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Free PDF Business Plan Templates and Samples

By Joe Weller | September 9, 2020

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We’ve gathered the most useful collection of business plan PDF templates and samples, including options for organizations of any size and type.

On this page, you’ll find free PDF templates for a simple business plan , small business plan , startup business plan , and more.

Simple Business Plan PDF Templates

These simple business plan PDF templates are ready to use and customizable to fit the needs of any organization.

Simple Business Plan Template PDF

This template contains a traditional business plan layout to help you map out each aspect, from a company overview to sales projections and a marketing strategy. This template includes a table of contents, as well as space for financing details that startups looking for funding may need to provide. 

Download Simple Business Plan Template - PDF

Lean Business Plan Template PDF

This scannable business plan template allows you to easily identify the most important elements of your plan. Use this template to outline key details pertaining to your business and industry, product or service offerings, target customer segments (and channels to reach them), and to identify sources of revenue. There is also space to include key performance metrics and a timeline of activities. 

Download Lean Business Plan Template - PDF

Simple 30-60-90 Day Business Plan Template PDF

This template is designed to help you develop and implement a 90-day business plan by breaking it down into manageable chunks of time. Use the space provided to detail your main goals and deliverables for each timeframe, and then add the steps necessary to achieve your objectives. Assign task ownership and enter deadlines to ensure your plan stays on track every step of the way.

Download Simple 30-60-90 Day Business Plan Template

PDF | Smartsheet

One-Page Business Plan PDF Templates

The following single page business plan templates are designed to help you download your key ideas on paper, and can be used to create a pitch document to gain buy-in from partners, investors, and stakeholders.

One-Page Business Plan Template PDF

Use this one-page template to summarize each aspect of your business concept in a clear and concise manner. Define the who, what, why, and how of your idea, and use the space at the bottom to create a SWOT analysis (strengths, weaknesses, opportunities, and threats) for your business. 

Download One-Page Business Plan Template

If you’re looking for a specific type of analysis, check out our collection of SWOT templates .

One-Page Lean Business Plan PDF

This one-page business plan template employs the Lean management concept, and encourages you to focus on the key assumptions of your business idea. A Lean plan is not stagnant, so update it as goals and objectives change — the visual timeline at the bottom is ideal for detailing milestones. 

Download One-Page Lean Business Plan Template - PDF

One-Page 30-60-90 Day Business Plan Template

Use this business plan template to identify main goals and outline the necessary activities to achieve those goals in 30, 60, and 90-day increments. Easily customize this template to fit your needs while you track the status of each task and goal to keep your business plan on target. 

Download One-Page 30-60-90 Day Business Plan Template

For additional single page plans, including an example of a one-page business plan , visit " One-Page Business Plan Templates with a Quick How-To Guide ."

Small Business Plan PDF Templates

These business plan templates are useful for small businesses that want to map out a way to meet organizational objectives, including how to structure, operate, and expand their business.

Simple Small Business Plan Template PDF

A small business can use this template to outline each critical component of a business plan. There is space to provide details about product or service offerings, target audience, customer reach strategy, competitive advantage, and more. Plus, there is space at the bottom of the document to include a SWOT analysis. Once complete, you can use the template as a basis to build out a more elaborate plan. 

Download Simple Small Business Plan Template

Fill-In-the-Blank Small Business Plan Template PDF

This fill-in-the-blank template walks you through each section of a business plan. Build upon the fill-in-the-blank content provided in each section to add information about your company, business idea, market analysis, implementation plan, timeline of milestones, and much more.

Download Fill-In-the-Blank Small Business Plan Template - PDF

One-Page Small Business Plan Template PDF

Use this one-page template to create a scannable business plan that highlights the most essential parts of your organization’s strategy. Provide your business overview and management team details at the top, and then outline the target market, market size, competitive offerings, key objectives and success metrics, financial plan, and more.

Download One-Page Business Plan for Small Business - PDF

Startup Business Plan PDF Templates

Startups can use these business plan templates to check the feasibility of their idea, and articulate their vision to potential investors.

Startup Business Plan Template

Use this business plan template to organize and prepare each essential component of your startup plan. Outline key details relevant to your concept and organization, including your mission and vision statement, product or services offered, pricing structure, marketing strategy, financial plan, and more.

‌Download Startup Business Plan Template

Sample 30-60-90 Day Business Plan for Startup

Startups can use this sample 30-60-90 day plan to establish main goals and deliverables spanning a 90-day period. Customize the sample goals, deliverables, and activities provided on this template according to the needs of your business. Then, assign task owners and set due dates to help ensure your 90-day plan stays on track.

‌Download Sample 30-60-90 Day Business Plan for Startup Template 

For additional resources to create your plan, visit “ Free Startup Business Plan Templates and Examples .”

Nonprofit Business Plan PDF Templates

Use these business plan PDF templates to outline your organization’s mission, your plan to make a positive impact in your community, and the steps you will take to achieve your nonprofit’s goals.

Nonprofit Business Plan Template PDF

Use this customizable PDF template to develop a plan that details your organization’s purpose, objectives, and strategy. This template features a table of contents, with room to include your nonprofit’s mission and vision, key team and board members, program offerings, a market and industry analysis, promotional plan, financial plan, and more. This template also contains a visual timeline to display historic and future milestones.

Download Nonprofit Business Plan Template - PDF

One-Page Business Plan for Nonprofit Organization PDF 

This one-page plan serves as a good starting point for established and startup nonprofit organizations to jot down their fundamental goals and objectives. This template contains all the essential aspects of a business plan in a concise and scannable format, including the organizational overview, purpose, promotional plan, key objectives and success metrics, fundraising goals, and more.

Download One-Page Business Plan for Nonprofit Organization Template - PDF

Fill-In-the-Blank Business Plan PDF Templates

Use these fill-in-the-blank templates as a foundation for creating a comprehensive roadmap that aligns your business strategy with your marketing, sales, and financial goals.

Simple Fill-In-the-Blank Business Plan PDF

The fill-in-the-blank template contains all the vital parts of a business plan, with sample content that you can customize to fit your needs. There is room to include an executive summary, business description, market analysis, marketing plan, operations plan, financial statements, and more. 

Download Simple Fill-In-the-Blank Business Plan Template - PDF

Lean Fill-In-the-Blank Business Plan PDF

This business plan is designed with a Lean approach that encourages you to clarify and communicate your business idea in a clear and concise manner. This single page fill-in-the-blank template includes space to provide details about your management team, the problem you're solving, the solution, target customers, cost structure, and revenue streams. Use the timeline at the bottom to produce a visual illustration of key milestones. 

Download Fill-In-the-Blank Lean Business Plan Template - PDF

For additional resources, take a look at " Free Fill-In-the-Blank Business Plan Templates ."

Sample Business Plan PDF Templates

These sample business plan PDF templates can help you to develop an organized, thorough, and professional business plan.

Business Plan Sample 

This business plan example demonstrates a plan for a fictional food truck company. The sample includes all of the elements in a traditional business plan, which makes it a useful starting point for developing a plan specific to your business needs.

Download Basic Business Plan Sample - PDF

Sample Business Plan Outline Template

Use this sample outline as a starting point for your business plan. Shorten or expand the outline depending on your organization’s needs, and use it to develop a table of contents for your finalized plan.

