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The 7 Best Business Plan Examples (2024)

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

Example business plan

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

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

7 business plan examples (section by section)

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

• Executive summary

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

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

• Company description

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

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

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

• Market analysis

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

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

• Products and services

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

• Marketing plan

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

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

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

Logistics and operations

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

Financial plan

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

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

It then goes deeper into the financials, citing:

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

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

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

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

• Logistics and operations plan
• Financials 

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

• Market research: in depth
• Financials: in depth

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

• Market research

Feasibility 

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

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

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

Free business plan templates

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

Bplans’ free business plan template

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

PandaDoc’s free business plan template

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

Miro’s Business Model Canvas Template

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

Better business planning equals better business outcomes

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

Business plan FAQ

What are the 3 main points of a business plan.

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

How do I write a simple business plan?

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

What is the best format to write a business plan?

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

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Some people venture into entrepreneurship with a clear vision: They know what industry they want to conquer and the path they’re going to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business — plus, determine exactly what type of business is the best choice to invest in.

To help you launch your journey, we’ve compiled a list of the most profitable businesses, considering factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as profitability potential.

LLC Formation

Most profitable small businesses

With a solid business plan, hard work and determination, any strong business idea may become successful and profitable.

Businesses in high-growth industries with lower startup costs , however, may have greater profitability potential. With the rise of technology, for instance, you’ll probably have more success starting a virtual assistant business than opening a grocery store.

Although some of the most profitable businesses are based online, others involve in-person services, and some are a great fit if you're an entrepreneur on the go. Here’s our list of the most profitable small businesses:

1. Food trucks

The food truck movement has been experiencing consistent growth over the past five years — and it’s expected to continue — with the market projected to grow to $6.87 billion by 2029, according to a 2023 report by Mordor Intelligence [0] Mordor Intelligence . Food Truck Market Size & Share Analysis . Accessed Feb 26, 2024. View all sources . You can start a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; plus, you have geographic versatility, the potential for high revenue returns and the flexibility to create a custom menu that’s all your own.

Keep in mind that bigger, trendier cities like San Francisco, Boston and Washington, D.C., already have a pretty saturated food truck market (as well as tougher regulations to get started) — so this might be a more successful business in a smaller heartland metropolis.

Food trucks have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance , so you’ll want to contact your local health department to find out what will be required.

» MORE: Best options for food truck financing

2. Car wash services

The rising prices and pandemic-induced shortage of new vehicles are causing car owners to keep their cars longer. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their auto investment are expected to keep rising as well.

In fact, the car wash market is projected to increase from $15.86 billion in 2023 to $23.79 billion by 2030 [0] Grand View Research . U.S. Car Wash Services Market Size, Share & Trends Analysis Report By Type . Accessed Feb 26, 2024. View all sources . And according to a 2023 study from the International Carwash Association, 96% of U.S. car owners and lessees washed their vehicle at least once in the previous year— and 89% did so at a professional car wash [0] International Carwash Association . 6 Insights into Why Car Washing Is at an All-Time High . Accessed Feb 26, 2024. View all sources .

You might make a car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. And as a mobile car wash and auto detailing service, you’d avoid the overhead and startup costs of having a physical location.

3. Auto repair

The average age of cars and light trucks in the U.S. rose to 12.5 years in 2023, increasing from 9.7 years a decade ago, according to S&P Global Mobility [0] S&P Global Mobility . Average Age of Light Vehicles in the US Hits Record High 12.5 years, according to S&P Global Mobility . Accessed Feb 26, 2024. View all sources . People are keeping their cars longer than ever, suggesting there’s significant opportunity in the maintenance and repair business.

Additionally, car owners are more likely to visit a small business for repairs. According to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities [0] Auto Care Association . Auto Care Association Applauds Advancement of REPAIR Act . Accessed Feb 26, 2024. View all sources .

If you’re skilled as a mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more. And if you’re looking to save on overhead costs, you might make it a mobile service and travel to your customers, performing repairs in their driveway or office parking lot.

4. Personal trainers

Employment of fitness trainers and instructors is projected to grow 14% from 2022 to 2032, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Fitness Trainers and Instructors . Accessed Feb 26, 2024. View all sources . But turning your love of fitness into a career doesn’t have to mean working for a big corporate gym — nor do you need the overhead of having your own location to train clients.

Throw a few weights, bands and yoga mats into the trunk of your car, and take your fitness show on the road.

You can become a personal trainer by offering one-on-one sessions in your clients’ homes or advertising group classes at a local park or community center. Making fitness more available to your clients might just be the ticket to helping both of you achieve your goals.

» MORE: Best mobile business ideas for on-the-go entrepreneurs

5. Newborn and post-pregnancy services

Although millennials and Generation Z are deferring parenthood for longer than previous generations, many do eventually want to have kids.

And with both generations considering parenthood, the need for child-oriented businesses is growing, starting with post-pregnancy and newborn-related services. As a result, a 2024 Market Research Future report expects the global maternity care market to reach $106.6 billion by 2032 (up from $62.5 billion in 2023) [0] Market Research Future . Maternity & Personal Care Market Research Report . Accessed Feb 26, 2024. View all sources .

Demand for doulas and lactation consultants, in particular, has risen among new mothers, and both business options have relatively low overhead requirements beyond education and certification.

6. Enrichment activities for children

Shrinking budgets for education mean that both traditional academics and enrichment subjects like music, art and athletics often take a significant hit.

A successful business to start might be one that teaches enrichment activities to children. According to the U.S. Census Bureau, kids are more involved in extracurricular activities today than they were 20 years ago [0] U.S. Census Bureau . Children Continue to be More Involved in Some Extracurricular Activities . Accessed Feb 26, 2024. View all sources . And some research indicates that approximately half of American parents spend more than $1,000 annually on their children’s activities [0] GoBankingRates . How To Afford $1,000 Worth of Kids Activities Per Year . Accessed Feb 26, 2024. View all sources .

You could launch a gymnastics center or music school, become a swimming instructor or kids’ yoga teacher, or focus on some other child-centered activity. If you have a skill that could be easily taught to young students, you might already have a profitable business in the making.

7. Mobile apps and entertainment for children

If your interests are in development and engineering, you might consider gearing your technology toward the youngest users. Research shows that demand for tablets, apps and mobile entertainment for children is on the rise — especially if those products are education-focused [0] Excellent Web World . Is The App Development Market For Kids Getting Bigger? . Accessed Feb 26, 2024. View all sources .

Do you have an idea for an educational app for children or parents? If so, now may be the time to move forward on your bright idea for the next generation and make this potentially profitable business a reality.

8. Shared accessories and attire

Sites like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy — where we want and need to own less stuff, so instead, we share resources.

These companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and because the same piece of inventory generates revenue multiple times, the profitability of these ventures can be significant. According to a 2023 study by the reselling platform ThredUp, the secondhand-clothing market is projected to nearly double by 2027 [0] ThredUp . thredUP’s 11th Annual Resale Report Reveals Consumers Continue to Embrace Secondhand Amid Economic Uncertainty . Accessed Feb 26, 2024. View all sources .

Do you have an eye for fashion and a sense of style not currently offered by other rental services? Maybe you’re ready to be the next big thing.

Even if you’re not prepared to launch a multimillion-dollar fashion startup, you can just as easily profit from shared fashion at the local level. Gather some favorite accessories or clothing picks and host a borrowing party — where customers can rent or purchase items from your closet — for high school students before the next formal dance.

If you’re in a college town, Greek life formals are another great opportunity to profit from shared economy fashion. And because you’re taking shipping costs out of the equation, you have the potential to be even more profitable.

9. Shared home improvement equipment

Are you the go-to person in your neighborhood for every lawn, garden and home repair tool? Why not turn those tools into a profitable business by advertising your available equipment beyond your immediate friend group?

You might even decide to invest in more specialized and higher-cost equipment that would be useful to those around you. And if a customer doesn’t know how to use a specific tool, combine equipment rental with your mobile service for even more cash in the bank.

Home improvement spending has increased since the start of the COVID-19 pandemic — and U.S. households spent an average of $13,667 on improvement projects in 2023 alone, according to a study from Angi, a home services marketplace [0] Angi . State of Home Spending . Accessed Feb 26, 2024. View all sources . As more people continue to invest in fixer-upper houses and remodel, this could be a big opportunity.

» MORE: Best small-town business ideas

10. Vacation rentals

If you live in a highly desirable tourist destination, you can make a profit renting space in your home to travelers. Sites like Airbnb or VRBO have made it easier than ever to profit from your unused vacation property — or even your extra bedroom. According to Airbnb, the typical U.S. host makes approximately $14,000 a year [0] Airbnb . Hosts in the US earned $22 billion in supplemental income last year . Accessed Feb 26, 2024. View all sources .

It's not too difficult to become an Airbnb host , and the demand for these types of rentals has only grown in recent years. In 2022, 394 million nights and experiences were booked on Airbnb — up from 301 million nights in 2021 [0] Statista . Airbnb Bookings Already Past Pre-Pandemic High in 2023 . Accessed Feb 26, 2024. View all sources . However, some cities have laws and regulations regarding Airbnb and other rental platforms, so you’ll want to make sure you check the guidelines in your area before getting started.

11. Electronics repair

According to the Pew Research Center, as of 2023, 90% of Americans own a smartphone [0] Pew Research Center . Mobile Fact Sheet . Accessed Feb 26, 2024. View all sources , and 80% of U.S. adults subscribe to high-speed internet at home [0] Pew Research Center . Americans’ Use of Mobile Technology and Home Broadband . Accessed Feb 26, 2024. View all sources . And with more employees working from home, there’s an even greater reliance on a variety of electronics.

That means that when something goes wrong, people want help fixing it as soon as possible. This makes electronics repair a potentially lucrative business idea. According to a 2024 report from the Business Research Company, the global electronics repair and maintenance market is expected to grow from about $8.69 billion in 2022 to $9.88 billion in 2028 [0] The Business Research Company . Consumer Electronics Repair and Maintenance Global Market Report 2024 . Accessed Feb 26, 2024. View all sources .

With this service, you could be the solution for every broken iPhone screen, Wi-Fi card and laptop battery. And you might be even more successful if you’re willing to travel to your customer. Apple stores and other electronics retailers have come under fire over the past few years for long customer wait times, which could work in favor of mobile providers.

Although a mobile electronics repair business involves some overhead in the form of purchasing supplies, being mobile saves you from having to pay the costs associated with a physical location.

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12. Academics courses

Online entrepreneurs can offer courses through educational platforms or independently on their own websites. The U.S. e-learning market has accelerated growth since the onset of the COVID-19 pandemic and is predicted to reach nearly $170 billion in 2030, according to a 2023 report by Renub Research [0] Renub Research . United States eLearning Market, Size, Forecast 2023-2030 . Accessed Feb 26, 2024. View all sources .

You might start your business by providing courses in traditional academics, offering online instruction in grade-level reading, math, science, history or standardized test preparation. You could even create a review course for parents helping teens with their algebra homework. If you’re creative, the possibilities are truly endless.

And academic courses don’t have to end at the high school or even college level. You can create an online course to share your love of political history, Buddhist theology or rocket science. If you’re interested in a particular subject, chances are someone else is, too.

13. Language courses

Currently, one-fifth of U.S. families speak one other language, apart from English — based on data from the Census Bureau [0] U.S. Census Bureau . What Languages Do We Speak in the United States? . Accessed Feb 26, 2024. View all sources . And with more languages being spoken nationwide, the demand for online language learning courses is growing. The market is projected to increase by $26.33 billion from 2023 to 2030, according to a 2023 report from Verified Market Research [0] Verified Market Research . Online Language Learning Market Size And Forecast . Accessed Feb 26, 2024. View all sources .

So whether you take to the online education space with expertise in English, or you harness your mastery of Swahili, there’s likely someone out there who wants to learn a language from you.

And if you speak one of the most in-demand languages, such as Mandarin, Spanish or Arabic, then online-based language courses could be one of your most profitable business ideas.

» MORE: Easy online business ideas you can start now

14. Business or marketing courses

Since the beginning of the COVID-19 pandemic, participation in career-focused online courses has grown significantly, especially as more employees look to change jobs or work from home. For instance, education technology platform Udemy gained 10 million new global learners from 2022 to 2023, spanning 134 million course enrollments [0] Udemy Business . 2024 Global Learning & Skills Trends Report . Accessed Feb 26, 2024. View all sources .

Companies have expanded or launched new coverage for tuition reimbursement in recent years, meaning workers have money to spend on these types of classes. According to the Society for Human Resource Management’s 2023 Employee Benefits Survey, 48% of employers offer tuition assistance, 87% cover costs for professional memberships and 78% pay for employees’ certifications or recertifications [0] Society for Human Resource Management . SHRM Releases 2023 Employee Benefits Survey Results . Accessed Feb 26, 2024. View all sources .

If you have career skills to share, you can start creating online courses with few initial costs. Popular course topics include bookkeeping, QuickBooks accounting software , WordPress web development, graphic design or even how to write a great cover letter or resume.

15. Personal wellness

Are you a therapist or counselor, a yoga instructor, a life coach or a longtime meditator? If you have a deep passion for personal wellness, you might be able to help others — while also earning a significant income.

For example, a report from the Yoga Alliance found 38.4 million Americans (11% of the population) practiced yoga in 2022; up 4.6% from 2016. These Americans spent over $21 billion on yoga in 2022 alone [0] Yoga Alliance . Yoga in the World . Accessed Feb 26, 2024. View all sources . And a Grand View Research report predicts the North American yoga market to grow at a compound annual growth rate of 8.8% by 2030 [0] Grand View Research . Yoga Market Size, Share & Trends Analysis Report . Accessed Feb 26, 2024. View all sources .

Like many of the options on our list, as long as you have the knowledge, the costs to start a personal wellness business are low.

Every person has a desire to better themselves, and that’s what online courses are all about. If you have this expertise to share, you could turn your knowledge into a profitable business.

16. Courses in hobbies or interests

While many courses are designed to further an education or career prospects or to promote major life changes, you can just as easily design an online course around any hobby or interest.

Do you have a passion for calligraphy or craft brewing ? Have you mastered a certain video game? You'd be surprised at the number of people willing to pay to learn about topics they're interested in. Some of the bestselling courses on the popular online learning platform Udemy include web development, digital marketing, ethical hacking, stock trading and WordPress — and they sell for up to $200 per class [0] Udemy . Popular and trending topics . Accessed Feb 26, 2024. View all sources .

Not sure how to start designing your own online course? Well, there are even online courses for creating your own online course. You can use one of these courses to propel your own online course business.

17. Bookkeeping and accounting

Accounting and bookkeeping are unavoidable requirements of business ownership. But for many entrepreneurs, money management is the most tedious part of owning a business; that's why some business owners choose accounting and bookkeeping services to outsource those tasks.

Whether you’re a certified public accountant or just a QuickBooks wizard, you might be the perfect candidate to launch your own bookkeeping business . With accounting firms seeing a growth rate of 9.1% in net revenue from 2021 to 2022 (up from a 4.2% growth rate in 2020), bookkeeping, accounting, tax preparation and payroll services have long been some of the most profitable businesses for entrepreneurs [0] Association of International Certified Professional Accountants . U.S. Accounting Firms Show Strong Growth in Profit and Revenue, AICPA & CIMA Research Finds . Accessed Feb 26, 2024. View all sources .

As a bookkeeper, you can process invoices and payroll, compile expense reports and more. If you have a CPA license, you can help business owners file taxes, generate balance sheets and other accounting documents, as well as make professional recommendations about your client’s bottom line.

18. Consulting

If you’ve been in the business world for a long time, folks may be clamoring for your knowledge and expertise within your industry. Why not turn all that know-how into a new career as an independent consultant?

According to the Bureau of Labor Statistics, demand for consulting services is expected to increase, particularly among smaller companies that deal in specialized industries or business functions. Employment of management analysts, which includes consultants across different industries, is projected to grow 10% from 2022 to 2032 — faster than average for all occupations [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Management Analysts . Accessed Feb 26, 2024. View all sources .

As an independent consultant, you can be paid to speak at industry conferences or events, serve on a board of advisors for a fledgling business, or lend your expertise to shape the strategy of an existing business on a contract basis.

Whatever your skill set, starting a consulting business is a great way to make the income of your dreams while working on your own terms.

» MORE: 145 new service business ideas

19. IT support

Our reliance on technology makes IT support just as profitable a business idea as electronics repair and other tech businesses — especially considering employment of IT professionals is projected to grow 5% from 2022 to 2032, according to the Bureau of Labor Statistics [0] U.S. Bureau of Labor Statistics . ccupational Outlook Handbook, Computer Support Specialists . Accessed Feb 26, 2024. View all sources . With an IT business, you can help customers when they have issues with their internet or computer software, as well as install security programs and network updates.

If technology comes easily to you — and you’re a relatively patient person — then the most profitable business for you might be hitting the road, at least in your neighborhood, with mobile IT support. You can offer a service to combat the chat or phone support typically offered by technology manufacturers, which often includes long wait times and leaves customers with unanswered questions.

All you need is time, transportation and your own know-how, so this low-overhead business model could be almost pure profit.

20. Graphic design

As the number of brands vying for consumers’ attention grows, a slick and polished image has become more important than ever for small businesses.

And although, according to the Bureau of Labor Statistics, employment for graphic designers is expected to grow only 3% from 2022 to 2032, there are opportunities out there, especially for graphic designers who are self-employed [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Graphic Designers . Accessed Feb 26, 2024. View all sources . The BLS says most graphic designers are self-employed, compared to those that work for advertising services, publishing industries and similar employers.

Do you know your way around Adobe Photoshop, Illustrator and InDesign? Have you taken a few design classes, and do you have an eye for good branding? Turn your skills into a business as a freelance graphic designer. You’ll have almost no overhead and can help small-business owners create awesome marketing graphics.

21. Social media management

These days, customers expect a business to have a strong social media presence and to be responsive to customer service issues on social media.

Although many small-business owners know they need to engage in social media marketing, few have the necessary time or expertise to manage all of their social media accounts.

If you’re fluent in Twitter, live your life on Facebook and have gotten every job you’ve ever had through LinkedIn, you might consider turning your social media expertise into your own solopreneur business venture — offering support to business owners who need help managing their brands' social media platforms.

As long as you have your own laptop, smartphone and social media accounts, there are few costs to getting started, and job growth in the industry is projected to increase 6% from 2022 to 2032 — faster than average for all other occupations [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Public Relations Specialists . Accessed Feb 26, 2024. View all sources .

22. Marketing copywriter

If you’re particularly adept with words, you can use your talents to write copy for various companies’ marketing efforts. According to an Industry Research report, the global digital content creation market is expected to increase at a compound annual growth rate of 9.5% from 2023 to 2030 [0] Industry Research . Digital Content Creation Market 2023-2030: Trends, Size, Share, and CAGR Status . Accessed Feb 26, 2024. View all sources .

Whether you’re coining a catchy slogan or writing an in-depth description of a company’s offerings, if you’re doing it as an independent contractor, you’ll have very few startup costs. Once you get started and build relationships with clients, you’ll quickly be able to earn a profit for your services.

23. Virtual assistant services

With more employees working from home, and with teams spread out across different locations and time zones, businesses can benefit from an assistant who is just as flexible as they are. There's no longer the need to meet with a client every day in an office — you can work as an assistant from New York when your client lives in Florida.

According to ZipRecruiter, the average remote virtual assistant in the U.S. makes $50,749 a year [0] ZipRecruiter . Remote Virtual Assistant Salary . Accessed Feb 26, 2024. View all sources . As a virtual assistant , you can choose your clients and create your own schedule, managing emails, scheduling meetings, booking travel and completing other basic tasks to make your customers’ lives and businesses run more smoothly.

Plus, all you need is a laptop and an internet connection to start this business.

How to start a profitable business

These ideas for profitable businesses span a variety of industries and involve varying time commitments and startup costs. Before you can earn any profit, however, you’ve got to get your business off the ground.

Here are three steps to help you get started:

1. Do your research

Whether you choose one of the ideas here or come up with something on your own, do your research before committing to any concept. You'll want to perform idea validation, a process that involves market and competitor research, as well as a financial feasibility analysis to help test your business idea and determine whether you want to move forward with your business proposal.

2. Get organized and make it official

Once you’ve chosen a strong business idea, you’re ready to create a thorough business plan . Your business plan will outline your company’s goals — and how you’ll achieve them — as well as provide a roadmap for you (and potential investors) to follow for the next three to five years.

After you’ve written your business plan, you can take the necessary steps to make your small business official. You’ll choose a business structure, apply for an employer identification number , register your “Doing Business As” name (if necessary) and get the business licenses and registrations you need to open your doors.

» MORE: Important legal requirements for starting a small business

3. Find the right financing

It can be difficult for startups to qualify for some traditional business loans, as they often require multiple years of business history for approval. Instead, new business owners might consider startup funding options, such as microloans, grants, crowdfunding, or asking friends or family for an investment.

Business credit cards are also an option for short-term financing, especially for everyday business purchases. With a business credit card , you can earn perks and rewards on your spending, as well as start building a business credit history.

See how to get your business started quickly

Find the money to get going: Compare the best small-business loan options right now.

Set up a bank account: Details on how to get a free business checking account .

Start accepting credit cards and other payments: Options and how to use point-of-sale systems .

Start tracking your profits: Pick out and set up simple accounting software .

A version of this article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

The 7 Best Business Strategy Examples I've Ever Seen

Most entrepreneurs dream of an innovative product or service that surprises their rivals and takes new markets by storm. What they tend to forget is that there needs to be an excellent business strategy accompanying the product. 

I get it - it’s not nearly as interesting to fantasize about a competitive strategy. Yet without it, even genius products can quickly drown in the harsh business sea. Most strategies fail. A sobering 9 out of 10 organizations fail to execute their strategy.

I’ve already written about the 5 worst business strategy examples of all time and why many strategies fail . But today, we’ll flip the script and take a look at products and strategies that delighted their target customers and wildly exceeded initial business goals.

From Tesla, Airbnb, and Toyota to Hubspot, Apple, and Paypal - let’s dive into their business strategies and see why these 7 are the best ones I’ve ever seen:

• Tesla - Playing the long game
• Airbnb - Forgetting all about scalability
• Toyota - Humility can be the best business strategy
• HubSpot - Creating an industry then dominating it
• Apple - iPhone launch shows tremendous restraint
• PayPal - Daring to challenge the status quo
• Spotify - Changing the rules of the music industry

But before we get into these business strategy examples, let's briefly go over some of the basics...

What is a business strategy?

A business strategy , also known as a company strategy, is a crucial aspect of running a successful business. It is a defined plan of action that outlines the direction a business wants to take and defines how the plan will cascade through the organization by the allocation of resources. The importance of a business strategy cannot be overstated as it sets the direction for the entire organization and helps to align all employees towards a common goal . Overall, a business strategy serves as a roadmap for a company, guiding its actions and decisions to achieve its goals and stay competitive in the marketplace. 

👉 If you have any unanswered questions about business strategies, check our FAQs at the end of this article! 

🎁 Struggling to build your Business Strategy? Use our free customizable  Business Strategy Template to easily develop and execute it!

Best business strategies #1: Tesla Playing the long game

Conventional business logic is that when you're starting something new, you create a 'Minimal Viable Product' or MVP.

Essentially that means that you make a version of your product that is very light in terms of functionality and focuses mostly on showcasing your main competitive advantage.

It also means that the first version of your product usually has to be sold at a reasonably low starting price to compensate for its lack of features and generate interest.

Some organizations (including many tech startups) take this concept even further and base their growth strategy around a freemium pricing model . In this business model, the most basic version of the product or service is free, but any new or upgraded features cost money. 

Tesla, on the other hand, did things the other way around. It's been known for a long time that Tesla's long-term goal is to be the biggest car company in the world. They know that in order to become the biggest by volume, they're going to have to succeed in the lower-end consumer car space (price tag US$30,000 or less).

But Tesla did not focus on this market first. It did not create a cheap low-featured version of their electric car (and therefore benefit from economies of scale ).

Instead, Tesla created the most luxurious, expensive, fully-featured sports car they could afford. That car was the Tesla Roadster, and for context, the newest generation of the Roadster will retail from upwards of US$200,000 for the base model. 

This was the first car they ever produced - knowing that they couldn't achieve the necessary scale or efficiency to turn a profit (even at such a high price). However, such a car was in-line with Tesla’s vision statement where they aim “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”

Fast-forward to today, and Tesla dwarfs the competition as the most valuable car company in the world. So their differentiation strategy certainly seems to be working, but why?

What can we learn from Tesla?

The first thing to note is that Tesla has made incredible progress towards its business objective of mass-produced, affordable electric cars. They've even made a genuine annual profit for the first time in their history. 

Secondly, much of Tesla's business strategy was actually forced upon it. There was no way they could have created a cost-effective mass-market electric car.

As a startup, they didn’t have the resources or capabilities to reap the benefits of economies of scale. Because they were creating such a unique car, they couldn't rely on outsourcing or suppliers to gain mass-production benefits.

Fortunately, Tesla's supply chain strategy is one of the most brilliant moves they've made. They knew early on that batteries would present the biggest technological hurdle to their cars and the biggest bottleneck to production.

Rather than let this derail them, they took complete control of their supply chain by investing in battery manufacturers. This has the additional benefit of simplifying diversification as Tesla can use those same batteries in parallel business ventures such as their Powerwall.

Of course, Tesla’s business strategy required vast capital and fundraising (Elon is rich but not quite rich enough to fund it all himself). That's where the marketing genius of Tesla kicks in. 

For the most part, their marketing efforts are only partially about their cars. Tesla is seen as Elon Musk's personal brand, and that had an enormous impact on whether or not they got the investment they needed.

He's smart, divisive, wild, and ambitious. But whatever you think about Elon Musk, you'd be hard-pressed to traverse more than a couple of consecutive news cycles without seeing him on the front page. And that's a fantastic recipe for getting the attention of investors.

Tesla studied and adapted to the industry and business environment they would operate in. They knew their strengths, understood their market position, and built their strategy around their own findings instead of following conventional wisdom.

👉 Use the Tesla Strategy Plan Template to get inspired by Tesla's Strategy to build your own!

📚Learn more about Tesla in our Strategy Study: How Tesla Became The World’s Most Valuable Automotive Company.

Best business strategies #2: Airbnb Forgetting all about scalability

Airbnb is one of the fastest-growing tech companies. Shortly after their IPO in December 2020, they reached a US$100B+ valuation, and the company has quite possibly changed the way we travel forever. But did you know they started out about as low-tech as you can get?

It all began with co-founders Brian and Joe renting out 3 air mattresses on their apartment’s floor. They made $80 per guest. It seemed like a great idea for a startup, so they launched a website and invited other people to list their own mattresses for hire.

