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5 Free Business Plan Templates to Simplify Your Planning Process

Introduction.

Whether you're seeking funding or new business partners, a well-crafted business plan can help outline your business goals and strategies, and how you plan to achieve them to set you on the path to success.

Business plans are useful no matter your industry or stage. According to Harvard Business Review , entrepreneurs with formal business plans are 16 percent more likely to achieve viability than entrepreneurs without one.

Every business plan is different (and yours should be tailored to your venture), but they don't have to be difficult to create. Here are  5 free business plan templates  to help you create a compelling and professional plan.

Jump to a template:

• Traditional business plan template

Lean business plan template

• IT business plan template

eCommerce business plan template

• Business action plan template

TL;DR: Business plan templates

• A well-crafted business plan can help attract funding and new business partners.
• Use these 5 free business plan templates to create a compelling plan.
• Traditional and lean business plan templates offer different approaches.
• IT and eCommerce business plan templates cater to specific industries.
• A business action plan template helps develop and implement strategic initiatives.

What is a business plan?

A business plan clearly defines your business goals, target market and competitive advantage, providing a roadmap for future growth and success.

According to research from Investopedia , 20 percent of startups fail within a year due to running out of funds, being in the wrong market, lack of research, poor partnerships, ineffective marketing, and not having expertise in the industry — all factors that you can take into account with a business plan.

A comprehensive business plan:

• Attracts investors.
• Reduces risk.
• Identifies key strategies and addresses weaknesses.
• Creates effective strategies for market analysis and competition.
• Serves as your blueprint for the startup process.

The process of creating a business plan encourages you to think through every aspect of how to run a business , preparing you to tackle challenges proactively.

Free business plan templates

Business plan templates simplify the planning process, saving time and money.

These free, customizable templates offer a structured format with simple fill-in sections, ensuring you include all necessary information.

Check out our template gallery with 100+ templates, including SOP templates , process documentation templates , project planning templates and more!

Here are the most popular business plan templates to help you get started.

‎Traditional business plan template

‎This traditional business plan template includes instructions on how to create a comprehensive plan detailing your product or services, target market, competition, marketing strategies, sales projections, financial projections and more.

• Executive summary.
• Company description.
• Market analysis.
• Marketing plan and strategies.
• Management team.
• Financial projections.
• Appendix and funding request.

‍👉 Try this traditional business plan template for free.

‎A lean business plan template is designed to help you validate assumptions, test business ideas, and adapt to feedback from customers.

This lean business plan template focuses on the key elements to guide your business strategy:

• Define your company's vision, mission, and strategic goals.
• Communicate your company's offerings and unique value proposition to customers, stakeholders, and investors.
• Provide insights into your target market, customer needs, and industry trends.
• Go-to-market strategy for reaching and acquiring target customers. 
• Key activities and resource requirements for operations, development, and growth.
• Financial projections and analysis.
• Action plan and timeline with milestones and deadlines.

‍👉 Try this lean business plan template for free.

‎IT‎ business plan template

An IT business plan template is an agile, one-page business plan outlining the essential elements to guide your business.

This IT business plan follows a lean startup format while focusing on aspects of the IT industry.

Use this IT business plan template to:

• Define your vision, mission, and strategic goals.
• Outline resource requirements for operations, development, and growth.
• Build a competitive analysis.
• Demonstrate your unique value proposition to customers, potential stakeholders, and investors.
• Provide financial projections and analysis.
• Set specific goals and milestones for MVP development, customer validation, and market launch.
• Outline your business model, market potential, and growth strategy.

‍👉 Try this IT business plan template for free.

‎If you're starting an eCommerce, this lean startup format helps you identify potential challenges and opportunities and establish a clear plan of action for your eCommerce operations .

Use this eCommerce business plan template to identify your:

• Business idea and goals.
• Product development.
• Target market.
• Competitive landscape.
• Financial plan.
• Choose an eCommerce platform.
• Analytics and tracking.
• Marketing plan and strategy.

‍👉 Try this eCommerce business plan template for free.

‎Business action plan template

Use this business action plan template to create a structured and organized approach to developing and implementing strategic plans.

• Executive summary:  Company overview, goals and objectives of the business action plan, and key stakeholders.
• SWOT analysis:  A SWOT analysis to identify strengths, weaknesses, opportunities, and threats.
• Action items:  Specific action items with timelines and responsible parties to prioritize and implement actions.
• Monitoring and evaluation plan:  Methods for tracking progress and evaluating outcomes.