Download Sample Business Plan Outline Template - PDF

Sample Business Financial Plan Template

Use this sample template to develop the financial portion of your business plan. The template provides space to include a financial overview, key assumptions, financial indicators, and business ratios. Complete the break-even analysis and add your financial statements to help prove the viability of your organization’s business plan.

Download Business Financial Plan Template

PDF  | Smartsheet

For more free, downloadable templates for all aspects of your business, check out “ Free Business Templates for Organizations of All Sizes .”

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14 Professional Business Plan Samples [Downloadable pdf]

Looking for business plan examples for inspiration? Download or view 14 business plans examples/samples, vetted by our MBA business plan writers. Download in PDF format or read like a book. These real business plan samples would help in writing your own business plan.

View Real Business Plan Examples/Samples

As an entrepreneur, effectively pitching your idea to attract investors and secure funding can be a challenge. Moreover, when launching a business, creating a comprehensive business plan is paramount.

To aid you in these crucial tasks, we offer a collection of real-world and sample business plan examples across diverse industries. A well-structured business plan is indispensable in the fast-paced entrepreneurial landscape, as it delineates your goals, strategies, and financial projections, providing a clear roadmap for your venture.

Our aim is to facilitate the creation of an effective business plan by integrating real-life examples to elucidate the key elements involved. Below, you’ll find a range of 14 detailed business plan examples available for download and use.

Important Sections to Include in Business Plan

To create a robust business plan, ensure inclusion of the following key sections:

• Executive Summary: A brief snapshot of your business and the key highlights of your business plan. Read more
• Product and Services: An elaborate description of the offerings you will provide to your customers. Read more
• Marketing and Sales Plan: A strategic roadmap outlining how you intend to promote and market your business before, during, and after its launch. Read more
• Operating Planning: An explanation of the systems, processes, and tools necessary to efficiently run your business behind the scenes. Read more
• Organization and Management: Organization and management in a business plan outline the structure and leadership of the company. Read more
• Financial Plan: A comprehensive plan mapping out your short-term and long-term financial goals and the associated costs of running your business. If you require funding, this section is where you can outline your request and financial needs. Read more
• Key External Drivers: External drivers encompass factors like outsourcing, economic changes, industry competition, and business legislation complexity. Read more
• Startup Summary: The startup summary offers a comprehensive financial overview of , detailing expenses, asset value, and total requirements, crucial for transparency with entrepreneurs and investors. Read more
• Projected Industry Growth : Projected industry growth forecasts the sector’s expansion, offering a 10-year perspective and average annual growth rate, providing clarity to investors. Read more
• Break-even analysis: The break-even analysis visually presents key metrics and a 12-month revenue forecast to help stakeholders grasp the point where the business covers costs and starts generating profit . Read more
• Management Summary: The management summary provides a concise overview of organizational structure, key personnel, their roles, and financial commitments, ensuring stakeholders understand the business’s operational strength and leadership capability. Read more
• Financial Indicators: The financial indicators section evaluates organizational fiscal health, focusing on year-over-year profitability metrics, leverage ratios, liquidity ratios, and additional metrics, providing a comprehensive understanding of the business’s financial performance and efficiency in revenue generation from equity investments. Read more

Practical Business Plan Examples Illustrating Strategies for Startup Success

1. E-commerce Plan Sample or Example

Something Borrowed Something New is a burgeoning e-commerce enterprise specializing in wedding accessories and personalized gifts. Operating on a drop-shipping model, this business has the capability to make a significant impact in the market.

Moreover, leveraging social networking and blogging can be instrumental in generating awareness and capturing interest, thereby creating a robust online marketing strategy for Something Old and Something New.

To enhance their business operations, they are contemplating the integration of a WhatsApp CRM system. This initiative aims to optimize communication with potential customers, ensuring prompt responses to inquiries and fostering a seamless interaction process.

2. Online Marketplace Business Plan Example or Sample

EPlace Solutions will be an innovative online marketplace business portal offering a variety of products to consumers throughout the globe. Founded by Mr. John Jones, a seasoned business visionary with an eye toward profit and achievement, the organization is set to enter the market in 2023.

Online shopping is at an all-time high with new consumer mindsets calling for them to shop for the types of deals and bargains that will be so much a part of the online marketplace business model.

3. Snack Bar Business Plan Sample / Business Plan Example

There is an increasing demand for snack-type fast food to be consumed while window shopping and walking around inside a shopping mall.

Do you plan to start a snack bar business? Then here’s a complete snack bar startup business plan template and feasibility report you can use FREE of charge. It sounds easy to open a snack bar, but in reality, you need well-planned strategies to ensure that your business stands the test of time. 

Our snack bar business plan sample includes a detailed description of the products and services offered, as well as a market a nalysis  and competitive analysis.

It also includes a financial plan that outlines the startup costs, revenue projections, and break-even analysis. We like this sample plan because it demonstrates how to build a profitable snack bar business by creating a unique menu and offering healthy, high-quality snac ks that meet custome r demand.

Your snack shop business plan can look as polished and professional as the sample plan. It’s fun and easy, with Wise Business Plan. Let’s review the  snack shop business plan sample  and adjust them according to your audience for the best results.

4. Coffee Shop Business Plan Sample/Business Plan Example PDF

A coffee shop business plan is a document that outlines what your business idea is and how it will be implemented. Its purpose is to answer questions such as what it costs to start a coffee shop, how these costs will be financed, and how much money you can expect to earn from your cafe.

Are you looking for the right business plan for your cafe? Let’s review the  Coffee shop business plan sample  to find out how cloud-based software can make your day-to-day work more efficient.

Our coffee shop business plan sample includes a detailed description of the products and services offered, as well as a market analysis and competitive analysis.

It also includes a financial plan that outlines the startup costs, revenue projections, and break-even analysis. We like this sample plan because it demonstrates how to build a profitable coffee shop business by creating a unique brand and offering high-quality products a nd customer service.

5. Food Hall Business Plan Sample/Business Plan Example PDF

In the food industry, there is fierce competition. To ensure success, you need to hit the ground running with the right pitch. Our food house business plan is the ideal solution with an attractive design highlighting key information and conveying the right message.

This food business plan example features food images intended to tantalize the taste buds. It captures the theme perfectly and will convey the ultimate message to investors, clients and customers.

It is important to remember that the business plan template can be customized to meet your company’s specific needs and requirements. It will help showcase your business as a leader in the modern industry.

This food business plan template provides key slides to showcase everything from finances to marketing and key competitors. If you prefer, you can alter the content displayed to meet your specific needs, but this is a good starting point.

Ultimately, this  food house business plan  will be suitable for any business operating in the food industry and keen to get interested from key individuals. It will ensure that you can build up the rep of your company.

We provide a one-of-a-kind sales pitch deck designed to appeal to your prospective audience, as well as a custom presentation tailored to their information requirements.

6. Printing Shop Business Plan Sample/Business Plan Example Plan

When establishing a think tank, you will need to develop a business plan and document it properly. As a mass think tank, you need a special strategy to legalize the think tank as a non-profit organization and to raise funds for your project successfully.

Copy and print businesses offer a variety of services to both businesses and consumers. A copy and print shop can handle everything from single-page printing to large-volume jobs using several types of media.

Our printing shop business plan sample includes a detailed description of the products and services offered, as well as a market analysis and competitive analysis. It also includes a financial plan that outlines the startup costs, revenue projections, and break-even analysis. We like this sample plan because it demonstrates how to build a profitable printing shop business by offering high-quality, customized printing services with a focus on customer s ervice and efficient operations.