They got a few bookings here and there, but things didn't go well for the most part. So much so that in 2008, they resorted to selling cereal to make ends meet.

They had plenty of listings on the site and plenty of site traffic. Potential customers were out there, but they weren’t making enough bookings.

They identified the most likely problem - the low quality of listings that were simply not enticing. So Brian and Joe decided to take matters into their own hands.

The co-founders grabbed their cameras and visited every one of their NYC listings. They persuaded the owners to let them take a ton of photographs of their places.

They touched them up a bit and uploaded them to the website, replacing the old, usually bad photos. Within a month of starting this strategy, sales doubled. Then tripled. The rest is history.

What can we learn from Airbnb?

The thing I love the most about this story is that it opposes one of the most commonly stated principles of building a tech startup - “everything must be scalable” .

What Brian and Joe did was anything but scalable. But it got them enough traction to prove that their concept could work. 

Later, they did scale their initial solution by hiring young photographers in major locations and paying them to take professional photos of owners’ listings (at no charge to the owner).

They also added a bunch of guidelines and articles on the site to educate owners on how they can make more money by taking better photos.

Airbnb's story shows that business strategies don’t have to be grand and super long-term affairs.

They can revolve around a specific challenge preventing the business from taking off. Once the challenge is solved, the company progresses on its roadmap and integrates the solution into the revamped business strategy.

Source: Airbnb third quarter 2022 financial results

👉 Use the Airbnb Strategy Plan Template to get inspired by Airbnb's Strategy to build your own!

Best business strategies #3: Toyota Humility can be the best business strategy

In 1973, the 'Big Three' car makers in the USA had over 82% of the market share. Today they have less than 50%. Why? Because of the aggressive (and unexpected) entry of Japanese carmakers into the US market in the 1970s - led by Toyota.

Cars are big, heavy, and expensive to ship around in large numbers. That's one of the reasons the US market was caught off guard when Toyota started selling Japanese-made cars in the US at lower prices than they could match.

The car industry was a huge contributor to the US economy, so one of the first reactions from the government was the implementation of protectionist taxes on all imported cars - thus making Japanese cars as expensive as locally made cars.

But the tactic failed. Within a few years, Toyota had managed to establish production on US soil, thus eliminating the need to pay any of the hefty new import taxes. At first, US carmakers weren't all that worried.

Surely by having to move production to the US, the costs for the Japanese carmakers would be roughly the same as those of the local car companies. 

Well, that didn't happen. Toyota continued its cost leadership strategy. It still manufactured cars for significantly less money than US companies could.

Their finely honed production processes were so efficient and lean that they could beat US carmakers at their own game. You've probably heard of the notion of ' continuous improvement '. In manufacturing, Toyota is pretty much synonymous with the term.

US Car Sales Graph- January through May 2021 vs 2020

Source: GOODCARBADCAR

What can we learn from Toyota?

Most business success stories involve bold moves and daring ideas. But not this one. 

Toyota spent years studying the production lines of American carmakers such as Ford. They knew that the US car industry was more advanced and efficient than the Japanese industry. So they decided to be patient.

They studied their competitors and tried to copy what the Americans did so well. They blended these processes with their strengths and came up with something even better.

Toyota proved that knowing one's weaknesses can be the key to success - and be one of the best business strategies you can ever deploy.

Not just that. Can you name a single famous executive at Toyota? I can't. And one of the reasons is that Toyota's number one corporate value is humility. It helped them crack the US market, and it runs deep in the organization - from top management to assembly workers.

Toyota’s success is based on continuously improving its functional level strategy , which focuses on day-to-day operations , decisions, and goals. They understood that the bigger picture consists of thousands of small tasks and employees.

They took a big goal, such as “becoming a cost leader in our category without compromising quality”, and ensured that their mission impacted every level of the organization while staying true to their core values.

👉 Use the Toyota Strategy Plan Template to get inspired by Toyota's Strategy to build your own!

📚Learn more about Toyota in our Strategy Study: How Toyota Went From Humble Beginnings To Automotive Giant .

Best business strategies #4: HubSpot Creating an industry then dominating it

HubSpot might not be as famous as Airbnb or Toyota. However, being valued at $22.72 billion in 2022 means, they’re certainly no slouch.

And most impressively, they’ve become such a successful company in an industry that didn’t even exist before they invented it.

Most of the marketing we experience is known as 'interruption' marketing. This is where adverts are pushed out to you whether you like it or not. Think tv adverts, billboards, Google Adwords, etc. 

In 2004, HubSpot created a software platform that aimed to turn this marketing concept on its head. The HubSpot marketing platform helped companies write blog posts, create eBooks, and share their content on social media.

The theory was that if you could produce enough good quality content to pull people to your website, then enough of them might stick around to take a look at the product you're actually selling. Useful content created specifically for your target market should also increase customer retention.

This approach was a big deal. I can tell you from personal experience that 'interruption marketing' is really expensive. We pay Google around $10 each time someone clicks on one of our AdWords adverts. Remember, that's $10 per click, not per sale. It adds up pretty fast.

On the other hand, this blog receives more than one million clicks per year. Each article keeps generating clicks at no additional costs once it’s written and published. 

Inbound marketing basically saved our business - so it's fair to say that this example is pretty close to my heart!

Hubspot coined the term 'inbound marketing' - and long story short, they're now one of the biggest SaaS companies in the world. But that's not the interesting part of the story.

What can we learn from HubSpot?

Hubspot’s successful business strategy is based on a new type of marketing. Now here’s the twist that separates it from generic strategies: Hubspot used their new marketing approach to market their own company, whose sole purpose was to sell a platform that created that new type of marketing. Head hurting yet? Mine too.

Most companies would have taken that new approach and applied it to something they were already selling. But instead, the HubSpot guys decided to monetize the marketing strategy itself. 

They took a whole bunch of concepts that already existed (blogging, eBooks, etc.) and packaged them into an innovative product - ‘a new way of doing things'. 

They created an awesome narrative and proved how powerful their new way of marketing could be by building a business worth billions around it. 

Their best and biggest case study was their own product, and they had all the numbers and little details to showcase to the world it really works.

Source: Hubspot overview

👉 Use the Hubspot Strategy Plan Template to get inspired by Hubspot's Strategy to build your own!

Best business strategies #5: Apple iPhone launch shows tremendous restraint

Ok, I hear you - this is such an obvious inclusion for the 'best business strategies'. But as one of the first people to adopt smartphones when they came out in the 1990s, this is something else that's close to my heart. 

I remember using Windows Mobile (the original version ) on a touchscreen phone with a stylus - and it was horrible. I loved the fact that I had access to my email and my calendar on my phone.

But I hated that my phone was the size of a house and required you to press the screen with ox-like strength before any kind of input would register.

Thankfully, a few years later, BlackBerry came along and started to release phones that were not only smart but much more usable. Sony Ericsson, Nokia, HTC, and a whole host of other manufacturers came out with reasonably solid smartphones well before 2007 when Apple finally released the iPhone.

I remember arriving at the office one day, and my boss had somehow gotten his hands on one of the first iPhones to be sold in the UK. I was shocked. Normally I was the early adopter. I was the one showing people what the future looked like.

And yet, here was this guy in his mid 50's, with his thick glasses, showing off a bit of technology that I'd never even seen before.

Apple could easily have created a phone much earlier than it did and sold it to me and a few other early adopters.

But it didn't. Instead, it waited until the technology was mature enough to sell it to my boss - someone who is far less tech-savvy than me. But also far more financially equipped to spend plenty of money on new tech products.

What can we learn from Apple?

The big learning here is that first-mover advantage is often not an advantage. A well-executed 'follower' strategy will outperform a less well-executed 'first mover' strategy every single time. 

One of the most common misconceptions in the startup world is that it's the 'idea' that matters the most. The truth is, the world's most successful companies were rarely the original innovators. I'm looking at you, Nokia. At you, Kodak. And at you as well, Yahoo.

In fact, being first is probably a disadvantage more often than it's an advantage. Why?

• Your market isn't well defined and doesn't even know your product type exists.
• If you have a market, it's probably just the early adopters - by definition, that's a niche market.
• Technology will often hold you back rather than power you to success.
• Every business that comes after you will have the advantage of learning from your mistakes.

People, and especially tech companies, get carried away with being first and forget that it’s a competitive position with pros and cons. Deciding to be a 'first mover' or 'smart follower' is crucial for strategic planning .

It’s a decision that should be based on research such as swot analysis and not on pride or blind optimism as it can make all the difference between success and failure.

Bonus reading : 18 Free Strategic Plan Templates (Excel & Cascade)

👉 Use the Apple Strategy Plan Template to get inspired by Apple's Strategy to build your own!

📚Learn more about Apple in our Strategy Study: How Apple Became the Top Non-Corporate Tech Brand .

Best business strategies #6: PayPal Daring to challenge the status quo

There are certain industries that you just don't mess with. Industries like aerospace, big supermarkets, semiconductors, and banking. Actually, banking is probably the toughest industry to try to disrupt because the barrier to entry is huge.

You need mountains of capital, a ton of regulatory approval, and years of building trust with your customers around their most important asset - cash.

Banks are old. Their business models have been essentially unchanged for hundreds of years. They're insanely powerful and almost impossible to displace. But for some crazy reason - PayPal didn't seem to care.

I can tell you from personal experience (I worked for a bank) that the name which strikes the most fear into the executives of the banks is PayPal.

Here's why:

• PayPal spends less money on technology than even a medium-sized bank does. Yet its technology platform is far superior.
• Consumers trust PayPal as much if not more than they trust their bank. Even though PayPal has been around for a fraction of the time.
• When a customer uses their PayPal account, the bank has no clue what the customer bought. The transaction appears on the bank statement as merely 'PayPal'. That gives PayPal all the power when it comes to data mining.
• PayPal is quicker to market with just about any kind of payment innovation.
• PayPal refuses to partner with banks - instead opting to partner with retailers directly.

In a very short time, PayPal has emerged as a new payment method - giving a very real alternative to your trusty debit or credit card. PayPal has also become one of the best payment platforms for digital nomads , tapping into one of the fastest-growing business trends in the world.

But how the heck did it manage to do it? Let's take a look at why PayPal had one of the best business strategies ever.

What can we learn from PayPal?

There are two main reasons behind PayPal's success story. 

The first is simple - stone-cold balls. They got a fairly lucky break when they accidentally became the favored payment provider for eBay transactions. A few years later, Paypal was even acquired by eBay for US$1.5bn.

eBay was smart enough to mostly leave Paypal alone, and their newfound sense of boldness saw them strike a series of deals with other online retailers to try and replicate the success they'd had with eBay.

This is where the second reason comes in. Partnerships. Banks had always been wary about forming partnerships with retailers directly. Instead, they relied on their scheme partners (Visa / MasterCard) to do it for them.

They didn't want the hassle of managing so many different relationships and were extremely confident that credit and debit cards would always be at the heart of the payment system. But the problem was that MasterCard was already working on a partnership with PayPal. 

Today, PayPal commends an amazing 54% share of the payment processing market. Almost all of that growth has come from their direct relationships with large and small merchants.

It shows that even in the toughest and most competitive markets, you can still find opportunities worth exploring and uncover a key to a very good business strategy.

Market share of online payment processing software technologies worldwide Sep 2022. Source: Statista

👉 Use the PayPal Strategy Plan Template to get inspired by Paypal's Strategy to build your own!

Best business strategies #7: Spotify Changing the rules of the music industry

Before Spotify came along, the world of online music streaming was pretty lackluster. Sure, you had platforms like Napster and The Pirate Bay, but they were illegal and you never knew when they would get shut down. And even if you did use them, you were still pretty limited in terms of what you could listen to. On the other hand, you had platforms like iTunes and Pandora, but they had their own set of problems. With iTunes, you had to pay for each and every song, which was a total bummer. And Pandora, you couldn't listen to whatever song you wanted, it was more like a radio station. Basically, people were craving for a better way to listen to music, one that was legal and gave them the freedom to choose what they wanted to listen to. And that's where Spotify comes in. When Spotify launched in 2008, it was a game-changer. They took the best parts of platforms like Napster and The Pirate Bay (the ability to share music), but made it legal. And they also took the best parts of platforms like iTunes and Pandora (the ability to choose what you want to listen to), and made it better. As we all know, it turned out to be quite an effective business strategy.

What can we learn from Spotify?

Spotify nailed it by putting their customers at the forefront of their business strategy. They saw that people were fed up with the limitations of other music streaming platforms and decided to create a service that put the customer's needs and wants first. They invested in technology and engineers to ensure the experience was seamless and easy for listeners, and it worked like a charm. People flocked to Spotify like bees to honey because it gave them the freedom and control over their music choices that they craved. Another big part of Spotify's success was (and still is) their freemium business model. They offered a free version of the service, but also had premium options for those who wanted more features and services. This allowed them to attract a huge user base and generate revenue from both the free and paying users. This model helped Spotify grow its user base and revenue quickly, more than exceeding their business goals.

And let's not forget about their data-driven approach. They invested heavily in data analysis and machine learning, which allowed them to create algorithms to predict which songs and artists users will like and recommend them accordingly - going one step further into user personalization. This helped to drive engagement and loyalty, making Spotify the go-to platform for discovering new music and creating playlists.

👉 Use the Spotify Strategy Plan Template to get inspired by Spotify's Strategy to build your own!

📚Learn more about Spotify in our Strategy Study: How Spotify Became The Standard In Convenience And Accessibility .

More excellent business strategy examples

You just got familiar with my personal selection of top business strategies. But these 7 are just the tip of the iceberg! If you’re looking for more examples and lessons from the very best businesses in the world, download the free 56 strategies report . It’s a selection of cases that covers plenty of really interesting situations. Trust me, you won’t regret it.

What's the difference between a business strategy and a corporate strategy?

A business strategy refers to the business plan for a specific business unit level within a company, while a corporate strategy deals with the overall direction and scope of the entire organization at the functional level.

A successful business strategy focuses on achieving specific business objectives within a certain market or industry, and is often developed as part of a larger business plan. While a corporate-level strategy focuses on achieving corporate objectives and aligning the entire organization's key components to achieve competitive advantage and meet organizational goals.

What are the key components of a successful business strategy?

A successful business strategy includes the following key components:

• Identifying and targeting a specific market or industry
• Developing a unique value proposition
• Creating a business plan with relevant focus areas to achieve the business objectives
• Define the specific actions that will ensure those objectives are met
• Determine the measures or KPIs that will drive success and ensure execution
• Continuously monitoring and adjusting the strategy to meet the organizational goals

How does a business strategy contribute to achieving corporate objectives?

A business strategy is designed to achieve specific business objectives within a certain market or industry, which in turn contributes to achieving the overall corporate objectives of the organization .

By aligning the efforts of the individual business units with the overall direction and scope of the company, a business strategy helps to create a unified approach towards achieving competitive advantage and meeting organizational goals.

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Crafting a comprehensive business plan could be challenging, particularly when it comes to structuring and content. To ease this process, we’ve curated a collection of real-world business plan examples spanning various industries. These examples serve as invaluable inspiration and guidance, aiding in the creation of your own plan. Whether you’re launching a new venture, expanding an existing one, or seeking investor support, you’ll discover relevant and insightful examples tailored to your needs and goals.

By exploring these diverse business plan examples, you’ll gain a comprehensive understanding of how to compose various plan components. This includes drafting a compelling executive summary, conducting thorough market analysis, outlining products and services, strategizing marketing and sales, and presenting financial performance.

Below, you’ll find a selection of business plan examples meticulously crafted for our clients.

Start your online store with a proven plan 

How to launch a successful ecommerce business in 2023 with these ready-made template? If you want to start or grow your own online store, you need a solid ecommerce business plan.

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 Whether you want to sell clothing, electronics, books, or anything else, you’ll find a template that suits your goals and vision. Plus, you’ll get access to expert tips and advice on how to execute your plan and achieve your desired results. Don’t waste time and money on trial and error. Start your online store with a proven plan today.

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If you love food and want to start your own restaurant, you need a solid restaurant business plan. But writing one from scratch can be daunting and complicated. That’s why we offer you a comprehensive restaurant business plan example that you can use as inspiration or customize to fit your needs.

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Whether you want to open a fine dining, casual, fast food, or delivery restaurant, this example will help you turn your goals and vision into a reality. Don’t let your passion for food go to waste. Turn it into a profitable business today. This example covers everything you need to know about planning and launching a successful restaurant, such as:

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If you are passionate about coffee and want to start your own coffee shop, you need a reliable coffee shop business plan. But creating one from scratch can be difficult and time-consuming. That’s why we provide you with a comprehensive coffee shop business plan example that you can use as a guide or adjust to fit your needs. 

This example covers all the important components of a successful coffee shop business plan, such as products, services, location, design, marketing, operations, and finances. It also includes expert tips and advice on how to plan and forecast every aspect of coffee shop management and operations.

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• Follow instructions and examples for each section
• Get tips and advice from experts

If you are interested in starting your own printing shop, you need a thorough and practical printing shop business plan. But creating one from scratch can be tough and time-consuming. 

That’s why we provide you with a comprehensive printing shop business plan example that you can use as a template or modify to fit your needs. This example covers all the important components of a successful printing shop business plan, such as products, services, location, equipment, marketing, operations, and finances.

 It also includes expert tips and advice on how to plan and forecast every aspect of printing shop management and operations. Whether you want to open a small, medium, or large printing shop, this example will help you accomplish your goals and vision. Don’t let your passion for printing go to waste. Turn it into a profitable business today.

• Write professional printing shop plan with example
• Download example today and open printing shop

Are you dreaming of starting your own food truck business? Do you need a professional and comprehensive business plan to guide you through the process? Look no further than our food truck business plan example!

Our food truck business plan examples are designed to help you launch and grow your food truck business with confidence and ease. They cover all the key aspects of a food truck business plan, such as your concept, menu, target market, location, branding, marketing, operations and financial plan. They are based on real-life examples of successful food truck businesses in different cities and cuisines. They are easy to customize and adapt to your own vision and goals. 

They will also help you attract potential investors, customers and partners by showcasing your professionalism and passion.

Don’t wait any longer! Download our food truck business plan examples today and get ready to start your food truck journey!

• Learn from real-life examples of successful food truck businesses
• Cover all the essential aspects of a food truck business plan
• Customize and adapt to your own vision and goals
• Save time, money and hassle by using a ready-made template
• Attract potential investors, customers and partners with a professional and compelling business plan

An SBA business plan is a document that describes the purpose, goals, and strategies of your business. It shows how you plan to start, manage, and grow your business, and how you will use the funds from an SBA loan.

 Our SBA business plan example covers the following sections: executive summary, company description, market analysis, organization and management, product or service line, marketing and sales, funding request, financial projections, and appendix. An SBA business plan helps you to clarify your vision, communicate your value proposition, and demonstrate your feasibility to lenders and investors. 

A nonprofit business plan is a document that outlines the goals, strategies, and activities of a nonprofit organization. A nonprofit business plan can help attract donors, volunteers, and partners, as well as guide the decision-making and operations of the organization. Our nonprofit business plan example might include the following sections: executive summary, mission and vision statement, market analysis, program description, marketing plan, financial plan, and organizational structure. 

Some benefits of our example are:

• It demonstrates our commitment to our mission and vision
• It shows our understanding of the needs and opportunities in our market
• It highlights our unique value proposition and competitive advantage
• It provides a clear roadmap for achieving our short-term and long-term objectives
• It helps us measure our progress and impact

Doing Well in the Legal Cannabis Business

You can find opportunities in the legal cannabis industry in certain U.S. states. States like California, Colorado, Washington, Oregon, Alaska, Nevada, Massachusetts, Illinois, Michigan, Vermont, Maine, and Washington, D.C. allow cannabis for medical or recreational use. But, keep in mind, the federal government still considers cannabis illegal. So, it’s important to follow the rules in your state, and you may need legal advice to navigate the federal and state laws. This will help you succeed in the cannabis business while staying within the law.

Our cannabis business plan example is made just for cannabis businesses. We know the laws and challenges, and we help you follow them. 

• New Cannabis Business Owners
• Investors Interested in Cannabis
• Cannabis Startups
• People Who Want to Learn About the Cannabis Business
• Info about the Cannabis Market
• Help with Following the Law
• Money Predictions That Follow the Rules
• Ideas to Attract Investors

L1 Visa Business Plan Example

Unlock Your Path to the U.S. with an L-1 Visa Business Plan

Dreaming of expanding your business operations to the United States? The L-1 Visa may be your key, and WiseBusinessPlans is your trusted partner. Our L-1 Visa Business Plan is meticulously crafted to showcase your business’s potential and meet the requirements for this unique visa category.

Our expert team understands the complexities of the L-1 Visa application process. We create comprehensive L1 Visa business plan example that not only fulfill immigration requirements but also present a compelling case for your business expansion. 

• Entrepreneurs Expanding to the U.S.
• Managers and Executives Transferring Within Their Company

L-1 Visa Business Plan in achieving your American business goals and emphasizes WiseBusinessPlans’ expertise in creating plans tailored to immigration requirements. You’ll be well-prepared to navigate the immigration process successfully and embark on your American business journey. Download our plan today and take the first step toward realizing your U.S. business aspirations!

Key Features :

• Detailed Business Description
• Financial Projections for U.S. Operations
• Job Creation Plans
• Compliance with U.S. Immigration Standards

Get Your E-2 Visa with Our Business Plan Example

Dreaming of running a business in the USA? The E-2 Visa can make it happen. Our E-2 Visa Business Plan Examples are made just for you. It’s like a blueprint to get your visa and start your American business adventure.

Our example fits what the visa folks want to see. We know what they like, and we’ve got you covered. Download it now and start your American business journey! 

• International Entrepreneurs
• Business Owners Wanting to Invest in the USA

What You Get :

• Detailed Business Plan
• Money Predictions That Meet Visa Rules
• Plans to Create Jobs
• Follows U.S. Immigration Rules

Get Your U.S. Green Card with Our Business Plan Example

If you want to live in the USA with your family, the EB-5 Investor Visa can make it happen. Check out our EB-5 Regional Center Business Plan Example. It’s like a roadmap to get your green card and fulfill your American dream.

Our example is made to fit the EB-5 program’s requirements. We know what they need, and we’ve got you covered. 

• Investors Who Want U.S.
• Green Cards
• Families Looking for U.S.
• Residency through Investment

What You Get:

• Detailed Business Plan that EB-5 likes
• Predictions about Jobs Your Investment Will Create
• Analysis of How Your Investment Will Impact the Economy

Succeed in Buying or Selling a Business with Our Example Plan

Thinking about buying or selling a business? WiseBusinessPlans can help make it smoother. Take a look at our Merger & Acquisition Business Plan Example. It’s like a guide to help you through the process and make sure it works out.

Our example is made to fit your business needs. It helps you plan and succeed in buying or selling a business. 

• Business Owners Thinking
• About Mergers or Sales
• People Who Want to Invest in Businesses
• Executives Handling Business Transitions
• Detailed Business Plan Tailored for Mergers & Acquisitions
• Financial Predictions to Support Your Plans
• Help Identifying and Dealing with Risks
• Customized for Your Specific Goals

Attract Investors with Our Business Plan Example

Seeking investment to fuel your business growth? WiseBusinessPlans is your partner in creating a compelling Investor Business Plan Example. Explore our sample plan, thoughtfully crafted to showcase your business potential and attract the attention of potential investors.

Our Investor Business Plan Example is designed to make your business stand out in the eyes of investors. We understand what investors are looking for and can help you create a persuasive case for your business.

Entrepreneurs Seeking Investment Startups Looking for Funding Established Businesses Expanding Operations

• Comprehensive Business Description
• Financial Projections to Impress Investors
• Market Analysis and Competitive Insights
• Strategies to Attract and Retain Investors

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Blog Business 15+ Best Business Plan Examples for Entrepreneurs & Startups

15+ Best Business Plan Examples for Entrepreneurs & Startups

Written by: Jennifer Gaskin Jun 09, 2021

Not having a solid plan makes it unlikely for you to achieve the goals you seek, whether it’s getting your to-do list done or launching a successful organization.

In the early stages of a company, that means developing things like pitch decks, business plans, one-sheeters and more. With Venngage’s Business Plan Builder , you can easily organize your business plan into a visually appealing format that can help you win over investors, lenders or partners.

Learn more about how to create a business plan so you can hit the ground running after reading through this list for inspirational business plan templates .

15+ Best business plan examples for entrepreneurs and startups

Simple business plan example, startup business plan example, small business plan example, nonprofit business plan example, strategic business plan example, market analysis business plan example, sales business plan example, organization and management business plan example, marketing and sales strategy business plan example, apple business plan example, airbnb business plan example, sequoia capital business plan example.

While your business plan should be supported by thorough and exhaustive research into your market and competitors, the resulting document does not have to be overwhelming for the reader. In fact, if you can boil your business plan down to a few key pages, all the better.

Simple business plan outline:

• Table of contents : List all sections and sub-sections within the business plan.
• Business review : Include an overview of the business’s purpose, history, and key objectives.
• The market : Analyze the target market, including customer demographics and market needs.
• The competition : Evaluate the main competitors and their strengths and weaknesses in the market.

The simple, bold visual aesthetic of this  business plan template  pairs well with the straightforward approach to the content and various elements of the business plan itself.

Use Venngage’s My Brand Kit  to automatically add your brand colors and fonts to your business plan with just a few clicks.

An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.

For a typical startup, the need to appear disruptive in the industry is important. After all, if you’re not offering anything truly new, why would an investor turn their attention toward your organization. That means establishing a problem and the ways in which you solve it right away.

Startup business plan outline:

• The problem : Identify the specific issue or pain point your startup aims to solve.
• Target market & opportunity : Define your customers and the potential market size.
• The solution : Describe the product or service that addresses the identified problem.
• Traction and validation/roadmap : Outline the progress made so far and the future milestones and goals.

Whether it’s a full-scale business plan or, in this case, a pitch deck, the ideal way for a startup to make a splash with its plans is to be bold. This successful business plan example is memorable and aspirational.

In the Venngage editor, you can upload images of your business. Add these images to your plans and reports to make them uniquely your own.

All businesses start out small at first, but that doesn’t mean their communications have to be small. One of the best ways to get investors, lenders and talent on board is to show that you’ve done your due diligence.

Small business plan outline:

• Table of contents : List down of all the sections and sub-sections in the business plan.
• Business overview : Include a quick overview of what your business is all about, including your mission and goals.
• The market : Analyzes who your customers are, what they need, and how big the market is.
• The competition : Look into your main competitors and what they’re good at (and not so good at).
• Sales and marketing plan : Lay out your game plan for attracting and keeping customers.
• Operating plan : Explain how you’ll run the day-to-day operations and manage the business.

