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Why they're likely to succeed: The shift toward online shopping and learning means you have a larger pool of potential customers than ever.
Often, a business's success comes down to customer demand and satisfaction. To fill customer demand, research the business you're considering to ensure customers need your goods or services. If you want a business to thrive, focus on making your customers so happy with your service that they'll recommend you to others.
Finally, the magic ingredient that helps any business succeed is passion. If you're passionate about what you do, it's sure to show.
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Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.
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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 business plan samples in this library and most investor-approved business plans will include the following sections:
The executive summary is an overview of your business and your plans. It comes first in your business 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).
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.
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.
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 your 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.
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 in our business plan examples 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.
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.
Use this section of your business plan 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.
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 business plan 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 business 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.
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 business plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.
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.
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.
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 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 business 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 remains stable through times of crisis.
It's faster, keeps your plan concise, and ensures that your business plan is always up-to-date.
Ready to start writing your own business 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 sample 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 do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at business plan 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 business plan sample.
You don't need to find an example of a 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 business plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a business plan sample 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.
Every startup and small business is unique, so you'll want to avoid copying an example of a business plan word for word. It just won't be as helpful, since each business is unique. You want your business 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 of a 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 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.
Keep in mind that businesses that use their business 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 business 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.
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 .
Now that you know how to use an example of a 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 business plan example for your business idea.
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7 chatgpt prompts to start a business.
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No one would say that starting a business is a safe career path. By some estimates , 90% of startups fail. The cards are stacked against you. But as Adam Grant once wrote , “[G]reat entrepreneurs have a different response to the fear of failure. Yes, they’re afraid of failing, but they’re even more afraid of failing to try.”
Just because many businesses fail doesn’t mean that you shouldn’t try—especially if you have a great idea. What’s more, AI tools like ChatGPT are making it easier and less expensive than ever to start a business—even if you want to kick things off as a side hustle, as I did with my company nearly two decades ago. Had ChatGPT been around then, I probably would have quit my day job sooner.
If you’re considering launching a startup, here are seven ChatGPT prompts to help you each step of the way.
In the business world, there’s a trope about founders following their dreams and chasing their passions. I’m sure that happens sometimes—an entrepreneur launches a business related to their passion, which translates to a successful innovation. But I think a more surefire way to build a successful startup is identifying a problem and figuring out how to solve it.
ChatGPT can be a second brain at the idea generation stage. Even if you reject all of the LLM’s ideas, you’ll have a wider pool to choose from.
Here is one prompt to get the ball rolling at this preliminary stage:
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“What are common issues faced by [target market] regarding [context]?”
For example: “What are common issues faced by journalists regarding recording interviews?”
(The results ranged from technical problems and ethical concerns to interviewee comfort and data management — so many angles to consider!)
Once you identify your target market’s issues and needs, you can ask ChatGPT to help brainstorm innovative solutions. Try the following prompt:
“Can you suggest innovative ways to [describe the issue and include the target market]? Please provide a list of 5 potential solutions."
Remember: the more context you provide, the more refined your answers will be. If, for example, you’re targeting a certain geographic area or age range, let ChatGPT know.
So, you’ve come up with what sounds like a strong idea for a startup. A second opinion is essential. When I was starting out, I discussed my idea for an online form company at length with my mentor. I suggest doing the same. But if a second opinion is helpful, a third (or fourth) opinion is even better. ChatGPT can offer guidance on confirming the validity of your idea and strategies for ensuring financial feasibility—in other words, that your idea will be profitable.
One of the first things to check is the current landscape of the market. To help with your competitor research, you can ask ChatGPT:
“I am starting a business to [describe product or service]. Can you list the main competitors in the [industry] market?”
For a more fleshed-out reply, you can pinpoint additional information. For example: “Describe their strengths and weaknesses,” or “Who are their current customers?”
I’ve written before about how crucial it is to listen to users. They are an entrepreneur’s most important stakeholders. It doesn’t matter how brilliant your business idea is—if it’s not serving your users’ needs or solving their problems, it won’t succeed.
The listening process begins even before you launch your business. ChatGPT can help you tap into insight from potential customers. You can use this prompt:
"I am launching a business to [describe product or service]. What are some methods for collecting and analyzing potential customer feedback? Provide a list of 5 methods.”