Let’s take a look at Printing and Photocopy Business Plan Sample that you can use to inspire your own and easily create one.

7. Acquisition Business Plan Sample/ Example PDF

The acquisition business plan sample is intended for businesses seeking to acquire another company or merge with a competitor. This plan includes an analysis of the target company, a valuation, and a strategy for integrating the acquired business into the existing operations. We like this sample plan because it provides a clear roadmap for the acquisition process and demonstrates the potential benefits of the deal.

8. L-1 Visa Business Plan Example with Sample PDF

At Wisebusinessplans, we understand that obtaining an L1 visa for an executive or manager requires a thorough and compelling business plan.

Our L1 business plan sample includes all the necessary components to satisfy USCIS requirements and demonstrate your qualifications and your company’s viability in the US market.

The L1 business plan sample is a comprehensive plan for a new business seeking L1 visa approval for an executive or manager. This plan focuses on demonstrating the applicant’s qualifications and the company’s viability in the US market.

We like this sample plan because it is specific to the L1 visa process and includes all the necessary components to satisfy USCIS requirements.

9. E-2 Visa Business Plan Sample/ Example PDF

If you’re an entrepreneur seeking E-2 visa approval, Wise Business Plans can help you create a persuasive business plan.

Our E-2 business plan sample outlines your investment, business operations, and financial projections, providing a clear and compelling case for your ability to successfully run a business and make a significant economic impact.

The E-2 business plan sample is designed for entrepreneurs seeking E-2 visa approval, which allows individuals to invest in and manage a business in the United States. This plan outlines the applicant’s investment, business operations, and financial projections. We like this sample plan because it provides a clear and compelling case for the applicant’s ability to successfully run a business and make a significant economic impact.

10. EB-5 Business Plan Sample/ Example PDF

If you’re looking to obtain an EB-5 visa by investing in a new commercial enterprise in the United States, Wise Business Plans can help you create a compelling business plan.

Our EB-5 business plan sample includes a description of your business, a market analysis, and financial projections, providing a detailed and persuasive case for the potential success of your venture.

The EB-5 business plan sample is designed for individuals seeking to obtain an EB-5 visa by investing in a new commercial enterprise in the United States. This plan includes a description of the business, a market analysis, and financial projections. We like this sample plan because it provides a detailed and persuasive case for the potential success of the business, which is crucial for obtaining EB-5 visa approval.

11. Investor Business Plan Sample/ Example PDF

If you’re seeking investment from angel investors, venture capitalists, or other private equity firms, Wise Business Plans can help you create a compelling pitch.

Our investor business plan sample includes a pitch deck, financial projections, and a detailed analysis of the market the potential return on investment and the scalability of your business.

The investor business plan sample is intended for businesses seeking to attract investment from angel investors, venture capitalists, or other private equity firms. This plan includes a pitch deck, financial projections, and a detailed analysis of the market opportunity. We like this sample plan because it emphasizes the potential return on investment and the scalability of the business.

12. Nonprofit Business Plan Sample/ Example PDF

At Wisebusinessplans, we’re committed to helping non-profit organizations achieve their social impact goals.

Our non-profit business plan sample includes a mission statement, programs and services, marketing and outreach strategies, and a financial analysis, providing a clear roadmap for establishing or expanding your organization.

The non-profit business plan sample is designed for organizations seeking to establish or expand a non-profit entity. This plan includes a mission statement, programs and services, marketing and outreach strategies, and a financial analysis. We like this sample plan because it demonstrates a strong commitment to social impact and outlines a clear strategy for achieving the organization’s goals.

13. Bank Business Plan Sample/ Example PDF

Whether you’re seeking financing from a bank or other financial institution, Wise Business Plans can help you create a detailed and persuasive business plan.

Our bank business plan sample includes a thorough financial analysis, market research, and a strategy for achieving profitability, highlighting the key factors that banks consider when evaluating loan applications.

The bank business plan sample is tailored for businesses seeking financing from a bank or other financial institution. This plan includes a detailed financial analysis, market research, and a strategy for achieving profitability. We like this sample plan because it highlights the key factors that banks consider when evaluating loan applications, and provides a strong case for the borrower’s ability to repay the loan.

14. Cannabis Business Plan Sample/ Example PDF

The cannabis industry is rapidly growing, and Wise Business Plans can help you enter it with confidence.

Our cannabis business plan sample includes a market analysis, operational strategy, and regulatory compliance a comprehensive overview of the unique challenges and opportunities in the industry and offering a clear roadmap for success.

The cannabis business plan sample is tailored for entrepreneurs seeking to enter the rapidly growing cannabis industry. This plan includes a market analysis, operational strategy, and regulatory compliance plan. We like this sample plan because it provides a comprehensive overview of the unique challenges and opportunities in the cannabis industry, and offers a clear roadmap for success.

Detailed Overview of Key Components of a Business Plan

1. executive summary.

The executive summary is a concise overview of your business plan, highlighting the key points of each section. It should capture the essence of your business, its mission, and the purpose of the business plan. This section should be written last, but it’s placed at the beginning of the business plan. Here is an example executive summary from our professional business plan written for Eplace Solution , an innovative e-commerce portal.

Tips for Writing Executive Summary

• Keep it brief and focused on key points.
• Clearly define the problem and your solution.
• Highlight market opportunities and growth potential.
• Showcase your team’s qualifications.
• Include financial projections.
• End with a clear call to action.
• Tailor it to your audience.
• Review and update regularly.

2. Company Overview or Description

In this section, provide a detailed description of your company, including its history, legal structure, location, and vision. Explain your mission statement and core values that guide your business decisions. Use real-life examples of successful companies and how their strong company descriptions have contributed to their growth. In addition, you can reuse your company description on your About page, Instagram page, or other properties that ask for a boilerplate description of your business.

This section also allows you to describe how you register your business . Here you must choose whether your business is a corporation, sole proprietorship, LLC , or another type of business .

Tips for Writing Company Description

• Describe your company’s mission and vision.
• Explain what your business does and the problems it solves.
• Mention your target market and customer base.
• Highlight your unique selling points.
• Provide a brief history and background.

3. Market Analysis

A market analysis analyzes how you are positioned in the market, who your target customers are, what your product or service will offer them, and industry trends. It might be useful to do a SWOT analysis to discover your strengths and weaknesses to identify market gaps that you may be able to exploit to build your business.

As part of your market research, you’ll also need to perform a competitive analysis. It will give you an idea of who your competition is and how to differentiate your brand. Here’s an example of a competitive analysis we did for a food business.

Tips for Writing Market Analysis

• Research and understand your industry thoroughly.
• Identify market trends and growth opportunities.
• Analyze your competitors and their strengths and weaknesses.
• Define your target audience and their needs.
• Include data and statistics to support your analysis.

4. Product and Services

Adding products and services to a business plan involves more than listing your company’s offerings. If you intend to gain funding or partner with another business, your products, and services section needs to demonstrate your company’s quality, value, and benefits.

Here’s an example of a product and service section in the business plan we wrote for an e-commerce business that offers wedding accessories.

Tips for Writing Product and Services

• Clearly describe your offerings and their features.
• Explain how your products/services address customer needs.
• Highlight any unique qualities or advantages.
• Discuss your pricing strategy.
• Mention any future product/service development plans.