‍👉 Try this business action plan template for free.

Traditional vs. lean business plan templates

Business plans generally fall into two categories: traditional and lean. Traditional plans are detailed and comprehensive, while lean business plans offer a streamlined approach focusing on key elements.

Deciding between a traditional or lean business plan depends on your situation and goals. Here's a breakdown to help you choose:

Consider a traditional business plan if you're:

• Seeking formal funding:  Traditional business plans with detailed financials and comprehensive structure resonate better with banks, investors, and lenders.
• Established business seeking expansion:  If you're an existing business that needs to secure funding for growth, use a traditional plan that showcases your track record and future trajectory.
• Complex business model:  If your business has complex operations management or financial structures, a traditional plan allows for detailed analysis and projections.
• Internal clarity and alignment:  Even if you're not planning to secure funding, creating a traditional plan can be valuable for internal team alignment and strategic planning.

Consider a lean startup business plan if you're:

• Validating a business idea or early-stage venture:  The one-page business plan format is perfect for testing your concept with customers and iterating quickly based on feedback.
• Bootstrapping or limited resources:  Lean startup plans require less time and effort to create, making them ideal for budget-conscious business owners.
• Need an agile and adaptable model:  Businesses that change based on market feedback thrive with the lean approach's iterative nature.
• Prioritizing customer insights:  Lean startup plans focus on customer validation and learning, which is critical for early-stage product development.

‎ 📌 ‎Related resource: 10 Major Advantages of Using Text Analysis to Study Consumer Feedback

Additional factors to consider:

• Industry norms:  Certain industries might have traditional plan expectations for funding or partnerships.
• Target audience:  Who will be reading your plan? Tailor the style and format to their preferences.

Don't be afraid to adapt or even blend elements of both traditional and lean approaches to create your plan.

What to include in a traditional business plan

A traditional business plan is a comprehensive document outlining your business goals, strategies, and how you'll achieve them. Traditional business plan formats follow a standard structure and require more work upfront — a common benchmark is 30-40 pages.

Here are the key elements to include in your business plan outline:

1. Executive summary

Think of the executive summary as your elevator pitch — a concise company overview capturing the essence of your plan.

Craft a concise and compelling company overview, highlighting your:

• Target market. 
• Unique value proposition.

Aim for this section to be one to two pages, enticing readers to learn more.

2. Company description

Provide a detailed profile of your business, including your:

• Mission, vision and values.
• Products or services and their unique selling points and benefits.
• Legal structure, ownership, and operational location.

3. Market analysis

Conduct a thorough analysis of your target market.

• Assess the industry landscape, identifying your target market, its size, demographics, needs, and buying behaviors.
• Analyze your competitors, their strengths and weaknesses, and how you will differentiate.
• Highlight potential gaps in the market your business can fill.
• Evaluate market trends, potential risks and opportunities.

4. Marketing plan and strategy

Traditional plans include a marketing plan with details on marketing channels and pricing strategies.

• Outline strategies for reaching your target audience and promoting your offerings.
• Specify your marketing channels (like social media, email, or advertising).
• Outline marketing and sales tactics.
• Define your pricing strategy and how it aligns with your value proposition.

📌 ‎Related resource: 💡 ‎AI Tools: The Future of Smart Marketing

5. Management team

Introduce your key team members, showcasing their expertise and experience relevant to your business goals.

• Highlight their roles and responsibilities, showcasing their strengths and qualifications.
• Emphasize their qualifications and ability to execute your plan.
• Build trust and confidence in your leadership's ability to execute your plan.

6. Financial projections

Develop realistic financial plans and forecasts for the next several years, including revenue streams, expenses, and profitability.

• Forecast your financial performance for the next 3-5 years, including revenue streams, expenses and profits.
• Create financial statements like income statements, balance sheets and cash flow projections.
• Demonstrate the financial viability of your business and potential for return on investment.

7. Appendix

Include supporting documents to provide additional context and strengthen the credibility of your business plan:

• Market research reports.
• Competitor analysis data.
• Detailed financial models.
• Funding request: If you're seeking lender or investor support, clearly state the amount requested and how it will be used.

What to include in a lean business plan

For many types of startups , lean business plan templates offer a step-by-step blueprint for defining your mission, selling your vision, and maintaining momentum.

Compared to a traditional business plan, a lean business plan is a one-page business plan focused on experimentation, iteration and learning.

Here are the key elements to include in your lean startup business plan:

1. Problem and solution

Clearly articulate the specific problem your business solves in a way that resonates with your target audience.

