression on potential investors, so make it count!

Adding a video in your cover slide can boost engagement by 32% , get people to read your one-pager 37% longer, and make them 17% more likely to take the desired action at the end.

TIP: You can add the average reading time in the cover slide (right below your company name and logo). This simple little fix can shrink your bounce rate by 24%.

2. Unique value proposition

The Unique Value Proposition (UVP) slide of your business plan one-pager is where you get to showcase what sets your business apart from the competition. You can do it in the form of a tagline that encapsulates your company's essence.

A vision statement that speaks to the heart of your business can capture the interest of investors and entice them to read on.

The mission statement should be snappy, catchy, and memorable.

Example UVPs:

"Transforming the future of sustainable energy"

"Innovating personalized healthcare solutions."

3. Company overview

The company overview slide should tell investors the story behind your business.

A company overview should answer 3 critical questions:

• how it came to be
• what it stands for
• and where it's headed

This slide should give investors a clear understanding of the type of business you're running, the problem you're trying to solve, and how your business aims to succeed in the marketplace.

By providing a succinct and compelling overview of your company, you can demonstrate that you have a solid understanding of your business, its strengths, and its potential for success.

A strong company overview slide can set the tone for the rest of your one-pager and make a great impression on investors.

4. The problem you are solving

This section should outline the pain points of your target market and explain why a solution is needed.

Presenting a compelling case for a real-world problem helps convince investors of the potential market demand for your solution.

TIP: Focus on the customer's perspective. Highlight the challenges they face and the impact those challenges have on their lives or businesses.

5. Market analysis

The market analysis slide is your opportunity to showcase your knowledge of the competitive landscape and your potential market.

It should describe your customer segments, the size of your target market, the current players in the market, and any gaps or opportunities that your business can leverage.

A strong market analysis slide demonstrates to investors that you've done your homework and that you have a deep understanding of the market you're entering.

6. The solution you offer

The solution slide should present the key features and benefits of your solution and demonstrate how it uniquely addresses the pain points of your target market.

A strong solution slide is the heart of your business plan one-pager.

It should showcase the innovation and value of your product or service. It should transport investors into a better world brought on by your business solution.

TIP: Carefully choose your words and visuals to describe your solution as transformational. The most successful business plans build excitement and anticipation and leave investors eager to learn more.

7. Marketing and sales plan

Your marketing and sales plan slide is your opportunity to showcase your strategy for reaching your target audience, generating interest in your product or service, and ultimately driving sales.

From pricing strategy and promotion to distribution channels, the marketing and sales plan slide should provide a comprehensive overview of how you plan to turn your vision into reality.

A well-crafted growth plan demonstrates your creativity and strategic thinking, you can inspire confidence in investors and show that you have what it takes to succeed in the competitive world of business.

8. Main objectives and success metrics

Your business plan one-pager's objectives and success metrics slide is where you define your key performance indicators (KPIs) and objectives. It’s important to add this slide early on, as it serves as a roadmap for your business's growth.

Presenting a well-defined set of objectives and metrics will show investors that you have a solid understanding of what it takes to succeed in your industry, as well as a strategic mindset and commitment to achieving your goals.

9. Key team members and their roles

The team slide is where you showcase the people behind the business, including relevant skills, experience, and accreditation. Investors want to see a team that has what it takes to bring the business to life and drive its success.

This slide should highlight each team member's unique contributions, including their roles and responsibilities, as well as any relevant accomplishments. I recommend that you include a brief bio and corporate headshot to add personal depth.

TIP: Remember, you are selling you and your team just as much as you’re selling your business idea. Business success relies on a great team. What takes business from good to great is first “Who” then “What” .

Show that your team brings a diversity of thought, a wealth of experience, and a passion for the business that can inspire investors and make them fall for your team even more than they fall for your business idea.

10. Request for funds and use of funds

When you're asking for funding, it's essential to be crystal clear about how much you need and why.

Whether you're planning to launch a new product, hire more staff, or boost your marketing efforts, make sure to provide specific details and supporting data to back up your request.

In the use of funds section, break down precisely how you plan to allocate the funds you receive.

This involves outlining how much you'll spend on product development, marketing, hiring, or other expenses.

Remember, investors want to see a clear return on investment (ROI). Whether you bringing in a dedicated development team or buying a comprehensive tool stack, by prioritizing your spending based on your business goals and demonstrating how the funds will help you achieve them, you'll show investors that their money is in good hands.

11. Next steps

Don’t end with a thank-you slide! Instead, end your business plan one-pager by providing a clear and actionable call-to-action.

This slide should leave no doubt in investors' minds about what you want them to do next and how they can get involved in your business.

By providing a compelling call-to-action, you can increase the likelihood of securing funding and gaining valuable support for your business.

Our research shows that decks with a clear, singular next step have a 27% higher conversion rate than those which end with a generic “thank you” slide.

Business plan one-pager possible next steps:

• Scheduling a meeting to discuss the plan in more detail
• Scheduling a live demo of the product
• Downloading additional materials (market research, positioning, marketing plan, user research, product technical documentation, etc.)
• Signing a letter of intent
• Making an investment (mostly good for small donations/investments)

Here’s an example of a business plan built with this structure:

Business plan one-pager

This one-page business plan presentation template covers your company, market, product and services, and growth plan as an interactive visual story that's easy to follow and highly engaging.

How to effectively fit a business plan on just one page

Let’s see the concrete steps you need to take to effectively condense your entire business strategy onto a single page without sacrificing critical information or losing sight of your goals.

1. Limit what you have to say

It's essential to prioritize the most vital information that investors need to know about your business. This means being strategic about what you include and what you leave out.

Rather than trying to cram every detail of your business into a single page, focus on the core information that defines your business.

Your core information is most often your unique selling proposition, target market, and financial projections.

2. Say what you have to say with fewer words (but avoid jargon and acronyms)

Since you're limited to just one page, it's important to be concise and to the point.

Avoid using complicated jargon or industry-specific acronyms that may be difficult for investors to understand. Instead, use clear and simple language that gets your message across quickly and effectively.

TIP: Write your message as if you're talking to a friend with no previous knowledge of what you do.

3. Give summaries and link to read full content

While it's important to be concise, you also want to ensure that you're providing enough information to give investors a good understanding of your business.

One way to do this is to provide brief summaries of key information and then provide a link to more detailed content.

4. Limit your use of visuals

Visuals can be a powerful tool for conveying information quickly and effectively, but they can also take up a lot of space on a one-page business plan.

Use visuals sparingly and only when they add value to your message. Consider using graphs, charts, and infographics to illustrate key points and data.

5. Move from PDF one-pager to web-based one-pager

Unlike PDFs, which require readers to constantly pinch in and out of content to make it legible, web-based one-pagers create an interactive experience with scrollable documents.

You can also use multimedia elements, such as videos and animations, to enhance your message and make the information more engaging.

With a web-based business plan one-pager , you can break up dense text into smaller, more comfortable chunks, creating a better reading experience for your audience.

Web-based one-pagers are designed to be mobile-friendly, so your audience can easily view your content on any device, from anywhere.

How to make your business plan one-pager stand out

First impressions are everything. An impressionable business plan one-pager can be the difference between securing investment and being left in the dust.

Here are some tips on how to make your business plan one-pager stand out:

1. Use motion

Including animation or video into your one-pager can be a powerful way to grab investors' attention and keep them engaged. Use motion to highlight key points or demonstrate how your product or service works.

To learn more about how it’s done, check out our article on how to use video animations to create engaging content .

2. Use original designs

Using original designs is a key element for standing out.

Avoid falling into the trap of using generic designs. Instead, take the time to create something that is truly unique and eye-catching.

This can be as simple as using your branding or as complex as creating your own infographics or custom illustrations such as Procreate color palettes .

3. Personalize

Personalization is the most effective way to make you stand out and leave a lasting impression.

Effective personalization:

• Including a personalized note
• Addressing the investor by name
• Referencing their previous investments (to show that you've done your research)

Tailor-made decks are read in full 68% more often , 41% longer, and are shared internally 2.3x more often.

4. Customize according to the investor’s preferred format

Customizing your one-pager to the specific investor's needs and preferences is the best way to get and hold their attention.

Look for guidelines on their website, ask previous candidates, or ask the investors directly.

Fit your plan to their format and highlight aspects of your business that align with their investment portfolio or industry expertise.

5. Tell a story with data visualization

Data can be overwhelming, but presenting it in a visual format can make it more accessible and compelling.

Use infographics, charts, and other data visualization elements to tell a story about your business's growth and potential.

Here’s our selection of the best data visualization tools to get you started.

How to make a persuasive business plan one-pager

If you want your business plan one-pager to persuade investors to get on board with your vision, you need to make sure it hits all the right notes.

We've got you covered with tips for making a highly-persuasive business plan one-pager.

1. Define a unique audience with an acute problem

You should define your ideal customer profile (ICP) and the problems they face, and how your solution can help them solve these problems.

2. Describe your uncopyable solution to said problem

When describing your solution in your one-page business plan, it's important to emphasize what makes it unique and difficult to replicate by others.

3. Show traction or potential traction

To make your business plan one-pager more persuasive, it's critical to show evidence of traction or the potential for it.

Consider sharing metrics such as customer acquisition rates, revenue growth.

4. Incorporate social proof

You will never get funded without earning investors’ trust. Social proof is the best tool for building trust (other than a face-to-face meeting).

You can include customer testimonials, case studies, or awards to showcase your business's credibility and success.

5. Display your authority and expertise

Include any notable achievements,awards, or acknowledgement your team or product have received.

6. Tie your business goals with universal values

Consider connecting your business goals with universal values that resonate with investors.

This could include making a positive impact on society or the environment, supporting underrepresented groups, or promoting innovation and growth.

Some investors will appreciate the positive impact beyond ROI, others will care only about profitability. Do your research.

How to optimize business plan one-pager UX

When it comes to creating a one-pager business plan, choosing the right document format can make all the difference. Here are some crucial factors to consider:

1. Move from static to interactive

Static formats like PDFs and Word documents can kill engagement and interest with your one-pager.

On the other hand, interactive formats like web pages or Storydocs offer a more immersive, engaging, and memorable experience.

With interactive formats, you can include videos, animations, and other multimedia elements to help showcase your business in a more engaging way.

Interactive

2. Move from pinch and zoom to scroll

Pinch-to-zoom gestures on PDFs are annoying for most people. They make navigating the one-pager frustrating and make reading needlessly hard

A scroll-based interactive one-pager gives investors a familiar and easy way to read through your business plan. Just like they're accustomed to do with any other online content (that’s also mobile-friendly).

3. Become mobile-friendly

Static document formats like PDFs and Word documents are difficult to read and navigate on mobile devices, while web-based formats offer seamless mobile experience.

4. Move from local file to online docs

Local files, such as PDFs or Word documents are being replaced with web pages or cloud-based documents.

Online docs offer your readers easy access from anywhere and from any device, a better reading experience, reduced exposure to virus and malware, and easy sharing.

Best business plan one-pager document types

You have various document formats to choose from when creating your business plan. Each format has its own set of benefits and limitations that can affect how it's received by investors and stakeholders.

Let’s run through the important differences.

Best document type for a business plan one-pager:

Business plan one-pager do’s and don’ts.

✅ Keep it conversational and easy to understand.

✅ Use data to support your claims.

✅ Tell a story.

✅ Talk about your solution in the context of your audience's needs.

✅ Use interactive formats with multimedia.

✅ Focus on your unique selling proposition.

✅ Show that you have a plan for execution.

✅ End with your ask and a call-to-action.

✅ Clearly present your market positioning.

✅ Address major obstacles and provide plans to overcome them.

❌ Don't use buzzwords, jargon or go into technical detail.

❌ Don't make unrealistic claims.

❌ Don't spout out facts.

❌ Don't talk about your product (we, we, we).

❌ Don't use static formats.

❌ Don't focus on what makes your competitors bad.

❌ Don't make wild moonshot promises.

❌ Don't end with a “thank you” slide.

❌ Don't ignore your competition.

❌ Don't overlook potential risks and challenges.

Create your business plan from interactive template

If you want to create a business plan one-pager that will cut above the noise and get results, it will require a lot of hard work to get right.

What's worse, you run the risk of losing potential investors or stakeholders if you get it wrong.

A poorly designed or incomplete business plan could make it difficult for others to understand your vision or see the potential in your business.

To save time and frustration and remove the risk, consider using our interactive templates.

With Storydoc's business plan one-pager templates , you can focus on the content and messaging of your business plan, rather than spending hours formatting and structuring it.

Pick a business plan one-pager template:

Create story from scratch

Hi, I'm Dominika, Content Specialist at Storydoc. As a creative professional with experience in fashion, I'm here to show you how to amplify your brand message through the power of storytelling and eye-catching visuals.

Make your best business plan to date

Try Storydoc for free for 14 days (keep anything you make for ever!)

How to Write a One-Page Business Plan

Written by Dave Lavinsky

The one-page business plan is one of the most popular tools for entrepreneurs, startups, and established companies. It’s also one of the simplest to develop. This article will walk you through a description of a one-page business plan, the purpose of this type of plan, and how to create a one-page business plan for your company.  

What is a One-Page Business Plan?

A one-page business plan is a compressed version of a traditional business plan that fits neatly into a single page. Creating a one-page business plan requires significant research, strategizing and financial modeling on the front end to be effective. In that respect, rather than being easier or simpler to create than a full-length business plan, the single-page business plan actually requires an additional distillation effort for the entrepreneur.

Download our Ultimate Business Plan Template here >

As always, utilizing a business plan template provides the basis for you to clearly communicate your value proposition, business concept, business strategy, services, product offerings, etc., and improve your business planning process. ​  

Benefits of Using a One-Page Plan

A one-page plan is easier to read, share and understand.

By boiling down your business plan into one page with only the most important elements, you are better able to 1) focus on the key action items your business must accomplish and 2) present your vision and plan to your team in a way that won’t overwhelm them and will allow them to most easily understand it.

The reward is that the brevity of a 1 page business plan is very attractive to prospective investors, who are usually pressed for time. Because it is so brief, it is also an effective tool to share among your management team and employees to get your team motivated and working towards the same goals. A strong one-page business plan proves you grasp the crux of your business and appreciate what is most critical for audiences to quickly understand about it.

Below, we walk through the content of a one-page business planning template.  

The One-Page Business Plan Template

Whether you are starting a service business or a product-focused business, your one-page business plan should include the following 7 items:

• Business Model
• Market Analysis
• Competitor Analysis
• Financial Projections
• Funding Required & Uses of Funds

Each of these items are detailed below.

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How to Create a One-Page Business Plan

Each of the key elements included in a traditional business plan retains its position in the 1 page business plan. You need only provide a few words, phrases, or sentences in the description for each of the sections and move on to the next. The following are the essential elements:

For example, Netflix in its budding days identified a problem with video stores. It was time consuming and inconvenient to go to the video store every time you felt like watching a new movie.

2. Solution

Again, looking at Netflix, the company initially solved the problem of time consumption and inconvenience by delivering movies directly to customers’ homes.

3. Business Model

Consider the example of YouTube. YouTube’s business model hinges on users who by and large engage on the platform for free. YouTube leverages this ever-increasing user base to attract advertisers, which provides revenues.

4. Market Analysis

For example, Swedish furniture brand Ikea’s US target market could be described as urban young professionals who like the Scandinavian style and are willing to put in a little setup work themselves to save money on quality furnishings. These individuals spend, on average, $8,000 on furnishing when they move into a new home or apartment.

5. Competitive Analysis

Take the example of coffee giant Starbucks. Their competitor analysis would yield large brands like Dunkin’ Donuts, Panera Bread and McDonald’s McCafé, as well as boutique coffee shops on a neighborhood by neighborhood basis. Starbucks differentiates itself through providing specialty coffee products of consistent quality under a national brand.

6. Financial Plan & Projections

See below for example graphs that show a growth in topline revenues year over year as well as the projected revenue distribution by service area for a hair salon:

7. Funding Required & Uses of Funds

See below for an example table of fund uses for a startup hair salon:

Free Downloadable One-Page Business Plan Example PDF

Download our one page business plan template pdf here.