Here is example of services section of a bank.

5. Marketing and Sales Plan

It is always a good idea to have a marketing plan before launching your business. A potential investor will want to know how you will advertise your business. Therefore, you should create a marketing plan that explains your planned promotion and customer acquisition strategies.

Discuss how you will make a sale. How will you attract customers and maximize their lifetime value? Ensure your marketing and sales forecasts align with your financial forecasts Marketing plans are usually based on the four Ps : product, price, place, and promotion. Breaking it down by marketing channels makes it easier. Discuss how you intend to market your business via blogs, email, social media, and word-of-mouth. Here is an example of marketing strategies we develop for a restaurant business.

Tips for Writing Marketing and Sales Plan

• Define your marketing goals and objectives.
• Outline your marketing strategies, including channels and tactics.
• Explain your sales strategy and target sales goals.
• Include a budget for marketing and sales activities.
• Discuss your sales team and their roles.
• Detail your customer acquisition and retention strategies.
• Mention any partnerships or collaborations for marketing and sales.

Example of marketing and sales plan section of a bank

6. Operation Planning

The operation plan should include all the steps needed to run the business in the long run. The plan should include details about logistics, duties for each department of the company, and responsibilities for the team.

The main aspect of running a business is its costs. Whether it’s machinery or services, each requires capital.

how to write an operation plan in a business plan

Tips for Writing Operational Planning

• Describe your day-to-day business operations.
• Explain your supply chain and production processes.
• Outline your facility and equipment requirements.
• Discuss your quality control and efficiency measures.
• Mention any legal and regulatory compliance considerations.
• Detail your staffing and management structure.
• Include contingency plans for potential disruptions.

7. Organization and Management

In this section, you can describe your current team and the people you need to hire. You will need to highlight your team’s relevant experience if you intend to seek funding. Basically, this is where you demonstrate that this team can be successful in starting and growing the business.

Tips for Writing Organization and Management Summary

• Introduce your leadership team and their roles.
• Highlight their relevant experience and qualifications.
• Explain your organizational structure and hierarchy.
• Discuss key personnel responsibilities and functions.
• Mention any plans for team growth or development.
• Address any advisory boards or external support.

Management summary of coffee shoppe business.

8. Financial Plan

A financial plan should include sales and revenue forecasts, profit and loss statements , cash flow statements , and balance sheets .

Now, if you plan to pitch investors or submit a loan application, you’ll also need a “use of funds” report. Here you outline how you plan to leverage any funding you might acquire for your business.

With our business templates , you can create your own income statement, cash flow statement, and balance sheet.

Tips for Writing Financial Plan

• Include detailed financial projections (income statement, cash flow, balance sheet).
• Explain your funding requirements and sources.
• Discuss your pricing and revenue model.
• Describe your expense management and cost controls.
• Mention any financial risks and mitigation strategies.
• Highlight key financial milestones and goals.

Financial highlights of foodShack business.

9. Key External Drivers

External drivers refer to the external factors or influences that significantly impact the activity and growth of an industry. These drivers include outsourcing of non-core activities, changes in economic activity, competition from other industries, and the complexity of business legislation.

Additionally, external drivers encompass the effects of changes in new business formation, especially among small businesses, which directly affect the demand for services within the industry.

Tips for writing key external drivers

• Identify and analyze current and emerging market trends in your industry.
• Assess potential positive or negative impacts these trends may have on your business.
• Evaluate broader economic conditions, including inflation rates, interest rates, and GDP growth.
• Elucidate how changes in economic conditions could influence consumer behavior, product demand, and overall cost structure.
• Outline key industry regulations and compliance requirements, discussing potential impacts on operations, costs, and market access.
• Highlight relevant technological advancements and explain their potential effects on your product or service offerings, operations, and competitiveness.
• Analyze current and potential future competitors, emphasizing the evolving competitive landscape’s impact on market share, pricing strategy, and overall business strategy.
• Consider social and cultural factors influencing consumer preferences and behaviors, exploring how societal changes can affect product demand.
• Evaluate environmental trends and regulations, discussing potential impacts on operations, supply chain, and customer perceptions.
• Assess political stability, government policies, and geopolitical factors, exploring potential risks and opportunities from political changes.
• Discuss global market conditions, analyzing how global economic trends, trade policies, and currency fluctuations may affect operations and expansion plans.
• Identify and discuss potential risks in the supply chain, such as disruptions, shortages, or geopolitical issues.
• Consider demographic shifts affecting your target market and discuss how changes may impact your customer base and marketing strategies.
• Highlight key legal and regulatory factors affecting the business, discussing potential legal challenges, compliance costs, and regulatory changes.
• Outline comprehensive risk management strategies, including contingency plans and risk mitigation strategies.
• Explain how you will monitor external drivers and emphasize the importance of staying agile and responsive to changes in the external environment.

10. Startup Summary

The startup summary serves as a comprehensive overview of essential financial aspects, encompassing total startup expenses, the overall value of startup assets, and the total requirements, which is the cumulative sum of all expenses and startup investments.

It provides a clear financial snapshot, outlining the costs involved in launching the business, the value of assets acquired, and the overall financial needs for the startup.

This section is crucial for entrepreneurs and potential investors, offering a transparent understanding of the financial foundation required to initiate and sustain the business successfully.

This roadmap ensures a realistic evaluation of the business idea, identifying potential challenges and offering solutions.To write an effective plan, focus on what sets your venture apart from competitors, maintain conciseness, and embrace flexibility as a living document.

Answer fundamental questions about your business, create actionable checklists, execute the plan, and continually revise and update based on experiences and feedback.This iterative process fosters continuous improvement, helping entrepreneurs stay adaptable and enhance their business strategies over time.

Tips for writing Startup Summary

• Clearly state the startup’s name and provide a concise description of its activities.
• Include a succinct mission statement capturing the startup’s purpose and goals, reflecting its core values.
• Specify the founding date and offer brief bios of key founders, highlighting relevant experience.
• Summarize the startup’s concept, explaining offered products or services and key distinguishing features.
• Clearly articulate the problem or need in the market that the startup addresses, defining the target audience.
• State what makes the startup unique, whether it’s a special feature, market gap, or competitive advantage.
• Provide a brief description of the market opportunity, covering target market size, trends, and growth prospects.
• Outline how the startup plans to generate revenue, detailing streams, pricing strategy, and potential partnerships.
• Offer a snapshot of the startup’s current status, highlighting key achievements such as product development or partnerships.
• If seeking funding, clearly state the amount sought and its allocation, covering areas like product development and marketing.
• Include a high-level financial summary with key projections for revenue, expenses, and profitability.
• Briefly outline future aspirations and plans, encompassing areas like expansion, product development, or strategic partnerships.

11. Projected Industry Growth

The projected industry growth is a pivotal aspect that forecasts the expansion of a specific sector over a defined timeframe.

For instance, it could provide an estimate of where that particular business will be standing in the next 10 years, and what will be the average annual growth rate of that industry.

This information provides prospective investors and stakeholders with a clear understanding of the industry’s potential and positions the startup within a dynamic and flourishing market.