• Define the problem your business addresses and your unique solution.
• Explain how your solution stands out from existing alternatives and why it's the better choice.
• Focus on your value proposition: Why should customers choose you over existing solutions?

2. Minimum Viable Product (MVP)

Describe the most basic version of your product or service — your minimum viable product — that can be tested with real customers.

• Don't get bogged down in a feature-packed MVP. Prioritize functionalities that validate your core value proposition.
• Emphasize rapid development and testing rather than comprehensive product features upfront.
• Focus on a quick product development process and testing cycles to constantly learn and improve based on user feedback.
• Get feedback from early adopters to validate your assumptions and iterate quickly.

📌 ‎Related resource: What is Customer Feedback & How to Gather It (The Right Way)

3. Customer segments and validation

Define your ideal customer segments, including demographics, needs and pain points.

• Explain how you'll reach and engage your target audience for MVP testing.
• Outline your initial channels and tactics for reaching your target audience.
• Choose specific metrics to track your customer validation process.
• Define key learning objectives to assess your progress.
• Outline your customer validation methods, including metrics and key learning objectives.

4. Go-to-market strategy

Describe your initial channels and tactics for customer acquisition and growth.

• Avoid complex marketing and sales plans. Focus on efficient channels and tactics for target customer acquisition.
• Be flexible and experiment with different approaches based on MVP feedback.
• Focus on traction and gaining a foothold in the market rather than extensive marketing and sales plans.

🎓 ‎Learn more: 16 Must-Have Marketing Tools

5. Key activities and resources

List what you need to accomplish to build and deliver your MVP. Find creative ways to leverage your existing resources and keep startup costs under control.

• List your essential activities, focusing on efficiency and minimal resource requirements.
• Identify key team members with the necessary skills and expertise.
• Note the tools needed to support operations.

Don't get bogged down in detailed financial plans or modeling at this stage. Use simplified forecasts for internal planning and potential investor communications.

• Create simplified financial forecasts focusing on key metrics like revenue streams, burn rate, and funding needs.
• Use these projections to track progress, make informed decisions, and attract investors.

7. Action plan & timeline

Create a clear roadmap for MVP development, customer validation and market launch.

• Outline a roadmap that includes milestones and deadlines for each stage of development, validation and launch.
• Break down the plan into manageable tasks to maintain momentum and track progress.
• Be open to adapting your plan based on new information and market feedback.

How to write a solid business plan in 4 steps

Whether you're choosing traditional or lean, follow these steps for creating a successful business plan:

Step 1. Define your purpose & audience

The first (and most important) step is to understand the audience and determine your goals.

Determine whether you'll need a traditional or lean plan, so you can tailor your content and structure.

• Traditional:  Attract investors, secure loans, or guide internal operations.
• Lean:  Test assumptions, iterate on your MVP, and validate customer needs.

Knowing your goals is crucial to developing a good business plan that aligns with your objectives and sets a clear path for success.

Step 2. Gather information and resources

Maximize your business planning efforts by conducting thorough research.

Start by gathering all of the relevant data and information that will shape your business plan outline, including market research, competitor analysis, and financial projections.

• Research your industry, target market, and competitors.
• Analyze trends, risks, and opportunities to shape your strategies.
• Collect relevant financial information and equip yourself with appropriate forecasting tools and templates.

📌 ‎Related resource: Top 10 Sales Tools To Make Your Life Easier

Step 3. Craft the core sections

‎Using the research and information you've gathered, write the core sections of your business plan outline. Use a business plan template to create a standard structure and organize your plan.

• Draft your plan in a clear, concise, and professional manner. 
• Use data and visuals effectively to enhance understandability.
• Use clear, concise language and compelling storytelling.
• Focus on the information most relevant to your purpose and audience.

There are a few ways you can start writing your business plan. We recommend using an AI-powered tool so you can create, store and share your business information more easily.

For example, Scribe is an AI-powered software that generates documents for you. Just turn on the extension and go through your process.  Scribe  will capture your screen to create your guide — complete with text, links and screenshots. Here's an example.

‎‎Combine multiple step-by-step guides and ask the AI to write your business plan for you with a simple prompt. Scribe pairs AI-powered text with  your  company-specific processes — just select the Scribes you want it to include to make your business plan specific to your company.

‎Ask AI to add titles, descriptions and additional context and tailor to your specific needs to create a comprehensive document.