Download Growthink’s One-Page-Business-Plan-Template for Microsoft Word  

Final Thoughts

Remember to focus on your business’ strengths as much as you can. If your market analysis reveals you have a strong position then highlight it more in the single-page plan. Likewise, if your financial projections come out stronger then elongate the financial section.

Editing the enormity of a business plan into a single page is a daunting task but doing so will bring clarity to the core idea and value of your business and help you pitch well in front of potential investors.  

One-Page Business Plan FAQs

What are the benefits of one-page business plans.

Traditional business plans are sometimes 25-50 pages long. It's hard to read that many pages for one company, let alone dozens of them.

One-page business plans are more digestible. 

They provide key points on what you do, why you do it, and how you plan for growth. 

What is the difference between a one-page business plan and a lean business plan?

A one-page business plan is a reduced version of a traditional business plan that can be easily wrapped onto a single sheet of paper.

The key elements included in a one-page business plan are:

On the other hand, a lean business plan is a short-term planning method that allows you to more quickly and accurately develop your business plan based on actual customer feedback and interactions. A lean business plan is focused more on helping you build a better business and testing a variety of strategies to assess if they are effective for your chosen business model. 

Also in a single-page format, the key elements included in this type of plan are:

• Business Overview
• Value Proposition
• Key Partnerships
• Key Activities
• Key Resources
• Customer Relationships
• Customer Segments & Channels
• Cost Structure
• Revenue Streams

A typical rule of thumb for these types of plans is that every sentence should be meaningful and useful for orientation purposes in order to appease investors in an efficient way while retaining their interest long enough to make an informed decision about investing in your business. 

Looking for more information? Lean Business Plan: How-To Guide & Template

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies that have gone on to achieve tremendous success.

Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Small Business Trends

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

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

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

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

Table of Contents

How to Write a Business Plan

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

Executive Summary

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

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

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

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

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

Overview and Business Objectives

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

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

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

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

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

Company Description

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

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

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

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

Define Your Target Market

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

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

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

Market Analysis

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

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

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

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

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

SWOT Analysis

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

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

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

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

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

Weaknesses:

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

Opportunities:

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

Competitive Analysis

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

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

Example: Key competitors include:

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

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

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

Organization and Management Team

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

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

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

Products and Services Offered

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

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

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

Marketing and Sales Strategy

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

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

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

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

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

Logistics and Operations Plan

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

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

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

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

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

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

Financial Projections Plan

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

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

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

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

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

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

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

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

Income Statement

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

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

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

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

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

Cash Flow Statement

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

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

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

Operating Activities:

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

Investing Activities:

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

Financing Activities:

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

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

Tips on Writing a Business Plan

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

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

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

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

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

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

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

FREE Business Plan Template

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

The template is divided into the following sections:

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

What is a Business Plan?

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

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

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

Why You Should Write a Business Plan

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

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

What are the Different Types of Business Plans?

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

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

Using Business Plan Software

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

1. LivePlan

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

2. Upmetrics

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

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

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

5. Tarkenton GoSmallBiz

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

Business Plan FAQs

What is a good business plan.

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

What are the 3 main purposes of a business plan?

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

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

Can I write a business plan by myself?

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

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

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

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

How long should a business plan be?

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

What is a business plan outline?

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

What are the 5 most common business plan mistakes?

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

What questions should be asked in a business plan?

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

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

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

How is business planning for a nonprofit different?

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

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• How to Write a Business Plan (2023)

What is a one page business plan?

A one page business plan is a simple business planning tool that outlines operational business goals, strategies to achieve those goals, and financial projections.

Frequently Asked Questions on How to Write a Business Plan

How do i write a business plan.

To write a great business plan, you need to finalize your business idea, research your target market, determine whether you need a traditional business plan or a lean business plan, document your business, build a strategic marketing and sales plan, identity your target audience, and fill in the other relevant details. This definitive step-by-step guide on how to write a business plan will help you to get started with great insights, free templates for each stage of your business plan, and an actionable step-by-step process.

What are the three main purposes of a business plan?

A business plan identifies, describes, and analyzes a business opportunity by examining the technical, economic, and financial feasibility for a business. The business plan can help you anticipate important issues and possible challenges before you start your business . Studies show that entrepreneurs who take the time to write a business plan are 2.5 times more likely to follow through and get their business off the ground.

What is a simple business plan

A simple business plan is a short, written document that describes in detail how a business will achieve its goals. Typically, a simple business plan is no more than two to three pages in length.

How can I start my own business with no money?

Here’s a video with 5 tips on how you can bootstrap your new business , even if you don’t have money to start it right away.

How can I start my own small business?

The difference between a business owner succeeding or failing is the foundation you build when you first start your business. That’s because you should prepare thoroughly before starting a business. And you should know how to adapt to changing situations – as often happens when you run your own business. Here's a complete guide on how to start your business and grow it into a sustainable and profitable business.

Can I start a business with 500 dollars?

Most small businesses can be started and operated without a big team. Other than salaries, the biggest expense for many new businesses is the marketing budget. But there are ways you can stretch that budget. For example, here are 21 ways to market your small business on a shoestring budget .

What are the most successful small businesses?

According to the most recent analysis by Sageworks, accounting, tax preparation, bookkeeping, and financial planning where the most profitable types of small businesses, returning an average profit margin of 18.4%. Real estate leasing, legal services, outpatient clinics, property managers, and appraisers, dental practices, offices of real estate agents and brokers, other health care practitioners, management, scientific and technical consulting services, and warehousing and storage rounded out the top 10 industries.

What is the best business for beginners?

There is not a single path to entrepreneurship. Some start a company in high school, or even earlier. Others start something in college and sometimes drop out of college to pursue their dream. And others start in their 40s or 50s. Each person has a unique path. Here are some great ideas for beginners: home cleaning, blogging, photography, freelancing, child-care services, and running errands. Each entrepreneur, whether a beginner or an experienced business owner, starts with an idea and then executes that idea.

But, coming up with a viable, profitable business idea can be tough. Here’s a guide to brainstorming and evaluating business ideas .

What are the easiest businesses to start?

There are many businesses that are relatively easy to start. These include event planning, gardening and lanscape services, painting, yoga or other exercise instruction, local tour guides, tutoring, and many others.

What is a good business to start in 2022?

With the global pandemic that started in 2020, people have been forced to get creative when starting businesses. Many look to start businesses that can be operated online. These include online courses and coaching, graphic design, web development, instagram influencer, affiliate marketing, and many others.

What business can I do from home?

There are many businesses you can run from your own home. These include affiliate businesses, selling on Ebay or Etsy, baking, freelance writing, freelancer design, freelance coding, helping businesses as a social media influencer, and many more.

How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated May 7, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

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

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

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

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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How to write a One Page Business Plan: templates, ideas, and a step-by-step guide

Preston Lee

Preston Lee is the founder of Millo where he and his team have been helping freelancers thrive for over a decade. His advice has been featured by Entrepreneur, Inc, Forbes, Adobe, and many more. Learn more »

Download our FREE one page business plan template + guide

The problem with business plans, using a one page business plan, vs. using no business plan at all, vs. a lengthy, drawn out business plan, the one page business plan bias, so what should you include in a one page business plan, examples of successful one page business plans, chris guillebeau’s one page business plan from the $100 startup, fizzle’s one page business sketch template, bplan’s one page business plan template, how to write a one page business plan from patrick bet-david of valuetainment, millo’s own one page business plan template & step-by-step guide, some final encouragement about your one page business plan, show me your one page business plans.

BIG NEWS! We just released The Freelance Files , a collection of professional done-for-you email scripts, contracts, invoices, and more for smarter freelancing. The first 50 customers, save 50% with this link .

Writing a one page business plan (instead of a hundred-page, in-depth business plan no one will ever read) has become a popular and efficient way to get your small business moving in the right direction.

This article is meant to be an all-inclusive resource for anyone wanting to write their own one page business plan and use it to actually start a business .

I’ll include links to quality one page business plan templates, ideas for what to include in a business plan, and more resources to walk you through the process of building a one page business plan yourself.

If you’re ready to skip all of this and just want to download our one page business plan completely free, you can enter your email below and we’ll send it to you asap. Otherwise, keep reading.

Here’s the fundamental problem with business plans—I’m not talking about a one page business plan here, I’m talking about the typical business plan you might see in silicon valley or presented to a bank loan officer.

Therein lies the issue: if you’re looking for a one page business plan template, you’re most likely not headed to the bank to try and get some huge loan to start your business.

Like millions of people around the world, you’re probably a freelancer, a side-hustler, a solopreneur or aspiring to be one of these.

You’re not trying to start the next huge corporation. You just want to make some extra money on the side—and maybe eventually quit your job and work for yourself.

For this much more common purpose, a one page business plan is the exact perfect remedy.

Why? Because by putting all your business plans onto just one single page, you’re forced to do a few things:

• Prioritize: Limiting your business plan to one page means you can only include the most important elements of your new small business.
• Simplify: When you’re dreaming up what your business might look like in the future it can be really easy to get carried away. By limiting your business plan to one page, you force yourself to keep it simple.
• Organize: Instead of letting all your dreams and plans swirl around in your brain, putting them down into a simple one page business plan allows you to quickly organize and move forward.

By forcing yourself to prioritize, simplify, and organize, you’ll find you can get down to what’s more important in your business: actually getting work done and getting paid for the work you do.

Let’s compare what your first 6-12 months of business might look like with a one page business plan vs. no business plan at all vs. a lengthy, drawn out traditional business plan.

Your first 6-12 months might look something like this if you choose to develop a one page business plan:

You come up with an interesting business idea that you want to explore. You jot down a few ideas including how you’ll make money, what you’ll be selling, and how much you’d like to make doing what you’re doing.

After just a couple of hours total working on your one page business plan, you’re ready to get to work on the tasks that actually move your business forward.

Your first 6-12 months might look something like this if you choose to use no business plan at all:

You come up with an interesting business idea that you’d like to explore. Instead of writing anything down, you decide to sketch out what your logo might look like.

The logo sketching leads to a dead end but reminds you of another business idea you once had in college. So you talk to your friends about that business idea for a while.

A year later, you’ve followed a similar pattern with dozens of potential ideas, but without a business plan, none of them ever came to fruition.

Your first 6-12 months might look something like this if you choose to use a long, drawn-out business plan instead of something that fits on one page:

You come up with an interesting business idea that you’d enjoy exploring further. You start to crunch the numbers on what this might look like if it gets really big and successful.

Knowing you’ll need funding from angels or the bank, you decide to draft up a large document explaining what actions your small company will take over the next 5-10 years to ensure your lenders get their money back.

You go through so many revisions of this hundred-page document, you finally burn out and decide it’s easier just to keep your day job.

Ok, obviously, I’m biased toward the one page business plan scenario. It’s clean, it’s easy, it’s simple. But most of all, it gets you to take action…quickly!

When I was contemplating taking my own business full-time, I called up my dad who, my whole life, has been talking about entrepreneurship and inventing. If I had a dollar for every time my dad said something like “that’s a great business idea” or “I can’t believe no one has made a business out of that yet,”….well, I would never need to work again.

But my dad…he’s not in business for himself.

He never has been, really. He’s always been at a desk job. And I admire him for his persistence in taking care of our family.

One day I called him up and asked him: “why did you never try to build a business of your own?”

His response, among other things, was he couldn’t wrap his brain around how to build a business plan, get funding, and find the right manufacturing (all of which, might I add, were infinitely harder 30 years ago than they are today).

Why do I tell you this story? Because I’ve seen it a thousand times in lots of variations: people get overwhelmed with what they think they need in order to start a business.

One of those overwhelming tasks: building a 40-page business plan complete with competitive SWAT analysis, positioning statement, and blah blah blah.

So it kills your idea.

On the other hand, using a one page business plan lights a fire under you and pushes you forward into the work that matters more than the planning: the actual doing.

Okay, enough talking about a one page business plan. You’re convinced. Putting all your plans down on one simple piece of paper is going to be better than any other option.

But where do you start? What exactly do you put down in your one page business plan to really make it effective without being too complicated?

Remember, a one page business plan is much different from a 70-page plan primarily because this plan isn’t meant to be shown off to other people in an effort to gain support or get funding.

This business plan is primarily for one person: you.

That means there are lots of things you might find are recommended to go in a typical business plan. But that doesn’t mean they should be in your one page plan. Examples include “Executive Summaries,” “Management Organization” or “Funding Requests.”

Don’t waste your time on that kind of thinking for now.

Instead, include the most important elements of your new business only. Here are a just a few ideas to get you started:

• Company Description: What will your company do? What exactly will your company sell? Will you provide a service? Sell a product? To whom? Why?
• Products or Services: What products or services will you offer? How much will they cost in the beginning?
• Marketing and Sales: How will you get your first customers? Who will pay you for your service or product?
• Goals and Milestones: How many customers do you need to make this business “successful”? How long will it take to get the ideal number of customer or monthly revenue?

There are countless examples of business plans on the internet, but below, I’d like to highlight a few of my favorite approaches to one page business planning from some of the smartest people I personally know in the world of solopreneurship and small business.

Note: PLEASE don’t pay for an app or software to help you write a one page business plan. Maybe down the road you’ll need something like that, but keep it simple and download one of the free options below or just get out a blank sheet of paper and create your own.

Chris Guillebeau, author of one of my all-time favorite business books, The $100 Startup , offers a free one page PDF that’s pretty great.

It asks simple questions like: What will you sell? Who will buy it? And How will your business idea help people?  

I also love how Chris’s one page business plan focuses on success metrics—or what the business will look like if it’s “successful.” Will have it have a certain number of customers? A certain amount of monthly revenue?

This allows you to put an actual end point or goal on your one page business plan so that you know exactly what you’re working toward.

You can access Chris’s one page business plan here .

Another great resource to get you moving quickly toward your business goals is the Business Sketch Template provided my my friends at Fizzle.co.

Here’s what they have to say about one page planning:

“It might seem surprising or impossible to imagine that all of the most crucial pieces of your business can fit onto one page. At Fizzle, we call this plan a sketch: it’s meant to be completed quickly, if not a bit roughly, but the objective is still to put pencil to paper.”

What I like about Fizzle’s business sketch template is that it starts with the center focus on Key Metrics and prompts you to ask questions like “What will you measure to determine that this audience has this problem and wants this solution?”

As big proponents of building a small, lifestyle business, It’s no surprise this template also includes some unique sections like “personal fit” which force you to ask questions about how the business will interact with your daily life, personal passions, and life goals.

You can access Fizzle’s one page business sketch template here .

Another potential one page business plan is presented by Bplan.

Here’s what they have to say about “a new kind of business planning.”

“A business plan no longer needs to be a long document that takes weeks to write and research. It’s not something that you print, bind professionally, and then stick on a shelf. You probably only need a formal, traditional business plan if you’re seeking a bank loan or outside investment—you’ll be expected to provide one in those instances.”

With that, they offer some great advice on how to write a business plan in under 1 hour .

You can download their “lean business plan” template here .

If you prefer to learn by watching a video, I found this video is a pretty great resource to help you with your one page business plan. I don’t agree 100% with everything he says, but I like his overall approach to tackling business planning.

After studying this topic extensively—reading hundreds of articles and looking at lots of one page business plan templates, we’ve decided to include a free download of one of our own templates as well.

Our one page business plan template is tailored particularly to freelancers and solopreneurs—one-person businesses who want to stay small and build a healthy revenue for themselves and their loved ones.

Our one page business plan template is designed to be completed in less than 45 minutes and give you the ammunition you need to hit the ground running—instead of getting stuck in the details of starting a business.

You can download our free one page business plan template by entering your email below:

Before you go, here are some final words of encouragement and advice when it comes to planning your business.

First of all, you can plan everything you need to on just one page. At least for now.

Sure, one day you might need a more lengthy, in-detail plan to present to someone else, but for now, give yourself a break. You don’t have to write a plan that Mark Cuban would be proud of. You just have to write a plan that helps you get from point A to point B.