Tips for writing Projected Industry Growth

• Emphasize the importance of industry trends and growth to your business.
• Provide a concise overview, including market size, major players, and recent trends.
• Briefly explain how you gathered data on industry growth projections (e.g., market research reports, expert interviews).
• Identify and discuss prevailing trends, such as technological advancements, changes in consumer behavior, and regulatory shifts.
• Summarize the industry’s historical growth, highlighting growth rates, market expansion, and notable milestones.
• Highlight key factors expected to drive industry growth, such as emerging markets, technological innovations, and demographic shifts.
• Discuss specific opportunities within the industry, including gaps in the market, underserved segments, or areas of competitive advantage.
• Acknowledge potential challenges or risks that could impact industry growth, demonstrating a realistic understanding.
• Present projections for future growth rates based on historical data, expert opinions, and your analysis. Include short-term and long-term projections.
• Discuss how key competitors are positioned to leverage industry growth, emphasizing your business’s differentiation strategies.
• Consider the regulatory landscape impacting growth, discussing anticipated changes and their potential effects on the industry.
• Explore international trends and their implications for industry growth, including factors like global economic conditions and geopolitical influences.

Here is example of market analysis section of a bank.

12. Break-even Analysis

The break-even analysis serves as a vital financial tool, offering a detailed estimation of key metrics such as Sales Revenue, Cost of Sales, Gross Profit, Fixed Expenses, and Income Before Tax.

These critical components are visually presented through a bar graph, providing a clear and concise overview of the financial dynamics.

Additionally, the break-even analysis delves into a 12-month forecast, outlining the projected amount of revenue generated and the corresponding fixed costs.

This section is instrumental in helping stakeholders understand the financial threshold at which the business covers its costs and begins to generate profit.

Tips for writing Break-even Analysis

• Define break-even analysis as a financial calculation where total revenue equals total costs.
• Identify constant costs regardless of production or sales levels.
• Enumerate and explain costs changing with production or sales.
• Present the break-even analysis formula, indicating the units needed to cover costs.
• Perform a practical break-even calculation using business-specific fixed costs, selling price, and variable cost per unit.
• Include a break-even chart or graph for a visual understanding of cost-revenue dynamics.
• Conduct a proactive sensitivity analysis to explore how changes in variables impact the break-even point.
• Specify the anticipated timeframe to reach the break-even point in terms of months or units sold.
• Clearly outline assumptions made in the analysis and provide justifications for transparency and credibility.
• Acknowledge potential risks or challenges that may affect the accuracy of the break-even analysis.
• Briefly mention contingency plans for difficulties in reaching the break-even point within the projected timeframe.

13. Management Summary

The management summary within the business plan provides a concise overview of the organizational structure and key personnel.

This includes a count of individuals, specifying the number of founders and operational team members integral to the organization.

The summary delves into the roles and responsibilities of each key figure, offering insights into the leadership dynamics driving the business.

Furthermore, the management summary sheds light on the financial aspect by presenting details about personal wages and payroll allocations for both founders and operational staff.

This comprehensive section ensures a clear understanding of the human resource framework and the financial commitments associated with the management team, crucial for stakeholders evaluating the business’s operational strength and leadership capability.

Tips for Writing Management Summary

• Highlighting the critical role the management team plays in the business’s success, the introduction emphasizes their significance.
• Listing each key member with names, positions, and brief role summaries introduces the core of the management team.
• Providing brief biographies for each team member underscores their relevant experience, skills, achievements, and industry-specific expertise.
• Clearly outlining roles and responsibilities emphasizes how each team member’s skills contribute to the overall success of the business.
• Sharing the team’s vision and strategy involves discussing key strategic goals and outlining the plans to achieve them.
• Highlighting notable achievements or milestones showcases the team members’ successful ventures, industry recognition, or career accomplishments.
• Discussing team dynamics emphasizes collaboration and the complementary nature of their skills in driving the business forward.
• Introducing advisory board members, if applicable, underscores the additional guidance and expertise they bring to the business.
• Discussing how the team plans to contribute to future growth and development includes strategies for talent acquisition, leadership development, and succession planning.
• Touching on the team’s culture and values emphasizes their role in shaping the overall ethos of the business.
• If seeking investment, briefly mentioning how the management team plans to use funding for business growth and development provides insight into their financial strategy.

Here is example of marketing and sales plan section of a bank.

14. Financial Indicators

The financial indicators section within the business plan helps in evaluating the fiscal health and performance of the organization.

Year-after-year profitability estimates take center stage, encompassing key metrics such as gross margin, net profit margin, and EBITDA to revenue.

These indicators provide a comprehensive understanding of the business’s ability to generate profit relative to its revenue.

Furthermore, the financial indicators extend to leverage ratios, including the critical Debt to Equity ratio, Debt to Assets ratio, and Interest Coverage ratio.

These metrics illuminate the organization’s capital structure, debt management, and its capacity to meet interest obligations.

Liquidity ratios includes the Current Ratio and Current Debt to Total Asset Ratio.

These ratios provide insights into the company’s short-term financial health and its ability to meet immediate obligations.

The financial indicator toolbox is enriched with additional metrics, notably the Revenue to Equity ratio, which sheds light on the efficiency of generating revenue from equity investments.

Tips For Writing Financial Indicators

• Detailed revenue forecasts for the next 3-5 years. Breakdown by product/service and geographical regions.
• Detailed breakdown of anticipated expenses. Include fixed and variable costs, operational expenses, and other relevant expenditures.
• Historical P&L statements if available. Projected future profits and losses based on revenue and expense projections.
• Outline of expected cash inflows and outflows. Emphasis on the ability to meet short-term obligations.
• Snapshot of the company’s financial position. Includes assets, liabilities, and equity.
• Calculation and presentation of key financial ratios (liquidity, solvency, profitability). Discussion on the significance of these ratios.
• Identification and explanation of relevant KPIs. Highlighting alignment with the overall business strategy.
• Discussion of potential financial risks. Mitigation strategies and addressing uncertainties.
• Clear statement of the amount and purpose of funds required.
• Outline of key assumptions underlying financial projections. Rationale for these assumptions.
• Summary of industry financial trends and business positioning. Outlook on future financial prospects considering market dynamics.

Discover Business Plan Formats and Free Templates

Looking For The Right Business Plan Format?

These sample business plans will provide you with a complete structure and format for your business plan, which will give you a head start on developing your document, so you won’t be stuck seeing an empty page and wondering what to write.

Simply going through the process of writing a business plan is one of its key benefits. If you sit down to write, you’ll naturally think about your startup costs, your target market , and any market analysis or research you’ll need to conduct. In addition to defining your position among your competitors, you will establish your goals and milestones.

You can see what should be included in a sample financial plan, but It is wrong to assume that a sample company’s financial projections will fit your own. If you need more resources to get you started, we recommend this guide on how to write a business plan .

In addition, you can download our 40+ free business plan templates covering a range of industries.

Business Plan Examples For Students PDF

Common types of business plan, 1. one page business plan.

One-page business plans are short, compact, and to the point and are designed to make the plan easy to read at a glance. Make sure to include all of the sections, but truncate and summarize them

2. Start-up business plan

Start-up business plans are for businesses that are just getting started. They are usually developed to secure outside funding. In this regard, financials are of increased importance, as well as other sections that determine whether your business idea is viable, such as market research.

3. Strategic business plan

A strategic business plan lays out a company’s goals and how it will achieve them at a high level. It is a foundational document for the company as a whole. A strategic business plan allows all levels of the business to see the big picture, inspiring employees to work together to reach the company’s goals.