‎With Scribe Pro and Teams , you can add branding elements like your logo and company colors to create a professional plan.

And when you're ready to grow, Scribe can help you scale. Brennan Biddle how his fast-growing company uses Scribe:

"I work at a rapidly growing tech company. We're hiring dozens of people every week, and Scribe has made our onboarding, ramping up, and training processes significantly faster and better. I don't know how I ever lived without this thing! This is a must-have for anybody trying to scale a business!"

Step 4. Revise & improve your business plan

If you're writing a traditional business plan, share it with trusted advisors and potential investors and ask for feedback.

Regularly update your plan with new learnings and market changes. Your business plan is a dynamic document, so update it regularly as you gather new data, adapt to market changes, and refine your strategies.

Wrapping up: business plan templates

A solid business plan is essential, whether you're:

• Seeking investors.
• Refining marketing.
• Building sales strategies.
• Managing operations.

Start with business plan templates to transform your business idea into a reality — get a business plan template for free and unlock your business potential.

Ready to try Scribe?

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550+ Business Plan Examples to Launch Your Business

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

Find your business plan example

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• Auto Detail & Repair
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• Architecture
• Construction
• View All 46

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• Advertising
• View All 54

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• Education Consulting
• Education Products

Business plan template: There's an easier way to get your business plan done.

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• Entertainment
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• Event Planning
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• Agri-tourism
• Agriculture Consulting
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• Equipment Rental

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• Airline, Taxi & Shuttle
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View all sample business plans

Example business plan format

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

Executive summary

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

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

Products & services

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

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

Market analysis

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

Competition

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

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

Marketing & sales

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

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

Milestones & metrics

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

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

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

Company & team

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

Financial projections

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

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

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

Types of business plans explained

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

Traditional business plan

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

Business model canvas

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

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

One-page business plan

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

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

Growth planning

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

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

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

Download a free sample business plan template

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

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

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

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

Choose a business plan example from a similar type of company

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

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

Use a business plan example as a guide

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

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

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

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

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

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

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

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

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

Prepare to pitch your business

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

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily we have a round-up of real-world pitch deck examples used by successful startups that you can review and reference as you build your pitch.

For more resources, check out our full Business Pitch Guide .

Ready to get started?

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

Use the search bar below to get started and find the right match for your business idea.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

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

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

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Drafting the Summary

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

Ask for Help

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

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

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

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

Numbers-based Goals

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

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

Intangible Goals

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

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

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

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

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

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

Business Operations Costs

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

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

Other Costs

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

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

How do I write a simple business plan?

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

What are some common mistakes in a business plan?

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

What basic items should be included in a business plan?

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

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1.1: Chapter 1 – Developing a Business Plan

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• Page ID 21274

• Lee A. Swanson
• University of Saskatchewan

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Learning Objectives

After completing this chapter, you will be able to

• Describe the purposes for business planning
• Describe common business planning principles
• Explain common business plan development guidelines and tools
• List and explain the elements of the business plan development process
• Explain the purposes of each element of the business plan development process
• Explain how applying the business plan development process can aid in developing a business plan that will meet entrepreneurs’ goals

This chapter describes the purposes, principles, and the general concepts and tools for business planning, and the process for developing a business plan.

Purposes for Developing Business Plans

Business plans are developed for both internal and external purposes. Internally, entrepreneurs develop business plans to help put the pieces of their business together. Externally, the most common purpose is to raise capital.

Internal Purposes

As the road map for a business’s development, the business plan

• Defines the vision for the company
• Establishes the company’s strategy
• Describes how the strategy will be implemented
• Provides a framework for analysis of key issues
• Provides a plan for the development of the business
• Helps the entrepreneur develop and measure critical success factors
• Helps the entrepreneur to be realistic and test theories

External Purposes

The business plan provides the most complete source of information for valuation of the business. Thus, it is often the main method of describing a company to external audiences such as potential sources for financing and key personnel being recruited. It should assist outside parties to understand the current status of the company, its opportunities, and its needs for resources such as capital and personnel.

Business Plan Development Principles

Hindle and Mainprize (2006) suggested that business plan writers must strive to effectively communicate their expectations about the nature of an uncertain future and to project credibility. The liabilities of newness make communicating the expected future of new ventures much more difficult than for existing businesses. Consequently, business plan writers should adhere to five specific communication principles .

First, business plans must be written to meet the expectations of targeted readers in terms of what they need to know to support the proposed business. They should also lay out the milestones that investors or other targeted readers need to know. Finally, writers must clearly outline the opportunity , the context within the proposed venture will operate (internal and external environment), and the business model (Hindle & Mainprize, 2006).