Secondly, don’t get stuck at this phase. If you have to, time yourself. Set a time limit of 45 minutes (or whatever amount makes sense for you). And when the timer’s up, it’s time to get back to work actually starting or building your business.

Finally, use this one page business plan as a compass, but be flexible. The point is to give yourself a roadmap, but just like your GPS has to “reroute” when there’s an unexpected obstacle, you might also need to pursue a different path, different method, or different goals as you go along.

In fact, I’d say it’s next to impossible to build a business plan of any kind and then stick to it 100% over any significant amount of time.

There will always be unforeseen obstacles and changes. There will always be hiccups. The idea is to just write your business plan .

Roll with the punches and something as simple as a one page business plan can take you far.

After you draft up your one page business plan, I’d love to see what you landed on. Share a link with me in our mastermind group , by leaving a comment below, or sharing on twitter .

I can’t wait to see what you’ve done. Good luck!

Keep the conversation going...

Over 10,000 of us are having daily conversations over in our free Facebook group and we'd love to see you there. Join us!

Written by Preston Lee

Editor at millo.co.

Preston Lee is the founder of Millo where he and his team have been helping freelancers thrive for over a decade. His advice has been featured by Entrepreneur , Inc , Forbes , Adobe, and many more.

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One-Page Business Plan Templates

One-Page Business Plan Templates for Entrepreneurs

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

Having a business plan is a must , whether your goal is to start a one-person freelancing business or a multi-million dollar enterprise. However, if you are looking to start a simple product or service business as a sole proprietor or one-person corporation you don't need a 50-page business plan . A shorter plan will suffice. A quick and easy one-page business plan templates can get you started. 

If your business is a partnership  or requires multiple employees, you may need a more robust business plan. Similarly, a one-page plan will not be sufficient if you are in need of  debt  or  equity financing  and wish to impress financial institutions or potential investors. Lenders and investors will require you to provide more in-depth information in the plan such as:

• Your relevant industry background, business, and management experience 
• A more thorough description of your target market , proof of sufficient demand for your products or services, and how you will meet that demand and turn a profit
• Thorough analysis of the competition and how you will compete in the marketplace
• Detailed, realistic financial projections , including projected income statements, cash flow projections, and  breakeven analysis
• An in-depth operating section with details on facilities, leases, equipment, and staffing.

Step-by-step guidance on how to write a business plan  can lead you through each section of a full-sized plan.

Keep in mind that a business plan is a living document and you can always start with a one-page plan and enlarge it with additional detail as required. You may be able to articulate the business overview, vision , objectives, and concise action items in a single page, but you might want more detail in the financial and marketing sections. For example, you might want to add an extra page to your pricing strategy section for income and  cash flow statements and another for breakeven analysis in advertising and promotion.

Structure of a Business Plan

A one-page business plan needs to provide concise answers to several basic questions that must be addressed such as:

• What is the need for your product or service?
• What is your competition and how will you differentiate yourself in the marketplace ?
• How will you make money, for example, in terms of sales versus expenses?
• How will you market your business?
• How will you get started? What are your  capital  requirements?

How to Use the Templates

The sample templates can be copied into a Word, Excel or similar office document by selecting the text and using copy/paste—using Windows, outline the text to be selected with the mouse, and hit CTRL-C to copy and CTRL-V to paste. 

One-Page Business Plan Template for a Service Business

This template is suitable for freelance businesses that provide services, such as consultants, graphic designers, landscapers, and delivery services. For a one-page plan, the answers to questions should be one or two sentences.

One-Page Business Plan Template for a Product Business

This template is suitable for businesses that sell products, such as food services, beauty products, and bike shops. For a one-page plan, the answers to questions should be one or two sentences.

How to make a business plan

Table of Contents

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

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

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

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

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

What is a business plan?

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

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

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

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

Business plan vs. business model canvas

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

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

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

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

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

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

Why is a business plan important?

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

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

Helps to define the business goals and objectives

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

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

Guides decision-making

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

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

Attracts investors and secures funding

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

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

Identifies potential challenges and risks

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

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

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

Provides a basis for measuring success

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

Are we where we want to be at this point?

Did we achieve our goals?

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

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

How to make a business plan step by step

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

1. Create an executive summary

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

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

2. Write your company description

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

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

3. Conduct a market analysis

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

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

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

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

4. Describe your products and services

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

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

5. Design a marketing and sales strategy

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

Pricing strategy

Advertising and promotional tactics

Sales channels

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

6. Determine budget and financial projections

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

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

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

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

8. Make an action plan

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

Types of business plans

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

Startup business plan

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

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

Strategic business plan

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

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

Operational business plan

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

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

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

Growth-business plan

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

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

One-page business plan

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

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

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

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

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

Be practical

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

Be specific

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

Be thorough with your research

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

Get input from others

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

Review and revise regularly

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

Create a winning business plan to chart your path to success

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

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

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

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One-Page Business Plan Template

Focus on the core aspects of your business using a one-page business plan.

Updated September 22, 2023 Reviewed by Brooke Davis

A One-Page Business Plan is a concise and summarized version of a comprehensive business plan. It captures the essential elements of a business idea or proposal on a single page, serving as a high-level overview of its vision, objectives, strategies, and action points.

The brevity of a one-page plan makes it especially useful for quickly conveying a business idea without overwhelming the reader.

What is a One-Page Business Plan?

When to use a one-page business plan, who should use a one-page business plan, how to write a one-page business plan, one-page business plan sample, advantages and disadvantages of a one-page business plan, frequently asked questions.

A one-page business plan is a simplified version of a complete business plan. Although the plan is shorter, it still outlines the basics of your future company. It follows the same structure as the standard version but with less detail.

The one-page plan allows you to condense and present the information in an easy-to-read format.

Similar plans like a lean business plan or executive summary also allow you to present your business in a condensed format.

However, an accurate one-page business plan must fit on one page. It must also use a legible font size of 11 or 12 points.

A one-page business plan would be best when ready to present your ideas to others, such as potential investors. Instead of filling out an extensive business plan, you can start small to get started.

This lets you present your ideas cogently.

You should use a one-page business plan template to:

• Present a simple version of your business plan to interested investors
• Get started on writing a more comprehensive business plan
• Create a plan for a small business or one with a simple purpose
• Focus on your key ideas to generate interest
• Brainstorm and plan for your future company

One-page business plans aren’t limited to just one type of business; they can be used in a multitude of scenarios, including:

Businesses in the ideation stage

A one-page business plan is ideal for building a quick overview for people and businesses still brainstorming ideas. A simple plan allows it to be amended and updated as the concept is developed and keeps all the ideas on a single page.

When you start, you will want to constantly refer back to your business plan to ensure you stick to your goals and core objectives. A traditional business plan doesn’t quite fit into an agile startup because it can be time-consuming to update and tweak as you grow and learn.

Using a one-page plan means you can edit it easily and either create a traditional plan down the line or, if you’ve already made one, fully update it once you feel more concrete with your goals.

Established companies

A one-page business plan isn’t limited to new and developing businesses. Established companies can take advantage of adding a one-page plan to their business strategy.

You can share your existing strategy internally and externally in a snapshot that will be easily understood by all, helping everyone to get on board with your goals.

Writing a one-page business plan is simple, mainly when you use a template to help you get started. A one-page business plan should cover the following sections:

Step 1 – Business Overview

It would be best if you discussed essential facts about your business and its identifying information, such as:

• Founding date
• Mission statement
• Type of business (LLC, Corporation, Partnership, etc.)
• Owner and leadership contact information
• Service of process information

Makes It Easy to Read: Use a legible and professional font that is easy to read and the right size. Be sure to format your document so it flows well. A template one-page business plan can help with this.

Step 2 – Market Analysis

You need to identify who your customers are and where they are located. This section should also address how many potential customers are available in your business’s geographical area.

This should also include whether you will engage in primarily business-to-consumer (B2C) or business-to-business (B2B) transactions.

Step 3 – Your Business Model

A description of your business model should consist of information like:

• How you will make money
• Costs of production and sales
• Prices customers will pay for products or services
• Will your company sell products online?
• Will you have a storefront presence?

This section could quickly become lengthy. Focus on the critical components of your business for the single-page business plan.

Focus on Your Strengths: This short plan is likely a pitching tool to investors. Lead with the winning aspects of your business that set you apart from the rest—your value proposition.

Step 4 – Financial Forecast

This section should outline critical financial metrics like cash flow, profit and loss, and a sales forecast. This part is often difficult to condense, but you should focus on standard business ratios that help you get the point across.

You can always provide further details if you receive a request for financial projections.

Step 5 – The Team

This final section should detail each team member’s names, roles, and responsibilities.

Keep It Short: Keep each section short and to the point. Sections should be limited to 1 or 2 sentences or between 3 and 4 bullet points.

You can download a free one-page business plan template below, in Word or PDF format:

All types of business plans have their benefits and their drawbacks, including a one-page business plan:

Advantages of Using a One-Page Business Plan:

• See the big picture – There will be plenty of situations through the growth of the business that will require a snapshot of your business venture. A one-page plan shows multiple elements of your strategy but focuses on the big picture and what’s important.
• Consense your thoughts and ideas – Condensing your thoughts and ideas allows you to be more critical of your business and provide a brief overview of your plan. It will enable you to show investors, your management team, and potential partners a quick run-through of your business.
• Faster to create than a traditional business plan – Designed to be completed quickly and easily, a one-page plan is much quicker to produce than a full-length business plan and will see you running through each section of your plan. You’ll likely have to revisit it to make amendments, but luckily, with everything on one page, it won’t be time-consuming.
• Keep your core objectives at the forefront – As your business grows, processes and operations will become more challenging to manage and maintain. But when it comes down to making the big decisions, you can always refer back to your one-page business plan to keep your core business objectives in mind.

Disadvantages of Using a One-Page Business Plan:

• Not suitable for complex business ideas that require lots of supporting data – If your business idea is difficult or your financial projections are detailed, you might struggle to get all the vital information into a one-page plan.
• Not as detailed as a traditional business plan – Squeezing all your business plans onto one page often means you will miss out on essential details that could be crucial to getting investment or bringing additional partners on board.
• Hard to identify weaknesses and potential opportunities – Only seeing a snapshot of your business can make it challenging to identify any potential faults that could harm your business venture. The lack of in-depth customer and competitor information could also result in missing profitable opportunities.

Tips for Creating a One-Page Business Plan

Now that you’re ready to create your one-page business plan, here are a few tips to get you started:

• Use a one-page business plan template to simplify the process; you can download the template above in PDF and Word.
• Make sure your plan focuses on the core information key to running and operating a successful business.
• Revisit, tweak and change. This isn’t a static document; update it as your business grows and develops.
• Before writing your single-page business plan, understand your target market and where your product or service fits. Don’t forget your value proposition.
• Don’t skip the financial projections, especially if you require funding.
• Keep your core goals and objectives realistic and achievable.

What should a one-page business plan include?

A one-page business plan should include the important details about your business. It should contain brief information about the following:

• Business goals and mission statement
• Product or service offerings
• Target market and advertising strategies
• Identifying information
• Financial status and funding needs

Can I create my one-page business plan?

Yes, you can create your one-page plan. Just download the template and start building your business strategy’s big picture.

Alternatively, you could use our document builder, the fastest and easiest way to create your single-page business plan.

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

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

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

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

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

Let’s get started.

What Do You Need A Business Plan For?

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

1. Secure Funds

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

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

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

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

2. Monitor Business Growth

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

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

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

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

3. Measure Business Success

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

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

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

4. Document Your Marketing Strategies

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

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

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

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

How to Write a Business Plan Step-by-Step

1. create your executive summary.

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

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

A good executive summary should do the following:

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

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

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

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

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

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

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

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

2. Add Your Company Overview

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

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

Your company overview should contain the following:

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

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

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

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

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

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

• Mission Statement

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

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

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

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

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

Business Objectives

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

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

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

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

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

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

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

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

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

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

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

Market Analysis

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

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

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

• Market Research

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

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

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

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

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

How to Quantify Your Target Market

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

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

What Does a Good Market Analysis Entail?

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

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

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

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

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

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

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

Competitive Analysis

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

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

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

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

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

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

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

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

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

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

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

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

Direct vs Indirect Competition

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

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

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

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

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

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

Factors that Differentiate Your Business from the Competition

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

1. Cost Leadership

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

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

2. Product Differentiation

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

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

3. Market Segmentation

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

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

4. Define Your Business and Management Structure

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

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

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

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

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

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

Management Team

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

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

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

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

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

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

Key Questions to Answer When Structuring Your Management Team

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

Additional Tips for Writing the Management Structure Section

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

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

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

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

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

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

Organizational Chart

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

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

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

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

5. Describe Your Product and Service Offering

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Avoid Technical Descriptions and Industry Buzzwords

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

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

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

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

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

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

3. Long or Short Products or Services Section

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

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

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

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

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

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

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

4. Describe Your Relationships with Vendors or Suppliers

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

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

5. Your Primary Goal Is to Convince Your Readers

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

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

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

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

Key Questions to Answer When Writing your Products and Services Section

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

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

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

6. Show and Explain Your Marketing and Sales Plan

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

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

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

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

Outline Your Business’ Unique Selling Proposition (USP)

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

Target Market and Target Audience

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

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

Creating a Smart Marketing and Sales Plan

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

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

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

Your Positioning Statement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Basic Rules to Follow When Pricing Your Offering

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

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

Pricing Strategy

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

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

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

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

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

Advertising

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

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

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

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

Public Relations

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

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

Content Marketing

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

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

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

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

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

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

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

Social Media

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

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

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

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

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

Strategic Alliances

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

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

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

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

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

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

2. Evaluate Your Competition

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

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

These questions can help you know your competition.

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

3. Consider Your Brand

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

4. Focus on Benefits

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

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

5. Focus on Differentiation

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

Key Questions to Answer When Writing Your Marketing and Sales Plan

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

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

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

7. Clearly Show Your Funding Request

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

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

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

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

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

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

Funding Request: Debt or Equity?

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

Case for Equity

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

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

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

Case for Debt

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

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

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

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

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

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

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

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

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

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

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

8. Detail Your Financial Plan, Metrics, and Projections

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

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

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

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

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

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

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

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

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

Use Graphs and Charts

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

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

Address the Risk Factors and Show Realistic Financial Projections

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

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

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

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

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

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

1. Sales Forecast

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

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

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

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

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

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

2. Personnel Plan

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

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

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

3. Income Statement

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

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

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

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

4. Cash Flow Statement

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

5. Balance Sheet

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

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

6. Exit Strategy

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

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

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

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

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

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

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

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

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

9. Add an Appendix to Your Business Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

Tips and Strategies for Writing a Convincing Business Plan

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

1. Know Your Audience

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

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

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

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

2. Get Inspiration from People

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

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

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

3. Avoid Being Over Optimistic

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

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

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

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

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

4. Keep it Simple and Short

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

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

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

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

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

5. Make an Outline and Follow Through

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

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

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

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

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

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

6. Ask a Professional to Proofread

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

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

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

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

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

1. hubspot's one-page business plan.

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

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

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

2. Bplan’s Free Business Plan Template

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

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

3. HubSpot's Downloadable Business Plan Template

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

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

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

4. Business Plan by My Own Business Institute

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

The comprehensive template consists of a whopping 15 sections.

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

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

5. Score's Business Plan Template for Startups

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

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

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

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

6. Minimalist Architecture Business Plan Template by Venngage

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

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

7. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

9. PandaDoc’s Free Business Plan Template

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

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

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

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

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

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

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

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

Alternatives to the Traditional Business Plan

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

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

Business Model Canvas (BMC)

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

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

Segments of the Business Model Canvas

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

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

Lean Canvas

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

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

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

Startup Pitch Deck

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

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

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

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

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

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

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

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

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

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

Business Plan FAQ

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

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

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

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

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

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

Exlore Further

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

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

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

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One page business plan: What to include and how to get started

Writing a business plan is a crucial step to starting or expanding your operations, but you don’t have to follow a traditional format. Developing a comprehensive business plan is useful if you’re seeking funding, but it’s also smart to write a shorter version, too. Enter: the one page business plan.