4. Feasibility business plan

Developing a feasibility plan answers two primary questions about a business venture: who would purchase the service or product the company wants to sell, and if the venture is profitable.

5. Internal business plan

Internal Business plans are geared to a specific audience within a company to keep your team on the same page and focused on the same goals.

Conclusion​

In conclusion, whether you’re venturing into a traditional business or creating an innovative startup, the significance of a well-crafted business plan cannot be overstated. Different types of business plans cater to specific needs, from internal alignment to strategic expansion. Employing a template in MS Word ensures a polished presentation. The process of writing an executive summary, creating a plan, and defining the components of your business plan is essential.

Recognizing the need for a comprehensive and standard business plan can help guide your endeavors. Whether you choose to write a full business plan or opt for a one-page business overview, leveraging templates in MS Word can simplify the process. In essence, understanding the types of business plans and utilizing an executive summary template provides a structured approach to showcase your business overview.

Take inspiration from example business plans to tailor your strategy, ensuring a roadmap for success in the dynamic world of entrepreneurship. Always remember, a meticulously crafted business plan not only communicates your vision effectively but also serves as a valuable resource that can help secure investments and guide your business’s growth trajectory.

Frequently Asked Questions

Begin with an executive summary, delve into market analysis, outline your strategies, create financial projections, and use available business plan examples as templates to guide your writing.

A comprehensive business plan template should encompass key sections such as an executive summary, business description, market analysis, marketing strategy, organizational structure, and financial projections. Seek templates online that cover these elements.

Tailor your business plan to the scale of your small business. Define your objectives clearly, outline cost-effective strategies, and emphasize agility in adapting to market changes.

Explore well-crafted business plan examples you can visit our website  wisebusinessplan.

The fundamental components include an executive summary, business description, market analysis, marketing and sales strategy, organizational structure, product/service description, and financial projections.

Investors focus on growth potential, detailed financial projections, market analysis, competition analysis, and the qualifications and experience of your management team when reviewing a business plan.

To find a business plan example for a tech startup,you can visit our visit wisebusinessplan .

A business plan provides a comprehensive overview of your entire business, including strategies, operations, and financials. In contrast, a business proposal typically focuses on a specific project or offer, outlining the details and benefits to a potential client.

Craft an engaging executive summary by summarizing your business’s mission, highlighting the market opportunity, showcasing your product or service, and providing a concise overview of your financial projections.

Seek tailored business plan examples for nonprofit organizations you can visit wisebusinessplan .

Download Pack of 14 Business Plan Examples

These business plans are written by MBA writers. Real-world use cases were used in these plans.

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Business plan templates

From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.

Big Data Startup Business Plan Template

Create a professional Big Data Startup business plan with our customizable Startup Business Plan Template.

Virtual Assistant Business Plan

Strategize your way to success with this customizable AI virtual assistant business plan template.

Virtual Reality (VR) Business Plan

Our free virtual reality (VR) business plan helps you customize your document and create a winning strategy to land investors.

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Laundromat Business Plan

Create your success roadmap with a laundromat business plan template, designed to arrange the essentials of the laundry business.

5-Year Business Plan Template

Empower your path to long-term success with our 5-year business plan template.

Car Wash Business Plan Template

Launch and grow your car wash business with our customizable plan template.

Airbnb Business Plan Template

Unlock your path to success with our Airbnb business plan template, made to guide you in structuring the fundamental aspects of your Airbnb business.

Clothing Line Business Plan

Use this free and customizable clothing line business plan to appeal to investors and set up your fashion brand.

Gym Business Plan Template 

The Panda tips in this gym business plan template guide you through the process of researching and presenting information necessary to secure funding and partners for your business.

Handyman Business Plan Template

Start a new handyman business using a well-researched handyman business plan template to meet your goals faster.

Vending Machine Business Plan Template

If you’re starting a new vending machine business, a well-rounded vending machine business plan can improve your chances of success.

Bar Business Plan Template

Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business.

Massage Therapy Business Plan

This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.

Bed and Breakfast Business Plan Template

Use a complete bed and breakfast business plan template to set up your business for growth and success.

Catering Business Plan

Chart your path to success with our catering business plan template designed to help entrepreneurs organize their catering business.

Event Venue Business Plan Template

Launch and grow your event venue with our customizable business plan template.

Event Planning Business Plan 

Prepare your event planning business for success with our ready-to-fill and easily downloadable event planning business plan template.

Rental Property Business Plan

Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.

Coaching Business Plan Template

If you want to grow your new or existing coaching business, use our free coaching business plan template as a roadmap to success.

Lawn Care Business Plan

Use a comprehensive lawn care business plan template that includes guidance and all critical information.

T-shirt Business Plan Template 

Craft a winning T-shirt business plan in a structured business format that attracts investors and funding.

Candle-Making Business Plan Template

Use a candle-making business plan template to get together all of the information you need to ensure that your candle business succeeds.

SBA Business Plan Template

Use our free and fully customizable SBA business plan template to get started when writing a successful proposal for an SBA loan.

Cleaning Business Plan Template

Discover a hassle-free way to document a roadmap for your cleaning business with this free business plan template.

Real Estate Business Plan Template

Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.

Trucking Business Plan Template

Empower your journey to success with our trucking business plan template, designed as a valuable tool to organize the essentials of your trucking business.

Food Truck Business Plan Template

Find a fully customizable, free food truck business plan template that helps you create an effective proposal for interested investors.

Simple Business Plan Template

This simple business plan template walks you through the stages of establishing a successful business or seeking funding.

Solar Farm Business Plan

Give your solar farm business the best start by creating a professional business plan to keep your company on the right track.

Ecommerce Business Plan Template

This Ecommerce Business Plan Template is tailored particularly to e-commerce companies, and all you require to do is add the elements related to your business.

Accounting Firm Business Plan

Use this Accounting Firm Business Plan to achieve your goals. Accounting firms are comparable to other industries and need the Business Plan to help their development.

Campground Business Plan Template

This PandaDoc Campground Business Plan Template has all the essential information to help you develop a successful business strategy.

Firewood Business Plan

This Firewood Business Plan Template perfectly outlines the company structure of a probable firewood venture. It highlights the budgets needed to start and manage the unique business.

Funeral Home Business Plan

A Funeral Home Business Plan covers detailed data on the courtesies offered by the company, market analysis, administration strategies, personnel procedures, budget and financing plans, and other applicable topics.

Community Center Business Plan

You can use this Community Center Business Plan Template, it is perfect for anyone desiring to open and run a society center. It gives the center’s owner an outline of areas that must be disseminated with the investors to earn an acquisition.

Gas Station Business Plan

Take the first step towards success in the fuel industry with our professionally crafted Gas Station Business Plan template.

Beauty Supply Store Business Plan

This Beauty Supply Store Business Plan Template covers all the appropriate sections needed to invest in a beauty supply store. The template will help you to raise money for your business.

Flower Shop Business Plan Template

The Flower Shop Business Plan Template is organized to help you achieve the awareness of various investors to invest in your company.

Electrical Contractor Business Plan

This Electrical Contractor Business Plan template include information about the services you offer, who your target consumers are, why they should prefer you over your opponents and how much capital you require to get started.

Car Dealership Business Plan

A Car Dealership Business Plan is a detailed plan that will help you take your business to the next level. Use this template to create your plan.