In this small business plan example, the content is spread over many pages, which is useful in making lengthy, in-depth research feel less like a chore than packing everyone on as few pages as possible.

Organizations that set out to solve problems rather than earning profits also benefit from creating compelling business plans that stir an emotional response in potential donors, benefactors, potential staff members or even media.

Nonprofit business plan outline:

• Table of contents : Lists all sections and sub-sections of your nonprofit business plan.
• Introduction : Provide an overview of your mission and purpose.
• Goal : State the specific objectives your nonprofit organization aims to achieve.
• Impact & strategy : Explain how you plan to create positive change and the methods you will use.

Simplicity is the goal for nonprofits when it comes to business plans, particularly in their early days. Explain the crisis at hand and exactly how your organization will make a difference, which will help donors visualize how their money will be used to help.

Business plans are also helpful for companies that have been around for a while. Whether they’re considering new products to launch or looking for new opportunities, companies can approach business plans from the strategy side of the equation as well.

Strategic business plan outline:

• The problem, issue, or job at hand : Define the specific challenge or task the strategic plan addresses.
• Approach & methodology : Describe the methods and strategies that will be used to tackle the problem or achieve the objective.

Strategic business plans or strategy infographics should be highly focused on a single area or problem to be solved rather than taking a holistic approach to the entire business. Expanding scope too much can make a strategy seem too difficult to implement.

Easily share your business plan with Venngage’s multiple download options, including PNG, PNG HD, and as an interactive PDF.

One-page business plan example

For organizations with a simple business model, often a one-page business plan is all that’s needed. This is possible in any industry, but the most common are traditional ones like retail, where few complex concepts need to be explained.

This one-page strategic business plan example could be easily replicated for an organization that offers goods or services across multiple channels or one with three core business areas. It’s a good business plan example for companies whose plans can be easily boiled down to a few bullet points per area.

Especially when entering a saturated market, understanding the landscape and players is crucial to understanding how your organization can fit it—and stand out. That’s why centering your business plan around a market analysis is often a good idea.

Market analysis business plan outline:

• Table of contents : Lists all sections and sub-sections of the market analysis business plan.
• Executive summary : Provide a brief overview of the key points of the market analysis.
• Business overview : Summarize your business’s mission, vision and core activities.
• The market : Analyze the target market, including customer demographics and market trends.
• The competition : Review the main competitors and their market positioning.
• Sales & marketing plan : Outline strategies for reaching and engaging customers.
• Operating plan : Details the day-to-day operations and management structure.

In this example, the majority of the content and about half the pages are focused on the market analysis, including competitors, trends, pricing, demographics and more. This successful business plan example ensures the artwork and style used perfectly matches the company’s aesthetic, which further reinforces its position in the market.

You can find more memorable business plan templates to customize in the Venngage editor. Browse Venngage’s  business plan templates  to find plans that work for you and start editing.

Company description business plan example

Depending on the market, focusing on your company story and what makes you different can drive your narrative home with potential investors. By focusing your business plan on a company description, you center yourself and your organization in the minds of your audience.

Company description business plan outline:

• Executive summary : Briefly summarize the key components and objectives of the company description section.
• Approach & direction : Outline the company’s strategy, goals and the direction it intends to take in achieving them.

This abbreviated plan is a good business plan example. It uses most of the content to tell the organization’s story. In addition to background about the company, potential investors or clients can see how this design firm’s process is different from their rivals.

With Venngage Business , you can collaborate with team members in real-time to create a business plan that will be effective when presenting to investors.

Five-year business plan example

For most startups or young companies, showing potential investors or partners exactly how and when the company will become profitable is a key aspect of presenting a business plan. Whether it’s woven into a larger presentation or stands alone, you should be sure to include your five-year business plan so investors know you’re looking far beyond the present.

With Venngage’s Business Plan Builder , you can customize a schedule like this to quickly illustrate for investors or partners what your revenue targets are for the first three to five years your company is in operation.

The lifeblood of any company is the sales team. These are the energetic folks who bring in new business, develop leads and turn prospects into customers. Focusing your energy on creating a sales business plan would prove to investors that you understand what will make your company money.

Sales business plan outline:

• Table of contents : List all sections and subsections within the sales business plan.
• Target market : Identify the specific segment or segments of customers the sales efforts will focus on.
• Customer profile : Provide detailed descriptions of the ideal customers, including demographics, preferences and needs.
• Action plan : Outline the specific steps and strategies to be taken to reach and engage the target market and achieve sales objectives.

In this example sales business plan, several facets of ideal buyers are detailed. These include a perfect customer profile that helps to convey to your audience that customer relationships will be at the heart of your operation.

You can include business infographics in your plan to visualize your goals. And with Venngage’s gallery of images and icons, you can customize the template to better reflect your business ethos.

Company mergers and shakeups are also major reasons for organizations to require strong business planning. Creating new departments, deciding which staff to retain and charting a course forward can be even more complex than starting a business from scratch.

Organization and management business plan outline:

• Table of contents : List all sections and subsections within the organization and management business plan.
• About us : Provide an overview of the organization, its mission, vision and values.
• Project summary : Summarize the key details and objectives of the project.
• Project timeline : Outline the milestones and schedule for completing the project.

This organization and management business plan focuses on how the company can optimize operations through a few key organizational projects.

Executive summary for business plan example

Executive summaries give your business plan a strong human touch, and they set the tone for what’s to follow. That could mean having your executive leadership team write a personal note or singling out some huge achievements of which you’re particularly proud in a business plan infographic .

Executive summary business plan outline:

• Table of contents : Lists all sections and subsections within the executive summary business plan.
• Executive summary : Provide a concise overview of the entire business plan, highlighting key points and objectives.
• Statement of problem : Clearly define the specific issue or challenge the business aims to address.
• Approach & methodology : Outline the methods and strategies that will be employed to solve the stated problem or achieve the desired goals.

In this executive summary for a business plan, a brief note is accompanied by a few notable achievements that signal the organization and leadership team’s authority in the industry.

Marketing and sales are two sides of the same coin, and clever companies know how they play off each other. That’s why centering your business plan around your marketing and sales strategy can pay dividends when it comes time to find investors and potential partners.

Marketing and sales strategy business plan outline:

• Table of contents : List all sections and subsections within the marketing and sales strategy business plan.
• Positioning : Describe how the business intends to position its products or services in the market to stand out from competitors.
• Value prop : Highlight the unique value proposition that the business offers to its target customers, including its benefits and advantages.
• Marketing strategy : Outline the overall approach and tactics that will be used to promote the products or services and attract customers.

This marketing and sales business plan example is the picture of a sleek, modern aesthetic, which is appropriate across many industries and will speak volumes to numbers-obsesses sales and marketing leaders.

Do business plans really help? Well, here’s some math for you; in 1981, Apple had just gone public and was in the midst of marketing an absolute flop , the Apple III computer.  The company’s market cap, or total estimated market value,  could hit $3 trillion this year.

Did this Apple business plan make the difference? No, it’s not possible to attribute the success of Apple entirely to this business plan from July 1981, but this ancient artifact goes to show that even the most groundbreaking companies need to take an honest stock of their situation.

Apple’s 1981 business plan example pdf covers everything from the market landscape for computing to the products that founder Steve Jobs expects to roll out over the next few years, and the advanced analysis contained in the document shows how strategic Jobs and other Apple executives were in those early days.

Inviting strangers to stay in your house for the weekend seemed like a crazy concept before Airbnb became one of the world’s biggest companies. Like all disruptive startups, Airbnb had to create a robust, active system from nothing.

Airbnb business plan outline:

• Problem : Identify the specific challenge or need in the accommodation industry that the Airbnb business aims to address.
• Solution : Describe how Airbnb’s platform provides a solution to the identified problem by connecting hosts with guests.
• Market validation : Demonstrate through research or evidence that there is demand for Airbnb’s services.
• Market size : Estimate the total addressable market for Airbnb’s accommodation services.
• Product : Detail the features and functionalities of the Airbnb platform for both hosts and guests.
• Business model : Explain how Airbnb generates revenue and sustains its operations.
• Market adoption : Discuss the rate at which Airbnb’s services are being embraced by hosts and guests.
• Competition : Identify other players in the accommodation industry offering similar services to Airbnb.
• Competitive advantages : Highlight the unique strengths or advantages that set Airbnb apart from its competitors.

As this Airbnb business plan pitch deck example shows, for companies that are introducing entirely new concepts, it’s helpful not to get too into the weeds. Explain the problem simply and boil down the essence of your solution into a few words; in this case, “A web platform where users can rent out their space” perfectly sums up this popular company.

Sequoia Capital is one of the most successful venture capital firms in the world, backing startups that now have a combined stock market value of more than $1 trillion, according to a Forbes analysis .

For young companies and startups that want to play in the big leagues, tailoring your pitch to something that would appeal to a company like Sequoia Capital is a good idea. That’s why the company has a standard business plan format it recommends .

Sequoia capital business plan outline:

• Company purpose : Clarify the core reason for the business and its overarching goals.
• Problems : Identify specific challenges or pain points that the business aims to solve.
• Solution : Describe how the business addresses the identified problems with its products or services.
• Market potential : Assess the size and growth opportunities within the target market for the business.
• Competition : Analyze existing competitors and their strengths and weaknesses in the market.
• Business model : Outline how the business plans to generate revenue and sustain its operations.
• Our team : Introduce the key members of the team and their relevant expertise and experience.
• Financials : Provide projections and forecasts for the financial performance of the business.
• Vision : Articulate the long-term aspirations and goals that the business seeks to achieve.

Using Sequoia Capital’s business plan example means being simple and clear with your content, like the above deck. Note how no slide contains much copy, and even when all slides appear on the screen at once, the text is legible.

Use Venngage to design business plans that will impress investors

Not every business plan, pitch deck or one-sheeter will net you billions in investment dollars, but every entrepreneur should be adept at crafting impressive, authoritative and informative business plans.

Whether you use one of the inspirational templates shared here or you want to go old school and mimic Apple’s 1981 business plan, using Venngage’s Business Plan Builder helps you bring your company’s vision to life.

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15+ Business Plan Examples to Help You Write Your Own

Written by: Caleb Bruski

Having a clear business plan and sharing your goals with investors and stakeholders is an important first step to starting a successful business. It's like Utibe Samuel Mbom said, “Those who work hard, work alone. Those who work smart, work as a team.”

Whether you’re at a startup creating a pitch deck for investors or an established corporation with a team to work with, it's crucial to write a solid business plan to help everyone grasp the goals and ultimate vision of your company.

Creating a business plan from scratch can take a lot of time and effort. Get a head start by using professionally designed business plan templates. You can find some amazing, ready-made business plan templates in Visme — complete with financial, overview and other important pages.

In this article, we'll show you 15+ business examples to help inspire your own.

Ready to create your own business plan? Build a solid document to bring your ideas to life using our business plan maker . Access pre-made templates, drag-and-drop design tools, free images, interactivity and more.

Table of Contents

• Simple Business Plan Example
• Creative Business Plan Example
• Modern Business Plan Example
• Ecommerce Business Plan Example
• Salon Business Plan Example
• Startup Business Plan Example
• Nonprofit Business Plan Example
• Coffee Shop Business Plan Example
• Consulting Business Plan
• Fashion Business Plan Example
• One-Page Business Plan Example
• SaaS Business Plan Example
• Photography Business Plan Example
• Real Estate Business Plan Example
• Small Business Plan Example
• Day Care Business Plan Example

1 Simple Business Plan Example

When a business plan is called simple, it does not mean it lacks details. A good business plan should cover the most important details of your core idea and present them in a way that's easy for your audience to understand and remember.

The simple business plan template gives you access to 10 customizable pages for your next business plan complete with stock images and a professionally designed layout that is fully customizable.

These pages can be used to explain your business goals and deadlines to your shareholders, potential investors or employees. Use this simple business plan example and template to effortlessly share your timeline and scheduled launches with others.

2 Creative Business Plan Example

Making your company stand out from the crowd is essential to running a successful business. Use this creative business plan example and template to showcase how your ideas and plans for the future are unique, and why they're worth investing in.

While creativity is what makes our world diverse, your creativity here needs to follow your company’s branding. A key aspect of any successful brand strategy is consistency. Your business plan and any other document should follow the tone and style guide of your brand identity.

To learn more about the importance of branding and style guides, check out our complete guide to branding.

3 Modern Business Plan Example

Show your team what the future looks like with a modern business template.

One of the undeniable characteristics of modern style is the lack of clutter. While not all modern styles go so far as to be called minimalistic, they do share a common theme of being clean and clutter-free.

This modern business plan example takes those characteristics and applies them to a business plan. By being clean and organized, this business plan template shows how clear and solid the future plans of your company are.

Utilize this template to reinforce a culture of excellence among your work colleagues or impress potential investors with a clean and clear business plan outline for the future.

4 Ecommerce Business Plan Example

Ecommerce stores have become an important part of our society. According to a study from Statista, nearly 15% of all US retail sales were ecommerce sales in the first quarter of 2020.

For your online business to succeed and stay up to date with all the online sales, holidays and trends, a clear business plan is needed.

The ecommerce business plan template is a great template for anyone looking to launch or maintain an ecommerce store. Use this example to help you create goals for upcoming sales and deadlines to launch new features in your store.

5 Salon Business Plan Example

This salon business plan is a perfect way to establish and share plans for your salon. With the help of this glamorous business plan template, you will be able to share with investors what your vision is for your salon or any other small business.

Our incredible selection of crystal-clear images takes your content to the next level, giving your sophisticated design some extra flair.

Create and share future plans, sales and ideas for your business with those around you. Cast your vision for what the future looks like and invite others to get behind your ambitions.

6 Startup Business Plan Example

Creating a startup can be a difficult task.

Having a great idea is one thing, but creating tangible goals, sharing mission statements and creating a culture that stands behind your original vision is a whole separate challenge.

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

The startup business plan template is a great example of how a business plan should look for a successful startup. The example includes customizable portions to help you share your objectives, values, market analysis and business model.

Creating a successful business plan that is captivating and informative may seem like a daunting task, but it’s actually a perfect opportunity to share your hopes, dreams and goals for your business.

7 Nonprofit Business Plan Example

There are over 10 million nonprofits in the world, and over 25% of Americans volunteer to work with a nonprofit or charity.

If you have a great cause and are looking for a way to bring other people on board, consider making a nonprofit business plan. While technically a nonprofit is “not a business”, a nonprofit or charity requires similar structure and planning.

The nonprofit business plan example and template above is a great starting place to get your nonprofit's plan sketched out on paper.

Creating a business philosophy, creating goals and setting deadlines are shared values for both nonprofits and businesses. If you make a great plan, you will be able to compel others to give, volunteer or support your idea.

If you do not form a solid business plan that is easy to share with others, you will have a difficult time building your nonprofit, even if you are working for a good cause.

8 Coffee Shop Business Plan Example

If you’re looking to really spice up your coffee business, take a look at Visme’s business plan template. With an earth-toned color swatch, all of the pages on your business plan will match the overall vibe of your cafe or coffee shop.

With the ability to customize your font and colors and find something that will grab your customers’ attention, it's hard to go wrong with the coffee shop business plan. From hiring strategies to operational costs, this template covers all the basic topics you would expect out of a business plan.

Investors and employees alike will be able to see the creativity and art that goes into coffee making with the high-quality stock photos, while also seeing that your business plan is structured and clearly laid out.

A business plan should be detailed and go over market evaluations and your company's marketing strategy. Every page of this particular theme reminds your team or investors that this is a business plan centered around coffee.

9 Consulting Business Plan

Consulting is an eclectic business. A consultant can help in nearly any industry where a person has the expertise and teaching capabilities.

As such, a business plan template for a consultant agency must be versatile and easily customizable. This consulting business plan example is an extremely flexible template to fit nearly any need.

While most business plans are directed towards investors or employees, consulting business plans must also be tailored towards potential customers.

A great consulting business plan template will include a summary, objectives, market strategies, services and price listings for customers.

This template makes great use of large, high quality images. With Visme, you can simply drag and drop images onto the template to replace the existing images with your own.

10 Fashion Business Plan Example

Fashion can be a difficult business to get into due to the fact that most of your competitors are larger and more established brands.

One of the best ways to get the business off the ground is to show investors and customers that you’ve done your research into the market and have a strategy for success.

A detailed plan that shows how your product and business plans outshine the competition is exactly what you need to land your net pitch and get seed money for your business.

The fashion business plan example and template above gives you multiple pages to explain in detail how your business model will work and what your target dates are for particular tasks.

RELATED: 10 Efficient Business Model Canvas Templates to Use

11 One-Page Business Plan Example

Having an outlined plan for your business is an absolute must to have a prosperous business.

As the old proverb goes, “a goal without a plan is just a wish.”

While it is good to know as many details as possible, not every business plan or pitch needs to cover every excruciating detail. When pressed for time or dealing with a simple subject matter, consider using a one-page business plan.

The benefit of a one-page business plan is the amount of information retained by your audience. If you can simplify your subject matter to only contain a few main points, the likelihood of your audience engaging with and remembering your presentation increases.

A one-page business plan should cover the core essentials of your business plan and be used as an invitation for further discussion. It may be a good idea to have an extended version of your business plan on standby for when an investor wants more details on a specific subject.

12 SaaS Business Plan Example

A SaaS (software as a service) company is a company that hosts a web application and offers access to the application over the internet.

If you want your SaaS company to be the next big thing in tech, you need a business plan that explains what solutions your application provides, how your research and development financial goals will be met and how your app will be scalable.

Most applications can collect data with a monitoring tool and give crucial insight to you, your team and your shareholders.

Be sure to utilize these assets and include relevant data into your business plan presentation. This establishes trust with your supporters and helps them know what to expect in the future.

If you would like to know more about how to present your big data points, check out this article on how to use data visualization techniques in your documents and presentations.

13 Photography Business Plan Example

Freelancing can be a profoundly rewarding way of doing business. The freedom to work at your own pace and set your own rules can be a dream come true. However, freelancing also comes with the pressure of always finding the next job or project.

By creating a great customer experience, you increase the chances of drawing people back into your business for repeat purchases and even attract potential investors.

This well-structured photography business plan can help create a better customer experience as your client knows exactly what they are getting and how it compares to the rest of the market.

Create a business plan for your photography, design or any other freelance business complete with market analysis, pricing, target audience and plans to scale.

14 Real Estate Business Plan Example

Large-scale real estate investments are rarely done by a single individual. Typically, real estate investments are done by a group of friends, family, shareholders or companies.

Regardless of which category you find yourself in, writing out a plan and projection for your real estate investment is an absolute must to raise investments for a potential project.

Explaining the market condition for the specific region is one of the main pieces of information necessary for a real estate investment. Knowing the market value, potential obstacles and return on investment are all important parts of your business’s plan that need to be presented.

The real estate business plan example goes into detail regarding the market conditions and financial analysis. Within the editor, you are able to import your own data to customize the charts and graphs for your specific situation.

15 Small Business Plan Example

Even small businesses need big plans.

The size of a business does not negate the need for a solid and thoroughly outlined business plan. The tendency amongst small businesses is to keep track and plan things in their heads.

If a small business wants to scale and be successful, plans and goals for growth need to be outlined and presented. Start by creating a strategic business plan that includes your methodology for reaching your target audience.

From these big ideas, break the plan down into smaller and more achievable goals. Writing these goals out in a plan helps you and your team remember the established goals and creates a great way to invite potential investors into your business.

Take a look at this helpful article to learn how to create a timeline for your business.

16 Day Care Business Plan Example

The daycare business plan example will give you a great idea of what an operating plan should look like. Operating plans are detailed plans that show how a particular person or team contributes to the overall business goals.

Operating plans do not need to cover every minute of every day, but should give an overarching plan for the day to day operations. An operation plan's purpose is to give a good insight into how and where the basic operations of a business will run in the everyday course of life and set milestones for success.

With this comprehensive business plan template, you can show off your childcare business's outstanding services and plans for the future. Customize each page to suit your context and needs.

Create a Solid Business Plan With Visme

The old saying “if you fail to plan, you plan to fail” remains true. Whether you are a new start up company or an established corporation with hundreds of employees, you need to have a business plan that is up-to-date and displays your current goals.

Visme offers tons of high-quality business plan templates that you can easily edit using a drag-and-drop editor in your browser — no downloads or design experience needed.

Or, learn more about how to create a compelling business plan presentation and turn your ideas into reality by impressing investors and stakeholders.

Design beautiful visual content you can be proud of.

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About the Author

Caleb is a freelance writer, frontend web developer and photographer who is passionate about all things tech.

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

Noah Parsons

24 min. read

Updated July 29, 2024

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

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

• The basics of business planning

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

You understand that planning helps you: 

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

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

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

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

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

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

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

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

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

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

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• What to include in your business plan

Executive summary

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

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

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

Your executive summary should include:

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

Dig Deeper: How to write an effective executive summary

Products and services description

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

This is usually called a problem and solution statement .

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

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

Market analysis

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

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

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

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

Related: Target market examples

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

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

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

Dig Deeper: Learn how to write a market analysis

Competitive analysis

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

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

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

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

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

Marketing and sales plan

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

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

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

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

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

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

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

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

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

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

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

Business operations

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

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

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

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

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

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

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

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

Key milestones and metrics

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

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

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

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

Possible milestones might be:

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

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

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

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

Dig Deeper: How to use milestones in your business plan

Organization and management team

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

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

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

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

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

• Sole proprietor
• Partnership

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

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

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

Financial plan

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

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

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

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

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

Dig Deeper: How to create financial forecasts and budgets

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

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

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

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

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

Your cover page should be simple and include:

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

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

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

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

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

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

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

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

• Writing tips and strategies

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

Determine why you are writing a business plan

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

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

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

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

Keep things concise

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

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

Have someone review your business plan

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

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

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

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

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

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

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

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

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

Common pitfalls and how to avoid them

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

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

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

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

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

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

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

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

Use your business plan to manage your business

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

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

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

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

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

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

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

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

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

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

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

What are the benefits of a business plan?

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

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

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

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

What are the 5 most common business plan mistakes?

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

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

What questions should be answered in a business plan?

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

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

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

How long should a business plan be?

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

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

What are the different types of business plans?

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

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

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

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

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

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

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

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

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

Table of Contents

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

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How To Write a Business Plan in 9 Steps (2024)

Business plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.

A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business .

Not every successful business launches with a formal business plan, but many founders find value in taking time to step back, research their idea and the market they’re looking to enter, and understand the scope and the strategy behind their tactics. That’s where writing a business plan comes in.

Learn how to write a business plan with a step-by-step guide, get tips for getting the most of your plan, and see real business plan examples to inspire you.

What is a business plan?

A business plan is a strategic document that outlines a company's goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like market analysis , financial projections, and organizational structure, serving as a roadmap for business growth and a tool to secure funding.

Often, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.

How to write a business plan in 9 steps

• Draft an executive summary.
• Write a company description.
• Perform a market analysis.
• Outline the management and organization.
• List your products and services.
• Perform customer segmentation.
• Define a marketing plan.
• Provide a logistics and operations plan.
• Make a financial plan.

Few things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.

Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and avoid the terror of facing a blank page).

Once you have your business plan template in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.

1. Draft an executive summary.

A good executive summary is one of the most crucial sections of your plan—it’s also the last section you should write.

The executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.

Again, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.

An executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. Your business plan’s executive summary should include:

• Business concept. What does your business do?
• Business goals and vision. What does your business want to do?
• Product description and differentiation. What do you sell, and why is it different?
• Target market. Who do you sell to?
• Marketing strategy. How do you plan on reaching your customers?
• Current financial state. What do you currently earn in revenue?
• Projected financial state. What do you foresee earning in revenue?
• The ask. How much money are you asking for?
• The team. Who’s involved in the business?

2. Write a company description.

This section of your business plan should answer two fundamental questions: who are you, and what do you plan to do? 

Answering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. 

For example, clean makeup brand Saie shares a letter from its founder on the company’s mission and why it exists.

Clarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.

Here are some of the components you should include in your company description:

• Your business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)
• Your business model
• Your industry
• Your business’s vision, mission, and value proposition
• Background information on your business or its history
• Business objectives, both short and long term
• Your team, including key personnel and their salaries

Brand values and goals

To define your brand values , think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.

Your company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your goal setting includes SMART goals : specific, measurable, attainable, realistic, and time-bound.

Vision and mission statements

Once you know your values, you can write a mission statement . Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.

Next, craft your vision statement : What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.

3. Perform a market analysis.

No matter what type of business you start, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale.

Market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.

This is why market research and analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it. It should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.

Here is an example to illustrate how to approach this section:

How big is your potential market?

The potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.

Since this can be a daunting process, here are some general tips to help you begin your research:

• Understand your ideal customer profile. Look for government data about the size of your target market , learn where they live, what social channels they use, and their shopping habits.
• Research relevant industry trends and trajectory. Explore consumer trends and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.
• Make informed guesses. You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.

Some sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.

Read more: What is a Marketing Analysis? 3 Steps Every Business Should Follow

SWOT analysis

A SWOT analysis looks at your strengths, weaknesses, opportunities, and threats. What are the best things about your company? What are you not so good at? What market or industry shifts can you take advantage of and turn into opportunities? Are there external factors threatening your ability to succeed?

SWOT is often depicted in a grid or visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.

Competitive analysis

There are three overarching factors you can use to differentiate your business in the face of competition:

• Cost leadership. You have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like Mejuri and Endy .
• Differentiation. Your product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like Knix and QALO .
• Segmentation. You focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like TomboyX and Heyday Footwear are great examples of this strategy.

To understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.

You’ll always have competition in the market, even with an innovative product, so it’s important to include a competitive overview in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.

For example, if you’re selling jewelry , your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.

If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.

4. Outline the management and organization.

If you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.

5. List your products and services.

Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.

If you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. For example, bag shop BAGGU sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each.

Describe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than trending products for a dropshipping business, for instance.

6. Perform customer segmentation.

To give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. Customer segmentation often includes:

• Where they live.
• Their age range.
• Their level of education.
• Some common behavior patterns.
• How they spend their free time.
• Where they work.
• What technology they use.
• How much they earn.
• Where they’re commonly employed.
• Their values, beliefs, or opinions.

This information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.

For example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.

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7. Define a marketing plan.

If you’re planning to invest heavily in Instagram marketing or TikTok ads , for example, it might make sense to include whether Instagram and TikTok are a leading platform for your audience—if it’s not, that might be a sign to rethink your marketing plan.

Market your business with Shopify’s customer marketing tools

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Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.

• Price:  How much do your products cost, and why have you made that decision?
• Product:  What are you selling and how do you differentiate it in the market?
• Promotion:  How will you get your products in front of your ideal customer?
• Place:  Where will you sell your products? On what channels and in which markets?