A one page business plan offers a broader, more approachable overview of your business.

For newer businesses, a one-page plan can serve as a starting point for fine-tuning business ideas and creating an in-depth business plan later on.

For established businesses, a one page business plan is an easy way to document changing strategies and update board members and senior staff on new goals. A one-page plan can also act as an elevator pitch or fact sheet to pique the interest of potential investors and lenders.

In any case, distilling your business’ mission and goals into one page forces you to reevaluate your ideas and priorities. This can ultimately help you make smarter decisions and run a more efficient operation.

To write an effective one page business plan, stick to the basics: discuss the market potential for your business and how your products or services will add value, explain your profit plan, and share your goals. Keep in mind that all the parts of a business plan should only be a few sentences, so it’s important to be clear and concise.

Here are the five components of a one page business plan template:

The summary provides a brief introduction to your business and what you hope to achieve. In addition to giving background information on your company, describe the services or products you offer and share your value propositions.

If you’ve been operating for a while, you may want to include a few company highlights or successes, like the fact that you hired five new employees last year or boosted sales by 10% from the previous quarter.

If your business is just getting off the ground, focus on explaining your vision and what makes your operation unique, whether it’s your commitment to 24/7 customer service or local product manufacturing.

2. Market analysis

One of the most important parts of a business plan is the market analysis , which explores the industry you’re in and customers you’re trying to reach. Using brief sentences or bullet points with statistics, you need to show that there’s a demand for your products and services, then talk about how you’ll satisfy that demand.

Start by identifying and describing your target market . Think college students or women age 30 to 50, for example. Taking into account factors like age, occupation, interests, issues, buying habits, and market trends, explain how you’ll position your products or services to appeal to these potential customers.

Next, you’ll want to include a few statistics or research notes about your industry and competitors, and explain how you plan to differentiate your business from companies offering similar things.

Learn how to conduct your own market research for your business>

3. Marketing and sales strategy

This part of your one page business plan summarizes how you’ll promote your business and convince customers to act. Start by sharing your business’ main marketing challenge. Do you have a difficult time getting traffic to your site, choosing which platforms to invest in , or converting leads to sales?

Your summary should explain in broad terms how you plan to address your marketing hurdles, whether that means increasing your marketing budget , adopting Google Analytics, or eliminating a platform that has little success.

If you have space, consider giving an overview of your sales funnel here, listing key details and distribution channels for each step—from awareness to action. Make sure you include a sentence or two that clarifies why you chose the particular marketing methods you listed.

Put together a cohesive marketing strategy for your business with our comprehensive guide>

4. Pricing and profit strategy

The point of this section is to demonstrate your business’ profit potential . Talk about your pricing strategy first: What do you need to charge to create a high-quality product or service that helps you attract customers and stay competitive? What’s more, how will those prices help you turn a profit after accounting for operational and production-related expenses?

This is a good area to share your business’ profit and loss numbers from last year. If your revenue exceeded what you spent, you can talk about what you did that was successful and how you hope to build on that momentum. If, however, your numbers show that you spent more than you earned, explain how you plan to change your approach going forward to become profitable.

If you don’t have financial data to pull from, include your six-month sales forecast and projected cash flow instead.

Set your pricing while protecting your profits>

In the final section of your one page business plan, list your most pressing or significant business goals . Do you want to acquire a certain number of email subscribers by the end of the quarter, for example, launch your first product in the next six months, or cut operational expenses by 15% in the next year?

For each goal you share, include a sentence or two that explains what steps you’ll take to carry it out, how you’ll measure your progress, and how you’ll overcome problems that occur. Mentioning potential obstacles is a good segue into discussing any funding, equipment, or hiring needs you might have. You might need to double your inventory to satisfy high customer demand during peak season, for example, which will require extra working capital.

Keep in mind that you’ll probably need a longer, more detailed business plan if you’re seeking funding , but a one-page version can help you get started.

Keep updating your one page business plan

The best part of a one page business plan is that it’s easy to adjust. Aim to keep revising and updating your plan as your strategies, budget, and priorities change. You can also tweak your business plan outline depending on what you want to emphasize. You can also tailor your one page business plan based on your target audience (i.e., potential funders, new employees, etc.).

To get started, check out these tools that will help you generate a one page business plan template of your own:

• LivePlan is a business plan writing software that guides you through the process of writing your perfect business plan.
• BPlans provides free business plan templates and resources for writing your own plan.
• The Small Business Administration has a business plan template you can use.
• Microsoft Office has countless stylish business plan templates to choose from.

Use a one page business plan to set yourself up for success

If you feel overwhelmed at the prospect of writing a business plan, start with a simple one page version. A one-page business plan is a perfect entrée into business plan writing. Plus, it’s an easy, effective way to clarify your ideas and goals no matter what stage your business is in.

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Easy-to-use one-page business plan template

A one-age business plan is a useful tool for providing an overview of your goals and targets and how you and your team will achieve them. Before you get into the details, a one-page business plan can help you feel out your ideas, set priorities, and provide an outline for a more extensive standard business plan.

You can also keep your single-page plan on hand to keep you laser-focused on the scope and objectives of your business at all times.

In this article, we’ll show you how to use a one-page business plan to create a robust foundation for your business and share some ready-to-use business plan templates .

Get the template

What is a one-page business plan template?

A one-page business plan encompasses your entire business strategy condensed onto one-page. A one-page business plan template is a document that outlines a business’s strategies and goals.

A traditional business plan goes into great detail and could be dozens of pages long. With a one-pager, the idea is to condense all the important information into one high-level document.

However, if it’s a one-page business plan to hand out to prospective investors, you’ll likely focus more on something like financial projections .

In general, your one-page business plan can include:

• Vision statements and strategic objectives of your business
• Customer segments your business will serve
• Overview of the product or service you’ll provide
• Sales goals and marketing strategy
• High-level business overview of financial projections

Why use a one-page business plan template?

Understanding the benefits of writing a single-page business plan helps keep you focused when condensing lots of important information onto a one-page template.

Provide an overview of your business plan

A one-page plan provides you with an overview of everything you need to consider about your business venture. One-page plans provide a snapshot of multiple moving parts of your strategy and operations to keep you focused on what matters.

One-page business plan templates are a very useful starting point for developing a more detailed standard business plan . By creating a high-level document, you can begin to sketch out your ideas and assumptions and test them before spending lots of time developing a long business plan that you end up rewriting. Once you’re satisfied with your one-page plan, you have a step-by-step outline for a more in-depth version.

Manage operations and finances

As you grow your business, the operations and finances side of things often become more complex and difficult to manage. In times like these, when you need to make important decisions, a one-page business plan helps keep the core objectives of your venture in mind at all times. Nailing down your template means you don’t waste time deciding what the most important details are, so you can focus your time and energy into growing your business instead.

Synthesize business information

Another key benefit of having a one-page business plan on hand is the ability to provide anyone with a snapshot of your business whenever needed. This situation could apply to your management team, potential business partners, or potential investors who want a fast, easy-to-digest rundown of your business.

While you might have an elevator pitch ready, a one-page plan helps back up your claims, especially when it comes to items like financial projections or your cash flow statement . A one-page business plan template means it’s easy for you to quickly synthesize relevant information for the required audience. Simply drop the latest information into your template and get ready to present.

What are some examples of one-page business plans?

Before you write a one-page business plan, it’s helpful to get familiar with the various types of templates available and decide which one is best for your needs.

Startup one-page business plan template

Writing a business plan for a startup is a very different process than creating a plan for an established business. Startups are beginning from the very start of their journey with little historical data to go on. By nature, they need to be a lot more flexible with their ideas and decisions as they decide what works.

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So a one-page plan for startups is more about laying the groundwork for more in-depth strategic analysis and taking an agile approach to developing a business model.

Business model canvas

The business model canvas is a well-known template for business plans. A single page is divided into squares, with each square representing an important component of the business strategy.

With a business model canvas, you’ll be able to quickly outline items like your target markets, value proposition, and revenue streams. Writing and comparing these sections on one-page allows you to validate your business model against your market analysis and quickly iterate on different elements of your business strategy .

Business idea action plan template

While many business plan templates focus on strategy and high-level objectives, some businesses require more focus on operations and action right from the start. In those instances, a business idea action plan template can be more beneficial.

This type of one-page business plan focuses on what you are going to do and how you are going to do it, rather than analysis and projections. It enables business owners to develop tactics for how they’ll design, develop, market, and sell their products or services.

Small business plan template

Small businesses are often operating with limited funding and narrow profit margins. These constraints make revenue targets and cost-effective operations critically important to success, especially for a service business.

When this is the case, a shorter business plan template for small businesses which focuses on defining your business niche, setting clear targets, and creating detailed timelines keeps your strategy aligned to the bottom line at all times.

monday.com’s one-page business plan template

Building a one-page business planning template from scratch involves a lot of key elements for consideration, but it doesn’t have to be a tricky process. Having a template to keep you on track enables you to effectively shape your strategy, goals, key activities, and targets in one place.

monday.com has created a one-page business plan template to help you create an effective one-page business plan that will keep your goals and targets at the front of your mind as you grow your business. The monday.com template includes:

• Digital visualization of your entire business strategy in one location, so you can easily share your plan and make updates
• Extensive customization options so you can create a business plan that aligns fully with your company branding
• The ability to add your own visuals such as tables, images, and videos that are relevant to your business plan
• The ability to collaborate in real-time with business partners and senior management on the creation and development of your one-page plan
• Integrations with popular business tools such as Excel and Outlook so you can move your business plan seamlessly from creation to execution

Have your one-page business plan created quickly and seamlessly with monday.com. Sign up for our free trial and select the one-page business plan template to stay aligned with your business objectives and core goals.

One-page business plan tips & tricks

Although a one-page business plan is not as extensive as a full-length business plan, there are some best practices you should follow to get the most out of it. With these tips and tricks, you’ll have a one-page business plan that’s realistic, accurate, and functional.

Understand your target market

Before you start outlining your business activities and tactics, it’s imperative that you fully understand your target market and your product-market fit. This understanding includes considerations such as customer price sensitivity, buying preferences, demographics, and more.

Without understanding your target market, building a business model can lead to sales targets and timelines that don’t materialize, a marketing plan or marketing materials that miss the mark, and unrealistic financial projections.

Fine-tune your products and services

Another key element of your business plan is the outline of the products and services you’ll offer. In this area, business owners need to thoroughly understand the cost of production, how to price products and services so they remain profitable, and how your offering measures up against competitors in the market.

By getting a firm grasp of your value offering, you can more accurately project costs, revenue, and profitability over the long term.

Keep your goals and projections realistic

When creating your one-page business plan, use the hard numbers regarding costs and budget to remain realistic about your business goals.

This approach applies to your timelines, too. Although your goals and targets may be ambitious, there needs to be an achievable timeline and resource allocation attached to them.

FAQs about one-page business plans

How do you write a business plan in one page.

It might be more beneficial for some business owners to start with a long business plan and then work on synthesizing it into a one-page template. That way, you can gain a deep understanding of your strategy before selecting the most important highlights for your one-page business plan.

You can also use visuals in place of written text where appropriate to save on space. For example, you can condense the highlights of your financial projections onto a single graph that’s understandable at a glance.

What is the primary characteristic of a one-page business plan?

The primary characteristics of a one-page business plan are clarity and brevity. Anyone who picks up your one-page plan should quickly get a clear idea of what your business does, its goals, and how you plan to achieve them. So it’s essential to keep all the information extremely clear and concise. Using a template like one on monday.com already gives you a leg up with a helpful outline.

What should a simple business plan include?

While every business is unique in some way, there are fundamental pieces of information you should incorporate into all simple business plans, including:

• Business mission and objectives
• Target audiences
• Competitor analysis
• Products/services outline
• Key operational considerations
• Time-bound financial projections

Depending on the purpose of your plan, you might choose to leave some items off the page. For example, if it’s for internal use by a wider team, you might omit elements like business financing plans, income statements, cost structure, etc.

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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.

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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.

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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

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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.

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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.

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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.

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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.
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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.

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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.

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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.

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Business planning, website development, product or service selection, marketing and promotion, is it a good idea to start an online business, can i start an online business with $100, what are different types of online marketing strategies, the bottom line.

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If you want to get into the online business game, it’s a good time to start. The COVID-19 pandemic reshaped online consumer spending, including how people shop online and how they research products.

Today, 76% of Americans buy products online. Furthermore, roughly a third of people purchase items online weekly. From setting up an ecommerce business to offering web design services, there are countless avenues to explore as an entrepreneur.

Below, we’ll walk through each step to building an online business.

Key Takeaways

• When starting an online business, comprehensive market research is critical for identifying your target audience and learning how to resonate with your customers and understand their needs.
• Creating a business plan is an important step for outlining your business goals. It also includes your product description, target market, and financial projections, among other core components.
• Building your website involves setting up a domain name, finding a hosting company, and designing a strong website with consistent branding that allows your customers to navigate it intuitively.
• Choosing the right product or service to sell is essential. It’s important to think about how you’re addressing an unmet need.
• Several digital marketing strategies can be utilized, from content marketing to paid advertising, to help your business grow.

Successful online entrepreneurs study hard in order to have a thorough understanding of their market. This is important for knowing exactly how to reach your target market , because these are the people who will buy your products and drive your business growth.

At its core, market research is about understanding your customers’ needs, pain points, and solutions. It is designed to help your business better meet these needs.

Steps to Conduct Market Research

Market research involves understanding key aspects of your current and future customers. To get a clear sense of your target market, outline the characteristics of your audience—for example, age, location, gender, income, job title, and key pain points.

Once you have identified your target audience, conduct research on the following topics, which will tell you about how they make decisions and how you can better position your business:

• What are the challenges that your target market faces?
• Where do they research a given product or service?
• What are their views on pricing for this product or service?
• What factors influence their decision to make a purchase?
• Who are your competitors?

To put this market research into action, there are a number of different avenues you can take:

• Focus groups
• Competitive analysis
• Brand awareness research
• Market segmentation research

Consider the following questions that may be asked in an interview or focus group to learn more about your audience:

• “How do you search for that product?”
• “How useful was it?”
• “What words do you use when you search on Google?”

When you have completed your market research, identify what you have learned as well as your next steps based on these insights.

Creating a business plan is a key first step for all business owners . It is important for companies looking to secure funding resources. It also serves as a blueprint to summarize your key business objectives and goals.

To write a business plan , incorporate these eight main sections, which are often found in traditional templates:

• Executive summary : This is typically a one-page section that explains your objectives and includes your mission statement, core team, and why your company is positioned for success.
• Company description : This describes what you offer, your competitive advantages, and your business goals.
• Market analysis : This is where you explain your target market, market size, market trends, and competitive landscape.
• Organization and management : Explain who is working on your team and their professional background and experience.
• Service or product line : Describe the product or service you are offering, including any copyright or plans for patenting.
• Marketing and sales : Discuss your marketing and sales strategy. Discuss your pricing, key metrics, and sales plan.
• Funding request : If you are a company looking for funding, here is where you outline the capital you are requesting and where it will be allocated.
• Financial projections : Include projections for your company’s revenue and expenses. Consider including an income statement, balance sheet, and cash flow statement in this section.

A business plan is important because it helps clarify your action points, who you are, and what you offer, all in a coherent template.

Getting your business online is the next key step. In an ever-changing environment, it is important to know the tools, trends, and strategies for building a strong online presence to allow your business to grow.

Registering Your Domain

The first step is registering your name, or your website address. This can be in the form of your business name “.com.” To purchase your domain name, you can go to sites like GoDaddy or Namecheap . If you decide to build your website using WordPress, you will need to use a site such as these to host your website.

Web Hosting Companies

Alternatively, you can buy your domain name at a hosting company. These are companies like Shopify , Wix , or Amazon Web Services , that may also offer tools to build your website and release content on them. 

Website Design

A well-designed website is important for many reasons. Using a website builder, such as Mailchimp or Squarespace , can allow you to choose a theme, customize your pages, create relevant content, and set up a payment page.