Farm Business Plan

Farm Business Plan gives an overview of the company, including corporation history, owner backgrounds, creations and more. Use this template to quickly develop your farm company plan.

Consultant Business Plan Template

An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.

Construction Company Business Plan

The objectives and tactics of a construction company are described in a business plan for a construction company. For the creation of your business plan, use this Construction Company Business Plan Template.

Fashion Business Plan Template

Structural and action plans for a fashion firm are laid out in the fashion business plan template.

Daycare Business Plan

The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.

Convenience Store Business Plan

Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.

Startup Business Plan Template

We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.

Business Plan Template

This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.

What is a business plan?

A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.

Typically, a good business plan consists of the following:

• Executive summary
• Company description
• Mission statement
• Product and services
• Marketing plan
• Operations plan
• Management organization
• Financial plan
• Conclusion & appendix

Every section involved in a business plan is designed to help startup businesses reach their target market.

A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.

However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.

Should I use a business plan template?

Yes.  If you’ve never written one, a business plan can be challenging to write.

Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.

However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.

Business plan templates for free

Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.

Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.

Grab a free template to get started!

Frequently asked questions

How many pages should my business plan be.

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Who needs a business plan?

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

What is the best business plan template?

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Should I hire someone to write my business plan for me?

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee.  These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

Those ideas and guiding principles aren’t something you can outsource.

Should I use business planning software?

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Get started with PandaDoc today

How to Write a Business Plan in 2023 [Examples Included]

Table of contents

To see what Databox can do for you, including how it helps you track and visualize your performance data in real-time, check out our home page. Click here .

So you have come up with a business idea that will turn your company into a Forbes 500 enterprise? Sounds great!

However, you are going to need much more than an idea. You will need to do some comprehensive research, create operational standpoints, describe your product, define your goals, and pave out a road map for future growth.

In other words, you are going to need a business plan.

A business plan is a document that precisely explains how you are going to make your startup a success. Without it, your chances of attracting funding and investments significantly decrease.

Do you want to learn how to create a winning business plan that will take your company to the next level? We created a guide that will help you do just that.

Let’s dive in.

What Is a Business Plan?

Why and when do you need a business plan, types of business plans (what to include in each).

• How Do You Write a Business Plan?

Best Practices for Writing a Winning Business Plan

Business plan examples.

• Monitor the Performance of Your Business with Databox

A business plan is a comprehensive document that defines how a business will achieve its goals. It is essentially a road map for growth that includes operational standpoints from all the key departments such as marketing, financial, HR, and others.

Startups use business plans to describe who they are, what they plan to do, and how they plan to achieve it. This is an extremely valuable document for attracting investors.

However, they are valuable for the company members as well. A good business plan keeps executive teams on the same page regarding the strategies they should implement to achieve their set objectives.

Related : Reporting to Investors: 6 Best Practices to Help Increase Funding

While business plans are especially useful for startups, each business should include them. In the best-case scenario, this plan will be updated from time to time and reviewed whether the goals of the company have been met.

The main things that investors want to check out in the business plan are:

• Product-market fit – Have you researched the market demand for your products and services?
• Team efficiency – Does your startup have devoted professionals that will work on achieving your goals?
• Scalability – How probable is growth in sales volumes without proportional growth or fixed costs?

An organized business plan is essentially a blueprint of your goals and it showcases your abilities as an entrepreneur.

Related : Business Report: What is it & How to Write a Great One? (With Examples)

If you want to persuade venture capitalists and banking institutions to invest in your startup, you won’t be able to do it without a solid business plan. Following a clear business plan format is crucial, as it structures your plan in a way that is easily understandable and demonstrates your business’s potential. 

A business plan is helpful in two ways – it allows you to focus on the specific goals you set for the future and it provides external parties with evidence that you have done your research in advance.

But don’t just take our word for it – here are some of the things that researchers from Bplans found out when they were analyzing the benefits of business plans with the University of Oregon.

• Companies that use business plans have recorded a 30% faster growth compared to those that didn’t use them.
• Getting investments and loans is twice as likely to happen with the help of business plans.
• There is a 129% increased chance for entrepreneurs to go past the ‘startup’ phase through business plans.

You should create a business plan before you decide to quit your regular job. It can help you realize whether you are ready or not.

Also, creating a business plan is helpful when:

• You want to attract investments or funding from external parties
• You want to find a new partner or co-founder
• You want to attract talented professionals to join your startup
• You need to change things up due to the slow growth

While creating a business plan is an important step, you first have to know how to differentiate all the different types. This will help you choose the one that is most suitable for your business.

Here are the most common types of business plans and what you should include in each.

One-Pager Business Plan

Startup business plan, internal business plan, strategic business plan, feasibility business plan.

The one-pager is a business plan that only includes the most important aspects of your business. It is essentially a simplified version of a traditional business plan.

When creating the one-pager business plan, your primary focus should be on making it easily understandable.

Since this business plan is rather short, you should avoid using lengthy paragraphs. Each section should be around 1-2 sentences long.

The things you should include in a one-pager business plan are:

• The problem – Describe a certain problem your customers have and support the claim with relevant data.
• The solution – How your products/services can solve the issue.
• Business model – Your plan on how to make money. Include production costs, selling costs, and the price of the product.
• Target market – Describe your ideal customer persona. Start with a broad audience and narrow it down by using TAM, SAM, and SOM models. This lets investors in on your thought process. To understand these models better, check out, for example, the importance of proper TAM evaluation for B2B startups .
• Competitive advantage – How are you different from your competitors?
• Management team – Include your business’s management structure.
• Financial summary – This part should revolve around the most significant financial metrics (profit, loss, cash flow, balance sheet, and sales forecast).
• Required funding – Define how much money you need to make your project a success.

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Our Marketing Overview Dashboard includes data from Google Analytics 4 and HubSpot Marketing with key performance metrics like:

• Sessions . The number of sessions can tell you how many times people are returning to your website. Obviously, the higher the better.
• New Contacts from Sessions . How well is your campaign driving new contacts and customers?
• Marketing Performance KPIs . Tracking the number of MQLs, SQLs, New Contacts and similar will help you identify how your marketing efforts contribute to sales.
• Email Performance . Measure the success of your email campaigns from HubSpot. Keep an eye on your most important email marketing metrics such as number of sent emails, number of opened emails, open rate, email click-through rate, and more.
• Blog Posts and Landing Pages . How many people have viewed your blog recently? How well are your landing pages performing?

Now you can benefit from the experience of our Google Analytics and HubSpot Marketing experts, who have put together a plug-and-play Databox template that contains all the essential metrics for monitoring your leads. It’s simple to implement and start using as a standalone dashboard or in marketing reports, and best of all, it’s free!

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To set up the dashboard, follow these 3 simple steps:

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Step 3: Watch your dashboard populate in seconds.

Related : Check out our comprehensive guide on writing a marketing plan report .

New businesses use startup business plans to outline their launching ideas and strategies to attract funding and investment opportunities. When creating startup business plans, you should primarily focus on the financial aspect and provide evidence that supports it (e.g. market research).