Promotion may be the bulk of your plan since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.

Here is an example of a marketing plan for a new business:

8. Provide a logistics and operations plan.

Logistics and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.

Cover all parts of your planned operations, including:

• Suppliers . Where do you get the raw materials you need for production, or where are your products produced?
• Production . Will you make, manufacture, wholesale , or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?
• Facilities . Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?
• Equipment . What tools and technology do you require to be up and running? This includes everything from computers to lightbulbs and everything in between.
• Shipping and fulfillment. Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?
• Inventory . How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach inventory management ?

This section should signal to your reader that you’ve got a solid understanding of your supply chain and strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you plan to break even on your initial spending.

9. Make a financial plan.

The level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.

Here’s a spreadsheet template that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.

Let’s review the types of financial statements you’ll need.

Income statements

Your income statement is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.

Balance sheets

Your balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). This provides a snapshot of your business’s shareholder equity, which is calculated as:

Assets - Liabilities = Equity

Cash flow statements

Your cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.

When the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to access funding to keep your business solvent .

It can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.

📚 Read more: What Is Cash Flow Management: Template and Examples

Why write a business plan?

Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan. 

Business plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ‘unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of Kapow Meggings .

There are several other compelling reasons to consider writing a business plan, including:

• Strategic planning. Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.
• Evaluating ideas. If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.
• Research. To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.
• Recruiting. Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.
• Partnerships. If you plan to collaborate with other brands , having a clear overview of your vision, your audience, and your business strategy will make it much easier for them to identify if your business is a good fit for theirs.
• Competitions. There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. 

If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, a business plan is an excellent starting point.

Business plan types

Business plan types can span from one page to multiple pages with detailed graphs and reports. There’s no one way to create a business plan. The goal is to convey the most important information about your company for readers.

Common business plans we see include, but are not limited to, the following types:

Traditional business plans

These are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where the next type comes in.

Lean business plans

A lean business plan is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market.

Nonprofit business plans

A nonprofit business plan is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand that aims to help people with hearing disabilities. Donors often request this plan.

📚 Read more: The Road to Success: Business Plan Examples to Inspire Your Own .

7 tips for creating a small business plan

There are a few best practices when it comes to writing a business plan. 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. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.

2. Have a clear goal.

When creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business versus working through a plan for yourself or even your team.

3. Invest time in research.

Sections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.

4. Keep it short and to the point.

No matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.

5. Keep the tone, style, and voice consistent.

This is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.

6. Use a business plan template.

You can also use a free business plan template to provide a skeleton for writing a plan. These often guide you through each section from financial projects to market research to mission statement ensuring you don’t miss a step.

7. Try business plan software.

Writing a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. Fortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.

A few curated picks include:

• LivePlan : the most affordable option with samples and templates
• Bizplan : tailored for startups seeking investment
• Go Small Biz : budget-friendly option with industry-specific templates

📚 Read more: 6 Best Business Plan Software to Help Write Your Future

Common mistakes when writing a business plan

Other articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. The last thing you want is for time and effort to go down the drain. Avoid these common mistakes:

• Bad business idea. Sometimes your idea may be too risky for potential investors, too expensive to run, or there’s no market. Aim for small business ideas that require low startup costs.
• No exit strategy. If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck finding capital.
• Unbalanced teams. A great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done. 
• Missing financial projections. Don’t leave out your balance sheet, cash flow statements, P&L statements, and income statements. Include your break-even analysis and return-on-investment calculations in your financial projections to create a successful business plan.
• Spelling and grammar errors. All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, how can they believe you’ll run a successful company?

Prepare your business plan today

Whether you’re working on starting a new online business idea , building a retail storefront, growing your established business, or purchasing an existing business , you now understand how to write a business plan that suits your business’s goals and needs.

Feature illustration by Rachel Tunstall

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Business plan FAQ

How do i write a business plan.

Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components :

• Executive summary
• Company description, including value proposition
• Market analysis and competitive analysis
• Management and organization
• Products and services
• Customer segmentation
• Marketing plan
• Logistics and operations
• Financial plan and financial projections

What is a good business plan?

A good business plan starts with a strong executive summary. It also adequately outlines idea feasibility, target market insights, and the competitive landscape. A business plan template can help businesses be sure to follow the typical format of traditional business plans which include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are: 

• To clarify your plans for growth
• To understand your financial needs
• To attract funding from investors or secure a business loan

What are the different types of business plans?

The types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.

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Top 10 Most Successful Businesses to Start in 2024

Missy Williams

Reviewed by

March 4, 2024

This article is Tax Professional approved

Starting a business isn’t for the faint at heart—in fact, studies show that half of all businesses fail in the first five years.

I am the text that will be copied.

Highlights and takeaways

While all the businesses in this list can be started with little more than a computer and a few pieces of easy-to-find equipment, here’s a brief list of business types to explore broken down by category.

• Two businesses you can start within 3 months : Online courses, any ecommerce business
• Four businesses to start with nothing but a computer: Business consulting, copywriting, social media management, graphic design
• Two businesses to start from home: Cleaning service and virtual assistant
• Two businesses that require some education or certification : Pet services and real estate broker

Once you start your business, a few keys to success are:

• Research your industry
• Create a business plan
• Invest time in financial planning for your business

Note: While income can range, we’ve provided an average salary to expect based on data from sites like PayScale, ZipRecruiter, and more.

Two businesses you can start within three months

Worldwide retail ecommerce sales are forecast to reach $7.96 trillion in 2027, according to Shopify. Although brick-and-mortar retail struggled through the pandemic, online businesses have grown. With those trends continuing, an ecommerce business may be a great business idea for you.

Ecommerce is broad, so you will want to think more about what you want to sell and how you want to sell it. Some ecommerce business models include:

Print on-demand

If you have an artistic background, a print-on-demand (POD) business may be right for you. POD businesses are great for those who don’t want to create a physical product or manage inventory. There are wholesale printers that have a variety of products — from T-shirts to mugs to canvases — that you can have your designs printed on for a fee.

Whether you sell your products on a third-party platform, such as Printful , Zazzle , or CafePress , or through your own website, POD services make it easy for anyone to start and grow a new business. Whichever platform you choose, the way it works is basically the same. You create your designs, add them to a site, choose your products to print on, and the POD service fulfills the order. POD keeps startup costs to a minimum and is a great business opportunity for creative types.

Drop shipping

Drop shipping is a similar ecommerce model to print on demand but allows for more variety of products. With this ecommerce model, you work with wholesalers to choose products for your ecommerce store, and they ship them to your customers.

A drop shipping business is a great business to start for those who have the basic knowledge to build a website and have the creativity and skills to market products. Just like POD, overhead costs are low, so nearly anyone can start an ecommerce business.

Amazon (FBA)

Fulfillment by Amazon (FBA) works similarly to drop shipping, but instead of having your own website, you sell on Amazon. While you can sell products from wholesalers, Amazon also allows stores to sell their own products on their website. Through their FBA service, sellers ship their products to Amazon, list them on the site, and Amazon does the rest.

Keep in mind, though, that competition is high in some categories. And many other Amazon sellers may be selling the exact same product as you. There’s a bit of a learning curve to getting sales and beating your competition. Writing optimized product listings through SEO, setting the right price, and choosing the right products are all ways to set yourself apart and succeed on Amazon. (And if you need help with bookkeeping for Amazon sellers , there’s always us— Bench )

Average Salary : $101,464

Online courses

The U.S. e-learning market is projected to grow $12.81 billion between 2020 and 2024. Put your knowledge in a particular area to good use by teaching others. You can sell courses on your own ecommerce website or create a course on a popular course platform like Coursera , Udemy or Thinkific .

Many professionals have found success selling courses on a variety of topics, including digital marketing, learning a new language, developing leadership skills, or personal training. Hobbyists will pay for courses to learn how to bake, improve their photography, or learn how to paint.

If you have a passion and knowledge for something, there’s a good chance others will pay to learn from you. You can even develop a series of courses to keep your customers coming back for continued learning. Plenty of entrepreneurs have created successful businesses using online courses—you can read some of their ideas and tips for success here .

Of course, creating an online course requires some video editing skills. The good news is there are lots of free resources available to help you get started, including:

Average Salary : Varies, $12,000-$60,000

Four businesses you can start with nothing but a computer

Social media management.

Managing social media postings across several channels can be a large undertaking. Many businesses don’t have a large enough budget to hire someone in-house, so they may hire an outside social media manager to oversee their social profiles for them. A whole 55% of the global population uses social media , which is 4.33 billion people. Businesses need help reaching the right people on these networks, so entrepreneurs have an opportunity to grow a profitable small business by helping them.

If you’re a creative writer and have experience creating posts for businesses, starting a social media management business may be right for you. Even if you don’t have experience, you can take a course or develop your skills by volunteering for a non-profit organization. And tools like Canva make it easy for novice designers to create professional-looking images for social media posts.

Average Salary : $49,509

Business consulting

You may want to help businesses grow by offering consulting services. A consultant provides expertise to businesses to meet certain goals. There are many types of consulting businesses, but a consultant usually specializes in one area of a business. Some popular consulting businesses deliver digital marketing services, financial guidance, or business strategy. They provide advice and training, or they may even do more hands-on work.

If you like to help others, starting a business as a consultant may be the perfect opportunity for you. Business consulting is a $250 billion industry, which means it’s a great industry to start a profitable small business.

Learn more : How to Start a Consulting Business (12 Steps)

Average Salary : $75,990

Copywriting

A copywriting business is ideal for those who love to write and have a knack for grammar. Anyone can start a copywriting business with very little startup costs. Many copywriters start as freelancers while keeping a full-time job as they build their business.

Although the writing industry growth is about average (a 9% increase is expected between 2020 and 2030), businesses of all sizes will always need copywriters to help them with marketing. There are many different reasons businesses employ copywriters—they can write copy for ads, brochures, sales materials, websites, blogs, social media, and more. There’s a high demand for skilled copywriters to support content marketing across businesses in all industries.

Average Salary : $55,000 for freelancers

Graphic design

A graphic design business is another low-entry business opportunity. If you have design skills and know how to use design software, you can start a design business of your own. Graphic designers are outsourced by companies to create logos, website design, business presentations, sales collateral, and more. Graphic design services can also be used for web and app development.

You can also use your design skills to create physical products. Using print-on-demand services, you can place your designs on a variety of products. Or you can make T-shirts, planners, or even create your own font. You can sell the physical product or allow customers to purchase a digital download they can print themselves.

About 90% of the graphic design industry is made up of freelancers. So if you have design skills, starting a graphic design business is a no-brainer.

Average Salary : $66,500

Two businesses you can start from home

Cleaning service.

If you love to clean and organize, starting a cleaning business could be a great opportunity. With more people working from home, many have struggled to manage work, childcare, and keeping their homes clean. The global cleaning service market is expected to grow to $88.9 billion by 2025 (from $60.25 billion in 2019). This has caused a high demand for home cleaning services.

While most residential cleaners need to purchase their own cleaning supplies, the startup costs can be low for basic cleaning tasks or organizing. This is especially true if you want to start solo and won’t need to hire employees.

Average Salary : $55,949

Virtual assistant

Starting a virtual assistant business is great if you have some administrative experience. The increase in internet users —by 257 million from July 2020 to July 2021—and an increase in online transactions has caused an increase in demand for these jobs. In fact, the virtual assistant market is poised to grow $4.12 million from 2021 to 2028.

Virtual assistants provide a variety of administrative services to businesses and individuals — all from the comfort of their own homes. Although the tasks can vary, many virtual assistants help with answering phone calls, social media posting, managing bookkeeping, transcribing documents, data entry, coordinating travel arrangements, and more.

If you’re detail-oriented and organized, this type of business may be a great fit for you. To get started, you can find VA jobs on sites like Upwork, VANetworking, and Zirtual. How profitable your business is will depend on the services offered, your experience and skills, and how much you charge.

Average Salary : $34,751

Two businesses that require some education or certification

Real estate brokers.

The housing market has been booming over the last few years, which has kept real estate agents and brokers busy. Many homeowners are looking for larger spaces as they spend more time at home. With mortgage rates remaining low and home sale prices expected to continue to increase by 2.9% in 2022 , real estate is a good market to be in. Working in real estate can be very lucrative, even for those starting a side business. While real estate agents work for other companies, real estate brokers can start their own businesses.

Real estate brokers are agents who have additional training and a broker license. Brokers can work on their own or even hire other real estate agents to work for them. A broker works with home buyers and sellers to find properties, negotiate on behalf of their clients, prepare offers, and assist their clients with closing the sale.

Real estate brokers get paid by taking commissions on the sale of a home, which is based on a percentage of the sale price. Depending on your local market, commissions can be substantial for the sale of one home.

Average Salary : $100,514

Pet services

For those who love our furry friends, starting a pet service business may sound like a dream job. And with an increase in pet ownership during the pandemic, the demand has risen for a variety of pet services. In fact, in 2020 alone, $103.6 billion was spent on pets in the U.S, and that number continues to grow.

Depending on your skill set and desires, you can start a business grooming pets, pet sitting, or walking dogs. While a dog walking business has almost no expenses and doesn’t require experience, a pet groomer will need at least some experience and will have some startup costs. Whichever pet service you choose, you can start your business on the side or full time.

Average Salary : Varies depending on services; pet sitters make about $28,037 and pet shop owners make $49,174 on average

What should you consider before starting a business?

Embarking on the journey to become a business owner can be exciting. But it can also be stressful. Some new business owners are surprised by what it takes to start a successful business. Before quitting your day job, do your research. This can help determine if you have a profitable business idea that you can turn into a successful small business.

Before starting a new business, here’s what to consider:

Determine your financial situation

Your financial situation will impact whether you can start a new business. If you are the sole breadwinner in your family or have a lot of debt, starting a business will be a large risk for your family. Decide if you can survive without a salary while you grow your business. If not, you may consider building your business as a side hustle while keeping your current job.

You will also want to look at your finances. Do you have enough savings to cover startup costs and pay your bills while you build up your business? According to the SBA, startup costs are estimated from $2,000 to $5,000 for a home-based business. And as a general rule, you should have enough in savings to cover six months of living expenses. Make a list of your expenses and project your sales for the first year to determine how profitable your small business can realistically be.

Research the industry

Conduct research for the industry you want to work in. Understanding the current state of the industry can help you see where you fit into the mix. Is there something in the industry that isn’t meeting customers’ needs? This can help spark a unique business idea.

To perform this competitor research, you can do a variety of things. Do a Google search to see what businesses appear at the top of the search results. Check out competitors’ websites, social media profiles, and annual reports (if they are a corporation). Take a look at what products or services they offer, the size of the companies, and how the brands represent themselves. Look for online reviews, such as on Google Business profiles, to see what customers are saying about your competition. Is there an underserved area you can capitalize on? Dun & Bradstreet has a great company and industry search tool that can help you learn more about top companies in your industry.

How to start a profitable business

If you’ve made it this far, you’ve likely decided that entrepreneurship is a great fit for you. And now that you’ve considered some business ideas, the next step is to walk through the steps to start your business. Below we’ll walk you through the most important steps, but you should also read “ How to Start a Business (12 Steps) ” for a more in-depth guide.

1. Create a business plan

A business plan will create a roadmap for how your business operates. It will guide you as you make decisions about your business, ensuring every decision aligns with your core values and messaging. A business plan is also required if you need to apply for a business loan.

2. Finance your business

There’s a lot that goes into business finances. Projecting your business income and expenses will help you establish how much you need to start your business and what it takes to maintain it. Some businesses require a lot of capital before you can even open your doors, while other home-based businesses can be started with minimal expenses.

Depending on your financial situation and your startup costs, you may need to look at financing options. Some funding options to consider are getting a loan , bringing on investors, or running a crowdfunding campaign.

3. Choose a business structure and register your business

Once you have a business idea and a name, decide which business structure your business will be. If you want to protect your business and gain liability protection, your best options are:

• Limited liability company (LLC)
• Partnership
• Corporation

Once you’ve decided on a business structure, you’ll need to register your business with the federal, state, and sometimes local governments. You will also need to obtain a federal tax ID and sometimes state and local tax IDs as well. Depending on your business, permits and licenses may be required as well.

4. Open bank accounts and set up bookkeeping

It’s important to keep your business income and expenses separate from your personal finances. Setting up business bank accounts will allow you to manage the money coming in and out of your business. At the minimum, you should set up a checking account for your business. You may also want to open a credit card to pay for expenses while earning rewards.

Along with setting up bank accounts, you’ll need to keep records of all business transactions. Accounting software will help organize all your income and help keep track of expenses. This can be helpful when preparing your taxes and allows you to easily create financial statements. For corporations, most states require businesses to file an annual report. Keeping accurate records is necessary to create these reports. You may want to hire a bookkeeper to help you manage your business finances.

5. Promote your business

As you begin your business, you want to make sure customers know about you. Businesses use advertising, promotions, public relations, and other marketing to get the word out about their new business. For many businesses, word-of-mouth and referrals are an integral part of growing their customer base.

As your business grows, you may need to continue marketing your business through various channels. Whether you use traditional print advertising or digital marketing or a mix of both, marketing will help grow brand awareness and sales.

How Bench can help with your new business

Keeping accurate and up-to-date financials will help you track your business income and expenses, which can lead to your business’s success. This is where Bench comes in. We help businesses of all types make smart financial decisions to grow. Find out how we can help you .

Set your new business up for financial success by checking out this business entity guide and hiring Bench to manage your bookkeeping. Get started today .

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25 Future Business Trends That Will Shape The World

Mar 21, 2024

Discover the pulse of tomorrow’s business landscape through an exploration of the 25 pivotal trends poised to revolutionize our world. In an era defined by rapid change and innovation, understanding these emerging forces becomes imperative for entrepreneurs, innovators, and business leaders. From the convergence of technology and sustainability to the reshaping of traditional industries, this curated compilation serves as a compass, guiding you through the currents of the future business ecosystem. Each trend illuminates a potential path, offering insights that span sectors and continents, unveiling the blueprint for tomorrow’s successful enterprises.

As we stand on the cusp of transformative times, this comprehensive insight unveils the dynamic shifts propelling industries forward. Embracing these trends isn’t just about anticipating change—it’s about seizing the opportunity to redefine the very fabric of commerce and global interaction. By delving into these 25 key trends, you’re not only peering into the future but also gaining a roadmap to thrive amidst the forthcoming disruptions, harnessing the power to shape a business landscape that transcends boundaries and fosters innovation on a grand scale.

On this page:

Most Important Future Business Trends

• Other Important Future Trends

Importance of Understanding Future Business Trends

The biggest future business challenges.

Following extensive research, we’ve curated a compelling list of 25 upcoming business trends poised to significantly shape our economy, society, and the world’s future. Let’s delve into the most impactful trends from our findings:

1. Rise of the Gig Economy

The rise of the gig economy marks a fundamental shift in how people work and earn a living. It’s a paradigm where individuals prefer flexible, short-term engagements over traditional, full-time employment. Enabled by digital platforms, this trend empowers freelancers, independent contractors, and temporary workers to offer their services to multiple employers, choosing projects based on their skills and preferences. The gig economy thrives on the ethos of autonomy and work-life balance, allowing individuals to customize their schedules and pursue diverse opportunities.

This shift transforms the labor landscape by redefining the employer-employee relationship. Companies can access a diverse pool of talent globally without geographical constraints, fostering innovation and agility. This trend disrupts conventional business models, encouraging firms to adapt by offering more flexible work arrangements and cultivating an environment conducive to remote collaboration. The gig economy promotes specialized skill sets, giving rise to niche markets and innovative service offerings.

The gig economy unlocks various entrepreneurial prospects. Platforms facilitating gig work can thrive by enhancing user experiences and fostering trust between service providers and clients. Services catering to the needs of independent workers, such as insurance, financial management tools, and professional development resources, are poised for significant growth. Additionally, businesses that leverage this trend by outsourcing tasks or collaborating with freelancers can benefit from cost-effectiveness and specialized expertise.

Business Opportunities: Businesses can explore opportunities in developing gig economy platforms, providing specialized freelance services, offering consultancy for remote work setup, creating tools for project management and collaboration, and providing flexible employment solutions.

2. Personalized Products

The era of mass production is evolving into an era of tailored experiences. Consumers are seeking more than just products; they’re seeking unique stories that resonate with their individuality. Customizable products cater to this desire for exclusivity, allowing consumers to imprint their identity on what they buy.

Whether it’s designing your own sneakers, creating personalized skincare formulas, or customizing your vehicle, businesses are leveraging technology and innovation to fulfill these desires. This trend isn’t just about products; it’s about empowering customers to be co-creators, forging an emotional connection between the buyer and the product.

Business Opportunities: Companies can explore 3D printing technology, implement AI algorithms for personalized recommendations, offer DIY customization kits, create collaborative design platforms, and provide unique after-sales services for personalized products.

3. Mass Adoption of Robots

The coming era is defined by the embrace of automation through robots. These mechanical marvels are set to revolutionize industries, freeing humans from repetitive tasks and significantly amplifying productivity. From manufacturing to healthcare, robots are becoming ubiquitous, not just as tools but as integral parts of our workforce. Their precision, tirelessness, and ability to learn make them indispensable collaborators. As they seamlessly integrate into our daily operations, businesses are poised to witness heightened efficiency, cost-effectiveness, and innovation.

This shift doesn’t imply the replacement of human workers but rather their elevation – where humans focus on creativity, problem-solving, and complex decision-making while robots handle the routine. This trend is crafting a new era where businesses can optimize processes, enhance quality, and explore uncharted territories of advancement.

Business Opportunities: Opportunities abound in developing robotics for manufacturing and logistics, creating AI-driven customer service bots, providing robot-assisted healthcare solutions, offering consultancy for robot integration, and innovating in robotics for education and entertainment.

4. Remote Work & Study

The future is now an open landscape where the confines of office walls and classroom desks no longer restrict us. Remote work and study have become the gateways to a boundless realm of possibilities. Imagine an interconnected world where work and learning aren’t restricted by geographical limitations but rather flourish through digital connections.This trend isn’t just about working or studying from the comfort of one’s home; it’s a revolution that redefines productivity, flexibility, and inclusivity.

It’s the dawn of a new era where traditional 9-to-5 routines make way for personalized schedules tailored to individual rhythms. Collaborations aren’t bound by time zones; instead, they thrive on a global scale, fostering diverse perspectives and creative amalgamations.The implications of this trend extend far beyond convenience. It reshapes urban dynamics, reduces carbon footprints through decreased commuting, and empowers individuals irrespective of their physical location. The workspace transcends the office walls, breaking barriers for differently-abled individuals and accommodating various lifestyles.

Business Opportunities: Opportunities exist in developing robust remote work platforms, creating innovative online learning platforms, providing cybersecurity solutions for remote access, offering virtual collaboration tools, and developing AI-driven educational resources.

5. Virtual Economies

Picture an economy where value transcends physical boundaries—welcome to the world of virtual economies. The rise of digital assets, virtual currencies, and online marketplaces is creating a parallel economic universe. From cryptocurrencies to in-game purchases, NFTs (Non-Fungible Tokens) to virtual real estate , these digital assets are shaping new markets and redefining the concept of ownership. This trend goes beyond gaming; it’s about establishing value and trade in the digital realm, opening up a myriad of opportunities for investment, entrepreneurship, and innovation.

The evolution of virtual economies will blur the lines between physical and digital realms, revolutionizing how people interact, trade, and create value. The metaverse will become a hub for commerce, socialization, and innovation. Businesses will tap into these virtual economies to reach new audiences, offer immersive experiences, and explore novel revenue streams.

Business Opportunities: Opportunities abound in blockchain technology development, NFT marketplaces, virtual real estate platforms, and cryptocurrency advisory services. Gaming companies exploring metaverse development, along with brands venturing into tokenized loyalty programs, will find substantial growth potential in this emerging landscape.

6. Sustainability Focus

The future isn’t just about profits; it’s about the planet. Sustainability isn’t a buzzword; it’s a guiding principle shaping businesses and consumer choices. The focus on sustainability isn’t merely a trend; it’s a necessity. Businesses are increasingly aware of their environmental impact and societal responsibilities, leading to a shift towards eco-friendly practices and sustainable models. From renewable energy initiatives and circular economy practices to reducing carbon footprints and ethical sourcing, this trend represents a commitment to preserving our planet for future generations. Imagine a world where every business decision is made with the environment in mind, where products are designed for longevity, recyclability, and minimal environmental impact. It’s a movement towards a more conscientious and responsible way of conducting business.

Business Opportunities: Businesses can explore opportunities in developing sustainable products, investing in renewable energy solutions, implementing circular economy models, promoting eco-friendly packaging, and providing consulting services for sustainable business practices.

7. E-commerce Expansion

Picture a limitless marketplace without borders or time constraints. E-commerce expansion embodies the relentless growth of online shopping and transactions. It’s not just about buying products online; it’s a cultural shift empowering businesses to transcend physical limitations. From artisanal crafts to high-tech gadgets, everything finds its virtual shelf in this vast digital emporium. The future of commerce lies in the seamless integration of augmented reality, personalized shopping experiences, and ultra-convenient delivery methods. It’s about more than just sales—it’s a transformation in the way we discover, engage with, and obtain what we desire.

Business Opportunities: Opportunities abound in developing e-commerce platforms, optimizing user experience for mobile shopping, implementing AI for personalized recommendations, providing secure payment gateways, and exploring virtual reality for immersive shopping experiences.

8. Healthtech Revolution

The marriage of healthcare and technology is birthing a revolution that transcends the realm of traditional medicine. Healthtech is not just about diagnosing and treating; it’s about proactive wellness and personalized care. It’s the convergence of data, AI, and human empathy, rewriting the narrative of how we perceive and approach health.This revolution isn’t confined to hospitals; it’s a movement encompassing wearables, telemedicine, AI-driven diagnostics, and personalized treatment plans. It empowers individuals to take charge of their well-being, offering insights and tools for preventive care. Remote monitoring, powered by IoT devices, keeps a vigilant eye on health metrics, enabling timely interventions and reducing hospital stays.

Moreover, the collaborative synergy between healthcare professionals and technology gurus is fostering breakthroughs in disease management and treatment. From genome sequencing to AI-powered drug discovery, this revolution is redefining the frontiers of medical science, promising more precise and effective interventions.

Business Opportunities: Businesses can explore opportunities in developing health monitoring devices, investing in telemedicine platforms, creating AI-driven diagnostic tools, providing healthcare data analytics, and developing personalized medicine solutions.

9. Virtual Reality & Metaverse

Imagine stepping into a realm where reality meets the limitless possibilities of your imagination—a space where you can not only explore but also create new dimensions. That’s the essence of the metaverse, an interconnected virtual universe that’s transcending the boundaries of our physical world. Virtual reality, a key component, immerses users in this digital realm, offering experiences that mimic or surpass reality itself.