Other key aspects of your website design include its functionality, simplicity, and ease of use. Allowing your potential customers to navigate the site intuitively will be key to their experience. Brand consistency—in your logo, colors, and typeface, for example—is also key to creating a unified brand.

Another essential part of website design is its mobile application. You’ll want to ensure that your website runs smoothly on mobile, that images load properly, that the text is legible, and that buttons are intuitive to click.

This step focuses on how to choose the right product or service to sell. At the heart of this choice is the goal of solving a customer’s problem. But there are a number of strategies you can use to identify your product idea.

For example, you might consider analyzing companies with high-profit margins, products that align with your passion, burgeoning trends, items trending on online marketplaces, and/or customer reviews.

With this in mind, analyze how this product will get to your customers. Additionally, you may consider products that are not available in stores in your local market but are offered in communities such as Europe or Japan, for example.

Marketing strategy and promotion is an essential driver of business growth. As the digital landscape evolves, it’s important to have an effective marketing plan that resonates with changing consumer preferences and needs.

Here are questions that companies can consider as they create their marketing strategy, navigating today’s environment:

• Impact, value, and growth : What are the goals and key performance indicators (KPIs) that will measure success for your business? How will you explain the value that the business provides to its customers and/or society? Create an “elevator speech”—a 30-second description of what you offer and why it’s special.
• Customer need and brand promise : How does the brand meet a customer’s need through its products and services?
• Customer experience : How will the business deliver the best experiences at each stage of the customer journey?
• Organizational model : How will the business operate to serve the customer with the most impact?

These will help you understand what types of strategies can have real impact.

Types of Marketing Strategies

Consider the following digital marketing strategies that can be used for your online business:

• Email marketing
• Social media marketing
• Paid advertising
• Search engine optimization (SEO)
• Content marketing
• Influencer marketing

Each of these presents a different way to reach your target audience, drive conversions, or build brand awareness, depending on your marketing goals.

You need to determine that for yourself. But before starting an online business, it’s important to assess the time, investment, and resources you’ll need to get it off the ground. While the barrier to entry can be quite low, it’s worth considering your goals and strategies for making it a reality.

However, compared with starting up a traditional brick-and-mortar business, the risks of launching an online business may be reduced due to lower upfront costs such as rent, staff, and materials, among others.

The short answer: yes. While it depends on the type of business you hope to pursue, there are many ways to set up an online business at very little cost. For example, you could offer your services doing freelance work, photography, bookkeeping, or personal training. The primary costs involved include setting up your business website, which can cost as little as $2 to $20 each year with companies such as GoDaddy.

There are a number of digital marketing strategies that online businesses can use, such as content marketing, email marketing, paid advertising, SEO, and influencer marketing. Each of these strategies can be useful, depending on your product and goals.

Starting an online business can be a powerful way to launch a new product or service while reaching a wider audience. With market research, a solid business plan, a strong website, and a digital marketing strategy, you can get started in growing your company effectively. As customers increasingly make decisions virtually, building an online business is vital to any business owner’s success.

Pew Research Center. “ For Shopping, Phones Are Common and Influencers Have Become a Factor—Especially for Young Adults .”

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

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

Ogilvy. “ Getting Future Ready with Marketing Transformation ,” Page 15.

GoDaddy. “ How Much Does a Domain Name Cost? Find Out! ”

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Personal Finance

How to start an online business in 8 steps.

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

The internet has reshaped where, when, and how people shop for goods and services. The popularity of digital shopping has opened a world of opportunities for online business owners. With a computer and a stable internet connection, you can work from anywhere, set your own schedule, and sell to customers worldwide while avoiding the hassle and costs of owning a brick-and-mortar business.

Whether you're just starting to brainstorm about the best online business ideas or already have a concept in mind, here are some tips for getting your business up and running.

8 Ways to start your online business

1. establish a business niche.

If you haven't done so already, you'll need to decide what you want to offer and who your target customers will be. Here are a few factors to consider:

Your interests

Mark Twain once said, "Find a job you enjoy doing, and you will never have to work a day in your life." While only some would agree with this work/life approach, it's a good starting point for choosing a business niche. Think about your passions, skills, and expertise, then focus on ideas where they intersect.

Target audience

Consider your target audience and whether they have a problem no one else is solving or a product no one else is providing. If so, do they have the discretionary income to afford your product or service and are they willing to pay for it? Will there be adequate demand?

Profit potential

Consider if your niche has profit potential in an online environment. For example, an overly large or heavy product may be too expensive to ship at a reasonable cost. Is the idea scalable so you can accommodate more customers and transactions in the future?

2. Choose a business model

A business model is how your company will provide products or services to customers and make money. Some options to consider include:

• Affiliate marketing. Promote other businesses and receive a commission for each sale you make.
• Coaching and consulting. Share your expertise and offer guidance.
• E-commerce. Launch a website and sell products online using one of the best payment gateways .
• Franchising. Pay a franchise fee and operate under an established brand.
• Freelancing. Offer a service such as writing, programming, web design, or social media marketing.
• Information products. Create and sell eBooks or online courses.
• Subscriptions. Package software or subscription boxes and charge a recurring fee.

3. Write a business plan

A good business plan outlines the steps to start and manage your business. The important thing is to think through the key elements of your venture while focusing on your goals. According to the Small Business Administration (SBA), a traditional business plan format includes some combination of the following:

Executive summary

Explain what your company is and why it will be successful. This section should include your mission statement, product or service, basic company information, and financial details if you need financing.

Company description

Provide detailed information about your company: the problem it solves, your target audience, and your competitive advantages.

Market analysis

Explain your industry outlook, what other businesses are doing, and how you can do it better.

Organization and management

Outline who will run your company and how it will be structured. Will it be a general or limited partnership, a C or S corporation, limited liability company (LLC), or are you a sole proprietor?

Service or product line

Describe the product or service you offer, explaining how it benefits your target customers.

Marketing and sales

Explain how you will attract and retain customers and the steps for making a sale.

Funding request

Explain the level of funding you'll need over the next five years and how you'll use it. Include financial projections detailing your forecasted income, cash flow, and budgets. Research how to get a business loan , and familiarize yourself with the SBA website to learn more about its loan programs.

4. Develop your brand

Once you know what you'll sell and how you'll run the business, developing your brand is next. You'll have to choose a business name and create a logo. This process can be relatively simple if you already have ideas in mind—or challenging if you're starting from scratch. You might want to hire a graphic designer to implement your vision.

5. Create a website

Once you have developed your brand, it’s time to build a website. You’ll need to lock in a domain name and choose a hosting service. There are website builders, such as Squarespace , available to help you get started—or you can hire someone to do the work for you.

6. Cover legal bases

The next step is to make your business official. While the requirements vary by business, here are the essential action items:

Register your business

Registering with your state gives you legal grounds to use your brand's name. You can utilize a service like LegalZoom to register as a sole proprietor, LLC, corporation (C corp or S corp), nonprofit, or DBA (doing business as). Consult a tax specialist for help choosing the best business structure for your situation.

Apply for an EIN

You'll need an Employer Identification Number (EIN)—a federal tax ID—to pay federal taxes, apply for business licenses and permits, open a business bank account , and hire employees. You can apply for an EIN for free on the IRS website . The IRS says to beware of websites that charge for this free service.

Licenses and permits

Depending on your business activities and location, you may need licenses and permits from your state, county, or city. Check with your state's website (e.g., ca.gov, nc.gov) to determine your necessary licenses and permits.

Most businesses must file an annual income tax return, and the form you use depends on how your business is structured. Online services like Found, a banking and tax app designed for small business owners, have tools to make keeping track of taxes easier. It's also helpful to establish a relationship with a trusted tax specialist.

7. Market your business

Once your online business is ready for the world, it's time to market it. While marketing strategies vary depending on your business model and target audience, here are a few options to consider:

• Include your brand in online directories.
• Create social media profiles and share high-quality content often.
• Launch compelling email marketing campaigns.
• Use SEO best practices to optimize your site for search engines.
• Collaborate with influencers to promote your brand.
• Leverage your network—including professional contacts, friends, and family.

8. Reward customer loyalty

Keeping existing customers happy is often easier than generating new leads, so it can be worth the extra effort to reward them for their loyalty. Consider offering discounts to repeat customers or perks to patrons who refer friends and family. You might also provide spending-based rewards or incentives for sharing positive reviews on social media.

Of course, one of the best ways to reward loyalty is to connect with your customers personally, making sure they always feel welcome and appreciated. That way, they'll be more likely to become repeat customers, recommend you to friends and family, and help you grow a thriving online business.

Why should you consider starting an online business?

Consumers increasingly prefer shopping online, providing virtually unlimited opportunities for digital entrepreneurs to reach a global audience. Further, many of the traditionally time-consuming aspects of starting a business have been simplified—and made more affordable—by websites such as LegalZoom .

One outcome of the pandemic was the emergence of new and enhanced tools that make remote work not only possible, but more efficient. As a result, it's easier than ever to work anywhere in the world with a laptop and a reliable internet connection.

How to save when starting an online business

Businesses have a slew of start-up costs that can be difficult to manage before you're up and running. Here are a few ways to make balancing the budget a little easier.

Rewards credit cards

A business credit card is an excellent way to keep your business and personal expenses separate for accounting purposes, but that's not the only perk. With the best small business credit cards , you can also earn rewards on your spending, enjoy perks like free travel insurance, and score a hefty welcome bonus.

Tax prep software

A good way to save money in the early days of your business is to use upgradable tax prep and other business-related software. Start with the free version, then upgrade to the premium package once your business takes off.

Payment processing

You'll need a payment service provider to accept online payments. Not surprisingly, some payment solutions are more expensive than others. For example, Square charges 2.9% + $0.30 for online transactions, while Venmo costs 1.9% + $0.10 between Venmo accounts. Of course, fees shouldn't be the only consideration when choosing a payment service provider. Still, they're worth paying attention to; even small differences can add up over time.

TIME Stamp: Research and strategy are key to success

Starting an online business involves many of the same steps as opening a brick-and-mortar business. You’ll need to determine your niche, conduct market research, craft a well-thought-out business plan, and develop a brand and website. Implementing a successful marketing plan is also key to building and retaining a solid customer base.

Frequently asked questions (FAQs)

What is the best type of online business to start.

The best online business for you depends on your professional background, skills, interests, and goals. Think about what you're good at and enjoy doing, then brainstorm ideas for monetizing it.

Which kind of online business is most profitable?

There are a wide variety of online businesses ranging from e-commerce to private tutoring. How profitable one is over the other depends on a number of factors. The start-up and ongoing costs of some are nominal compared to others. For example, an online tutoring business would typically have much lower costs than selling collectibles online. Demand, competition, and how well an online business is managed also impact profitability.

Can I start an online business with $100?

You can start an online business on a shoestring budget. With $100, you’ll be able to buy a domain name, build a basic website (using a free template), and publish the site through a web hosting provider long enough to get you started. Of course, some ventures have higher start-up costs, so you may well need considerably more than $100, depending on your business.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

Create Your Course

10 steps to creating a wildly successful online course, share this article.

As you read this, you might have an online course idea already hanging out in your head.

If you’re passionate about a topic, you’re good at it, and it fulfills a need for someone – then you have all the makings of becoming a successful course creator. 

Creating an online course has never been easier thanks to a host of new tools and platforms that do most of the heavy lifting for you. All you need is your knowledge.

And if you’re building a business, learning how to create an online course is an ideal way to open up an additional revenue stream for your business while establishing you as an expert in your niche.

By creating online courses, you turn your tried and true industry expertise into a lead-generating, money-making, impact-creating online course that gets your valuable skills out into the world. 

To help you learn how to create online courses from scratch, we’ve broken the process into 10 easy stages – with plenty of tips from ultra-successful course creators who have the academies and the accounts to prove it. 

We’ve also included templates, guides and workbooks to support you every step of the way, so you can get your online course business up and running in no time. 

Here are our 10 steps to create an online course:

Pick the perfect online course topic

Check if there’s market demand for your course idea, create compelling learning outcomes, structure your online course, choose the most engaging and effective delivery method, produce your online course: filming, recording, and editing, choose your online course platform, establish your pricing structure, launch your online course and market for success.

• Build an online course community

How to create an online course from scratch

At the heart of learning how to create an online course is understanding what experience, expertise, and skills you have to offer the world.

We’ve tailored this guide to help you draw out your own unique perspective to solve your audience’s challenges, pain points, and problems. And build your personal brand in the process.

While it’s definitely not an exhaustive list of everything you’ll need to create and sell an online course – it’s a ‘birds-eye-view’’ of the major milestones on the journey to creating your first online course and tips to help you find your unique voice along the way from creators who have been exactly where you are.

Here’s our 10 steps to creating an online course that’s tailored to your audience – and feels authentically you. 

Choosing a topic for your online course is the first step to building a successful and buzzing course business.

Your ideal course topic should ideally be something you’re passionate about, you’re skilled at, have experience in, and have a target audience for.

In other words, here are the 4 things you need for your online course topic :

• Target audience

Let’s look at each of those in more detail…

Your passion

Your online course topic doesn’t have to be something you’re head over heels in love with – but it should be a topic you’re passionate about. That means something you don’t mind thinking about, talking about, and reading about for weeks, months, and even years on end.

If you’re passionate about your online course topic, then it will translate into your content. You’ll be better placed to inspire and engage your audience while making your course feel more authentic and relatable. And keep your customers coming back.

Warning: choose a topic you’re not passionate about and you risk getting tired of teaching it. (And your lack of passion will lead to a course that’s as enticing as a cardboard sandwich.)

Related: How To Turn Your Passion Into A Business

Your skills

As well as being a topic you’re passionate about, you also need to have the specific skills that will help you teach others about your topic.

That means your topic should be something you’ve learnt how to do – and you’re confident you can teach other people how to do too. It might be something related to your profession or career or to a hobby or skill you have.

By teaching your chosen topic on a public stage, you can help people learn from you and solve the challenges they’re facing – while setting you up as a thought leader in your field. 

“We all have a gift that someone needs… Don’t let technology, imposter syndrome, or any other limiting beliefs scare you. Just put yourself out there and get started because you can always perfect yourself as you go.” – AMANDA SCHONBERG, THINKIFIC COURSE CREATOR AND MEMBERSHIP SITE OWNER

Related: How To Monetize Your Expertise

Your experience

We’re all the sum of our experiences. And your unique experiences are what will ultimately help you create a winning and wildly successful online course business.

Your experiences can include:

• Work experience
• Educational experience
• Hobbies and interests
• Volunteering
• Personal experiences e.g. relationships, family, spiritual, cultural experiences

If you can draw out the experiences that shaped you both professionally and personally, you can find a unique perspective for your online course that will help you stand out from the crowd.

“If you’re an expert in something – either from schooling or personal experience – I believe that you already have everything you need inside of you… The world is just waiting for you to share your knowledge, expertise, and lived experience in a way that’s digestible for others.” – KIAUNDRA JACKSON, THINKIFIC COURSE CREATOR

Your target audience

To create online courses that people will actually want to buy, you need to make sure you have a target audience in mind from the very beginning. Who will your course help? 

Try answering these questions to find your target audience:

• What demographic groups are you most likely to help with your skills and experience? 
• How do your audience think? What are their values, interests, and attitudes?
• What needs, challenges, and frustrations do they have?
• What do they currently not know or need help with?
• How will your online course help them solve the challenges they’re facing?

People take online courses because they need help getting from where they are now to a place they want to be in their future – and your knowledge and expertise can help them get there quicker.

If you have a target audience in mind now, you can make sure that everything you do when you’re creating your online course is tailored to them – including your course content, delivery methods, marketing, and sales strategy.

Related: How To Define Your Target Audience (+Templates & Workbooks)

Activity: How to find an online course topic

To help you zero in on the perfect course topic, try this simple exercise:

Start by taking a sheet of paper and writing “Passions & Interests,” “Skills,” and “Experience & Achievements” across the top of the page. Draw a line between them so that each is in its own column.

Next, go column by column and write down as many things as possible that come to mind for each category. It doesn’t have to be perfect. Just write down what comes into your head.