You can then use these methods to ensure your business idea has traction. And if it doesn’t, you can use customer feedback to figure out how to tweak and refine it.
Writing a business plan is a necessary but sometimes harrowing step in launching a startup. It’s no surprise that grad school programs dedicate semester-long courses to it. But you don’t need an MBA in order to lay out your business’s proposition. ChatGPT can help you to identify the most important elements (executive summary, market analysis, and financial projections) and build out each.
Even if you’re not seeking VC funding and instead are taking the bootstrapping route , mapping out your business plan is an important exercise for laying out your goals, figuring out how to get there, and staying on track.
Here’s a prompt you can use to get started:
"Can you help me draft an executive summary for my business plan? Please use the following details. The business name is [business name]. It is a [industry] business that [description and unique selling proposition]. The target market is [description of your target market]. My business aims to [needs/problems your business addresses]. It is different from competitors because [how your business stands out]. In the next [X] years, we aim to [revenue projections]. We also hope to [describe any other key metrics/KPIs]. Using this information, can you help me draft an executive summary?"
Next is the market analysis section. This part provides an overview of the current size of the market you want to serve, what your potential users are willing to pay, and revenue projections. ChatGPT can help you draft your market analysis with the following prompt:
"I am creating a business plan and need help drafting the market analysis section. My company is a [industry] business. The target market is [target market description — include as many details as possible]. My company will [description of the problem your company will solve]. Here is some information on the market size and growth potential: [any available date]. The main competitors are [competitors]. Can you draft a market analysis based on this information?”
Finally, as I’ve written before, a laser-focus on profitability is the only way to ensure that your startup will succeed, especially if you are a bootstrapper like me. Every business plan needs solid financial projections to assure your key stakeholders—and most importantly, yourself—that the business will be profitable.
Here is a prompt you can use to draft your business plan’s financial projections:
"I need help drafting the financial projections section for my business plan. Here is the key information. For funding, the company will require [amount needed, either VC funding or self funding]. In the next [X] year[s], I project revenue to be [amount]. I anticipate the company will be profitable in [timeline]. The most significant costs will be [costs]. Here are the key financial metrics: [e.g., gross margin, net income]. Can you use this information to draft financial projections for my company?”
Of course, financial projections are just projections. With so many factors constantly in flux, no one can predict a business’s profitability. But this will help you generate a basic financial picture of your fledgling company.
Final thoughts
If you’re in the early stages of starting a business, remember that all founders battle through a whirlwind of emotions. The struggle—and the fear—is real.
“What we regret is not failure, but the failure to act,” wrote Adam Grant . Hopefully, using the above prompts and ChatGPT, you’ll never regret not launching your business.
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Interim final rule extends compliance dates pursuant to court orders
WASHINGTON, D.C. - Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB v. CFSA . The Texas court also required the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed. Today’s interim final rule follows the recent Supreme Court decision in CFPB v. CFSA.
The interim final rule extends compliance dates by 290 days, which is the time that has elapsed between the Texas court’s first issuance of a stay last year and the Supreme Court’s decision in CFPB v. CFSA last month. Lenders with the highest volume of small business loans must begin collecting data by July 18, 2025; moderate volume lenders by January 16, 2026; and the smallest volume lenders by October 18, 2026. The deadline for reporting small business lending data to the CFPB remains June 1 following the calendar year for which data are collected. Thus, high volume lenders will first submit data by June 1, 2026, while moderate and low volume lenders will first submit data by June 1, 2027. Under the interim final rule, lenders may continue using their small business originations from 2022 and 2023 to determine their initial compliance date, or instead use their originations from 2023 and 2024.
Lenders may choose to start collecting data earlier. The rule permits lenders to collect demographic data up to one year before their compliance date to test their procedures and systems. The CFPB has also updated its grace period to reflect the revised dates. The CFPB does not intend to assess penalties for reporting errors for the first 12 months of collection, and it intends to conduct examinations only to assist lenders in diagnosing compliance weaknesses, so long as lenders engage in good faith compliance efforts.