The impact of the metaverse extends far beyond gaming and entertainment. It’s poised to revolutionize industries like education, healthcare, real estate, and commerce. Picture attending classes in a virtual lecture hall from anywhere globally, undergoing medical training through lifelike simulations, or even previewing real estate in immersive 3D before physically visiting a property.

Business Opportunities: Opportunities abound in developing VR hardware and software, creating immersive VR experiences for entertainment and education, offering virtual event and meeting platforms, developing virtual real estate, and providing services for Metaverse development.

10. Smart Products

In a world evolving faster than ever, smart products have emerged as the vanguards of convenience and efficiency. These aren’t just inanimate objects; they’re astute companions designed to understand, anticipate, and cater to our needs. Picture a home that adjusts its temperature as you enter, lights that brighten or dim according to your mood, and fridges that remind you when groceries are running low. These smart products, part of the Internet of Things (IoT) revolution, aren’t just standalone devices; they’re interlinked ecosystems creating a seamless web of connectivity.

The implications for businesses are monumental. They hold the key to unlocking unparalleled insights into consumer behavior, preferences, and usage patterns. Companies armed with this data can craft hyper-personalized experiences , transforming the way products and services are delivered. Whether it’s optimizing supply chains, revolutionizing healthcare through wearable tech, or redefining customer service, smart products will be the cornerstone of tomorrow’s businesses.

Business Opportunities: Businesses can explore opportunities in developing IoT-enabled devices, creating smart home automation systems, innovating in wearable technology, providing AI-driven personal assistants, and developing connected vehicle technologies.

11. Immediate Access on Demand

Imagine a world where everything you desire is at your fingertips in an instant. Immediate Access on Demand isn’t just about convenience; it’s a revolution in how consumers interact with goods and services. This trend is fueled by the growing need for instant gratification. Whether it’s streaming services delivering entertainment, or on-demand delivery platforms bringing products within hours, the emphasis is on reducing waiting time to zero. It’s a paradigm shift from traditional models, where speed, accessibility, and seamlessness reign supreme.

This trend will reshape the business landscape by forcing companies to reengineer their supply chains, optimize logistics, and streamline operations for lightning-fast delivery. The rise of AI-driven predictive analytics and automated systems will ensure that products are ready even before consumers realize they need them. This immediacy will redefine customer expectations, prompting businesses to adapt or risk becoming obsolete.

Business Opportunities: Opportunities abound in developing on-demand service platforms, creating instant delivery solutions, providing real-time streaming services, offering instant access to healthcare services, and innovating in immediate transportation solutions.

12. 3D Printing 

Picture a factory condensed into a small machine – 3D printing is that magic. This technology isn’t just about creating products; it’s about reinventing the very process of manufacturing. 3D Printing of goods is a transformative trend that enables the creation of physical objects layer by layer, bypassing traditional manufacturing limitations. From intricate designs to personalized products, it unlocks a universe of possibilities.

The implications of 3D printing extend across various industries, from healthcare and construction to fashion and aerospace. This trend will disrupt supply chains, reducing waste by producing items on demand and enabling decentralized manufacturing. It democratizes production, allowing smaller businesses and individuals to compete on a global scale.

Business Opportunities: Businesses can explore opportunities in 3D printing of customized products, providing 3D printing services for industries like healthcare and automotive, developing advanced 3D printing materials, offering design software for 3D printing, and creating on-demand 3D printing marketplaces.

13. Artificial Intelligence (AI) in All Products & Services

Artificial Intelligence, the digital sorcerer weaving magic into our everyday experiences, is no longer confined to science fiction. It’s now the alchemy transforming ordinary products and services into extraordinary ones. Imagine a world where your toaster knows your preferred level of toastiness or where your skincare products adapt to your skin’s unique needs—this is the AI revolution.

From personalized recommendations on streaming platforms to self-driving cars navigating bustling streets, AI permeates every facet of modern life. This technology isn’t just about convenience; it’s a catalyst for innovation. It sharpens efficiency, predicts trends, and unlocks unprecedented levels of customization, promising a future where products and services feel tailor-made for each individual.

Business Opportunities: Opportunities abound in developing AI-driven products and services, creating AI-powered customer support systems, implementing AI for personalized recommendations, providing AI-enhanced security solutions, and exploring AI in autonomous vehicles.

14. Data Privacy and Security

In a digital universe bustling with information, the guardians of data privacy and security stand as the sentinels of trust. With every click, tap, or scroll, a breadcrumb trail of personal information is left behind. Protecting this data isn’t just a trend; it’s a moral and economic imperative.

In this era of interconnectedness, where data is the currency of the future, safeguarding sensitive information is paramount. It’s about ensuring that individuals and businesses can share, transact, and explore the digital realm without fear. Companies are not only obliged to comply with regulations but also to instill a culture of data consciousness .

The future is not one where privacy and security hinder progress; rather, they fuel it. Organizations pioneering cutting-edge encryption, biometric authentication, decentralized technologies, and user-centric privacy frameworks pave the way for a more secure and trustworthy digital landscape.

Business Opportunities: Businesses can explore opportunities in providing cybersecurity solutions, offering data protection consultancy services, developing encryption technologies, creating secure data storage solutions, and innovating in blockchain for data security.

15. Augmented Reality

Augmented Reality (AR) is the bridge between the physical and digital worlds, enriching our reality by overlaying digital information onto the real environment. It transforms how we perceive and interact with our surroundings, blending virtual elements seamlessly into our daily lives. From enhancing entertainment experiences to revolutionizing industries like healthcare, retail, and education, AR unlocks a realm where imagination meets practicality.

AR is set to redefine consumer engagement by offering immersive brand experiences. In healthcare, it assists surgeons with real-time data during operations, while in education, it transports students to historical events through interactive lessons. The potential spans from simplifying complex tasks to creating entirely new ways of learning and experiencing the world.

AR will birth a new era of personalized marketing, offering companies the chance to engage customers in unique, interactive ways. It opens avenues for businesses to develop AR-based products , offer AR-powered services, and explore innovative ways to enhance customer experiences. Companies specializing in AR software development, content creation, and AR-driven advertising will find a thriving market.

Business Opportunities: Businesses can explore opportunities in developing VR/AR hardware and software, creating immersive educational platforms, providing AR solutions for businesses like retail and real estate, offering VR-based healthcare simulations, and developing AR-enhanced marketing solutions.

16. Blockchain Integration

Blockchain Integration is the innovative marriage of decentralized digital ledgers and existing systems, revolutionizing how data is stored, verified, and secured. This technology, known for powering cryptocurrencies, extends far beyond finance. It’s a transparent, tamper-proof ledger that decentralizes control, fostering trust in transactions and data exchange across various industries.

With blockchain integration, trust becomes an inherent part of digital transactions, eradicating intermediaries and streamlining processes. It secures supply chains, verifies identities without compromising privacy, and ensures the authenticity of data. Its potential to reshape industries like finance, healthcare, and logistics is monumental.

Blockchain integration opens doors for new business models, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts. Companies can offer blockchain-based solutions for secure data sharing, create platforms for tokenization, and provide consulting services for blockchain implementation across industries.

Business Opportunities: Opportunities abound in developing blockchain-based solutions for supply chain management, creating decentralized finance (DeFi) platforms, offering blockchain-based identity verification services, developing smart contract platforms, and exploring blockchain in healthcare for secure data sharing.

17. Circular Economy Adoption

The future of business is moving towards circular economy adoption, a transformative model where resources are kept in use for as long as possible, ensuring minimal waste generation. It’s about reimagining our entire approach to production and consumption, shifting away from the linear ‘take-make-dispose’ mindset to a more regenerative cycle.

Embracing a circular economy means designing products that are durable, repairable, and recyclable. Companies will focus on repurposing materials, reducing waste, and creating closed-loop systems. This shift will not only lower environmental impact but also foster innovation, creating new markets for refurbished goods, recycling technologies, and sustainable materials.

Entrepreneurs can dive into businesses centered around product leasing or subscription models, refurbishing services, waste-to-energy technologies, and material repurposing ventures. Additionally, consultancy services that help companies transition to circular practices will see high demand.

Business Opportunities: Businesses can explore opportunities in developing eco-friendly products and packaging, offering waste management and recycling services, creating platforms for product sharing and reuse, providing consultancy for circular design strategies, and innovating in sustainable materials.

18. Automation of Everything that Can be Automated

Automation is stepping into every conceivable facet of our lives, streamlining processes, enhancing efficiency, and even transforming entire industries. From robotics and artificial intelligence to advanced software, automation is on a mission to handle repetitive tasks, augment human capabilities, and reshape the landscape of work.

Picture a future where routine jobs are automated , freeing up human potential for creativity and innovation. Businesses are harnessing automation to optimize supply chains, personalize customer experiences, and improve decision-making. This trend isn’t just about cutting costs; it’s about empowering individuals to focus on higher-value tasks and fostering a culture of innovation and creativity.

Business Opportunities: Opportunities abound in developing automation solutions for industries like manufacturing and logistics, creating AI-powered customer service platforms, providing data analytics automation tools, offering consultancy for automation integration, and innovating in robotics for various sectors.

19. Everything Online

The digital revolution is reshaping the fabric of our existence. “Everything Online” isn’t merely a convenience anymore; it’s the backbone of modern existence. The expansion of online platforms transcends traditional boundaries, revolutionizing how we communicate, work, shop, learn, and even receive healthcare. This trend is about more than just moving services and products onto the internet; it’s about revolutionizing the very essence of how we interact with the world around us. Imagine a future where the internet becomes the primary marketplace, office, school, and doctor’s office. It’s a paradigm shift that’s fundamentally altering business landscapes and societal structures.

Business Opportunities: Opportunities abound in developing robust e-commerce platforms, enhancing cybersecurity measures, creating immersive online experiences through AR/VR, innovating in remote work technology, offering online education solutions, and providing telemedicine services.

20. Space Economy Growth

The space economy Growth heralds a new era of exploration, innovation, and commercialization beyond Earth’s bounds. With advancements in technology and increased private sector involvement, space-related activities encompass satellite launches, asteroid mining, space tourism, and colonization aspirations. This burgeoning industry extends beyond space agencies, attracting investments from aerospace companies, startups, and visionary entrepreneurs. It fosters interdisciplinary collaboration to explore the unknown and leverage space resources for various purposes.

The expansion of the space economy opens vast opportunities across multiple sectors. Satellite technology enhances global connectivity, enabling better communication, weather forecasting, and navigation. Resource mining from asteroids or celestial bodies presents prospects for rare materials crucial for advanced technology. Space tourism disrupts the travel industry, catering to adventurous consumers seeking extraterrestrial experiences. Furthermore, advancements in space research contribute to scientific breakthroughs with applications in healthcare, materials science, and environmental sustainability.

Entrepreneurs can tap into the space economy by investing in satellite manufacturing, launch services, or developing space-based technologies. Opportunities exist in providing infrastructure for space tourism, such as accommodation and entertainment options for travelers. Mining companies can explore extracting valuable resources from space, creating a new market for materials not readily available on Earth. Innovations in space research offer prospects for developing new technologies that can be applied across industries, driving further economic growth and technological advancement.

Business Opportunities: Opportunities abound in satellite technology development, space tourism services, providing asteroid mining technologies, creating space-based communication solutions, and offering consultancy for space-related regulations and investments.

21 . Emphasis on Mental Health and Wellness

In the emerging landscape of tomorrow’s businesses, a profound shift is occurring, placing paramount importance on mental health and overall wellness. Recognizing the intrinsic link between well-being and productivity, companies are reshaping their cultures to prioritize mental health support and wellness initiatives. This trend is more than just a fleeting concern; it’s a fundamental transformation in the way businesses operate.

Embracing mental health initiatives isn’t solely about implementing yoga sessions or meditation breaks; it’s about cultivating an environment where individuals feel empowered to prioritize their mental well-being. Organizations are offering comprehensive mental health programs, destigmatizing seeking help, and fostering a culture of open dialogue. From flexible work hours to mental health days and robust support networks, companies are redefining success by acknowledging the importance of mental health.

Business Opportunities: Businesses can explore opportunities in developing mental health apps and platforms, offering workplace mental health programs, providing wellness coaching services, creating mindfulness and meditation technologies, and innovating in mental health diagnostics and treatments.

22. Mobile Services & Purchases

The world is swiftly moving towards the palm of your hand. Mobile devices have become the epicenter of our lives, enabling us to do more than ever before, right from our fingertips. From on-the-go banking and shopping to accessing a myriad of services at the tap of a screen, the future of business lies in mobile accessibility. This trend is not merely about convenience; it’s about creating a seamless, interconnected world where services and purchases are effortlessly accessible anytime, anywhere. Imagine a future where your phone isn’t just a device but a gateway to your entire lifestyle—where you can book a ride, order dinner, manage your finances, and connect with the world in an instant.

Business Opportunities: Opportunities abound in developing user-friendly mobile apps, optimizing mobile payment solutions, integrating AI-driven personal assistants, enhancing security measures for mobile transactions, and creating location-based services for personalized experiences.

23. Rise of Micro-Moments

In a world where time is of the essence, businesses are honing in on capturing fleeting moments of consumer attention—those microseconds when decisions are made. Micro-moments are about being present and responsive, providing instant, personalized solutions to consumers’ immediate needs. Whether it’s searching for information, making a purchase, or seeking advice, companies are poised to anticipate and cater to these precise moments of demand. This trend is reshaping marketing strategies, emphasizing the importance of real-time engagement and delivering value in the blink of an eye.

In the future, businesses will pivot their strategies to capture and capitalize on these micro-moments. Understanding customer behavior during these short windows of opportunity will be crucial. Companies will invest in predictive analytics, AI-driven personalized content, and agile marketing techniques to engage customers at the right time and place. This trend will shape the future of marketing, influencing how brands connect with their audience and drive conversions.

Business Opportunities: Development of AI-powered solutions for instant personalization, mobile-first marketing tools, and analytics platforms to capture and analyze micro-moments. Additionally, consultancy services to help businesses optimize their strategies for micro-moment marketing will see a surge in demand.

24. Healthy & Organic Lifestyle

The world is awakening to the importance of what we consume. The healthy and organic trend isn’t just a fad; it’s a revolution in our approach to food, products, and lifestyle choices. From farm to table, consumers are demanding transparency and quality, sparking a transformation in the food and wellness industries.This trend isn’t solely about eating kale and quinoa. It’s a movement towards sustainable agriculture, ethical sourcing, and mindful consumption. People are seeking cleaner, more nutritious options that prioritize health without compromising on taste or convenience. Moreover, it’s not limited to food—organic and sustainable practices are extending into cosmetics, clothing, and beyond.

Business Opportunities: Businesses can explore opportunities in developing organic and sustainable products, investing in green technologies, providing eco-friendly packaging solutions, promoting wellness services, and creating educational initiatives around healthy living and sustainability.

25. Need for Adaptation to an Uncertain Future

The landscape of business is evolving at an unprecedented pace, marked by volatility, uncertainty, complexity, and ambiguity. The need to adapt to this dynamic environment is imperative for sustained success. Flexibility, resilience, and the ability to pivot swiftly are the currencies of the future. Businesses must cultivate an adaptive mindset, fostering agility and readiness to navigate unforeseen challenges.

Whether it’s technological disruptions, geopolitical shifts, or socio-economic changes, organizations that can anticipate, adapt, and even thrive amid uncertainty will emerge as frontrunners. Embracing uncertainty not as a hurdle but as an opportunity to innovate and recalibrate strategies will define the success stories of tomorrow. Companies that prioritize adaptability in their DNA will not just survive but flourish in this ever-evolving landscape.

Business Opportunities: Consulting firms specializing in strategic foresight, risk management solutions, resilience training, and technology-driven tools for adaptive business models will find substantial demand. Additionally, businesses offering flexible workforce solutions and adaptable supply chain technologies will be sought after.

Other Important Future Trends:

Subscription-Based Models –  Subscription models are poised to become more widespread, offering consumers ongoing access to products and services for a regular fee. This model ensures a consistent revenue stream for businesses while fostering lasting customer loyalty.

Full-Dive VR Helmets –  These advanced VR helmets are set to revolutionize the virtual reality experience by engaging all human senses, creating an immersive and lifelike simulation. Anticipate applications across diverse sectors like entertainment, education, and healthcare.

Personalized Learning Through Technology – Education is evolving with personalized learning methods powered by technology, tailoring educational experiences to individual needs and learning styles.

Personalized Medicine – Revolutionizing healthcare, personalized medicine utilizes individual genetic, environmental, and lifestyle factors to prevent, diagnose, and treat diseases. It harnesses big data, AI, and biotechnology for more effective and customized therapies.

Quantum Computing Impact –  The transformative power of quantum computing is set to redefine various sectors by unlocking unprecedented computational capabilities.

Nanotechnology –  Manipulating matter at the atomic and molecular scale will pave the way for new materials and devices with unique properties, impacting fields such as medicine, energy, electronics, and manufacturing.

Sharing Economy Platforms –  Peer-to-peer platforms facilitating the exchange of underutilized assets and skills are shaping a new paradigm in value creation and consumption. This trend presents both opportunities and challenges for businesses and consumers alike.

Personal Protection Equipment (PPE) –  As the world faces increased health, security, and environmental threats, the production and distribution of protective equipment against viruses, pollution, radiation, and violence will become paramount.

Data-Driven Decision-Making – Data is emerging as the cornerstone of business success. Companies adept at collecting, analyzing, and leveraging data will gain a decisive competitive edge.

Convergence of Physical and Digital Worlds –  The merging of physical and digital realms is opening new frontiers for augmented reality (AR), virtual reality (VR), and mixed reality (MR) applications, offering innovative experiences and opportunities.

Franken-Algorithms –  These rogue algorithms, whether by design or accident, pose risks of harm to individuals, systems, or society. They raise complex ethical, legal, and social issues, including accountability, transparency, and regulation.

Read also: 150 The Most Needed Future Business Ideas 2030-2050

In today’s dynamic and fast-evolving business landscape, understanding future trends isn’t merely advantageous – it’s imperative for survival and success. Businesses operate in an environment shaped by ever-shifting consumer behaviors, technological advancements, global economic fluctuations, and socio-political changes. Foresight into these trends isn’t just a strategic advantage; it’s the compass guiding companies through uncharted waters.

One key aspect of comprehending future business trends lies in deciphering consumer preferences. Akin to a pendulum, consumer behavior swings constantly. Understanding these oscillations is akin to unlocking a treasure trove for businesses. Take the shift towards sustainability as an example. Companies attuned to this trend early not only aligned themselves with societal values but also capitalized on a burgeoning market segment hungry for eco-friendly products and services.

Moreover, technological innovation serves as a linchpin in shaping tomorrow’s business landscape. From artificial intelligence to blockchain, advancements are revolutionizing industries at a breakneck pace. Those who anticipate these changes gain a head start. Consider the impact of e-commerce on traditional retail. Companies that foresaw the shift to online shopping fortified their presence, while others struggled to adapt.

Furthermore, geopolitical shifts and global economic fluctuations significantly impact businesses. Tariff wars, diplomatic alliances, and economic policies have a domino effect on industries. For instance, a change in trade policies between major nations can redefine supply chains and manufacturing strategies overnight, forcing businesses to swiftly recalibrate their approach.

However, the crux isn’t solely about predicting trends; it’s about adapting to them. Being forward-thinking isn’t a passive exercise but an active pursuit. Companies must cultivate agility, embracing change rather than fearing it. Agility enables businesses to pivot swiftly, capitalize on emerging opportunities, and mitigate potential threats.

Yet, understanding future trends isn’t an exact science. It involves a blend of data analysis, market insights, and a touch of intuition. No crystal ball can guarantee absolute foresight, but businesses can cultivate a culture of adaptability and innovation to thrive amidst uncertainty.

Collaboration and openness to diverse perspectives also play a pivotal role in decoding future trends. Innovation often thrives in environments where varied viewpoints converge. Engaging with diverse voices, be it through cross-industry partnerships, international collaborations, or fostering inclusive work cultures, can provide nuanced insights into emerging trends that might otherwise remain obscured.

Moreover, ethical considerations and societal impacts are increasingly becoming factors in shaping business trends. The modern consumer isn’t merely concerned about the product or service; they’re attuned to the values and ethical stances of the companies they engage with. Issues like corporate social responsibility, diversity, equity, and inclusion are no longer just buzzwords but pivotal components shaping consumer choices and, consequently, future business trajectories.

An essential facet often overlooked in the quest to understand future trends is the element of risk. Alongside opportunities, trends bring inherent risks . Overreliance on a single trend or misinterpreting its trajectory can lead to missed opportunities or, worse, catastrophic setbacks. Businesses must conduct comprehensive risk assessments and contingency planning while navigating the ever-evolving trendscape.

As we stand at the threshold of an era defined by unprecedented technological advancements, shifting societal paradigms, and an increasingly interconnected global landscape, businesses find themselves at a critical juncture. While these transformative forces present immense opportunities for innovation and growth, they also usher in a host of complex challenges that demand our attention and strategic foresight.

1. A Paradigm Shift in Business Operations The digital revolution has permeated every aspect of our lives, blurring the lines between the physical and virtual worlds. Businesses that fail to adapt to this digital imperative risk becoming obsolete. Embracing digital technologies, from data analytics to artificial intelligence, is no longer a luxury but a necessity for survival and success. This necessitates a fundamental shift in business operations, as organizations must reimagine their processes, reinvent their products and services, and reengineer their customer relationships.

2. Harnessing the Power of Data Data has become the new currency of the digital age, holding the key to unlocking valuable insights and driving informed decision-making. Businesses must develop the ability to harness this vast trove of information, extracting actionable intelligence that can fuel innovation, optimize operations, and enhance customer experiences. This requires a data-driven mindset, where organizations embrace data as a strategic asset, invest in data infrastructure and analytics capabilities, and cultivate a culture of data literacy.

3. The Challenge of Franken-Algorithms Franken-Algorithms represent a critical challenge in the future of business due to their potential for unintended consequences. These algorithms, intentionally or unintentionally, can cause harm to people, systems, or wider society. Dealing with these rogue algorithms necessitates grappling with intricate ethical, legal, and societal concerns such as who is accountable, ensuring transparency, and establishing effective regulatory frameworks. Managing these risks is crucial to maintaining trust, stability, and ethical standards in a technology-driven business landscape.

4. Fostering a Culture of Innovation In an ever-evolving marketplace, innovation is not just an option but a lifeline. Businesses must foster a culture that encourages creativity, experimentation, and risk-taking, empowering their workforce to generate groundbreaking ideas and transform business models. This requires a shift from risk aversion to risk embracement, where organizations create a safe space for experimentation, reward failures as learning opportunities, and celebrate innovation as a core value.

5. Setting Wise Limits to Automation, AI, and Robots The challenge of setting wise limits to automation, AI, and robots is critical due to the potential consequences of unchecked advancement in these technologies. While automation brings efficiency and productivity, an unregulated push towards full automation without ethical considerations poses significant risks . It could lead to widespread problems and societal imbalance, potentially resulting in the collapse of civilization or human extinction. Moreover, it may bring unforeseen consequences for humanity.Establishing frameworks that ensure responsible and ethical implementation of these technologies is essential, involving regulations, ethical guidelines, and continuous monitoring to mitigate the adverse impacts of over-reliance on AI and automation. Striking a balance between technological advancement and safeguarding human welfare is imperative for sustainable and beneficial integration of these innovations into our future business landscape.

6. Navigating the Talent Landscape The war for talent has intensified in the digital age, as skilled professionals are increasingly sought after. Businesses must develop innovative talent acquisition strategies, creating compelling work environments that attract and retain top talent. This necessitates a focus on employee experience, where organizations prioritize work-life balance, foster a culture of learning and development, and offer competitive compensation and benefits packages.

7. Adapting to Evolving Customer Expectations Consumer expectations have reached an all-time high, demanding personalized, seamless, and omnichannel experiences. Businesses must adapt their strategies to meet these evolving expectations, leveraging technology and data to deliver exceptional customer experiences. This requires a deep understanding of customer preferences, a commitment to data-driven personalization, and the ability to seamlessly integrate customer interactions across all channels.

8. Upholding Transparency and Trust in an Increasingly Scrutinized World Businesses operate within a complex ethical landscape, facing scrutiny for their data practices, environmental impact, and social responsibility initiatives. Ethical considerations must be embedded at the core of business decisions, ensuring alignment with societal values and expectations. This necessitates a commitment to transparency, a focus on responsible data governance, and a dedication to ethical sourcing and supply chain practices.

9. Navigating Geopolitical Uncertainties The global landscape is increasingly characterized by geopolitical tensions and uncertainties. Businesses must develop strategies to navigate these complex dynamics, mitigating risks and identifying opportunities amidst a volatile world. This requires a keen understanding of geopolitical trends, the ability to assess and manage risks, and the agility to adapt to changing market conditions.

10. Fostering a Culture of Adaptability and Agility In a world of rapid change, businesses must cultivate a culture of continuous learning, enabling their workforce to adapt to new technologies, emerging trends, and evolving customer needs. This necessitates a focus on employee development, the creation of learning opportunities, and the encouragement of a growth mindset

1 1. Building Resilient Supply Chains Recent global challenges have underscored the fragility of supply chains, highlighting the need for robustness against unexpected disruptions. Companies must reconceptualize their supply chain strategies by prioritizing resilience, flexibility, and diversification to mitigate potential future disruptions . This requires a comprehensive approach to managing supply chains, involving the creation of comprehensive visibility, the integration of automation and AI, and the establishment of strategic collaborations to bolster supply chain adaptability.

12. Addressing Sustainability Imperatives Environmental concerns have become a paramount consideration for businesses, as consumers demand more sustainable practices. Embracing eco-friendly initiatives, reducing carbon footprints, and adopting circular economy principles are not just ethical imperatives but also strategic advantages. This requires businesses to integrate sustainability into their core business strategies, measure and report on their environmental impact, and actively engage in initiatives that promote environmental stewardship.

Read also: Future of Business: Exploring Futurism and Emerging Trends

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1. Elon Musk

2. jeff bezos, 3. bernard arnault, 4. mark zuckerberg, 5. bill gates, 6. larry ellison, 7. larry page, 8. steve ballmer, 9. sergey brin, 10. warren buffett, the bottom line.

• Business Leaders
• Rich & Powerful

The 10 Richest People in the World

Alain Jocard / AFP / Getty Images

Billionaires play an outsized role in shaping the global economy, politics, and philanthropy. Forbes puts the number of billionaires in the world at 2,781 in 2024. The wealthiest among them is Elon Musk; CEO of Tesla and SpaceX.

The individuals on this list belong to an even more exclusive club and wield still more power. Many are founders of technology giants, with much of their wealth still invested in the companies they started.