Now review what you’ve written. Do you notice any similarities between the 3 columns? They could point you to your perfect course topic. If nothing comes up, keep brainstorming. Go step-by-step through your experiences, including your education, career, and how you like to spend time.

The truth is, you don’t need to have a degree or decades of experience in your chosen course topic to become a successful course creator. In fact, some of the best courses out there focus on things you might consider a hobby. 

Here’s a list of 10 online courses from some of our most successful course creators:

• Microsoft Excel  
• Content creation
• Mindfulness and meditation
• Photography
• Roller skating
• Dog training

There are so many online course ideas to choose from (the possibilities are literally endless…).

Remember: If you love your topic, you’re good at it, you have experience , and it fulfills a need for someone – then you have everything you need to create an online course.

Hands up, who wants to spend weeks of their life creating an online course only to have no one buy it? Nope. Didn’t think so.

Once you’ve picked your online course topic (or at least narrowed your choices down to 2 or 3 options), the next step is to do market research for your idea. The goal at this stage is to understand if there’s demand for your online course and who else is currently offering courses on that topic. 

If you’re just getting started, here are 4 questions to ask to help validate market demand for your online course:

• Are people asking questions about your topic? If yes, what questions are they asking?
• Who are your biggest competitors? Are there any topics, formats, or audiences they don’t cover or serve?
• Will someone pay money to solve the problem your course topic covers?

Let’s look at each question more closely and check out some tools that will help you complete your market research. 

What questions are people asking about your topic?

To understand what questions people are asking about your topic, you need to do some online research. Here are 4 places to look online:

• Try searching your topic on Reddit or Quora to see what questions come up and how often.
• Take a look at Answer The Public to see what people are asking, how, and how often.
• Scroll through any Facebook groups on your topic to gain some insight into the challenges your audience has.
• Follow relevant creators on LinkedIn to see what they’re saying about your topic and who is commenting on their posts.

If you know where your target audience spends most time online, start your research there. For example, if you’re targeting florists, consider doing your research on Instagram and Pinterest rather than LinkedIn.

After doing this research, you’ll probably have a few words, concepts and ideas that show up in posts, forums, and questions over and over. You can use these as keywords for your research in the next section. 

Are people searching for your topic and asking questions?

To understand whether or not there’s demand for your course topic, it helps to know how many people are searching for terms related to your idea online. 

Google Trends is the quickest way to check general search trends for your topic. These trends will give you a better idea of how popular a topic is and how it’s been performing over time. 

Use the keywords from your initial research to look up the popularity of your topic. For example, you can see below that “ Online Yoga Classes ” spiked in popularity at the start of the pandemic in March 2020. And it’s still popular today.

Search volume is also a great way to validate demand for an online course topic. Use a tool like Google keyword planner , Semrush, or Ahrefs to look at your topic’s search volume.  

Enter your keywords, and each tool will give you insights into how many people are searching for each keyword. 

The more people who are searching for each keyword – and the more competitive it is – the more sought- after your chosen topic is likely to be. As you can see, “Online yoga courses” is a popular keyword and has decent competition. 

Pro tip: Keep in mind that the search volume and competition you’ll see in keyword research tools only applies to the specific keywords you’re searching for. There can be hundreds of different keywords for any given topic. For example, running a search on “online yoga courses” will give you different results to searching for “online yoga courses for beginners” and  “yoga courses online”.

Related: 5 Steps To Test Your Online Course Ideas In The Real World

Who are your main competitors and what are they missing?

As well as researching what your audience is currently searching for, it’s a good idea to take a look at your competition too.

Do some research to figure out who your top competitors are and what their courses offer. While you’re unlikely to be the first person to think of your idea, there’s a good chance you can do it differently and offer your target audience something new and fresh.

Online course marketplaces are a good place to check what’s already out there. You can also do a simple Google search – such as “online courses on [ your topic or idea ]”.

Many creator educators make the mistake of thinking that lots of competition for their chosen topic means their online course idea won’t be successful. In fact, it shows there’s already a thriving market for your course idea and it’s well worth investigating further. If other people are making courses on that topic, there must be potential to generate revenue from it. 

The trick is to find a gap in the market. 

Finding a gap in the market means finding an opportunity to offer something new that your competitors aren’t currently catering to – such as:

• An audience: Is there a demographic or group of people who aren’t currently being served by your competitors? Who can you appeal to that your competitors can’t?
• An idea: Are there any key concepts, methods, or ideas that your competitors aren’t covering? What’s missing from their course content?
• A format: Is there a course style or format that your competitors aren’t currently offering? What could you do differently? How could you make your course more engaging?

The online courses already on the market have the upper hand. The creators behind those courses have been learning about your audience, developing their course, and tailoring their marketing for longer than you have. 

The best way to find success? Make sure you’re offering your audience something different to what’s already out there.

Here are a few examples of how creators managed to create new, different, and better online courses compared to their competitors.

Miss Excel – Making a (kinda) boring subject fun

Despite the stiff competition for Microsoft Excel courses, Miss Excel – real name Kat Norton – carved out a niche for herself in a crowded marketplace by using TikTok to create bite-sized Excel courses and infusing creativity, fun, and enthusiasm into her content. Making an otherwise boring topic super approachable.  

Miss Excel began by posting a new video on TikTok once a day. Then one of her videos went viral and hit 100,000 views in just four days. After that, the rest was history.

After her first video hit it big, Miss Excel was able to massively increase her online course sales, quit her job, and focus on growing her online course business full-time. She now boasts an impressive lineup of courses on Thinkific , helping over 17,000 students learn how to improve their Excel skills and bringing in a whopping 6-figure income in the process. 

The Budgetnista – Catering to an underserved audience 

Thinkific creator Tiffany Aliche from The Budgetnista found there was no shortage of creators offering financial advice. But she quickly realized that few online courses were catering to women – specifically black women – and this was a niche where she could use her skills and expertise to make a meaningful difference. 

By creating online courses tailored to her target audience, Tiffany carved out a hugely successful niche in a competitive industry – and built a 7-figure business in the process. To date, she’s helped over 2 million women learn how to manage their money, get out of debt, and save money smarter.

“I want to help women, especially black women, live richer lives. Because we have been left out of the financial conversation for so long.” -TIFFANY ALICHE, THINKIFIC COURSE CREATOR AND MEMBERSHIP SITE OWNER

Will someone pay to solve the problem your course topic covers?

Of course, to validate your online course idea, you also need to make sure that people will be willing to pay money for the products and services you’re offering.

There are a few ways to figure out who will pay for your course and how much they’ll pay. Here are 3 popular methods to validate your course idea:

• Talk to your audience : If you’re not engaging your audience during your market research, you’re missing out on valuable insights. Ask your audience about their challenges, needs, and whether or not they’d pay for a course to overcome them. Use surveys, quizzes, and 1:1 interviews to conduct your audience research and hear what your audience have to say.
• Create a free mini course: To check demand for your online course topic, create a free mini course for people to download via your website and/or social media channels. Depending on the interest in your free course, you can get a feel for whether or not a paid course would sell – and gather feedback from your audience on what could be improved and what they want to see more of.
• Pre-sell your course : To avoid creating a full-length course that no one buys, try pre-selling your online course before you create it. Pre-selling is one of the best approaches to launching an online course to make sure that you have an audience ready-and-waiting for your release date – and it can pre-fund your course production too. 

Related: 4 Steps To Validating And Selling Your Online Course

Once you’ve finalized your course topic – including who you’re tailoring your course to – it’s time to get clear on what exactly you’re offering your learners.

A critical step in learning how to create an online course is identifying your learning outcomes. Think of learning outcomes like your big picture goals for the course. Your learning outcomes summarize what your learners will gain from taking your course – and they’ll also play a key part in marketing your course to potential students.

To your learners, your learning outcomes explain clearly and succinctly what they’ll be able to do after taking your course. This means they know exactly what they’re getting from your online course before they start, helping to make sure that the people who hit “buy” are the right fit for your product.

The result? Higher completion rates, better satisfaction scores , glowing testimonials, and fewer refund requests.

How to write learning outcomes for your online course

To help you write your learning outcomes for your online course, focus on these 3 key things:

• What your learners will be able to DO by the end of your course
• What your learners will KNOW by the end of your course
• How your learners will FEEL by the end of your course

In other words, your learning outcomes should cover the skills your learners will gain, the knowledge they’ll acquire, and the attitudes and emotions they’ll feel after completing it.

Here is a formula from our creators for creating winning learning outcomes. Use this structure to create your own:

VERB + What they will do (with a measurement where possible) + how they will do it.

For example:

By the end of this program, you will be able to formulate your 3 profitable packages and offerings for your wider online course business using our profitable education business model.

Complete this statement using the formula to write your own learning outcomes: 

By the end of this program, you will be able to…

•     __________________________

Try to repeat this exercise for the skills, knowledge, and emotions your learners will have. When you’re done, you should have 9+ learning outcomes for your course.

It’s up to you whether you choose to display your learning outcomes in sentence form like this, as bullet points, or in some other format on your sales page and website. For example, Mimi Goodwin’s Sew It! Academy has a range of learning outcomes listed under each of their course pricing plans. 

As you can see, the learning outcomes are clearly listed below the cost of each membership plan. Take the ‘Kids Only’ plan for example – learners will get to understand sewing machine basics, how to cut, pin, and iron, how to sew in a straight line, and the basic stitches and terms. 

With these basic learning outcomes, the Sew It! Academy’s customers know exactly what to expect from their purchase and can easily decide if it’s the right choice for them.

“If you start at the beginning, you just go down a rabbit hole… Instead, look at the end result that you want to achieve, and focus on how you’re helping your students to transform.” – GEORGE PITTS, THINKIFIC COURSE CREATOR

Related: How To Craft Magnetic & Compelling Learning Outcomes

Video embed: https://youtu.be/IauJLnNx8HI

Now you’re clear on the learning outcomes for your online course, you can begin to organize and structure your course content. 

If your course topic has a step-by-step linear progression – like learning a new yoga pose –  this stage should be easy.

If your course topic is more complex, you’ll need to break it down into smaller sub-topics. Try to group similar themes, tips, and ideas into different modules and structure the lessons within each module in the most progressive and logical manner. The idea here is to form a flowing sequence of lessons .

Need more help? Here are 4 tips from our creators:

Plan your online course with an instructional design storyboard

An instructional design storyboard will help save you a lot of time in the process of planning your online course content. It’s designed to keep your training focused and makes sure you hit all the most important points in the learning journey – before you sink time into fleshing out your online course.

Storyboards aren’t just a tool for planning videos. They can help you map high-level learning themes. For example, you could storyboard your student’s learning objectives using a Bloom’s Taxonomy storyboard , that covers all the levels of mastery your students need to master along the way.

Related: How to Plan an Online Course (Templates & Tips)

From here, you can start planning what courses you’ll need to create based on the themes you’ve come up with.

Related: 10 Instructional Design Models For Creating A Winning Online Course

Create a course outline

To give your course creation process more focus, create a course outline.

Think of your course outline as the roadmap for how your online course will bring your learners from point A to point B. A course outline will help you deliver content to your learners in a structured, ordered way, layering skill upon skill until they finish your course feeling like an expert.

To help you create yours, download a copy of our course outline template here.

“I’ll get a sense of how things [in the course] are flowing and then I work through it in order from the top down. I’m always adding in things, and sometimes I’ll take things out if they seem irrelevant or if I’ve covered it somewhere else.” – FIONA HUMBERSTONE, THINKIFIC COURSE CREATOR

Plan your individual lessons

As well as thinking about your high level course outline, you’ll also need to plan your individual lessons.

When it comes to creating a lesson plan , it’s helpful to start with a few questions to determine the goal of your lesson.

• What do your students already know?
• What do they need to learn?
• What tasks and activities will help to lock that knowledge into place?

Here’s an example of a lesson plan, including learning objectives and the key topics covered.

Lesson #1: How To Source Ingredients For Baking

Learning Objective: Learn how to source ingredients for baking to save time and money

Topics Covered:

• How to find fresh locally sourced ingredients
• What ingredients to buy in bulk for multiple recipes
• How to evaluate ingredients by nutritional value

Create a lesson plan for every lesson in your online course to help you structure your content – and make your life easier when it comes to recording and creating the lessons.

Related: The Ultimate List of Free Online Course Lesson Plan Templates

Consider how you’ll structure your course academy

Most creator educators rarely create just one online course. Chances are, you’ll probably end up with a whole academy made up of many different courses.

If you can think about how you’ll structure your academy at this stage, you can understand more clearly how each course fits into the wider framework of your business.

Here’s the simplest way to think about structuring your online courses – you can follow this method to create an entire academy:

For example, let’s say the goal of your academy is to teach people about sewing. You might have a bundle of courses on sewing projects and patterns, including:

• A course on fabrics and garment sewing; a chapter about how to draft a garment; and a video lesson on using basic shapes to create a clothing item.
• A course on pattern making; with a chapter on how to read basic patterns; and a video lesson demonstrating how to sew a pattern.

Sound familiar? We gave you a glimpse of this earlier with Sew it! Academy’s pricing plan. This example was lifted straight from their course catalog. The Sew it! Academy is an ideal example of how you can bundle separate courses into cohesive units and create an overarching academy with a clear goal. 

Check out this structure map for another basic example:

By thinking about your online courses as part of a wider academy, you can build a cohesive brand throughout all your course content – making it easier to sell your courses as bundles and become known as a thought leader in your industry or field. 

“You need to do two things: make it easy for somebody to tell a friend about what you do, and make it easy for your brand to have a professional, recognizable look. That brand recognition helps give people the ability to connect the dots.” – AMANDA ROBINSON, THINKIFIC COURSE CREATOR

You’re at the halfway point for how to create an online course that wows your audience.

To recap, you have:

• Picked the perfect course topic
• Validated demand for that topic
• Created clear and compelling learning outcomes
• Designed your course structure and plan

Now, it’s time to decide how you’ll deliver your content to create an engaging online course your learners will love.

When figuring out the best way to create an online course, you need to keep in mind your audience’s different learning needs and the ways you can deliver information to make your course as interesting as possible for your learners.

Here are a few questions to get the creative juices flowing:

• Will you have videos, reading content, activities, audio content?
• What type of visuals will you use?
• Will you have opportunities for social learning ?
• How will you make your course fun and engaging?
• How will you help students with different learning styles ?

To help you design effective learning content, follow these 3 tips.

Related: How To Design Your Online Course (Visually And Structurally)

Use a blend of different teaching techniques to make content more engaging

Traditional classroom experiences don’t always translate nicely into engaging online learning experiences. So it’s important to find ways to make your online course fun, easy, and interesting to complete. 

Here are 8 ways to make your online course more engaging :

• Bring storytelling into your teaching
• Create a learning community
• Use both synchronous and asynchronous learning
• Host live lessons or Q&As
• Use microlearning to break big topics into bite-sized chunks
• Include gamification to motivate your students
• Design your course to be accessible
• Make your courses interactive with quizzes

“I like to think of delivering your course like putting together a sitcom episode… Use lots of relevant and fun examples in your delivery and change slides and/or camera angles often. The former will keep the content interesting and the latter will re-engage the brain of your student.” – SAMANTHA KING, THINKIFIC COURSE CREATOR

Engagement strategies like live Q&As and quizzes can be fun and add another dimension to your course content, helping to create the best possible learning experience for your audience.

When you’re creating an online course, make sure you’re also using universal design learning principles to ensure your course is accessible for anyone and everyone.

“Ask questions that make them think. Throw in a surprise slide every now and then to alert their senses and above all incorporate an opportunity to connect with you either on Facebook Live, Zoom or Instagram Live.” – YETUNDE SHORTERS, THINKIFIC COURSE CREATOR

Related: 24 Expert Tips On How To Be A Better Teacher

Don’t make your online course too long

The ideal length of your online course is the shortest amount of time it takes to get your students from point A to point B. (The shorter, the better.)

There’s no one-size fits all approach to creating an online course. But in many cases, bite-sized learning can be just as impactful as a lengthy online course. 