There are also five business plan credibility principles that writers should consider. Business plan writers should build and establish their credibility by highlighting important and relevant information about the venture team . Writers need to elaborate on the plans they outline in their document so that targeted readers have the information they need to assess the plan’s credibility. To build and establish credibility, they must integrate scenarios to show that the entrepreneur has made realistic assumptions and has effectively anticipated what the future holds for their proposed venture. Writers need to provide comprehensive and realistic financial links between all relevant components of the plan. Finally, they must outline the deal , or the value that targeted readers should expect to derive from their involvement with the venture (Hindle & Mainprize, 2006).

General Guidelines for Developing Business Plans

Many businesses must have a business plan to achieve their goals. Using a standard format helps the reader understand that the you have thought everything through, and that the returns justify the risk. The following are some basic guidelines for business plan development.

As You Write Your Business Plan

1. If appropriate, include nice, catchy, professional graphics on your title page to make it appealing to targeted readers, but don’t go overboard.

2. Bind your document so readers can go through it easily without it falling apart. You might use a three-ring binder, coil binding, or a similar method. Make sure the binding method you use does not obscure the information next to where it is bound.

3. Make certain all of your pages are ordered and numbered correctly.

4. The usual business plan convention is to number all major sections and subsections within your plan using the format as follows:

1. First main heading

1.1 First subheading under the first main heading

1.1.1. First sub-subheading under the first subheading

2. Second main heading

2.1 First subheading under the second main heading

Use the styles and references features in Word to automatically number and format your section titles and to generate your table of contents. Be sure that the last thing you do before printing your document is update your automatic numbering and automatically generated tables. If you fail to do this, your numbering may be incorrect.

5. Prior to submitting your plan, be 100% certain each of the following requirements are met:

• Everything must be completely integrated. The written part must say exactly the same thing as the financial part.
• All financial statements must be completely linked and valid. Make sure all of your balance sheets balance.
• Everything must be correct. There should be NO spelling, grammar, sentence structure, referencing, or calculation errors.
• Your document must be well organized and formatted. The layout you choose should make the document easy to read and comprehend. All of your diagrams, charts, statements, and other additions should be easy to find and be located in the parts of the plan best suited to them.
• In some cases it can strengthen your business plan to show some information in both text and table or figure formats. You should avoid unnecessary repetition , however, as it is usually unnecessary—and even damaging—to state the same thing more than once.
• You should include all the information necessary for readers to understand everything in your document.
• The terms you use in your plan should be clear and consistent. For example, the following statement in a business plan would leave a reader completely confused: “There is a shortage of 100,000 units with competitors currently producing 25,000. We can help fill this huge gap in demand with our capacity to produce 5,000 units.”

Business Plan Template

Uploaded by: Dino

Description

Business Plan If your professor has special instructions for formatting your report be sure to follow them.

[Address] Telephone: [Phone Number] Contact: [Your Name]

[Confidentiality Statement] Contents Include a table of contents so that investors can quickly find the information they are looking for.

2 Introduction Include the general nature of the business, what your[Background] product or service is and why it is unique, and why you believe the business will be successful.[Summary of financial needs]

Revise this section after you complete a detailed financial plan.

3 Write the Executive Summary section last!Executive Summary[Company information] What product or service do you provide? What is your[Market opportunity] competitive advantage? When will the company be formed? What are your company objectives? What is the background of you and your management team?

Business Plan Template

Uploaded by: Dino

Description

Business Plan If your professor has special instructions for formatting your report be sure to follow them.

[Address] Telephone: [Phone Number] Contact: [Your Name]

[Confidentiality Statement] Contents Include a table of contents so that investors can quickly find the information they are looking for.

2 Introduction Include the general nature of the business, what your[Background] product or service is and why it is unique, and why you believe the business will be successful.[Summary of financial needs]

Revise this section after you complete a detailed financial plan.

3 Write the Executive Summary section last!Executive Summary[Company information] What product or service do you provide? What is your[Market opportunity] competitive advantage? When will the company be formed? What are your company objectives? What is the background of you and your management team?

What is the expected size and growth rate of your market, your expected market share, and any relevant market trends?