These billionaires can, however, still borrow against that wealth to avoid selling stock, deferring (or eliminating for heirs) taxes on unrealized capital gains in the process. Multi-billionaires can also take advantage of a panoply of tax deductions to offset reported income, leaving some on this list paying no income tax in recent years.

With so much of their wealth in publicly traded stocks, the net worth of the richest fluctuates along with the market valuations of the companies they own. Below are the 10 wealthiest people on the planet, according to the Bloomberg Billionaires Index. All figures are current as of Aug. 1, 2024.

Key Takeaways

• Elon Musk, CEO of Tesla, is the richest person and the richest man in the world with a net worth of $252 billion.
• After Musk is Jeff Bezos, founder of Amazon.
• Other billionaires with some of the largest net worths include LVMH's Arnault, Microsoft's Bill Gates, and Oracle's Larry Ellison.
• Eight of the top 10 billionaires made their fortunes in technology, with Arnault and Berkshire Hathaway's Warren Buffett being the exceptions.
• Residence: United States
• Co-founder and CEO: Tesla
• Net Worth: $252 billion
• Tesla Ownership Stake: 13% ($95.4 billion)
• X Ownership Stake: 79% ($7.68 billion)
• Other Assets: Space Exploration Technologies ($82.2 billion private asset), The Boring Company ($3.33 billion private asset), Neuralink ($2.07 billion private asset), xAI ($13.3 billion private asset)

Elon Musk is the richest man in the world. He was born in South Africa and attended a university in Canada before transferring to the University of Pennsylvania, where he earned bachelor's degrees in physics and economics.

Two days after enrolling in a graduate physics program at Stanford University, Musk deferred attendance to launch Zip2, one of the earliest online navigation services. He reinvested a portion of the proceeds from this startup to create X.com, the online payment system that was sold to eBay ( EBAY ) and ultimately became PayPal Holdings ( PYPL ).

In 2004, Musk became a major funder of Tesla Motors (now Tesla), which led to his current position as CEO of the electric vehicle company. In addition to its line of electric automobiles, Tesla produces energy storage devices, automobile accessories, and, through its acquisition of SolarCity in 2016, solar power systems. Musk is also CEO and chief engineer of Space Exploration Technologies (SpaceX), a developer of space launch rockets.

In December 2020, Tesla joined the S&P 500 , becoming the largest company added, and in January 2021, Musk became the richest person in the world—a title that has fluctuated alongside the value of Tesla.

Saul Martinez / Getty Images

In April 2022, Musk began a campaign to take X private , which culminated in a $44 billion buyout. Musk planned to fund the deal with $21 billion of his own capital. In the run-up to the buyout announcement, Musk sold 9.6 million shares of Tesla, valued at roughly $8.5 billion.

In July 2022, Musk decided to back out of the buyout. The company filed a lawsuit against Musk to force the buyout to go through. Musk countersued the company but then reversed course and declared he was willing to buy it after all. The deal officially closed in Oct. 2022, giving him a 79% stake in the company.

• Founder and Executive Chair: Amazon ( AMZN )
• Net Worth: $209 billion
• Amazon Ownership Stake: 9% ($174 billion)
• Other Assets: Blue Origin ($15 billion private asset), The Washington Post ($250 million private asset), Koru ($500 million private asset), and $19.9 billion in cash

In 1994,  Jeff Bezos  founded Amazon.com in a garage in Seattle, shortly after he resigned from the hedge fund giant D.E. Shaw. He had originally pitched the idea of an online bookstore to his former boss David E. Shaw, who wasn’t interested.

Though Amazon originally started out selling books, it has since morphed into a one-stop shop for everything under the sun and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon's pattern of constant diversification is evident in some of its unexpected expansions, which include acquiring Whole Foods in 2017 and entering the pharmacy business the same year. Bezos owned as much as 16% of Amazon in 2019 before transferring 4% to his former wife, MacKenzie Scott, as part of their divorce proceedings. In 2020, Amazon’s share price jumped 76% on the heightened demand for online shopping amid the COVID-19 pandemic . On July 5, 2021, Bezos stepped down as CEO of the e-commerce giant, becoming its executive chair.

Alex Wong / Getty Images

Bezos originally took Amazon public in 1997 and went on to become the first man since Bill Gates in 1999 to achieve a net worth of more than $100 billion. Bezos’ other projects include aerospace company Blue Origin, The Washington Post (which he purchased in 2013), and the 10,000-year clock—also known as the Long Now.

On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Daemen completed Blue Origin's first successful crewed flight, reaching an altitude of more than 66 miles before landing safely. Bezos' wealth peaked at $213 billion in the same month.

In 2023, he paid $500 million for the superyacht, Koru.

• Residence: France
• CEO and Chair: LVMH ( LVMUY )
• Net Worth: $185 billion
• LVMH Ownership Stake: 48% ($170 billion)
• Other Assets: $16 billion in cash

French national  Bernard Arnault  is the chair and CEO of LVMH, the world’s largest luxury goods company. LVMH brands include Louis Vuitton, Hennessey, Marc Jacobs, and Sephora.

Most of Arnault's wealth comes from his massive stake in LVMH. His shares in LVMH are held through entities associated with Financiere Agache; the investment firm that manages his fortune.

Christophe Morin / Getty Images

An engineer by training, Arnault first showed his business acumen while working for his father’s construction firm, Ferret-Savinel, taking charge of the company in 1971. He converted Ferret-Savinel to a real estate company named Férinel Inc. in 1979.

Arnault remained Férinel's chair for another six years, until he acquired and reorganized luxury goods maker Financière Agache in 1984, eventually selling all its holdings other than Christian Dior and Le Bon Marché. He was invited to invest in LVMH in 1987 and became the majority shareholder, chair of the board, and CEO of the company two years later.

• CEO and Chair: Meta Platforms ( META )
• Net Worth: $169 billion
• Meta Platforms Ownership Stake: 13% ($164 billion)
• Other Assets: $5.10 billion in cash

Mark Zuckerberg first developed Facebook (now Meta) alongside fellow students Eduardo Saverin, Dustin Moskovitz, and Chris Hughes while attending Harvard University in 2004. As Facebook began to be used at other universities, Zuckerberg dropped out of Harvard to focus entirely on his growing business. Today, Zuckerberg is the CEO and chair of Meta.

  Chesnot  / Getty Images

Facebook is the world's largest social networking service. As the website is free to use, most of the company's revenue is generated through advertising. Meta is also host to several other brands, including photo-sharing app Instagram, which it acquired in 2012; cross-platform mobile messaging service WhatsApp; virtual-reality–headset producer Oculus, both acquired in 2014, and Workplace, its enterprise-connectivity platform. Zuckerberg and his wife, Priscilla Chan, founded the Chan Zuckerberg Initiative in 2015, with each of them serving as co-CEOs. Their charity seeks to leverage technology to fix societal ills, such as improving the access and quality of education, reforming both the criminal justice system and the U.S. immigration system, improving housing affordability, and eventually eradicating all diseases.

• Co-founder: Microsoft ( MSFT )
• Net Worth: $156 billion
• Cascade Ownership Stake: 100% ($76.3 billion)
• Microsoft Ownership Stake: 1% ($27.1 billion)
• Other Assets: Billions over multiple other companies

While attending Harvard University in 1975, Bill Gates went to work alongside his childhood friend Paul Allen to develop new software for the original microcomputers. Following this project’s success, Gates dropped out of Harvard during his junior year and founded Microsoft with Allen.

The largest software company in the world, Microsoft, also produces a line of personal computers, provides email services through its exchange server, and sells video game systems and associated game devices. It has recently invested heavily in cloud services.

Jack Taylor / Getty Images

Gates shifted from the company's CEO to the role of board chair in 2008. He joined Berkshire Hathaway’s board in 2004. He stepped down from both boards on March 13, 2020.

The bulk of Bill Gates's wealth is in Cascade Investment LLC , a privately held investment vehicle that owns a variety of stocks.

• Co-founder, Chair, and CTO: Oracle ( ORCL )
• Net Worth: $154 billion
• Oracle Ownership Stake: 42%+ ($117 billion)
• Other Assets: Tesla equity ($10.4 billion public asset), $26.5 billion in cash

Larry Ellison was born in New York City to a 19-year-old single mother. After dropping out of the University of Chicago in 1966, Ellison moved to California and worked as a computer programmer. In 1973, he joined the electronics company Ampex, where he met future partners Ed Oates and Bob Miner. Three years later, Ellison moved to Precision Instruments, serving as the company’s vice president of research and development.

In 1977, Ellison founded Software Development Laboratories alongside Oates and Miner. Two years later, the company released Oracle, the first commercial relational database program to use Structured Query Language. The database program proved so popular that SDL changed its name to Oracle Systems Corporation in 1982. Ellison gave up the CEO role at Oracle in 2014 after 37 years. He joined Tesla's board in Dec. 2018 and stepped down in June 2022.

Justin Sullivan / Getty Images

Oracle is the world's second-largest software company, providing a wide variety of cloud computing programs as well as Java and Linux code and the Oracle Exadata computing platform. Oracle has acquired numerous large companies over its history, such as Sun Microsystems and Cerner.

Ellison has focused his philanthropy on medical research. In 2016, he gave $200 million to the University of Southern California for a new cancer research center. Ellison backed the Oracle Team USA sailing team, which won the America's Cup racing series in 2010 and 2013.

• Co-founder and Board Member: Alphabet ( GOOG )
• Net Worth: $153 billion
• Alphabet Ownership Stake: 6% ($134.3 billion)
• Other Assets: $19 billion in cash

Like several of the tech billionaires on this list, Larry Page embarked on his path to fame and fortune in a college dorm room. While attending Stanford University in 1995, Page and his friend Sergey Brin came up with the idea of improving Internet data extraction. The duo devised a new search engine technology they dubbed Backrub after its ability to assess links to a page.

From there, Page and Brin went on to found Google in 1998, with Page serving as CEO of the company until 2001, and again between 2011 and 2019.

Google is the world's dominant Internet search engine, accounting for more than 92% of global search requests. In 2006, the company purchased YouTube, the top platform for user-submitted videos.

After acquiring Android in 2005, Google released the Android mobile phone operating system in 2008. Google reorganized in 2015, becoming a subsidiary of Alphabet, a holding company.

Page was among early investors in Planetary Resources, a space exploration and asteroid-mining company. Established in 2009, the company was acquired by blockchain firm ConsenSys in 2018 amid funding problems. He has also shown an interest in flying car companies, investing in both Kitty Hawk and Opener, although Kitty Hawk ceased operations in 2022.

• Owner: Los Angeles Clippers
• Net Worth: $145 billion
• Microsoft Ownership Stake: 4% ($134 billion)
• Other Assets: Los Angeles Clippers ($4.56 billion private asset), The Forum ($400 million private asset), Intuit Dome ($2 billion private asset), $4.43 billion in cash

Steve Ballmer joined Microsoft in 1980 after Bill Gates convinced him to drop out of Stanford University's MBA program. He was Microsoft's 30th employee. Ballmer went on to succeed Gates as Microsoft CEO in 2000. He held the position until stepping down in 2014. Ballmer oversaw Microsoft's 2011 purchase of Skype for $8.5 billion.

Ballmer owns an estimated 4% of Microsoft, making him the software giant's largest individual shareholder. In 2014, shortly after stepping down as Microsoft CEO, Ballmer purchased the Los Angeles Clippers basketball team for $2 billion. Ballmer lived in the same dorm and on the same floor as Bill Gates while the two attended Harvard University. The brotherly relationship between the two became strained when Ballmer started pushing the tech company into hardware, such as the Surface tablet and the Windows mobile phone, during his tenure as CEO.

• Net Worth: $152 billion
• Alphabet Ownership Stake: 6% ($125.2 billion)
• Other Assets: $19.1 billion in cash

Sergey Brin was born in Moscow, Russia, moving to the U.S. with his family when he was six in 1979. After co-founding Google with Larry Page in 1998, Brin became Google's president of technology when Eric Schmidt took over as CEO in 2001. He held the same post at the Alphabet holding company after it was established in 2015, stepping down in 2019 when Sundar Pichai took over as CEO.

In addition to its dominant internet search engine, Google offers a suite of online tools and services known as Google Workspace, which includes Gmail, Google Drive, Google Calendar, Google Meet, Google Chat, Google Docs, Google Sheets, Google Slides, and more. Google also offers a variety of electronic devices, including Pixel smartphones, computers, and tablets, Nest smart home devices, and the Stadia gaming platform.

Brin has donated millions of dollars to Parkinson’s disease research, partnering with The Michael J. Fox Foundation.

• CEO: Berkshire Hathaway ( BRK.A )
• Net Worth: $139 billion
• Berkshire Hathaway Ownership Stake: 15% ($137 billion)
• Other Assets: $1.50 billion in cash

The most famous living value investor, Warren Buffett filed his first tax return in 1944 at age 14, declaring earnings from his boyhood paper route . He first bought shares in a textile company called Berkshire Hathaway in 1962, becoming the majority shareholder by 1965. Buffett expanded the company's holdings to insurance and other investments in 1967.

Widely known as the Oracle of Omaha, Buffett is a buy-and-hold investor who built his fortune by acquiring undervalued companies. More recently, Berkshire Hathaway has invested in large, well-known companies. Its portfolio of wholly owned subsidiaries includes interests in insurance, energy distribution, and railroads as well as consumer products.

Buffett is a notable Bitcoin skeptic.

Buffett has dedicated much of his wealth to philanthropy. Between 2006 and 2020, he gave away $41 billion—mostly to the Bill & Melinda Gates Foundation and his children’s charities. Buffett launched the Giving Pledge alongside Bill Gates in 2010.

Now 93 years old, Buffett still serves as CEO, but in 2021 he stated that his likely successor would be Gregory Abel, head of Berkshire’s non-insurance operations.

Who Are the Top 10 Richest People in the World?

The top 10 richest people in the world as of Aug. 1, 2024, are:

• Bernard Arnault
• Mark Zuckerberg
• Larry Ellison
• Steve Ballmer
• Sergey Brin
• Warren Buffett

Who Is the World's Richest Man in 2024?

As of Aug. 1, 2024, the world's richest man is Elon Musk, the CEO of Tesla and SpaceX. He has a net worth of $252 billion.

Who Is the Richest Woman in the World?

The richest woman in the world is Francoise Bettencourt Meyers. As of Aug. 1, 2024, her net worth is $89.2 billion. Her net worth is derived from her holdings in L'Oréal, the world's largest cosmetics company.

If you want to get a little closer to making the richest billionaires rankings, you might need to become a technological innovator or luxury retail mastermind. Or you could keep it simple and focus on value investing .

It also wouldn’t hurt to have been born into wealth; however, the greatest fortunes on this list started as good ideas that people with creativity, drive, and connections used to build some of the world's largest companies.

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Exploring 10 Top Business Trends for 2024

In this article, we delve into the most impactful Business Trends 2024, exploring how emerging technologies and evolving market dynamics will shape the future of businesses globally.

As we step into 2024, the business landscape continues to evolve at a breakneck pace, driven by disruptive innovation and shifting market forces. Hence, the ability to anticipate and adapt to emerging trends is not just an advantage — it’s a necessity for survival and success. The upcoming business trends are not mere shifts in consumer preferences or technological advancements; they represent fundamental changes in how businesses operate and compete.

This article explores impactful trends for 2024, offering insights into how they will shape the future of commerce and industry. Understanding and embracing these trends will be crucial for businesses looking to thrive in an increasingly dynamic and interconnected global marketplace. We’ll not only explore these top trends but also provide data on the number of active startups engaged in each area plus examples of innovative solutions, offering a unique perspective on how these trends are being embraced by emerging businesses. The top 10 business trends covered in this article include:

• Sustainability and Eco-Friendly Practices
• Remote Work and Hybrid Offices
• Artificial Intelligence
• Cybersecurity Measures
• Digital Transformation and Automation
• IoT and Cloud Computing
• The Gig Economy and Freelance Workforce
• Decentralized Finance (DeFi) and Cryptocurrency
• Health and Wellness at Work
• Customer Data Analytics and Personalization

Top 10 Business Trends for 2024

As we prepare to explore the most significant business trends of the coming year, it’s essential to understand the foundation of the insights we’re about to discuss. The data and trends outlined in this article are derived from the StartUs Insights Discovery Platform . This platform, powered by AI and Big Data, aggregates information from over 3.7 million startups and scaleups worldwide, alongside over 200K emerging technologies. It stands as one of the most comprehensive and current resources for market intelligence.

For businesses aiming to align their strategies with these evolving trends, the Discovery Platform offers an in-depth perspective. By leveraging this tool, businesses can expedite their innovation processes, streamline research efforts, and make more informed decisions quickly. Book a demo to get a deeper understanding of the trends’ potential impacts on your business but also showcase the platform’s full range of capabilities in innovation intelligence and startup scouting.

And now, let’s take a look at the trends:

1. Sustainability and Eco-Friendly Practices

In 2024, sustainability is more than a trend; it’s a business imperative. Eco-conscious consumerism is on the rise, pushing companies towards green business practices and sustainable supply chain management. Despite a slight decline in growth (-0.09%), there are 72 494 startups focused on sustainability, prioritizing environmental responsibility alongside economic goals.

For example, Australian startup HeapsGood develops compostable mailers for eCommerce, leveraging materials like corn starch and PLA for eco-friendly packaging. Another pioneer, Green Gravity Energy , also from Australia, harnesses gravitational potential energy for renewable energy storage, using legacy mine shafts.

These examples represent a broader shift towards sustainability, emphasizing eco-innovation and responsible business practices – setting a new standard for corporate sustainability.

2. Remote Work and Hybrid Offices

The remote work revolution, a trend steadily growing over the last five years with a 1.6% increase, has now firmly established hybrid work models as the new standard. This change, evidenced by the growing number of startups in this domain (5 584 as of now), represents a fundamental rethinking of work environments.

Australian startup Aubot stands out with its teleport telepresence robots, offering a dynamic and interactive remote working experience. Meanwhile, Germany’s Yoffix redefines hybrid workspace management by balancing office and remote work seamlessly while prioritizing employee health and data security.

These examples highlight how the landscape of work is being reshaped, blending traditional office settings thus fostering greater flexibility and work-life balance.

3. Artificial Intelligence

Already, artificial intelligence is a driver of business efficiency. With a staggering 12.79% trend growth over the last five years, AI startups, now numbering 30 372, are reshaping how businesses operate. Its integration into business processes is enhancing productivity and innovation and has become essential for making informed, data-driven decisions.

For instance, Sweden’s Turbotic with its platform Houston 2.0 , offers a cloud-based solution for business automation and optimization. This highlights AI’s capacity to enhance efficiency and decision-making. On a similar note, Austria’s StartUs Insights is making waves with its AI-powered Discovery Platform . This tool revolutionizes innovation and startup scouting, providing access to an extensive database of over 3.7 million startups and scaleups globally. As a crucial resource for organizations aiming to track industry trends, discover new startups, broaden their innovation horizons, and make data-driven decisions. This platform exemplifies AI’s transformative impact in the business world.

These examples underscore the transformative role of AI in business, demonstrating how it is redefining traditional operational models. It also paves the way for more efficient, innovative, and data-driven approaches across various industries.

4. Cybersecurity Measures

Cybersecurity, once a niche IT concern, is now a critical business differentiator. With 14 403 active startups, and a modest trend growth of 0.69%, the field is ripe with innovation. This trend indicates a broader shift in business priorities, where data protection and security are paramount.

Foresiet from India exemplifies this trend with its AI-based cyber digital investigator platform, offering robust network and device monitoring to thwart sophisticated cyber threats. On the other side of the globe, Brazil’s GAT InfoSec advances risk assessment with its exposure surface analysis service, GAT Security Score .

As businesses continue to digitize, robust cybersecurity measures will become essential in safeguarding operations and building customer trust.

5. Digital Transformation and Automation

The transformation towards digital-only business models and the integration of automation are becoming increasingly central to enhancing productivity and output. With 42 122 active startups globally and a growth of 0.44%, this trend is clearly on the rise.

German startup AUCTA , for instance, overhauls training and support in industrial settings with its innovative 3D visualizations of CAD files. Meanwhile, Romanian startup Aggranda streamlines administrative processes across various sectors, proving that intelligent automation solutions significantly improve efficiency and employee experiences.

These examples highlight how digital transformation and automation are not just trends, but essential components of modern business strategy.

6. IoT and Cloud Computing

The integration of IoT and cloud computing marks a significant evolution in how businesses operate. With a notable growth of 6.07% and 7713 startups in this sector, innovation is abundant. This trend is setting the foundation for a more interconnected and streamlined future in business operations.

UK-based GearEx exemplifies this trend with its smart biometric safety wearables, enhancing worker safety in heavy industries. On the other hand, Spain’s Netzo offers a groundbreaking IoT orchestration platform, merging IT and IoT systems for seamless data integration and management.

These advancements reflect how IoT and cloud computing are not just technological upgrades but pivotal elements in crafting smarter, more efficient business models.

7. The Gig Economy and Freelance Workforce

The gig economy and freelance workforce, experiencing a growth of 3.04% with 13 413 startups developing solutions, transform traditional employment models. This shift towards flexible, project-based work is enhancing scalability and adaptability for businesses.

Canadian startup Project ANT reconceptualizes this space by offering an upskilling platform for gig workers, enhancing their skills while increasing visibility for potential engagements. Similarly, Singapore’s Morfyus leverages blockchain and AI to build a reputation-scoring platform for freelancers, streamlining the process of establishing credibility and securing new contracts.

These innovations exemplify the gig economy’s evolving landscape, offering unique solutions that empower individuals and businesses alike.

8. Decentralized Finance and Cryptocurrency

Decentralized finance is reshaping the financial landscape, with an impressive 49.77% growth and 14 385 startups working in the field. This surge in blockchain and cryptocurrency adoption underscores their potential to transform mainstream finance, offering secure, efficient, and transparent financial transactions.

Israeli startup Redefine leads this transformation, offering robust portfolio management and security solutions for DeFi funds. Its Risk Center and DeFirewall tools provide comprehensive risk assessment and transaction security. Similarly, Bulgarian startup OMNIO introduces an AI-driven compliance investigator, streamlining regulatory adherence while enhancing efficiency.

These startups are at the forefront of integrating blockchain technology into mainstream finance. This demonstrates its growing significance in secure, decentralized financial transactions and compliance.

9. Health and Wellness at Work

The focus on health and wellness at work is gaining momentum, despite a slight decrease in growth (-0.57%, with active 21 244 startups), indicating a shift in corporate priorities towards a more holistic approach to employee health.

US-based CircleCare enhances this trend by offering a platform that encourages employees to lead healthier lifestyles through gamification and rewards. Across the pond, the UK-based startup Trickle is transforming employee engagement with its platform. It captures real-time experiences and suggestions, promoting a culture of openness and collaborative problem-solving.

These innovative approaches reshape workplace culture, emphasizing the importance of mental and physical well-being as key components of employee satisfaction and productivity.

10. Customer Data Analytics and Personalization

Customer data analytics and personalization are rapidly becoming integral in business strategy, as evidenced by the high number of 66 620 startups in this field. This trend is redefining marketing and sales strategies, emphasizing the importance of understanding and catering to individual customer preferences and behaviors.

Polish startup Yosh.AI rethinks customer engagement with AI-powered voice assistants, enhancing brand-customer interactions and uncovering valuable insights. In India, RetainIQ transforms marketing with hyper-personalized AI-driven email and SMS campaigns, tailoring content to individual preferences and behaviors.

These startups exemplify the trend towards harnessing big data for deeper, more meaningful customer connections, signifying a shift in how businesses approach and value customer interactions.

Take Charge

As we look towards the future, these 10 business trends paint a picture of a rapidly evolving, technology-driven world. From the rise of remote work and AI to the increasing focus on cybersecurity and personalization, adapting to these changes is key for businesses aiming to stay competitive and innovative.

Utilizing tools like the Discovery Platform , which offers comprehensive, AI-powered insights into global startup activities and emerging technology trends, is instrumental in navigating this dynamic landscape. By staying informed and agile, you can leverage these trends to your advantage, ensuring your business not only survives but thrives.

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19 Most Profitable Small Business Ideas Worth Starting in 2024

• by Lightspeed

minute read

This year, you’ll need to be prepared to adapt to shifting customer expectations, global conditions and economic realities. 

Thinking about starting a business this year? Here’s what you need to know.

What’s considered a “small” business?

How many small businesses are there in the united states and canada as of 2024, how can i start a small business, what is a good business to start in 2024, prepare your business for the future of commerce.

Download our free playbook and learn how to sell on different channels, boost loyalty and increase foot traffic with technology.

The SBA defines a small business as any company that either employs fewer than 500 employees or falls beneath a specific annual receipts cap. 

Most small businesses in the U.S. are much smaller—the average small business employs 1 to 19 people .

Recent statistics tell us that there were about 33.2 million small businesses in the United States and over 1.35 million in Canada. That’s a whopping 99.9% and 98.1% respectively of the total number of businesses in each country. 

Small business owners employ 61.6 million people, or almost half of the workforce in the US. In Canada, small businesses employ 5.7 million individuals across the country— just under 47% of the total private labor force.

So you’re ready to be your own boss? Here’s what you need to do.

• Research your small business idea.
• Make sure to research wider economic conditions and outlook and the general health and makeup of businesses in your area.
• Start planning your business. Download a business plan and start filling it out. Be as detailed as possible. The more solid your business plan, the stronger foundation you have to start your small business.
• Secure funding . Start approaching sources of funding, like banks and investors. They’ll want to see your business plan.
• Make sure the legal parts are covered . What certificates do you need? What permits? What laws should you be aware of? Get the right approvals.
• Secure a location, if you need one. You should have scouted potential locations while making your business plan. Now that you have your funding, sign a lease.
• Get your business management software.
• If you’re opening a retail store or charging for services, you’ll need a point of sale system . If you have employees, you’ll need payroll management. No matter what, you’ll need accounting software.  
• Acquire inventory.  Find wholesalers for small businesses from which to source your products and start contacting them. Expos and online supplier directors are great places to start.  
• Build a team. If you’re just starting, you may be able to run your business on your own. But as things progress, you’ll need to bring in part-time or full-time employees. Be sure to research average wages in your area.  
• Build your website. Having an online presence is crucial, even if you’re not planning to sell anything online. Build a site and open your social accounts.

Want more advice?  Check out our in-depth article to starting a small business here.

What small business idea is most profitable?

There isn’t one answer to this question. The most profitable business idea changes depending on the economic environment you’re in. 

In an economic boom, profitable small businesses include luxury goods, travel and real estate.

In a recession, repair and resale retail are more likely to be profitable .