A few factors may influence the length of your course – these include:

• The complexity of the topic: Your chosen course topic will determine how long your course content needs to be. For example, a course on rocket science will probably be longer than a course on how to change a tire.
• Requirements for continuing education credits: If you’re hoping to get your course certified for continuing education, your learners may need to complete a certain number of hours. These requirements will influence the length of your course and how complex your course may need to be.
• Your pricing structure: If you’re planning to create a range of online courses at different price points, this might influence how long your course is. For example, if you’re offering a deep-dive premium course offer , it may end up being longer and more in-depth than your lower ticket introductory course that just covers the basics.

Many first-time course creators fall into the trap of thinking they need to put everything they know into one course. But the secret to learning how to create an online course is knowing what to include – and what not to include.

In fact, you might be more successful if you break your course topic up into several smaller courses rather than one big course, giving your audience the chance to cherry pick the content they want to learn.

Add social elements like learning communities and cohort-based learning

We’re social animals. And one of the biggest challenges with self-paced online learning is finding ways to engage your learners and make the learning experience more social.

Consider building an online community to help facilitate meaningful connections between you and your customers. Learning communities complement online courses perfectly because they open up a space for social learning, peer-to-peer support, and learner-to-educator support. 

Online learning communities also help with accountability – learners can be paired up or placed in cohorts to collaborate on activities and hold each other accountable for hitting their learning goals.

“Online learning is definitely the thing that’s working… But along with that, I think a community or a way to touch base is important.” – EVELYN WOODS, THINKIFIC COURSE CREATOR

Cohort-based learning is also a popular format for online courses. This model differs from self-paced learning as it’s a synchronous learning method where people gather to learn in real-time, putting the emphasis on collaboration and teamwork rather than individual learning. Cohort-based classes are a little more work to manage and coordinate – but learners tend to love them. 

And as a bonus, online communities will also help you in marketing your online course, turning your learners into powerful brand advocates – and opening up more opportunities to upsell and cross-sell to your existing customers in the future. More on that below.

Related: How To Create A Cohort-Based Course

When you’re confident in your online course structure, plan, and delivery methods, you’re ready to start creating your online course for real – including filming, recording, and editing your content. 

While this process will look different for every creator, depending on your course delivery plan, it’s likely you’ll need to shoot some video content. And you know what that means… it’s time to get in front of the camera and hit record.

Some of the most popular recording styles for online course content include:

• Talking heads – One of the top recording formats for creating online courses, talking head videos feature your face and upper body in the frame as you talk to camera. You might have a greenscreen, projector or whiteboard behind you for helpful materials like presentation slides, visuals, diagrams, animations, and much more. Consider shooting other angles too to make your content more visually interesting.
• Screen recording – Record your device’s screen to create your online course content. This style of video is used most often to walk viewers through a process, explain a concept, or create a how-to guide. You might choose to feature your face or an avatar on-screen as well. 
• Voiceovers – A voiceover is similar to a screen recording but you’re narrating what’s happening on screen. This style is often used for presentations and usually the speaker isn’t shown on screen. 

Related: How To Set Up A Video Recording Studio

Pro-Tip: Even though you’re learning how to create an online course, try looking at resources for how to build a YouTube channel too as many of the same video recording and editing principles apply. Check out content like ‘ How to Edit YouTube Videos ’ or editing software roundups to learn everything you need to know.

Don’t worry about your course content being perfect at this stage. The important thing is to get your course out there and in front of your target audience so you can start collecting feedback – then you can go back and refine and even reshoot your content based on what your customers are saying.

“I think things are shifting to becoming less perfect… you don’t have to have a huge production company to produce a course. Everybody can become a course creator with just an iPhone Pro.” – LOLA MELANI, THINKIFIC COURSE CREATOR

If you need additional support or you want a professional touch to produce and edit your courses, consider outsourcing the work to skilled freelancers. Check out popular platforms like Upwork and Fiverr to find people ready and waiting to help you. 

Related: Best Equipment & Software for Creating Online Courses

Where you choose to host your online courses will shape the whole course experience – from creating your online course to onboarding learners to collecting feedback and issuing certificates.

When you’re building an online course business , it’s essential to choose a learning platform that fits all of your needs and can scale as you grow – including design, marketing, and community-building tools.

As you search for the perfect platform for your online courses, make sure you look at the marketing options on offer to help you promote your content. Here are some key questions to ask:

• What marketing integrations does this platform allow?
• Can I build a website and/or landing pages on this platform?
• What email marketing features do they offer?
• What metrics can I track?
• Can I create bundles and packages?

If in doubt, check out reviews, testimonials, and case studies from other creators who have used the platform to find out what it’s really like.

“Thinkific’s packages are simplistic and easy to follow. I love how user-friendly it is, and there is a ton of support. I like knowing that when I need something, I can get a response quickly.” – GEORGE PITTS, THINKIFIC COURSE CREATOR

Related: These are The Best Platforms for Online Course Hosting

A key part of figuring out how to create an online course is knowing how your course will fit into your business overall and the pricing structure you’ll use to sell them. 

Online courses pricing can range from zero to multiple thousands of dollars. To come up with a price tag for your course content, here are a few things to consider:

• What’s your pricing structure? How you choose to package your course as a product will influence the overall course design, the value you build into it, and how you market it. Are you selling a stand-alone course, a bundle, a membership, or a combination of these? Figure out your structure first to know how to price your online course.
• What are your income goals? Let’s be real – many creator educators choose to create courses to earn additional income. Look at what you’re hoping to earn from your online courses and price them accordingly. Remember the lower the price point, the more courses you’ll need to sell to hit your income goals.
• Where does your online course fit into your overall business? If you already have an established business, your plans for how you’ll use your online course content will likely impact how you choose to price your course. If you’re planning to use your online course as a free lead magnet , a passive income stream , or your primary product, this will influence your pricing.

There are no rules for setting a pricing structure for your online course. It’s up to you to decide what you want to charge.

For a starting point, look at what your competitors are charging. Take a look at the notes you took during your competitor research and compare the depth and complexity of their content to the course you’ve created. 

If you’re confident your course is significantly better than what’s currently on the market, then price yours higher than the competition. If your main priority is keeping your course accessible and selling to as many people as possible, then you may want to price it lower – but beware of underpricing.

Here are three reasons why you shouldn’t underprice your online course:

It will hurt your bottom line

If your course is a lot cheaper than your competition, people will assume it has less value and will be less likely to buy it. That means you could be driving customers away and into your competitors’ arms. 

If your strategy is to sell your course cheap to get as many learners as possible in the door, you also risk reducing the quality of the learning experience for your customers. Why? Because you’ll have less time to support your learners, answer questions, engage your audience, and offer a personalized experience.

For example, here are 5 different ways to make $50,000 selling an online course:

It’s a lot easier to manage 25 learners and provide a high-quality, tailored experience to your learners than to try and cater to 500. And the revenue result is the same.

Your marketing effort stays the same

The effort you need to put into marketing to get someone to buy your course at a lower price point is only marginally less than for a higher priced course – so don’t make the mistake of thinking you’ll instantly sell twice as many courses by low-balling.

This guide on how to price an online course gives you more details on why underpricing isn’t a good idea: 

(Assume each lead costs $5 and you have a 5% conversion rate.)

You can’t reinvest in growth if your margins are too low 

Putting a lower price point on your online course also results in a smaller marketing and advertising budget because you’ll have less money to reinvest. 

In the example below, the $50 course actually loses money compared to the $200 course: 

That $100 profit is money you can use to reinvest in filming equipment, a graphic designer, a better microphone, or even just a day off. 

Pricing your online course can be a tricky business – but don’t fall into the trap of undervaluing your expertise and pricing too low. It can end up damaging your reputation and losing you business in the long-run.

If you have no idea where to start with pricing your online course, try asking your audience. Set up a survey to find out how much they’d be willing to pay for your expertise. The results might surprise you.

“I saw what was included in other courses, how they were priced, the content, what I would change, and what I would add… that’s how I figured out the prices. It’s been five years and they haven’t changed.” – LOLA MELANI, THINKIFIC COURSE CREATOR

Now you’ve chosen and validated your topic, crafted your learning outcomes, created your course content, set up your school, and finalized your pricing, it’s time to launch! 

Give yourself a pat on the back, but don’t go anywhere…

If you think the work is over now you’ve completed your online course – think again. It takes a little more work to market and sell your course than just uploading it to your course platform and waiting. In reality, after launching your course you’ll need an ongoing marketing strategy to keep selling courses and converting followers into customers. In fact, your marketing plan can make the difference between zero sales and a seven-figure course business. 

To get started with your course marketing plan, try answering the following questions:

• How will you use social media to market your online courses?
• What types of content marketing will you use?
• What promotions and discounts can you offer?
• Will you run ads to market your courses?
• Do you have an existing email list you can sell to?
• Can you partner up with influencers?
• Will you run an affiliate program?

Each of these questions represent a possible pillar in your overall marketing strategy. Combine several of these strategies and you’re on the right path.

“The most important thing is not just to use marketing for the sake of it, but to actually get the right word out. I tend to prioritize quality and creativity over numbers. This has helped me build the right type of client relationships and gain traction.” – FIONA HUMBERSTONE, THINKIFIC COURSE CREATOR

Here’s a closer look at four of the most common marketing tools creator educators use to generate interest and drive sales for their online courses. 

Related: 58 Ways To Market Your Online Course & Increase Sales

Pre-sell your online course

Pre-selling your course means you start to sell it before you’ve even created it. 

This marketing method is one of the best ways to protect yourself from wasting time by creating a course that doesn’t sell – and drum up interest for your course.

To motivate customers to enroll early, consider an early bird special offer for anyone that buys your course during your pre-sell period. That might be a discount, bonus resources, or a sneak peek. 

Make sure your pre-sale is a limited time offer to create a sense of urgency and drive your audience to take action – you can include a countdown or stopwatch on your website, emails, and social media to drive home the message.

The main thing you’ll need to pre-sell your online course is a sales page – see more details on that below 👇

Create a sales page for your online course

Next, you’ll want to create a sales page for your course . A sales page (also known as a landing page) differs from other pages on your website. 

Your sales page only has one goal – to get people to enroll in your course. Everything on your course sales page should be tailored to converting casual visitors into customers. Here are a few key features of a high-converting online course sales page:

• A clear, compelling headline (to catch visitors’ attention)
• An opening story (to introduce the problem)
• Bullet points (to highlight the benefits of the solution, how it solves the problem, what you’re offering, and bonuses)
• Testimonials (for social proof )
• Credibility (instructor bio, your experience, and more relevant info)
• Pricing details (with a clear call-to-action)
• Risk Reversal (a satisfaction guarantee)

Make sure your content is clear and compelling with a concrete call-to-action (CTA) that directs your visitors on what to do next. 

The idea of a sales page is to make your offer irresistible, so you make your potential customers’ purchase decision as easy as possible – that means giving them all the information, social proof, and learning outcomes they need to know whether your course is right for them.

Related: Course Landing Pages: What You Need to Get Better Conversions

Use the webinar launch method

As well as creating a killer sales page for your online course, you can also use webinars as a strategy to sell your courses to potential customers. Webinars work because they create an environment where you can quickly earn your audience’s trust before you ask people to act.

“We need to be personable and connect with our target audience because they’ll probably never meet you in person.” – DIAMOND LEE, THINKIFIC COURSE CREATOR

Webinars are a proven marketing tool that can help you generate leads, generate interest, and sell your course. If you offer your webinar attendees a discount or early bird offer on your online course, you can also boost conversions.

This is a strategy Miss Excel – aka Kat Norton – has successfully used to sell her online courses. She hosts free Excel training and offers webinar attendees half-price on her courses at the end of the session, after demonstrating her expertise and showing the concrete value her target audience can expect to gain from purchasing her course. 

“This launch method is awesome. I did two webinars in April, granting me my first six-figure month… 99% of the revenue was from core sales on Thinkific.” – KAT NORTON, THINKIFIC COURSE CREATOR

Related: How to Promote a Webinar (Ultimate Guide)

Use lead magnets to grow your email list

As well as webinars, you can also use other lead magnets to grow your email list – and market and sell to your subscribers down the line. 

If you’re not already familiar with lead magnets , it might sound like a complex marketing term – but it’s actually exactly what it sounds like. Lead magnets act like a magnet to attract potential customers to your sales page, email campaign, or overall sales funnel. 

There are a huge range of lead magnets that can be ultra-effective for attracting and converting your ideal customers. You could offer a free mini-course, masterclass, or email course – and provide your audience with a shortened version of your paid course that delivers value, builds your authority, and encourages them to engage more with your content.

You can also create downloadable resources like guides, templates, workbooks, and ebooks to use as lead magnets.

Find out what your target audience are searching for, asking about, and eager to learn more about – then create lead magnets that are tailored to their needs.

“Don’t hold back what you know, be generous with the knowledge that you have. Once I said ‘screw it’ and just started teaching everything I knew without the intention to get paid, my audience found me.” – MILLIE ADRIAN, THINKIFIC COURSE CREATOR

It’s easy to create high-quality lead magnets for your business using graphic design tools like Canva and Adobe Express .

Related: Top Online Business Tools Used By Entrepreneurs

Build an online community

Last but certainly not least, the final stage of creating an online course is building your online community .

Why are we so obsessed with communities? Your online community is what turns one-time customers into loyal, repeat customers who act as brand advocates, mentors, and a readymade, committed focus group for your business. 

Building an online community lets you foster direct relationships with previous and current learners, allowing you to engage with your target audience in ways that a regular sales page or website won’t let you. 

By creating an online community , you give your students the space to ask you questions, share their learning experience, and give you feedback (directly or indirectly) about what your course does well and what it might be missing. You can also watch your learners grow.

“My first round of BAM graduated two years ago and they’re able to network and respond to newer members’ questions in the Slack community, as well as share their experiences, insights and stories of their journey.” – KAT LEE, THINKIFIC COURSE CREATOR

An online community can also function as an extension of your marketing strategy. When you ‘own’ a community, you have constant access to your target market that no algorithm can take away from you. You can use this access to build authority in your niche and generate more revenue. 

Just remember, as the community manager , it’s also your responsibility to keep the community machine oiled and the wheels turning. This might include:

• Sharing themed posts for each day of the week
• Asking questions to spark conversations
• Answering questions yourself or calling on others to share their tips
• Enforcing community rules and guidelines to ensure the safety of your members

And most importantly, it’s your responsibility to make sure you give more than you ask . Your students will quickly see through you if your community is nothing more than a marketing tool. So whatever you do, put people first . 

“For me, a membership is more effective than a one-off course because every single month I can check in with my students and watch them grow. Business has ups and downs and it’s never going to be perfect. I want to be there for all of it, and that’s what I love about the membership framework.” – AMANDA SCHONBERG, THINKIFIC COURSE CREATOR AND MEMBERSHIP SITE OWNER

Related: 13 Membership Site Examples That Will Inspire You

As well as improving the online course experience for your learners, an engaged, committed community can become the perfect space for generating new ideas, testing future products, and gathering valuable feedback to help you keep improving your offering and create the best possible experience for your customers.

Learn how to create an online course and start making money from your expertise today

The process of creating an online course can be hugely rewarding – especially if you’re able to create a resource that is genuinely helpful, valuable, and even life changing for your target audience.

If you have expertise and experience that you want to share with the world, now is the time to start. These 10 steps cover what to expect from the journey of creating, marketing, and selling online courses – all that’s left to do is for you to take the plunge. 

And if you need more inspiration, check out our Creator Stories from people who started where you are today.

“It’s never been easier to build your own course with all of the amazing tools that are offered nowadays to content creators… If I could do it in my living room on my laptop and make $1.3M in sales, you can do it too.” – LOLA MELANI, THINKIFIC COURSE CREATOR

Launch your online learning product for free 

Use Thinkific to create, market, and sell online courses, lead magnets, communities, and memberships — all from a single platform.

This blog was originally published in September 2021, it’s since been updated in May 2024 to include new information. 

Elizabeth Harris is a content marketer and copywriter with a passion for helping businesses get the most out of their content, helping to educate, inspire, and engage audiences.