4 Benefits to the CommunityEconomic Development[Describe jobs created by the business][How will purchases for the business help other local businesses?][Any additional information]Community Development[How will the company's goods/services help the community?][Any additional information]Human Development[How will the business help its employees?][Any additional information]

Company AnalysisForm of Business Ownership[Will your business be a sole proprietorship, partnership, or corporation? Why?][Describe any necessary licenses or permits and your plans for obtaining them.][Will yours be an independent business, a takeover of an existing business, an expansionof an existing business, or a franchise?][Any additional information]About the Company[If you are taking over or expanding an existing business, describe any relevant history.][How will the business satisfy customer needs?][How did you choose and develop the company's products/services, and how are theyunique?][Any additional information]

Industry Analysis[In what industry does the business operate?][Who are the competitors?][Have any other businesses recently entered or exited the industry?][How will the business be profitable, and what are the growth opportunities?][Describe any e-business opportunities.][Any additional information]

5 Include a résumé for each keyManagement Team person in the Appendix.

[Who are the key members of the business team?][How will the company be structured?] Include an organizational chart in the Appendix.[How is the team balanced in terms of skills?][What is the company's management philosophy and culture? What is your leadershipstyle?][Describe the key management positions and compensation for those positions.][What other professionals will assist the management team?][Any additional information]

Manufacturing and Operations PlanLocation and Space Requirements Include a floor plan in the Appendix.[Where is the planned location?][Discuss the location's proximity to customers and suppliers.][Discuss tax rates and zoning requirements for the location.][Discuss transportation issues.][Discuss utility costs.][Will you rent, lease, or purchase the facility?][Any additional information]Equipment[Will you rent or purchase equipment?] The next section covers the labor force in depth. This[Any additional information] section should discuss the labor force as it relates to your location, manufacturing, and operations plans.Labor Force[Discuss the local labor pool. Is there a sufficient quantity of skilled people to meet thebusiness's needs?][Discuss wage rates and unionization issues.][Any additional information]Inventory Control[How will you control quality, inventory, and production?][Any additional information]Purchasing Requirements[Will you make or purchase component parts to be assembled into the finished product?][Any additional information]

6 The next section covers the labor force in depth. This section should discuss the labor force as it relates to your location, manufacturing, and operations plans. Subcontractors and Suppliers[Who are your potential subcontractors and suppliers?][Any additional information]

Labor ForceLabor Requirements[How many employees are needed? Full time or part time?][What are the job qualifications?][Will you have written job descriptions?][What will you pay your employees? How does that compare with the going rate in yourregion and industry?][Any additional information]Selection, Orientation, and Training[Do you have a job application form?][What criteria will you use in selecting employees?][What orientation process will there be for new employees?][How will new employees be trained?][Any additional information]Evaluation, Policies, and Rules[How will employees be evaluated?][Will authority be delegated to employees?][How will you discipline employees?][What will you do when employees resign?][Any additional information]

Marketing PlanTarget Market(s)[What is/are your target market(s) and what common needs can the business satisfy?][What are the current needs of each target market? Describe the target market in terms ofdemographic, geographic, psychographic, and product usage characteristics.][What changes in the target market are anticipated?][What advantages and disadvantages do you have in meeting the target market’s needs?][What are the relevant aspects of consumer behavior and product use?][Any additional information]

7 Environment[What are the competitive, legal, political, economic, technological, and socioculturalfactors affecting your marketing efforts?][Any additional information] Make sure your marketing objectives are clearly written, measurable, and consistent with your overall marketing strategy.Marketing Objectives[Describe your product introduction, improvement, or innovation][State the market size in dollars and units. Indicate your primary and secondary sourcesof data and the methods used to estimate total market size and your market share.][Describe your distribution plans.][Describe your pricing objectives.] Prepare advertising samples for the Appendix.[Describe your advertising and promotion efforts.][How will the results of your marketing plan be measured and evaluated?][Any additional information] Remember, most lenders and investors insist that youFinancial Plan submit current financial statements that have been prepared by an independent CPA.Startup and Operating Needs[How much money do you have, and what is the actual amount of money you need toopen your business (start-up budget)?][How much money is needed to keep the business open (operating budget)? Prepare arealistic budget.][What sources of funding do you anticipate?][Any additional information]Financial Statements[Prepare an income statement by month for the first year of operation and by quarter forthe second and third years.][Prepare balance sheets for each of the first three years of operation.][Any additional information]Financial Analysis[Prepare a breakeven analysis. How many units of your products or service will have tobe sold to cover your costs?][Reinforce your final projections by comparing them with industry averages for yourchosen industry.][Any additional information]

8 Exit Strategy[How do you plan to get yourself (and your money) out of the business?][Do you intend to grow the business to the point of an IPO?][Do you intend to sell the business?][How will investors get their money back?][Any additional information]

Critical Risks and Assumptions[What will you do if your market develops either more slowly or more quickly thananticipated?][How will you react to competitor challenges such as underpricing or new products thatmake yours obsolete?][How will you react to favorable or unfavorable changes in the industry?][How will you react if there is a labor shortage or other labor-related issue?][How will you react if there is an erratic supply of products or raw materials?][Any additional information]

Appendix Include supplemental information, such as an organization chart, résumés of key owners and managers, a floor plan, and advertising samples.