No matter what, for a business to be profitable, the return needs to be higher than the investment. That doesn’t always mean a low investment is guaranteed to pay off—some of the most lucrative businesses require high initial capital. 

However, businesses that require a high initial investment are always a higher risk. If you’re opening your first small business, a low investment business idea is probably going to be safer.

What businesses make a lot of money?

A business in a high-growth industry with low startup costs, less competition and a good long-term outlook is most likely to be profitable. Examples are financial services, personal services (like personal training or pet care), pet and baby supplies and well-positioned retail stores. 

No matter the industry, profitable businesses are well run, in demand and with a cost of goods sold (or COGS) that doesn’t completely overpower revenue. A business without a lot of competition can fail, and a business with a ton of competition can out-compete the others. 

If you want your business to make money, you need data. 

Before you start your business, you need data about the economic climate, the demographics of where you want your business to be based, the outlook and tactics of competitors and the cost of supplies, technology and labor.

Once your business is open, you need your own data. For example, if you open a retail store, you can use tools like Lightspeed’s built-in reports and Advanced Reporting to monitor your sales, trends and margins. With that data in hand, you can make decisions about profitability instead of relying on anecdotes and educated guesses. 

Without data, your small business might run into expensive potholes you never saw coming, and you might make decisions that aren’t in your best interest.

Which business will be most profitable in the future?

Innovation is key to keeping your business profitable in the future.

Again, this is where data is important. The way things have always been done isn’t always the best way. If you’re setting and measuring goals and key performance indicators, you can innovate and stay on top of what your customers need and how they’re evolving.

Consider financial services, for example. Everyone needs financial services, so it’s likely to still be a profitable industry in the future. But as more and more digital natives—people born after the internet took over our daily lives—grow up, how they interact with financial services will change. 

Is your financial services company equipped to serve clients online? It should be.

If you’re focused on the hottest business right now, you may not set yourself up for the long run. Don’t just throw yourself into the latest fads—they won’t always set you up for future profitability if you don’t address them properly. 

Take the retail industry for an example. As concern for the environment grows, fewer shoppers want plastic in their goods. Right now, vegan leather is a huge trend and is growing , which means it may be a good bet at the moment, but a lot of vegan leather is actually plastic . 

To ride the vegan leather wave now and into the future, it’d be best to carry vegan leather made from sources other than plastic. That way, you’re catering to current demand and future-proofing against growing consumer concerns at the same time.  

Which business is most profitable for beginners?

If you’re a first time business owner, you’ll want:

• Reasonable startup costs. Every business has some startup cost, but there’s a difference between funding a small operation and funding a huge, specialized business. Keep in mind that startup costs should be reasonable, but not always as low as possible. Forgoing a physical location might make it harder to get off the ground, and opting for pen-and-paper instead of a cloud point of sale system will just add extra work.  
• Manageable overhead costs. Once a business is established, you’ll need the operating costs to be reasonable.
• Maximized inventory, if applicable. This doesn’t mean a lot of inventory. It means being smart about it—everything you order should be done with a strategy to sell it within six months (give or take, depending on the industry).

Examples of businesses that fit the bill are food trucks, cleaning companies, online stores,  drop shipping and pet services like grooming or walking. 

19 small business ideas you can try

1. home improvement services.

While the housing market has slowed down in recent months , new homeowners often want to fix up their homes, which creates a demand for home improvement services. 

Individuals who have recently purchased a home may lack the necessary skills or knowledge to successfully carry out renovations, leading them to seek out the assistance of a professional. 

Services related to home improvement encompass a wide range of tasks such as interior design, carpentry, contracting, plumbing and landscaping. 

These services typically require specific training and access to specialized equipment and materials, resulting in relatively high startup costs. Additionally, the demand for such businesses may vary depending on the region, with some areas experiencing higher levels of home purchases and renovations than others.

2. Cleaning services

Cleaning services offer essential opportunities to both residential and commercial properties, helping to manage tasks many people do not enjoy or do not have time to complete. These services can function as home-based support one or more times per week, or as a daily resource for commercial operations. 

With a cleaning service, no physical office is required, equipment costs are low and can be billed back to the client and hours of operation are flexible. That’s why enterprising entrepreneurs can find success in this industry.

3. Tutoring services

Starting a tutoring service is a great way to help those struggling with core concepts or gain further mastery in a specific area. Here’s a sample list of the subject areas that your tutoring business could specialize in:

• SAT/ACT prep
• College essay prep
• Sciences (biology, chemistry, physics)
• Foreign languages
• Mathematics
• Computer science

Thanks to Zoom and other remote learning tools, there’s no need to hold lessons in person—all you need is a phone, tablet or computer, making the startup costs for this type of business relatively low. Depending on your location and level of education, your tutoring service could charge anywhere from $40 to $65 an hour.

4. Personal training and fitness instructors

Fitness trends change, but the demand for trainers and good content remains. Today, trainers can connect with clients on platforms like YouTube, TikTok, and Instagram Live. They use social media to find clients and offer personalized workout programs at a price that works for them.

Getting started in personal training can be fairly simple. You can take a formal certification exam. In some cases, just being a self-taught fitness nerd is enough to break into the industry.

5. Delivery services

Food delivery services have grown tremendously.

To ride this wave, you could offer your own local courier service to deliver groceries, medications or run other essential errands. In addition to charging a standard rate, you could charge additional fees for lengthier deliveries, rush orders or delivering heavy or bulky items.

6. Baby supplies

No matter the economic outlook, babies need clothes and supplies, and children need child care. 

You don’t need any formal training to open a retail store or sell online, but you do need the right tools. 

For a baby supply store, that can include loyalty programs to help parents save when they pick you over the competition.

7. Pet store

The pet store industry grew to $261 billion in 2022 , and is on track to hit $350 billion globally by 2027. As more and more people adopt pets ( 66% of American households have pets , which is about 86 million households), more people will need pet supplies. 

Opening and running a pet store is a lot like a baby supply store. Pet owners will appreciate loyalty programs to save when they shop with you, which will help you build a loyal customer base for your new small business.

Tipping can also be a factor when your business does a little bit more than retail. In San Diego, South Bark Dog Wash offers grooming services in addition to pet supplies and training classes. Lisa Vella, the co-owner of South Bark, says that “a lot of people tip us on retail purchases. So with tipping through Lightspeed Payments , tips have gone up about 11% with people tipping on retail purchases, not just grooming.”

8. Digital marketing services

Having an online storefront is crucial… but not everyone knows how to build a website. 

To help small businesses build their brand and digital presence online, you can create your own digital marketing agency. 

A digital marketing agency typically offers services such as writing, social media management, web development and assistance with paid social media advertising.

Running an agency from home is simple and doesn’t require much money to start. You can work alone or hire experts in areas where you need help.

9. App development

Businesses are looking to go digital, and some may even seek to build their own apps to reach customers. 

App developers can help businesses make their visions a reality by building a custom iPhone or Android app. 

App development doesn’t require a formal degree, but prior training and experience building apps are important to have if you’re planning to break into the field. There are coding bootcamps and free online courses that can help you learn the fundamentals and get started.

10. 3D printing services

There’s rapidly growing demand for 3D printing services. In fact, this market is expected to grow to US$135.4 billion by 2033 . 

This growth is driven by the increasing adoption of 3D printing in various industries like healthcare, automotive, and aerospace for its ability to create complex, customized, and lightweight components. 

But it can also be used for making 3D-printed figurines. Toronto’s Selftraits produces 3D selfies for individuals. That means people can use their tiny selves as cake toppers, to commemorate a special occasion, or anything else.

11. Accounting services

Individuals and businesses alike rely on accounting services every year to file tax returns , and assist with bookkeeping and financial planning. This consistent demand is definitely a plus if you’re looking to start a business and have the right skill set. 

There are very minimal overhead start-up costs for accounting, and the job is easily done from home. 

Accounting requires a lot of education and certifications. Most accountants have a college degree and some have additional licenses. Those with more qualifications can earn more money.

12. Fashion resale

While sales of new apparel rise and fall with economic conditions, the popularity of fashion resale is on the rise. 

With a projected 127% growth by 2026—eight times faster than overall apparel marketing in North America—if you want to open an apparel store, you should be considering fashion resale. 

It’s a good bet in both weaker and stronger economic conditions, thanks to discounts and a desire for sustainable fashion.

To start a fashion resale company, you’ll need a business license, some initial stock and a venue for sales—that could be online, your own brick and mortar or a spot in a marketplace. The financial barrier to entry can vary.

13. Bike store (with repairs)

More and more people are picking up their bikes. Hobbyists and serious cyclists both are driving growth globally . That means if you want to open a retail store, you might consider a bike store.

Think about a bike shop that does repairs. Repairs can help your business during both good and bad times. When the economy is slow, people are less likely to buy new bikes and more likely to fix their old ones. If you offer repairs, customers will come to you for help.

14. Auto parts and repairs

At some point, every car needs a little maintenance. 

You’ll need robust inventory management if you start this small business. With all the possible parts you could carry or order in for your customers, you don’t want anything to go uncounted. Make sure you have a point of sale that can handle that inventory from day one. 

15. Electronics repair

Seeing a pattern?

Repair shops help people hold onto their devices, and electronics repair is no different. 

With growing concerns about the use of rare materials to build electronics, more customers are looking to fix their phones instead of replacing them. 

While there may not be formal certifications needed to open an electronics repair store in your area, you still need to know how to do it (or you need to hire people who do). You might want to take a course in electronics repair before opening this business.

16. Dental offices

Dental health is an important part of overall wellness. 

The dental industry offers room for success for those with the right qualifications. Dentists must earn both a bachelor’s degree and a doctorate in dentistry, and most dental hygienist roles require a minimum of two years of specialized training. Consider, also, the cost of dental equipment. 

Still, dental procedures are also often expensive and can include added costs for fillings, x-rays, extractions, and root canals. Your dental practice could earn substantial profits from common treatments.

17. Candy store

This sweet idea could be your ticket to small business success. 

Candy stores are great for experiential retail . You can hold candy making classes and showcase the candy making process on the shop floor to entice customers. 

As more people want to be entertained when they shop, a candy store could be the answer. 

18. Discount store

Shoppers love a good deal. Across North America, major retailers are investing in discount stores—particularly budget-friendly groceries . 

You have room to be creative in this category. Do you want to open an independent dollar store? A liquidation store? What about discounted used inventory?

Do some research on your area to determine the best fit. Once you’ve got your idea, make a plan for how you’ll acquire inventory. Will you work with wholesalers offering discounted goods, or will you buy damaged and unsold inventory from other retailers?

19. Dropshipping

Finally, there is dropshipping, the ultimate side business and one of the most popular small business ideas.

Dropshipping is the practice of opening an online store and offering products for sale, but never physically stocking the item yourself. You interface with the wholesaler, and the wholesaler ships the product to the customers.

Dropshipping saves on inventory storage costs, as well as shipping fees. You just need an online store to get started.

However, dropshipping is competitive—a lot of people are selling online, and a lot of them could be selling the same things you are. If you want to go this route, make sure you have other unique selling points (or USPs) to ensure customers pick you. Like with baby supplies and pet stores, a strong loyalty program might help. 

Positioning your small business for profit

There are many elements to a successful small business idea: a good plan, powerful POS tools , business savviness and experience. 

While no industry is a guaranteed success, those that are flexible, resilient, in high demand and with good margins are a solid bet. This list of small business ideas is a starting point to get you inspired this year.

If you’re inspired to open a business and you’re looking for a POS that will work with you every step of the way, let’s chat !

Frequently Asked Questions

What type of small business is the most profitable.

Small businesses in consulting, online education, and digital marketing are usually very profitable. They have low costs and can charge high fees for their specialized services.

Which small business generates the most income?

Tech small businesses like software development and IT consulting make a lot of money. They offer valuable services to clients worldwide, bringing in a lot of revenue.

What small business is in high demand?

Small businesses in the health and wellness, home improvement, and eCommerce sectors are currently in high demand.

What is the cheapest, most profitable small business to start?

Businesses that require minimal upfront investment and can be operated from home are affordable and can be profitable. For example, freelance writing, virtual assistant services and dropshipping businesses can be started with a computer and an internet connection.

What is the easiest small business to start?

The easiest small businesses to start are those that require minimal technical skills and capital: pet sitting, house cleaning and personal shopping services are some examples.

What small business industry is expected to boom in 2024?

Ecommerce in specialized markets is expected to boom in 2024. As consumers continue to favor online shopping, small businesses that offer unique products or cater to specific niches are likely to see significant growth.

Editor’s note: Nothing in this blog post should be construed as advice of any kind. Any legal, financial or tax-related content is provided for informational purposes only and is not a substitute for obtaining advice from a qualified legal or accounting professional. Where available, we have indicated the first-hand sources of the information contained in this blog post. While we strive to provide accurate content, we cannot be held responsible for any actions or omissions based on such content. Lightspeed does not undertake to complete further verifications or keep this blog post updated over time.

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Top 10 African countries with the highest freedom of expression in 2024

More than half of the world's population is now facing a crisis in freedom of expression. According to the Global Expression Report 2024 , freedom of expression in Sub-Saharan Africa remains stagnant.

• Business Insider Africa presents top 10 African countries with the highest freedom of expression in 2024.
• The list is courtesy of the Global Expression Report.
• The largest decline over the last year took place in Burkina Faso (-24 points), followed by Mongolia (-10 points) and Senegal (-9 points).

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More than half of the world's population is now facing a crisis in freedom of expression.

Regardless of whether the period is the last year, the past five years, or the last decade, the number of people experiencing declines in freedom of expression far exceeds those witnessing advancements.

DON'T MISS THIS: 10 most stable countries in Africa

In the last year, 451 million people across 10 countries experienced a deterioration of their freedom of expression; only 335 million people across 5 countries saw improvement. The largest decline over the last year took place in Burkina Faso (-24 points), followed by Mongolia (-10 points) and Senegal (-9 points).

According to the Global Expression Report 2024 , freedom of expression in Sub-Saharan Africa remains stagnant.

Every other region has seen a significant drop in expression over the last 10 years, but there has been no significant change in Sub-Saharan Africa over that timeframe.

Despite freedom of expression remaining stagnant on a regional level, and on a country level, the declines in Sub-Saharan Africa are outpacing the advances.

DON'T MISS THIS: 10 most peaceful African countries in 2024

In the last year, 216 million people across 4 countries experienced a deterioration of their freedom of expression; no countries saw improvement. The largest decline in the region took place in Burkina Faso (-24 points). This was also the largest decline globally.

In the last 5 years, 329 million people across 14 countries experienced a deterioration of their freedom of expression, while only 119 million people across 4 countries saw improvement.

Below are the top 10 African countries with the highest freedom of expression in 2024:

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California home insurance program accused of selling policies with subpar fire coverage

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A class-action lawsuit against the California FAIR Plan Assn. accuses the state’s insurance program of last resort of unlawfully selling policies with subpar coverage for fire and smoke damage.

The lawsuit was filed Wednesday in Alameda County Superior Court on behalf of four California residents who seek to represent more than 365,000 FAIR Plan policyholders.

Funded by a pool of private insurers who write policies in the state, the FAIR Plan serves as backup insurance for people unable to obtain coverage from private sources, especially those in high-risk areas where companies are reluctant to provide coverage.

Over the last few years, the state insurer has seen a wave of new policyholders amid extreme and destructive wildfires that have caused insurance companies to leave the state or to stop renewing policies.

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The Department of Insurance requires fire insurance policies to cover “direct physical loss” caused by fire and smoke.

But since 2017, the lawsuit claims, the FAIR Plan began limiting coverage after state officials approved a standard policy that, among other provisions, paid for smoke damage only if it was detectable to the unaided eye or nose of an average person rather than requiring laboratory testing.

Dylan L. Schaffer, the attorney for the plaintiffs, said the changes created a policy that is unlawful and fails to provide mandatory minimum coverage for losses caused by a fire. It also places residents at risk to contaminants that may not be visible to the human eye.

“The illegal policy gives FAIR Plan and its member companies like State Farm and Nationwide license to refuse to properly investigate and pay wildfire smoke damage claims,” Schaffer said.

A spokesman for the California FAIR Plan Assn. said it does not comment on pending litigation.

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Because of those changes, Schaffer said, thousands of wildfire claims have been improperly denied.

But the lawsuit also serves as an attempt to hold the Department of Insurance accountable for failing to enforce its own policies.

The lawsuit claims that the department wrote a letter to the FAIR Plan in January 2021, saying the amended fire insurance policy was unlawful because it failed to provide “the mandatory minimum coverage required by California law.” The letter also told the FAIR Plan that it had obtained approval for its policy based on “misrepresentations” and “concealment of material facts,” according to the lawsuit.

The letter directed the FAIR Plan to reform its policies, the lawsuit says, and review claims it had rejected.

The lawsuit claims that the results of the department’s findings were once again confirmed in a May 2022 report on the FAIR Plan’s handling of wildfire claims.

A spokesperson for the Insurance Department did not immediately respond to a request for comment.

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Schaffer, who is also litigating a separate suit on behalf of more than 1,000 homeowners in Los Angeles who say the FAIR Plan wrongly denied their claims, said the FAIR Plan continues to sell the same policies despite the department’s findings.

The lawsuit asks the court to order the association to comply with the law and increase the scope of wildfire coverage in all of its California policies.

“We’re not asking for any money, we’re just asking the California FAIR Plan to come into the light, to come in where all its member carriers are,” Schaffer said. “They all investigate smoke damage, they determine smoke damage and they pay for reasonable amounts for remediation.”

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Ruben Vives is a general assignment reporter for the Los Angeles Times. A native of Guatemala, he got his start in journalism by writing for The Times’ Homicide Report in 2007. He helped uncover the financial corruption in the city of Bell that led to criminal charges against eight city officials. The 2010 investigative series won the Pulitzer Prize for public service and other prestigious awards.

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Britain’s Violent Riots: What We Know

Officials had braced for more unrest on Wednesday, but the night’s anti-immigration protests were smaller, with counterprotesters dominating the streets instead.

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By Lynsey Chutel

After days of violent rioting set off by disinformation around a deadly stabbing rampage, the authorities in Britain had been bracing for more unrest on Wednesday. But by nightfall, large-scale anti-immigration demonstrations had not materialized, and only a few arrests had been made nationwide.

Instead, streets in cities across the country were filled with thousands of antiracism protesters, including in Liverpool, where by late evening, the counterdemonstration had taken on an almost celebratory tone.

Over the weekend, the anti-immigration protests, organized by far-right groups, had devolved into violence in more than a dozen towns and cities. And with messages on social media calling for wider protests and counterprotests on Wednesday, the British authorities were on high alert.

With tensions running high, Prime Minister Keir Starmer’s cabinet held emergency meetings to discuss what has become the first crisis of his recently elected government. Some 6,000 specialist public-order police officers were mobilized nationwide to respond to any disorder, and the authorities in several cities and towns stepped up patrols.

Wednesday was not trouble-free, however.

In Bristol, the police said there was one arrest after a brick was thrown at a police vehicle and a bottle was thrown. In the southern city of Portsmouth, police officers dispersed a small group of anti-immigration protesters who had blocked a roadway. And in Belfast, Northern Ireland, where there have been at least four nights of unrest, disorder continued, and the police service said it would bring in additional officers.

But overall, many expressed relief that the fears of wide-scale violence had not been realized.

Here’s what we know about the turmoil in Britain.

Where arrests have been reported

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Money blog: Is this the end of the British pub?

Welcome to the Money blog, your place for personal finance and consumer news and tips. Read our deep dive into the demise of the British pub below - and we'll be back with live updates on Monday. As always, you can comment on anything we're covering in Money below.

Saturday 10 August 2024 09:21, UK

Weekend Money

• Is this the end of the British pub?
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Ask a question or make a comment

By Brad Young , Money reporter

Mourning his mother's death and celebrating her life at the Old Neighbourhood Inn was the obvious choice for Martin Leach, 72, from Chalford Hill, near Stroud. 

The wood-beamed pub opposite his home had been woven into the fabric of the village for 150 years, so it made sense for 90 friends and family members to gather there in 2015 to say their final goodbyes to Nellie "Lilian" Leach. 

But seven years later, the village would say goodbye to the Old Neighbourhood too; its only pub shuttering its doors in a scene playing out hundreds of times over across the UK – and at an accelerating pace. 

"Entirely pissed off," said Mr Leach, when asked how he felt about the closure of the pub, which had once played host to local bands, mobile bakeries, artisan vendors and an affectionate black Labrador. 

"The pub was all that was left to represent that [village] community, and that's gone. And I think it's important to have that sense of community otherwise we just turn into a bunch of hamsters in cages."

Some 239 pubs closed in England and Wales during the first three months of the year, according to government figures – 56% more than in the same period in 2023. 

"There's a sense of death by a thousand cuts or 'what fresh hell is this?'" said Dr Thomas Thurnell-Read, a sociology expert at Loughborough University who has extensively researched pub closures. 

"Everything cumulatively is building up and that's why, sadly, there isn't a magic bullet for the problems in the sector."

Gen Z's changing habits 

Young people are more health and fitness conscious and more time-poor than their parents were, said Dr Thurnell-Read. 

The financial burden of university is rising, meaning students are taking part-time jobs and reducing the social time when drinking habits could form, he said. 

Freshers' week, once a party-filled gateway to three years of drinking, has become a box to tick and leave behind. 

"A generation of young people are finding other ways to socialise without automatically reaching for alcohol."

COVID played some part in this trend, said Dr Thurnell-Read. His students who started their degrees during social restrictions don't routinely go for big nights out or spontaneous, post-lecture pints. 

Between 2011 and 2022, the proportion of non-drinkers increased from 16% to 19%, according to Drinkaware's analysis of NHS data.

It's a trend driven by 16-24-year-olds (26%) and resisted by adults aged between 55 and 64 (14%).

Less cash, more alternatives 

"The younger generation don't drink as much. That's definitely a noticeable thing, but I don't think anyone really does any more. I don't really see the culture of when people used to go out and drink – like properly drink," said Simon Goodman, 44, owner of the Duke of Cumberland Arms, Henley.

The publican, who has been in the industry for 18 years, said that trade between the start of the year and the start of summer was "the quietest I have ever seen it". 

"People just weren't around. It's very bizarre after being in the business like this for so long."

The public have little money left over after paying their bills and more places to spend it, said Tom Stainer, chief executive of the Campaign for Real Ale (CAMRA). 

This was a trend that began in 2003, when the Licensing Act gave new types of venues the right to sell alcohol, not just pubs and clubs. 

Now the cost of living crisis looms large. One in five people who would usually go weekly to pubs and restaurants said they were doing so less often in a survey by consultancy firm CGA in April.

At the same time, skyrocketing rents and mortgages have led to a squeeze on leisure time, with people spending longer commuting in order to afford homes in cheaper locations, added Dr Thurnell-Read. 

"The big shift I think has been home entertainment. One of the other effects of COVID was it showed everyone how easy it was to get just about everything delivered to your front door," Mr Stainer said. 

This is a setback profoundly familiar to the manager of the Queen Inn, Great Corby, in Carlisle, which closed on 30 June.

Punters thinned out because they had a "vast amount of options at their fingertips" at home and supermarket alcohol was significantly cheaper, said Katie Wilkinson.

"It's a big shame," Ms Wilkinson said: "It means the village won't have a pub anymore and a lot of people rely on coming in each night for that social aspect."

She said this was particularly important for older people: "They see each other every night and now they won't.

"I think as we move forward more and more smaller village pubs will be closing."

The real estate incentive

As pubs become less profitable, companies that own the land are knocking them down to cash in on the real estate value "time and time again", said Dr Thurnell-Read.

"Pubs are being closed against the will of the people who run them and often against the will of the community who need them."

One of those community members is Tricia Watson, who moved to Chalford Hill, Stroud, as a new mum and used the Old Neighbourhood as a hub to connect with other parents. 

Now a Stroud district councillor representing the area, she has joined a campaign group fighting to stop the landlord's plans to convert it into a residential property. 

The Old Neighbourhood has been deemed an asset of community value under the 2011 Localism Act, meaning local groups like the Chalford Hill Community Benefit Society must be given time to make a bid to buy it for the community. But, ultimately, the owner can reject it. 

"The asset of community value regulations are absolutely toothless. So any community that wants to keep their pub going is at the mercy of the markets," she said, adding the site is worth £300,000 more as housing than as a pub. 

Without outside support, community efforts to purchase closing pubs have a success rate of less than 10%, according to the Plunkett Foundation, a charity promoting community-owned businesses. 

"Sadly that picture is very recognisable," said CAMRA's Mr Stainer. "It was recognisable pre-COVID and COVID has accelerated the process."

He added: "I think a lot of property owners are being tempted to take the fast buck."

Pub companies often finance buying pubs in such a way that they need to make big returns to service the debts, which can either be done by raising rents or selling off parcels of land, he said. 

"It is the tenants and the pubs that suffer because they are the ones that get chucked out of their business and often their homes."

'Daily struggle' of doing business 

The last four years have been "incredibly intense" for the industry, said Emma McClarkin, chief executive of the British Beer and Pub Association (BBPA). 

She lists off some of the "thousand cuts" Dr Thurnell-Read was referring to: the pandemic, war in Ukraine, pressures on supply chains, the energy crisis, cost inflation and customers who are far worse off than they were 2019.

Mr Goodman, of the Duke of Cumberland Arms in Henley, lists the impacts of these wounds: "The price of food, alcohol, wages, electric, gas - it's never ending." 

He said: "It is definitely the trickiest the industry has ever been I think. It is a daily struggle."

Food costs in particular have been "insane since the beginning of the year", rising by at least 15%, and in some cases doubling since 2019.

And they are completely unpredictable: "The prices can just change overnight, quite drastically as well."

It's not just food. Despite wholesale energy costs easing, Ofgem research published in March found 88% of hotel and catering businesses were still concerned about the impact of energy prices on their business. 

Fixed energy contracts have come to an end at five Cornish pubs run by Chris Black and his husband Jason, who face new tariffs costing 25% to 50% more.

"Pubs are not particularly energy efficient. I think that can be a massive factor in where money is basically being wasted quite easily," said Mr Black, 39.

He went on to echo an argument being made across the industry: while world events may not be in the government's gift, taxation is, and pubs are being "overly taxed". 

"I don't think there has been enough done to support pubs and that's evident in the number of pubs that are closing," he said. 

Alcohol duty, a tax levied on booze, is worth approximately 54.2p in a pint of 5% ABV draught beer (38p in a 3.5% pint, 75.9p for 7%).

Food and drink served in pubs is also subject to 20% VAT (though this was reduced to 5% and 12.5% at different stages of the pandemic). 

Pubs contribute 2.5% of all business rates collected by the government, but generate 0.5% of total business turnover, which CAMRA and the BBPA argue equates to a £500m overpayment. 