• How to Plan an Online Course (Templates & Tips)
• How to Price Your Online Course (Complete Guide to Course Pricing)
• How To Create An Effective Course Outline (+Template)
• 7 Instructional Design Storyboard Templates For Online Course Creators
• 8 Steps to Building an Online Course Business (+ Business Plan Template)

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• I built my first business website in 2000 — it was hard to get started, and even harder to make it look good.
• Now, there are low-cost options to make your small business website look professional.
• Many hosting plans give you a staging area where you can experiment with your site's design.

You can do many things to succeed as a small-business owner — steps like forming an LLC and getting a business credit card can help. One of the most important steps you can take is building a website for your business.

I got my first business website around 2000. In those days, you had to learn Dreamweaver or HTML to build your site from scratch, and it would still probably look terrible. I didn't know how to do it myself, so I hired a designer. I had to wait for her to be available for updates, which meant my site was often stale. I vowed never to have another business website I couldn't manage myself.

Now, many tools are available to help new business owners build and take control of their websites. I built my freelance writing website in WordPress, which is much fancier than I could have designed without those tools. I had help from a consultant to develop this version of my site, but you don't need that. Here's what you need to know.

1. Plan to spend some time on your website

When I was ready to build my first business website, a friend who had created a site for her business told me she could help me and we could do it in an evening. That was not overly optimistic. I spent about 10 hours getting my website up and another 15 hours updating it with a new theme a few years later.

2. Build it in WordPress

There's a reason WordPress is the most popular website-building platform. It is robust and full-featured, updates often, and is free. Because of its popularity, there are endless plugins, many free, that you can use to increase functionality. WordPress comes with a built-in page builder that's easy to use. Platforms like Wix or Weebly that promise simpler builds don't have the flexibility and, in my experience, aren't any easier to work with than WordPress.

One of the best things about WordPress is online help. I have never taken a class in WordPress; the online community is my help desk and instructor. I now help manage WordPress sites for my clients, not because I'm a techie but because it truly is easy.

3. Choose a low-cost hosting platform

WordPress is free, but you'll need to pay for hosting. I use Bluehost and pay about $400 annually, which gives me access to several security add-ons. Many services offer low-cost hosting for WordPress sites, and you can often manage your domain registration through the same company.

4. Use a page builder

WordPress's web builder keeps improving, but I recommend adding a drag-and-drop builder to give you more tools to add functionality and visual interest. There are many builders with free versions; two popular ones are Elementor and Beaver Builder. I use the Divi builder, which is not free, but I bought a lifetime license on sale for around $150.

5. Start with page templates

Templates are packs of pages with all the design elements in place. All you have to do is substitute your graphics and text. One way to choose a page builder is by looking at templates and using the builder for the template you like.

There are both free and paid templates. My builder subscription includes many free template packs; I chose one designed for freelancers. Using template pages gave my website a unified look, saving me a tremendous amount of time in design.

6. Do not fear failure

One of my favorite things about working on the web is that absolutely anything can be changed. I once accidentally changed the background color of my theme, which made all my pages look hideous, but I simply changed it back — no lasting harm done. Be experimental. Try new things.

One final pro tip: My hosting plan allows me to create a staging site where I can fiddle around to my heart's content while my current site remains live and unchanged. It is shockingly easy to set this up. When I first built my current website, I used a WordPress theme that wasn't very flexible. I created a staging site where I could take my time renovating the site with my new builder and templates. When I was ready, I switched to the updated pages with a click.

Watch: How two brothers are turning busted skateboards into bowls, furniture, and jewelry

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How To Build a Website in 2024: A Beginner’s Guide

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Building a website is one of the best ways to grow your online presence and share your work with the world. Whether you’re looking to showcase your business, sell products, or simply want a digital home for your passion, there are a lot of steps to consider before getting started.

We recommend using a website builder to help simplify the process, but we’ll walk you through your options and the building journey step-by-step.

#1. Determine Your Site’s Purpose

The first thing you need to do is determine what type of website you want to build. What purpose do you want it to serve? Are you looking to create an online community to sell products to customers? Do you want to share your expertise through long-form blog content?

Whatever your goals, we recommend outlining the following details before proceeding:

• Type of website – think about what you want to share with visitors and what actions you want them to take, whether that’s through a blog, online store, or restaurant website
• Brand identity – your website’s tone of voice, color scheme, font choice, and unique selling point, will help your website stand out and bring consistency across your site’s design
• Goals and vision – make a note of what you aim to achieve through your website, such as growing email subscribers, and refer back to this as you build your brand and website
• Market research – see what your competitors are doing, identify gaps in the market, and recognize opportunities to connect with your target audience in a unique way

Having this information at the ready will help you as you start your website-building journey. And, if you’re more of a visual learner or you’re short on time, check out our video guide on how to build a website:

#2. Choose a Domain Name

Every website needs a domain name – the part of your site address visible in the browser’s search bar that identifies the website for people browsing the web. For example, ours is websitebuilderexpert.com .

The good news is that plenty of website builders package a domain name with your subscription (usually for the first year only), so keep that in mind when choosing your website builder in the next step. And don’t worry if you need to switch builders or platforms down the line – you can take your domain name with you.

Besides using website builders, you can also get a domain name from a registrar, such as GoDaddy or Domain.com . This can cost around $10 to $20 annually for a . com domain name.

There are a few things to consider when choosing a domain name:

• Make it unique and relevant to your website, business, or brand so repeat visitors and customers can easily find your site again
• Keep it as short as possible so it’s not a pain to type in the search bar or search engine
• Avoid numbers to reduce confusion when reading or typing (numbers can also be harder to remember!)
• Think long-term and choose a domain name that you’ll stick to – changing a name, especially for an established business, requires a lot of time and effort

Choose a short, memorable domain name that represents what your brand does. A concise name is not only easier for potential visitors to remember and recall, but it’s also simple to type into a browser. No need to forcibly add a keyword in your domain name either – this is not a ranking factor! Prioritize what makes sense for your audience and what aligns with your brand identity.

I would also recommend opting for a recognized Generic Top Level Domain (gTLD) such as .com, .ai, .org, or .co. gTLDs are not tied to any country and can be used worldwide. This is the ideal choice if your audience spans across more than just one country, or you plan to expand internationally in the future.

#3. Pick a Website Builder

To get started, you need the tools and instruments to build a website – a website builder is our top choice.

Website builders help you build, customize, and manage a website, no matter your skill level. They’re a user-friendly option for anyone short on time or lacking confidence when building a site from scratch. The best part is that website builders cater to all users, from beginners looking to create a personal site to industry-leading businesses. For example, Shopify is home to titans of ecommerce, such as Mattel and Gymshark.

Of course, if you want to get into the nitty gritty when building your website, you can also choose to build with a CMS, like WordPress, and organize your web hosting yourself . While this gives you total creative control, it’s not as accessible or intuitive to use as website builders, so we’d only recommend this route if you have prior building experience.

We regularly review the best website builders in the market, using our years of experience and rigorous research process to share recommendations based on 200+ hours of testing. You can see our top five website builders below:

As you can see, Wix is our top-rated website builder overall. It offers over 900 stunning templates, impressive built-in website features, and a beginner-friendly drag-and-drop editor.

That said, if you’re looking to build an online store , Shopify’s ecommerce features are unparalleled. And, for a simple editing experience, Squarespace is the easiest website builder we’ve tested in 2024.

What type of website do you want to create?

Building With AI

If you’re not too confident when it comes to building a website or you’re short on time, AI is the answer. Website builders are jumping on the AI hype in 2024 – you can start up a conversation with Wix’s AI chatbot, suggest a basic structure and style using Squarespace Blueprint, or let GoDaddy’s newest addition, GoDaddy Airo , help you build an online presence.

AI website builders are a great way to save time and energy, whether you use it to create pages or write content. But be wary of overdoing it! AI-generated websites won’t be as unique as something you can craft manually .

How Much Does It Cost To Build a Website?

We know that cost is a big concern when building a website, but how much should a website cost ? Thankfully, the majority of website builders offer a free plan or free trial . This is a great way to get familiar with a builder before splurging on a premium plan.

If you decide to pay for a premium plan, website builders are still considerably cheaper than shelling out for a web developer or designer to build your site which could cost hundreds or thousands of dollars. Website builder plans vary in price, costing around $3 to $30 per month (billed annually) .

For example, Wix has a free plan and its premium plans cost between $17 and $159 per month (billed annually). However, GoDaddy came out on top in our value for money research this year, offering an affordable entry point to building a website with its $10.99 per month Basic plan.

If you’re on a budget, check out our guide on the best free website builders and cheap website builders to see what’s available at your price point.

#4. Customize Your Template

Now that you’ve got this far, you should have a pretty solid foundation to build on. You know what type of website you want to create and have a set vision in mind, you’ve settled on a domain name, and you’ve signed up to a website builder. So, what’s next?

It’s time to design your website – your website builder should direct you to choose a template during onboarding (if you’re not building with AI).

Wix offers the most variety with 900+ templates to pick between. Most template libraries can be filtered by industry or website type, such as “Blog” or “Wellness.” Plus, the majority of templates are free to use but do factor cost into your budget since some website builders, like Shopify, slap a one-time price tag on their templates.

With your chosen template, you can then start customizing your site. Builders like Wix and Squarespace offer a drag-and-drop editor, making it easy for beginners to move elements around and position sections. Others, like Shopify and GoDaddy , use a section-based editor that limits you creatively but keeps things simple.

As mentioned before, we recommend using the free trials and plans available to play around in the editor first – see which editor style works best for you.

When customizing your site, draw ideas and inspiration from the brand identity you determined in step one. The important things to consider are:

• Color scheme – use the same color palette across design elements to pull the site together and keep things looking intentional
• Font type – we recommend choosing a font type that aligns with your website goals or business type (e.g. a trendy, modern font for an artist website or something more classic and professional for a real estate website)
• Visuals – add your eye-catching images and graphics to break up the text
• Content – make sure to replace any default template text with your own copy

#5. Create Relevant Website Pages

Once you’re happy with your site’s appearance and aesthetic, you’ll need to flesh it out with relevant pages. A lot of templates come with pages built-in already, so the work is sometimes done for you. When testing Wix, for example, I could add pages from the editor using the “Pages & Menu” button in the sidebar.

Regardless of your template or builder, it’s important to know what pages to include when building your website:

• Homepage – this is the heart of your website and should engage your visitors appropriately, sharing key information and branding so that people know the purpose of your site right away
• About page – use this page to tell your story, mission, and goals, whether that’s for an individual or business
• Shop and product pages (if you’re creating an online store) – naturally, an online store should feature pages for shopping so make sure to include plenty of product images and information to help drive sales
• Contact page – help website visitors connect with you or your business through a contact form, social media links, and general contact information (such as an email address or your store’s opening hours)
• Blog page – a blog is the perfect place for you to share engaging content, build an online community, and showcase your expertise in the market
• Some bonus extras could include a FAQ page , customer review page , membership area , or booking page to take appointments – these can be great pages to further customer relationships and build trust in your website

While we recommend that every website have a homepage, about page, and contact page, the rest is up to you and your website needs. If you’re building a portfolio website , you’ll want to add a portfolio or gallery page to showcase your work so potential clients can see what you’ve been up to.

#6. Add Website Functionality

The level of website functionality you need will depend on the type of website you intend to build. For example, you’ll need ecommerce tools if you’re looking to sell products or services, but a simple blog won’t need these features at all.

The features and tools you add to your site will also vary depending on your chosen website builder. Wix includes a lot of powerful features built into the platform, such as email marketing and internationalization tools. Shopify, on the other hand, relies heavily on third-party apps to add functionality.

For online stores, we recommend choosing a dedicated ecommerce website builder , like Shopify. You’ll want a platform that offers intuitive product management tools and important features, including:

• Lots of payment options to give your customers choice at checkout
• Multichannel selling so you can reach and sell to customers across social media and online marketplaces
• Ecommerce-focused marketing tools , such as Shopify’s 3D scanner to dynamically present your products or email marketing features to engage with customers
• Security measures , such as SSL certificates and fraud detection, to keep your business and customer data safe from malicious threats or attacks
• Shipping methods that suit your business – for example, Shopify offers real-time shipping rates and label printing

Apps & Plugins

A lot of website builders offer third-party apps and plugins that you can install to add additional functionality to your site. Some are free to use, such as Wix’s own Wix Bookings app, while others can cost extra on top of your subscription, such as Mailchimp for advanced email marketing tools.

While it’s great to explore available apps to enhance your website, we do recommend taking the time to properly research plugins before downloading them in case of security issues or poor performance.

#7. Optimize Your Content

The next step is to optimize your website content and design. This will help boost your site’s visibility across search engines, improve the overall experience for visitors, and build brand awareness.

Consider these factors when optimizing your content:

• Search engine optimization (SEO) – boost your website’s visibility and traffic by optimizing your site for search engines, like Google, through SEO basics and best practices, such as keyword research, image alt text, and more
• Content hierarchy – place important information in prime locations on your pages so visitors don’t need to scroll or search around for it
• Publish content regularly – build up your authority and expertise in your niche by sharing relevant and valuable content with your readers, such as blog posts
• Consider all devices – almost 59% of website traffic comes from mobile devices instead of desktops, so make sure your website looks and works well for all screen types
• Optimize your visuals – compress any images or videos to prevent slowing down your pages and frustrating your website visitors, but don’t compromise on quality
• Assess the user journey – review the navigation and desired user journey to make sure the experience is smooth and intuitive

#8. Review and Publish Your Website

The final stage of building a website is to review your work and push it live! You don’t want to publish your website blind – even an experienced builder is bound to make an error along the way, whether it’s an element that needs moving or a line of copy that needs editing.

Before you publish, you need to make sure everything’s working and looks the way you want it. Go back through the steps above for final checks:

• Is your site’s purpose clear to visitors?
• Do all of the buttons and links work?
• Have you checked your content for errors or spelling mistakes?
• Is it easy to navigate?
• Has everything been optimized for SEO?
• Does your site run and load quickly?

Luckily, website builders make previewing your website really easy. Many include a button in the editor so you can see what your site looks like live – it’s handy to get a visitor’s perspective when editing. Lots of builders, like Wix, also offer a toggle to change views, so you can see what your site looks like across devices.

Finally, we recommend getting external eyes on your website before publishing . You know the website, pages, and content inside out, so request feedback from family, friends, and strangers.

What Happens After Publishing Your Website?

Is your website ever really finished? No. After you’ve published your website (congrats!), the work doesn’t stop. You might want to tweak the design, expand your audience, write new blog posts, or adjust your pages based on the user experience.

Website Maintenance

It’s important to monitor your website and listen to feedback to make effective improvements. Keep an eye on traffic and performance through your website builder or third-party integrations like Google Analytics. This will give you insight into how people are engaging with your website, meaning you can use this data to share future updates or edits.

For example, people might regularly visit your “About” page – over time, this could become outdated as team members change or your business evolves, so editing the page is an easy way to keep things fresh.

We recommend running regular checkups and audits of your website . Now, this doesn’t have to be every day or every week, but keep an eye out for things like broken links or outdated content.

Promoting Your Site

After publishing your site, you’ll want to spread the word, whether that’s across social media platforms, like Instagram and TikTok, or through email newsletters . This is a useful way to encourage traffic back to your website and build awareness .

Sharing content between your website and social media channels can also help foster trust in your brand and improve customer relationships. Plus, additional channels like these can be great if you’re trying to share updates about your website or bring attention to new products or content.

How To Build a Website: Recap & Next Steps

If you’ve followed these eight steps so far, that means you’ve successfully built and published a website. Congrats! To recap, once you’ve figured out your site’s purpose, chosen your domain name, and picked an appropriate website builder, the rest of the building process is all about customizing and optimizing.

And, as we’ve mentioned, make sure to review and regularly check your website to spot areas for improvement. There isn’t a finish line when building a website – while you can get your site up and running quickly, be prepared to dedicate your time and energy into keeping content up to date.

Can I move from one website builder to another?

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