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Out legislators unveil plan to stop “heartbreaking” abuse of LGBTQ+ elders nationwide

Legislation to create a new task force to combat LGBTQ+ elder abuse has been introduced by out Rep. Angie Craig of (D-MN) and fellow Equality Caucus member Rep. Josh Gottheimer (D-NJ).

Gottheimer announced the bill, dubbed the “Elder Pride Protection Act,” at an annual roundtable of North Jersey LGBTQ+ community organizations and advocates.

Related: Elder LGBTQ+ Americans could get more help if this new bill passes The Elder Pride Act would address a lack of support and resources for seniors in rural areas.

“We know that elderly members of the LGBTQ+ community face abuse across our nation, but their voices aren’t being heard,” Gottheimer said Friday. “The reality is that organizations and government agencies aren’t tracking these heartbreaking attacks.”

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The bill would require the attorney general to establish a Department of Justice (DOJ) task force composed of members of the DOJ’s Elder Justice Initiative and the Office of Civil Rights, according to reporting from The Hill .

The interagency group would be tasked with developing a national approach to combating increased incidents of LGBTQ+ elder abuse, and determining and sharing best practices for local and state law enforcement.

Important to the group’s mission will be tracking and reporting when and how the abuse takes place. The group will make regular reports to Congress.

The new legislation “is a critical step in ensuring that we can coordinate our response to this runaway abuse at the federal level,” Gottheimer said. “No one should ever be mistreated on the basis of their sexual orientation or gender identity, especially our vulnerable elderly populations.”

Data shared at the roundtable reveals many LGTBQ+ elders have reported challenges like a diminishing support system and loneliness. Abuse, however, often goes unreported.

An estimated 68% of elders in the community have experienced verbal harassment and 43 percent have been threatened with violence, according to a study from The National Center on Elder Abuse .

Another survey revealed 65% of LGBTQ+ elders aged 60 or older reported dealing with victimization due to their sexual orientation. Also, 29% revealed they were physically attacked.

In May, out Reps. Mark Pocan (D-WI) and Sharice Davids (D-KS), and ally Suzanne Bonamici (D-OR), who chairs the caucus’s LGBTQI+ Aging Issues Task Force, announced proposed updates to the Older Americans Act intended to improve services for older  LGBTQ + adults in rural areas, particularly for those living with HIV.

“Congress has a responsibility to ensure LGBTQI+ older adults and older people living with HIV in rural communities have the support they need to age with dignity,” said Rep. Pocan, the Equality Caucus chair. 

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Rex Heuermann, accused Gilgo Beach killer, charged in murders of 2 more women as prosecutors reveal 'planning document'

RIVERHEAD, N.Y. — The man accused of killing several sex workers and dumping their bodies on a Long Island beach was charged with two more killings, as prosecutors on Thursday disclosed they've unearthed a gruesome "planning document" used to carry out the slayings.

Rex Heuermann, a 60-year-old former architect, was formally told of new charges — second-degree murder in the deaths of Jessica Taylor and Sandra Costilla — in front of Suffolk County Superior Court Judge Timothy Mazzei.

He's now been charged with killing at least six women.

After Heuermann's arrest, investigators seized several electronic devices from the suspect, including a laptop with a Microsoft Word document, the indictment said.

That document, titled "HK2002-04" was created in 2000 and was edited numerous times throughout 2002, officials said. It included one section that listed four headings, for "problems," "supplies," "DS" and "TRG."

The "problems" included possible evidence such as DNA, tire marks, blood stains, foot prints and hair, the indictment said.

Under "supplies," the document listed, among other items, rope, tarps, tape, medical gloves and various cleaning agents.

"DS," probably stood for "dump site," investigators said, and listed locations where evidence could be disposed.

And TRG likely meant "target" and specified that "small is good," according to investigators who noted that "the known victims thus far are all petite women."