Taken together, Ms McClarkin estimates £1 in every £3 goes "straight to the tax man". 

COVID loans hangover and WFH 

During his research, Dr Thurnell-Read was told by many publicans they could have survived COVID or the cost of living crisis – but not both. 

The term perfect storm is overused, but for CAMRA's Mr Stainer, it's the only appropriate description. 

The pandemic burned through pubs' savings and forced them to take on more debt, just before the cost of energy and ingredients rose dramatically and the amount of money customers had to spend plummeted. 

Now, loans taken out and rents deferred during COVID are being called in, said Mr Stainer. 

"Many pubs have survived COVID but maybe are in danger of not surviving the long-term effects of the lockdown."

Introduced in March 2020, the Coronavirus Business Interruption Loan was a scheme whereby the government would encourage banks to loan up to £5m to businesses by guaranteeing 80% of the money and paying any interest or fees for the first year. 

"It is definitely a contributing factor to these failures, the inability to be able to pay back these loans," said Ms McClarkin, of the BBPA.

She said some smaller brewers had gone into administration because they "simply cannot pay them back". 

Loans aren't the only COVID hangovers facing pubs, according to Ms McClarkin: "Working from home culture has definitely damaged the pub sector, to the point where some pubs simply don't open Monday, Tuesday."

The pub lunch has dwindled in cities and big towns, and some establishments are choosing to close early on weekdays and open earlier on weekends, she said, as customers switch to less frequent outings. 

Fewer, more costly staff

Staffing has been a problem since Brexit, says Jane Pendlebury, chief executive of the Hospitality Professionals Association (HOSPA). 

She explained the end of freedom of movement has made it more difficult to find staff - and choose the right ones. 

"The friendliness, the smiles, charm, the willingness to pour a drink or deliver some food with a smile on your face will take them [pubs] a long way, but... if you can't get the right staff then you're not going to be delivering that." 

Minimum wage increases, while great for workers, have added to the outgoings for struggling pubs, she said. 

April's increase (£1.02-£1.26 more per hour for each employee) will see the sector's salary bills rise by £3.2bn, according to trade body UKHospitality. 

"People's wages have gone up, and that's absolutely acceptable and they should go up, but when it all adds up in this industry, when do you start going out and you're paying over £50 on a steak?" said Mr Goodman, of the Duke of Cumberland Arms. 

Cornish publican Mr Black said: "We've run a lot tighter on labour to try and keep the cost down because labour costs can be real money down the drain if you've got too many staff on at the wrong times."

Exhaustion 

For HOSPA's Ms Pendlebury, it's important to remember pubs are run by people – and they have a limit. 

"People that run pubs, own pubs, are just exhausted. 

"They were enormously under pressure [during COVID] and then as the guests came back, they were more difficult to deal with because their expectations were so high.

"So I think they are at their wits' end."

It's the smaller, more independent pubs that are closing, she said.

The scale of pub companies means more favourable borrowing rates, supply-chain priority and better value for money when bulk buying stock like menus, cutlery and loo roll, she said. 

They may have their own property managers – rather than more costly local tradespeople - and staff to manage their online reputation. 

"If it's all chains then we would, probably, ultimately lose some of our character as a country," said Ms Pendlebury.

It's not all bad

Walk across the River Ver, St Albans, north of London, almost 1,000 years ago and you would have seen the same building where Ronan Gaffney serves pints today. 

Pop into Ye Olde Fighting Cocks for an ale 400 years ago and you might even have bumped into Oliver Cromwell, who was said to have spent a night at the inn during the mid-1600s.

But centuries of history could not save the pub in February 2022, when the Fighting Cocks, the only inn to be officially recognised as the oldest in Britain, closed (though this was a title so disputed in the industry that Guinness dropped the category entirely in 2000).

Mr Gaffney, 27, and his colleagues lost their jobs in the pub where he – and generations before him - bought his first pint. 

But this isn't the story of another lost community asset: the pub reopened two months later, and Mr Gaffney was there to welcome the community back – with a promotion. 

The establishment's manager and head chef had banded together to take over the lease with a third business partner.

"It was super rewarding being able to reopen the doors and have been back in," said Mr Gaffney, now general manager.

"It was lovely to see the local community come in and say they're glad we're open again. A lot of people do have a lot of memories in this pub."

The pub is now in a much for comfortable position, though they must remain "very cautious on a daily basis", he said. 

He put its success down to attention to detail, big events, pricing and luck.

Bars can't get by on day trade anymore: birthdays, weddings and other large bookings are essential, he said.

"That is definitely one thing that our pub is not only very good at, but we're also almost reliant on it for a certain amount of our turnover."

Unless your pub is next to a train station, food is a must: "Being a simple boozer any more doesn't really seem to exist." 

He said he pays close attention to how staff are trained, products are bought and prices are set.

A lot of alcohol and food will return very slim – if any – margins, so you've got to make up for it on soft drinks, crisps and nuts, he said.

The same applies to the low and no alcohol products that have become so popular among younger people as they steer away from heavy drinking.

"It was quite strange," said Mr Gaffney. 

"It's not too rare for a pub to close or reopen these days, but it was quite rare to be able to be on both sides of that."

By Daniel Binns, business reporter

On Monday, stock markets around the world plummeted amid fears the US might slump into recession.

The UK's FTSE 100 closed down more than 2%, its worst day since July 2023. In the US, the S&P 500 index slid 3%, while Japan's Nikkei 225 plunged more than 12% - its biggest fall since "Black Monday" in October 1987.

It followed US jobs data, which came in much lower than expected for July, sparking fears of a recession in the world's largest economy.

If a recession was to play out (and that's a big if) there would be consequences around the globe, many negative but not all...

Concern over the strength of China's economy and several weak earnings reports from major tech firms added to the jitters, but from Tuesday onwards  stock markets started to slowly recover , making some gains as investors' worries calmed.

This was given further momentum on Thursday with the release of more jobs data - this time US figures showing a bigger-than-expected drop in jobless claims, alleviating - though not ending - fears of recession. 

More official US data on areas such as jobs and inflation in the coming months will help us get a better idea about the state of the country's economy and whether the recession worries this week were an over-reaction – or bang on the money.

The recovery in the stock market came as the pound's value also began to slowly climb back over the week.

It had dipped after an interest rate cut from the Bank of England last Thursday.

Generally, higher interest rates tend to attract foreign investors looking for more return on their money - lower rates are unappealing and can decrease a currency's value.

On Monday,  £1 could buy you $1.2811 or €1.1677 before its value against both fell.

But by Friday afternoon, Sterling had managed to climb back up to $1.2755 – not quite a full recovery but much better than its lows earlier in the week. 

It means those heading to the US will now get less buck for their bang, compared with if they had exchanged their cash last week.

However, the pound's strength against the Euro on Friday was almost back to where it was at the start of the week, valued at €1.677 by the markets. So those who exchanged money during the week may have got worse exchange rates, compared with those who waited until this weekend.

Several readers got in touch to ask how a US recession might impact exchange rates and holiday money - we took a look here...

The picture could be changed again next week when a few significant economic moments will play out in the UK.

Jobs data on Tuesday and inflation figures for July on Wednesday will provide an updated sense of where we've got to in the cost of living crisis - and likely impact expectations for the direction of interest rates.

We'll also hear how the broader UK economy is doing with quarterly GDP figures on Thursday.

As always, we'll have everything you need to know here in the Money blog.

Each week we feature comments on the stories you're talking about.

Our Bring it Back feature this week looked at Cadbury's Spira, which back in the late Eighties featured six hollow tubes allowing discerning chocolate fans to use them as a drinking straw for hot drinks.

While many mourn its disappearance, one reader pointed out there are alternative chocolate bars for dipping...

RE: Using confectionary as a drinking straw. You have clearly never heard of using a Twix. Nibble off a small amount at either end - then dip one end into very hot tea and suck hard. It's like dunking a Twix from the inside out. Highly recommended - and no mess lol.  Paul C

Other readers commented...

Not a question, more a statement, please continue this worthwhile crusade to BRING BACK THE SPIRA. Thanks. Razor

Hi Bring it Back team, can you please ask Heinz to bring back Toast Toppers. Their posts on Facebook are always full of people begging them to bring them back and I think there are three petitions online but as yet no joy. Can you ask them please? Lovetoast

Good news, Lovetoast - we'll be focusing on this next week. 

More comments came in...

The greatest ever chocolate bar was the Cadbury's Fuse. I recall my wife, when we were courting in our youth, telling me in the mid-90s that a Cadbury's representative came into the Spar she was working at and said: "It is more than just a chocolate bar, it's a full meal." Shaun Fielding

Campbell's need to bring back condensed pea soup - think about vegetarians. I used to live on pea soup, then they decided to put ham in it. No other pea soup will do, they just don't taste the same. I have tried ordering it online but it has been discontinued.  Mandy63

Brannigans beef and mustard crisps were and still are the best I have ever had - there is not a crisp out there today that comes close in flavour. Mr S

Mr S, we're looking into this one too.

Burtons fish and chips. A wee packet of savoury biscuits. Currently available in salt and vinegar, but not in the original fish and chip flavour. A favourite of tuck shops and much loved by 1970s school children. Ruth Currie

Bring back the Aztec bar. Best bar ever. Young people have no idea just how short-changed they are with mediocre chocolate bars. Cadbury Marvellous Creations? What a load of rubbish!! RuthiePuthie

They need to bring back white Maltesers! I could never get enough of them, so much so I've not had a Malteser since! CEdwards

Walkers crisps. Bring back the small bags of your discontinued (last year) Worcestershire sauce flavoured potato crisps. It was, and always will be, Walkers' best flavoured crisp. R. Lyon

Please bring back Kellogg's Puffa Puffa Rice, best cereal ever!! I used to eat this cereal morning, noon and night. It tasted delicious! I really wish they would bring it back Doglover

Bring back the Pyramint! Dark chocolate shaped pyramid filled with mint flavoured fondant. Made by Terrys. Yum!!! JessElizabeth

Bring it back: Ketchup Pringles! They are the most delicious Pringles and other countries sell them but can only get them imported here very expensively. They should stop creating all these weird flavours and bring back the best one! Sooty

We need to bring back the Cabana Bar - a mix of coconut, cherries and caramel wrapped in chocolate. A treat that this generation are sadly missing out on - Bring it Back! Please. Gillian Mackay

Bring back Pacers! A bit like the shape and texture of Star Burst (previously Opal Fruits) but minty with white and green stripes! Never could understand why they stopped making them! LorWil

Cadbury should bring back the Secret bar. Very fond memories of being sent to the local shop to get one for my mum and then having the last bite. Francesca D

PLEASE can you harass the hell out of whoever has the power to bring the Secret chocolate bar back? It was so unique! Help a girl out (With many thanks). SecretAgent

I'd love to see the Texan Bar brought back. It was like a big Chomp and I loved it. Also, Cowan's Highland Toffee was another favourite that I don't think you can get anymore. And Riley's Toffee Rolls too, which were a bit like Eclairs but chewier! LupusAquatica

The Money blog is your place for consumer news, economic analysis and everything you need to know about the cost of living - bookmark news.sky.com/money.

It runs with live updates every weekday - while on Saturdays we scale back and offer you a weekend feature, a round up of what readers have been saying this week, and an overview of the biggest news.

Check them out this morning and we'll be back on Monday with rolling news and features.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

ScotRail and Caledonian Sleeper staff have voted in favour of a walk-out in an ongoing dispute over pay, the RMT union has said.

Union members at the two publicly owned rail operators were separately balloted for strike action following a pay offer that was described by the union as "derisory".

Bexley has topped the list as London's cheapest area to rent .

The average rent in the southeast London region is £1,297 per month, a study by  BLG Development Finance and Online Marketing Surgery  found.

In second place is east London's Havering, with an average rent of £1,350 a month.

The most expensive average rent is in Kensington and Chelsea, with renters paying around £3,322 a month.

A secret advertising deal was struck between Google and Meta to boost Instagram's users, according to a Financial Times report . 

Google had worked on a marketing project for Meta aimed at targeting 13 to 17-year-old YouTube users with adverts promoting Instagram. 

That's despite Google's rules prohibiting personalising and targeting adverts to under-18s. 

Google has since cancelled the project after being contacted by the FT and investigating its claims.

The chocolate maker is giving customers the chance to star in one of its classic ads from the last 200 years with the use of AI.

As part of the AI-powered tool, users will be able to upload a selfie and select their era from one of seven Cadbury ads. 

Users can also select how they would like to be represented and the AI technology will then recreate their image.

Those who do give it a try will automatically be entered into a prize draw to win £200.

The My Cadbury Era campaign is being launched by the chocolate company's agency VCCP London to mark Cadbury's 200th anniversary this year. 

You can find out more here ...

Free Jude's ice cream is being offered for John Lewis reward members this summer.

Shoppers looking to indulge will be able to get one for free at The Place to Eat if they join the retailer's loyalty scheme .

The offer comes as a short-lived but intense spell of hot weather prepares to hit the UK this weekend, with temperatures expected to reach 33C in parts of the country.

The offer is valid until 27 September.

Eagle-eyed shoppers have noticed Heinz Ploughman's Pickle appears to have disappeared from supermarket shelves. 

The popular condiment might have been a favourite for your cheese sandwich, but there's bad news - Heinz has confirmed the product has, in fact, been discontinued. 

Concerned customer Sarah-Ann asked this on Twitter...

To Sarah-Ann's disappointment, Heinz replied: "Thanks for your message. Sorry to say but this product has now been discontinued."

So, is this one that should be brought back? 

We've been running a weekly series called Bring It Back where we look at the discontinued food items that you want back on our shelves. 

Here are the ones you've been calling for so far... 

Teachers and school support staff can now apply for a Blue Light discount card - but the sudden surge in demand has caused the official website to temporarily crash. 

The Blue Light card is a discount provided to emergency services, NHS workers, social care staff and members of the armed forces, and provides thousands of offers and discounts online and on the high street. It costs £4.99 to register for two-year access to more than 15,000 offers from large national retailers and local businesses. 

But it seems demand was so high, with teachers rushing to grab the card, that it promptly crashed the website.

"Due to the high demand we've seen over the last 24 hours we experienced some issues with our website and app," the organisation wrote on X. 

"Please accept our apologies for this error. We are in the process of refunding any duplicate payments and you should receive an email in the next 24 hours with more information." 

However, the move to accept teachers into the scheme has been met with some criticism. 

One A-level maths teacher wrote: "I'm not sure how I feel about this. Teaching can be hard, but we're not an emergency service, and our work isn't really in the same category as "blue light" jobs. If they're going to widen the eligibility criteria, it needs a name change, at the very least."

Another X user wrote: "This is precisely why fewer and fewer businesses accept the BLC. You really ought to rebrand to something like 'Key Worker Card'. The majority of jobs which meet your eligibility criteria are not 'blue light' roles -- the name 'BLC' is misleading now." 

But Blue Light Card hit back, saying: "Teachers are not just educators; they are mentors, guides and inspirations that are helping shape the future for our children. They are fully deserving members of our blue light community." 

What kind of offers can a Blue Light card get you? 

Among the offers is 12% off at Fenty Beauty and 15% off at Bose. 

Users can also get a £30 gift card if they spend more than £1,000 at British Airways or a £110 voucher if they sell their car via Carwow. 

Or if getting fit is more your thing, you can get 50% off an annual subscription to the Body Coach.  

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What Kamala Harris has said so far on key issues in her campaign

As she ramps up her nascent presidential campaign, Vice President Kamala Harris is revealing how she will address the key issues facing the nation.

In speeches and rallies, she has voiced support for continuing many of President Joe Biden’s measures, such as lowering drug costs , forgiving student loan debt and eliminating so-called junk fees. But Harris has made it clear that she has her own views on some key matters, particularly Israel’s treatment of Gazans in its war with Hamas.

In a departure from her presidential run in 2020, the Harris campaign has confirmed that she’s moved away from many of her more progressive stances, such as her interest in a single-payer health insurance system and a ban on fracking.

Harris is also expected to put her own stamp and style on matters ranging from abortion to the economy to immigration, as she aims to walk a fine line of taking credit for the administration’s accomplishments while not being jointly blamed by voters for its shortcomings.

Her early presidential campaign speeches have offered insights into her priorities, though she’s mainly voiced general talking points and has yet to release more nuanced plans. Like Biden, she intends to contrast her vision for America with that of former President Donald Trump. ( See Trump’s campaign promises here .)

“In this moment, I believe we face a choice between two different visions for our nation: one focused on the future, the other focused on the past,” she told members of the historically Black sorority Zeta Phi Beta at an event in Indianapolis in late July. “And with your support, I am fighting for our nation’s future.”

Here’s what we know about Harris’ views:

Harris took on the lead role of championing abortion rights for the administration after Roe v. Wade was overturned in June 2022. This past January, she started a “ reproductive freedoms tour ” to multiple states, including a stop in Minnesota thought to be the first by a sitting US president or vice president at an abortion clinic .

On abortion access, Harris embraced more progressive policies than Biden in the 2020 campaign, as a candidate criticizing his previous support for the Hyde Amendment , a measure that blocks federal funds from being used for most abortions.

Policy experts suggested that although Harris’ current policies on abortion and reproductive rights may not differ significantly from Biden’s, as a result of her national tour and her own focus on maternal health , she may be a stronger messenger.

High prices are a top concern for many Americans who are struggling to afford the cost of living after a spell of steep inflation. Many voters give Biden poor marks for his handling of the economy, and Harris may also face their wrath.

In her early campaign speeches, Harris has echoed many of the same themes as Biden, saying she wants to give Americans more opportunities to get ahead. She’s particularly concerned about making care – health care, child care, elder care and family leave – more affordable and available.

Harris promised at a late July rally to continue the Biden administration’s drive to eliminate so-called “junk fees” and to fully disclose all charges, such as for events, lodging and car rentals. In early August, the administration proposed a rule that would ban airlines from charging parents extra fees to have their kids sit next to them.

On day one, I will take on price gouging and bring down costs. We will ban more of those hidden fees and surprise late charges that banks and other companies use to pad their profits.”

Since becoming vice president, Harris has taken more moderate positions, but a look at her 2020 campaign promises reveals a more progressive bent than Biden.

As a senator and 2020 presidential candidate, Harris proposed providing middle-class and working families with a refundable tax credit of up to $6,000 a year (per couple) to help keep up with living expenses. Titled the LIFT the Middle Class Act, or Livable Incomes for Families Today, the measure would have cost at the time an estimated $3 trillion over 10 years.

Unlike a typical tax credit, the bill would allow taxpayers to receive the benefit – up to $500 – on a monthly basis so families don’t have to turn to payday loans with very high interest rates.

As a presidential candidate, Harris also advocated for raising the corporate income tax rate to 35%, where it was before the 2017 Tax Cuts and Jobs Act that Trump and congressional Republicans pushed through Congress reduced the rate to 21%. That’s higher than the 28% Biden has proposed.

Affordable housing was also on Harris’ radar. As a senator, she introduced the Rent Relief Act, which would establish a refundable tax credit for renters who annually spend more than 30% of their gross income on rent and utilities. The amount of the credit would range from 25% to 100% of the excess rent, depending on the renter’s income.

Harris called housing a human right and said in a 2019 news release on the bill that every American deserves to have basic security and dignity in their own home.

Consumer debt

Hefty debt loads, which weigh on people’s finances and hurt their ability to buy homes, get car loans or start small businesses, are also an area of interest to Harris.

As vice president, she has promoted the Biden administration’s initiatives on student debt, which have so far forgiven more than $168 billion for nearly 4.8 million borrowers . In mid-July, Harris said in a post on X that “nearly 950,000 public servants have benefitted” from student debt forgiveness, compared with only 7,000 when Biden was inaugurated.

A potential Harris administration could keep that momentum going – though some of Biden’s efforts have gotten tangled up in litigation, such as a program aimed at cutting monthly student loan payments for roughly 3 million borrowers enrolled in a repayment plan the administration implemented last year.

The vice president has also been a leader in the White House efforts to ban medical debt from credit reports, noting that those with medical debt are no less likely to repay a loan than those who don’t have unpaid medical bills.

In a late July statement praising North Carolina’s move to relieve the medical debt of about 2 million residents, Harris said that she is “committed to continuing to relieve the burden of medical debt and creating a future where every person has the opportunity to build wealth and thrive.”

Health care

Harris, who has had shifting stances on health care in the past, confirmed in late July through her campaign that she no longer supports a single-payer health care system .

During her 2020 campaign, Harris advocated for shifting the US to a government-backed health insurance system but stopped short of wanting to completely eliminate private insurance.

The measure called for transitioning to a Medicare-for-All-type system over 10 years but continuing to allow private insurance companies to offer Medicare plans.

The proposal would not have raised taxes on the middle class to pay for the coverage expansion. Instead, it would raise the needed funds by taxing Wall Street trades and transactions and changing the taxation of offshore corporate income.

When it comes to reducing drug costs, Harris previously proposed allowing the federal government to set “a fair price” for any drug sold at a cheaper price in any economically comparable country, including Canada, the United Kingdom, France, Japan or Australia. If manufacturers were found to be price gouging, the government could import their drugs from abroad or, in egregious cases, use its existing but never-used “march-in” authority to license a drug company’s patent to a rival that would produce the medication at a lower cost.

Harris has been a champion on climate and environmental justice for decades. As California’s attorney general, Harris sued big oil companies like BP and ConocoPhillips, and investigated Exxon Mobil for its role in climate change disinformation. While in the Senate, she sponsored the Green New Deal resolution.

During her 2020 campaign, she enthusiastically supported a ban on fracking — but a Harris campaign official said in late July that she no longer supports such a ban.

Fracking is the process of using liquid to free natural gas from rock formations – and the primary mode for extracting gas for energy in battleground Pennsylvania. During a September 2019 climate crisis town hall hosted by CNN, she said she would start “with what we can do on Day 1 around public lands.” She walked that back later when she became Biden’s running mate.

Biden has been the most pro-climate president in history, and climate advocates find Harris to be an exciting candidate in her own right. Democrats and climate activists are planning to campaign on the stark contrasts between Harris and Trump , who vowed to push America decisively back to fossil fuels, promising to unwind Biden’s climate and clean energy legacy and pull America out of its global climate commitments.

If elected, one of the biggest climate goals Harris would have to craft early in her administration is how much the US would reduce its climate pollution by 2035 – a requirement of the Paris climate agreement .

Immigration

Harris has quickly started trying to counter Trump’s attacks on her immigration record.

Her campaign released a video in late July citing Harris’ support for increasing the number of Border Patrol agents and Trump’s successful push to scuttle a bipartisan immigration deal that included some of the toughest border security measures in recent memory.

The vice president has changed her position on border control since her 2020 campaign, when she suggested that Democrats needed to “critically examine” the role of Immigration and Customs Enforcement, or ICE, after being asked whether she sided with those in the party arguing to abolish the department.

In June of this year, the White House announced a crackdown on asylum claims meant to continue reducing crossings at the US-Mexico border – a policy that Harris’ campaign manager, Julie Chavez Rodriguez, indicated in late July to CBS News would continue under a Harris administration.

Trump’s attacks stem from Biden having tasked Harris with overseeing diplomatic efforts in Central America in March 2021. While Harris focused on long-term fixes, the Department of Homeland Security remained responsible for overseeing border security.

She has only occasionally talked about her efforts as the situation along the US-Mexico border became a political vulnerability for Biden. But she put her own stamp on the administration’s efforts, engaging the private sector.

Harris pulled together the Partnership for Central America, which has acted as a liaison between companies and the US government. Her team and the partnership are closely coordinating on initiatives that have led to job creation in the region. Harris has also engaged directly with foreign leaders in the region.

Experts credit Harris’ ability to secure private-sector investments as her most visible action in the region to date but have cautioned about the long-term durability of those investments.

Israel-Hamas

The Israel-Hamas war is the most fraught foreign policy issue facing the country and has spurred a multitude of protests around the US since it began in October.

After meeting with Israeli Prime Minister Benjamin Netanyahu in late July, Harris gave a forceful and notable speech about the situation in Gaza.

We cannot look away in the face of these tragedies. We cannot allow ourselves to become numb to the suffering. And I will not be silent.”

Harris echoed Biden’s repeated comments about the “ironclad support” and “unwavering commitment” to Israel. The country has a right to defend itself, she said, while noting, “how it does so, matters.”

However, the empathy she expressed regarding the Palestinian plight and suffering was far more forceful than what Biden has said on the matter in recent months. Harris mentioned twice the “serious concern” she expressed to Netanyahu about the civilian deaths in Gaza, the humanitarian situation and destruction she called “catastrophic” and “devastating.”

She went on to describe “the images of dead children and desperate hungry people fleeing for safety, sometimes displaced for the second, third or fourth time.”

Harris emphasized the need to get the Israeli hostages back from Hamas captivity, naming the eight Israeli-American hostages – three of whom have been killed.

But when describing the ceasefire deal in the works, she didn’t highlight the hostage for prisoner exchange or aid to be let into Gaza. Instead, she singled out the fact that the deal stipulates the withdrawal by the Israeli military from populated areas in the first phase before withdrawing “entirely” from Gaza before “a permanent end to the hostilities.”

Harris didn’t preside over Netanyahu’s speech to Congress in late July, instead choosing to stick with a prescheduled trip to a sorority event in Indiana.

Harris is committed to supporting Ukraine in its fight against Russian aggression, having met with Ukrainian President Volodymyr Zelensky at least six times and announcing last month $1.5 billion for energy assistance, humanitarian needs and other aid for the war-torn country.

At the Munich Security Conference earlier this year, Harris said: “I will make clear President Joe Biden and I stand with Ukraine. In partnership with supportive, bipartisan majorities in both houses of the United States Congress, we will work to secure critical weapons and resources that Ukraine so badly needs. And let me be clear: The failure to do so would be a gift to Vladimir Putin.”

More broadly, NATO is central to our approach to global security. For President Biden and me, our sacred commitment to NATO remains ironclad. And I do believe, as I have said before, NATO is the greatest military alliance the world has ever known.”

Police funding

The Harris campaign has also walked back the “defund the police” sentiment that Harris voiced in 2020. What she meant is she supports being “tough and smart on crime,” Mitch Landrieu, national co-chair for the Harris campaign and former mayor of New Orleans, told CNN’s Pamela Brown in late July.

In the midst of nationwide 2020 protests sparked by George Floyd’s murder by a Minneapolis police officer, Harris voiced support for the “defund the police” movement, which argues for redirecting funds from law enforcement to social services. Throughout that summer, Harris supported the movement and called for demilitarizing police departments.

Democrats largely backed away from calls to defund the police after Republicans attempted to tie the movement to increases in crime during the 2022 midterm elections.

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