Resources to help lenders implement the small business lending rule are located on the Small Business Lending Database web page. The CFPB's small business lending data submission platform will be available for open beta testing in August. Interested beta testing participants and others who wish to receive updates related to rule more generally should sign up for updates on the Small Business Lending Database page and adding their email address in the email sign up box.
Read today’s interim final rule .
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov .
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Reporting by Harshita Mary Varghese and Urvi Dugar in Bengaluru; Editing by Alan Barona
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Whether you want to launch a side gig, a solo operation or a small business, you need a simple business plan template to guide you. Forbes Advisor offers you a comprehensive and easy-to-follow ...
Describe Your Services or Products. 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 ...
Traditional business plans use some combination of these nine sections. Executive summary. Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location.
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.
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 ...
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.
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Template #10: Small Business Plan Template. Customize this template and make it your own! Edit and Download. Every startup or small business needs to start out with a strong business plan in order to start off on the right foot and set yourself up for success. This template is an excellent starting point for any small business.
While your plan will be unique to your business and goals, keep these tips in mind as you write. 1. Know your audience. When you know who will be reading your plan—even if you're just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them.
Step 1: Gather Your Information. Your first step is to get organized by gathering all your relevant business information. This will save you time completing the various sections of your business plan. At a minimum, you'll want to have the following handy: Business name, contact information, and address. Owner (s) names, contact information ...
A business plan is the backbone of a successful business. Learn to write, use, and improve your business plan with exclusive guides, templates, and examples. ... It should be as long as you need it to be. A good rule of thumb is to go as short as possible, without missing any crucial information. You can always expand your business plan later.
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
Write the Executive Summary. This section is the same as in the traditional business plan — simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company. Add a Company Overview. Document the larger company mission and vision.
7 business plan examples: section by section. The business plan examples in this article follow this template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis.
1. Startups. Startup business plans are for proposing new business ideas. If you're planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business. You can check out this guide for more detailed business plan inspiration. 2.
Download a free business plan template in Google Doc, Microsoft Word, and PDF formats. Includes expert guidance to help fill out each section. ... Business Plan Template for Small Businesses Business planning can feel complicated. It doesn't have to be. Start putting pen to paper today with your free business plan template download.
1. Investors Are Short On Time. If your chief goal is using your business plan to secure funding, then it means you intend on getting it in front of an investor. And if there's one thing investors are, it's busy. So keep this in mind throughout writing a business plan.
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Sell your business and explain why it matters. Additionally, supplement your sell with a high level summary of your plan and operating model. However, don't go over one or two pages. Feel free to include the following as well: Business Name. Key Employees. Address.
How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:
And How to Create One. 1. Executive summary. This is a short section that introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, your goals for developing it, and why it will be successful.
Fund your business. It costs money to start a business. Funding your business is one of the first — and most important — financial choices most business owners make. How you choose to fund your business could affect how you structure and run your business. Choose a funding source.
When you create a business plan to start a business in Florida, be sure to note how your market research has reflected your chosen location and audience. Step 4: Finance your business. With a plan in hand, it's time to think about execution. And making your small business a reality means finding a way to finance it.
Small businesses account for 99.9% of U.S. firms. There may be no guarantees, but here are five with a better-than-average chance of success.
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.
Here is a prompt you can use to draft your business plan's financial projections: "I need help drafting the financial projections section for my business plan. Here is the key information.
T-Mobile Small Business Sweepstakes OFFICIAL RULES NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. A PURCHASE OR PAYMENT WILL NOT IMPROVE YOUR CHANCES OF WINNING. THIS SWEEPSTAKES IS OPEN TO SMALL BUSINESSES AND IS NOT OPEN TO THE GENERAL PUBLIC. Timing: The T-Mobile Small Business Sweepstakes (the "Sweepstakes") begins on Tuesday, April 23, 2024, at 8:00 a.m. Pacific Standard Time ...
WASHINGTON, D.C. - Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court's decision in CFPB v. CFSA.The Texas court also required the CFPB to extend the ...
A majority of Salesforce shareholders voted against a compensation plan for its CEO Marc Benioff and other top executives, according to a security filing on Monday.
Some 34% of the 1,000 UK business decision-makers surveyed by polling firm Savanta in June said they would prefer Rayner, who served as shadow secretary of state for leveling up, housing and ...