"The task force believes this is a planning document that was utilized by Heuermann to methodically blueprint and plan out his kills with excruciating detail," Suffolk County District Attorney Raymond Tierney told reporters outside of court Thursday.

The document found on Heuermann's computer went on to list other "post event" acts, according to the indictment.

A "body prep" heading included reminders to "wash body inside and all cavities," to "remove ID marks" such as tattoos and to "remove head and hands."

One listing was for "dispose of the following" and included "tools and devices," clothes and "anything that touched" the victim.

And "things to remember" for future acts included reminders such as "get sleep before hunt too tired creats (sic) problems" and to use "heavy rope for neck — light rope broke under stress of being tightened." The writer also noted that "more sleep & noise control = more play time."

"His intent, specifically, was to locate these victims, to hunt them down and to bring them under his control and to kill them," Tierney said. "His motivations, meticulous planning and clear intent is obvious."

Tierney said later on NBC News’ “Top Story with Tom Llamas” that while there have been dead ends and false leads, the importance of the find was immediately clear.

“When we found this document, we knew right away that it was a significant document,” he said.

Heuermann was arrested last July 13 as he was casually walking on a busy New York City street after work, apparently unaware he was being followed by police.

He was originally charged with murder in the killings of Melissa Barthelemy, 24; Megan Waterman, 22; and Amber Lynn Costello, 27. Earlier this year, he was charged in the killing of Maureen Brainard-Barnes, 25.

The victims were among several found around Gilgo Beach, on Long Island’s South Shore, in cases that went unsolved for more than a decade.

The 20-year-old Taylor disappeared in July 2003, while working as an escort in New York City, and her remains were found in two grisly incidents, that year and in 2011.

A dog walker in 2003 found Taylor's body which had been mutilated, with her head removed and arms severed below the elbows, officials said.

A tattoo of hers was also mutilated and "were acts perpetrated by Rex A. Heuermann to ... inhibit the identification of the victim via facial recognition, fingerprints and/or tattoo identification," according to the indictment.

"Ms. Taylor’s skull, hands, and forearm were discovered along Ocean Parkway, just east of Gilgo Beach," on March 29, 2011, the indictment said.

At the time of Taylor's slaying, Heuerman's family was on vacation in Vermont with the family of his daughter's kindergarten classmate. But Heuerman did not go along, according to the indictment.

A dark-colored Chevy pickup truck, seen parked near where Taylor's body was found, resembled one that Heuermann owned at the time, the indictment said.

And a hair found on Taylor's body was matched, with 99.96-percent certainty, to Heuermann, prosecutors said.

Costilla was found by hunters in an wooded area of Southampton on Nov. 20, 1993.

"The victim’s shirt had been pulled up over her torso and head, exposing the victim’s breasts," according to court documents, describing horrific postmortem wounds. "The victim had numerous sharp force injuries to ... her face, torso, breasts, left thigh, and vaginal area."

Hairs found on Costilla's body also matched Heuermann with 99.96-percent certainty, prosecutors said.

Pages from the book “Mindhunter,” about the FBI's serial crime unit, were also referenced in the “planning document," and Tierney said he believes Heuermann used that book "to help him better hone his craft as a hunter of women" and to learn how law enforcement investigates killings.

Heuermann wore a suit and tie with his hands handcuffed behind his back throughout Thursday's brief hearing.

Heuermann’s attorney, Michael Brown, entered a not-guilty plea on behalf of his client. Outside of court, Brown said he could not immediately discuss the new charges.

"So it’s hard for me to comment without looking at documents and without speaking to my client and looking into the evidence," Brown told reporters. "It wouldn’t be fair for me to comment at this point in time. I really need to look at everything."

The judge ordered Heuermann to remain behind bars without bail. His next court date is set for July 30.

Tierney said investigators are still looking at several other murders that could be still be linked to Heuermann.

Tierney said on "Top Story" that the document retrieved by investigators "speaks to the obsessiveness" of Heuermann.

"I think he thought that he had destroyed it. He didn’t," Tierney said.

Tierney earlier Thursday was specifically asked if the slaying of Valerie Mack , 24, is on the DA's radar for Heuermann, and he said, "I think that would be fair to say."

"We're not going to stop, we can't stop," the prosecutor said. "We owe that to the victims. That's the least we can do."

Carolina Gonzalez reported from Riverhead, New York; and David K. Li from New York City.

David K. Li is a senior breaking news reporter for NBC News Digital.