These are some of the main things that should be included:

• Vision statement – Explain your vision for the company and include the overall business goals you will try to achieve.
• Executive summary – A quick overview of what your company is about and what will make it successful. Make sure to include your products/services, basic leadership information, employees, and location.
• Company description – A detailed overview of your company. Talk about the problems you will solve and be specific about customers, organizations, and growth plans. This is the place where you should state your business’s main advantages.
• Market Analysis – Show investors that you have a good understanding of your industry and target market by providing a detailed market analysis. Try to point out certain trends, themes, or patterns that support your objective.
• Organization and management – This section explains the structure and the management hierarchy. Also, describe the legal structure of your business.
• Service or product line – Go into detail about the products and services you are going to sell. Explain the benefits they bring and share your intellectual property plans.
• Marketing and sales – Talk about your marketing strategy and describe how you plan to attract new customers.
• Financial projections – This section should be about convincing your readers why the business will be a financial success. Create a prospective financial outlook for the next few years and it includes forecasts.

An internal business plan is a document that specifically focuses on the activities within your company. While external business plans focus on attracting investors, internal business plans keep your team aligned on achieving goals.

Related : Internal vs. External Reporting: What Are the Differences?

This business plan can differentiate based on how specific you want it to be. For example, you can focus on a specific part of the business (e.g. financial department) or on the overall goals of the whole company.

Nonetheless, here are some things that should universally be included in all internal business plans:

• Mission statement – Focus on the practical, day-to-day activities that your employees can undertake to achieve overall objectives.
• Objectives – Provide specific goals that you want your company to achieve. Make the objectives clear and explain in which way they can be reached. Focus more on short-term objectives and set reasonable deadlines.
• Strategies – Talk about the general activities that will help your team reach the set objectives. Provide research that will describe how these strategies will be useful in the long term.
• Action plans – These plans revolve around particular activities from your strategy. For example, you could include a new product that you want to create or a more efficient marketing plan.
• Sustainability – This refers to the general probability of achieving the goals you set in the internal report. Sometimes, plans may seem overly ambitious and you are going to have to make amends with certain things.

A strategic business plan is the best way to gain a comprehensive outlook of your business. In this document, forecasts are examined even further and growth goals tend to be higher.

By creating a strategic business plan, you will have an easier time aligning your key stakeholders around the company’s priorities.

Here is a quick overview of what a strategic business plan should include:

• Executive summary – Since strategic business plans are generally lengthy, not all executives will have time to go through it. This is why you should include a quick overview of the plan through an executive summary, you can also create an executive summary template to make the step easily repeatable.
• Vision statement – Describe what you wish to achieve in the long term.
• Company overview – This refers to past achievements, current products/services, recent sales performances, and important KPIs.
• Core values – This section should provide an explanation of what drives the business to do what it does.
• Strategic analysis of internal and external environments – Talk about the current organizational structure, mission statements, and department challenges.
• Strategic objectives – Go into detail about the short-term objectives your team should reach in a specific period. Make sure the objectives are clear and understandable.
• Overall goals – This section should include operational goals, marketing goals, and financial goals.

A feasibility business plan is also known as a feasibility study. It essentially provides a foundation for what would be a full and comprehensive business plan. The primary focus of a feasibility plan is research.

The things you should include in a feasibility plan are:

• Product demand – Is there a high demand for your product? Would customers be interested in buying it?
• Market conditions – Determine the customer persona that would be interested in buying your products. Include demographic factors.
• Pricing – Compare your desired price with the current pricing of similar products. Which price would make your service profitable?
• Risks – Determine the risks of launching this new business.
• Success profitability – Is there a good way to overcome the risks and make your company profitable?

How Do You Write a Business Plan Report?

As we explained in the previous heading, there are a few different types of business plan. Depending on the audience you are referring to, the language you use in the plan should be adjusted accordingly.

Nonetheless, there are certain key elements that should be included in all business plans, the only thing that will vary is how detailed the sections will be.

Include these elements in your business plan.

Executive summary

Company description, market opportunity and analysis, competitive landscape, target audience, describe your product or service, develop a marketing and sales strategy, develop a logistics and operations plan, financial projections, explain your funding request, compile an appendix for official documents.

An executive summary is a quick overview of the document as a whole that allows investors and key stakeholders to quickly understand all the pain points from the report.

It is the best way to layout all the vital information about your business to bank officials and key stakeholders who don’t have the time to go through the whole business plan.

If you summarize the sections well, the potential investors will jump into the sections they are most interested in to acquire more details.

You should write the executive summary last since you will then have a better idea of what should be included.

A good executive summary answers these questions:

• Who are you?
• What do you sell?
• How profitable is it?
• How much money do you need?

This section of the business plan aims to introduce your company as a whole. The things you include in the company description can vary depending on if you are only starting a business or you already have a developed company.

The elements included in this section are:

• Structure and ownership – Talk about who the key shareholders in your company are and provide a full list of names. Also, mention details such as where the company is registered and what the legal structure looks like. In most countries, this is a legal requirement for AML regulations.
• History – This segment is if you already have an existing company. Use this section to show your credibility. Include company milestones, past difficulties, and a precise date for how long your company has been operating.
• Objectives – Describe the overall objectives of your company and how you plan to reach them.

Market analysis refers to creating your ideal customer persona and explaining why they would be interested in buying your products.

Market opportunities are the gaps that you found in the current industries and creating a way for your product to fill those gaps.

The most important step in this section is to create a target market (persona) through demographic factors such as location, income, gender, education, age, profession, and hobbies.

Make sure that your target market isn’t too broad since it can put off potential investors.

A good idea is to also include a detailed analysis of your competitors – talk about their products, strengths, and weaknesses.

Related : 12 Best Tools Marketers Use for Market Research

Although you may include a competitive analysis in the market analysis section, this segment should provide a more detailed overview.

Identify other companies that sell similar products to yours and create a list of their advantages and disadvantages. Learning about your competitors may seem overwhelming, but it’s an indispensable part of a good business plan.

Include a comparison landscape as well that defines the things that set you apart from the competitors. Describe the strengths of your product and show which problems it could solve.

Related : How to Do an SEO Competitive Analysis: A Step-by-Step Guide

Use the target audience section to fully describe the details of your ideal customer persona. Include both demographic and psychographic factors.

Ask yourself:

• What are the demographic characteristics of the people who will buy my product?
• What are their desires?
• What makes my product valuable to them?

Make sure to answer all of these questions to get in the mindset of your customers.

If you need more details on how to identify your target audience , check our full expert guide.

When talking about your products and services, be as precise as possible. Mention your target audience and the marketing channels you use for targeting this audience.

This section should reveal the benefits, life cycle, and production process of your products/services. Also, it is a good idea to include some pictures of your products if possible.

When describing your products, you should highlight:

• Unique features
• Intellectual property rights
• What makes the product beneficial

Marketing is the blood flow to your business’s body. Without a good marketing and sales strategy, the chances of your product succeeding are very slim.

It’s always best to already have a marketing plan in place before launching your business. By identifying the best marketing channels, you will show your investors that you researched this topic in detail.

Some of the things you should include are:

• Reach – Explain why a specific channel will be able to reach your target market
• Cost – Is the marketing strategy going to be cost-effective? How much money do you plan on spending on the strategy?
• Competition – Are your competitors already using this channel? If so, what will make your product stand out?
• Implementation – Who will be taking care of the implementation process? Is it a marketing expert? Which suppliers did you reach out to?

Related : 14 Reasons Sales And Marketing Alignment Is Crucial for Skyrocketing Company Growth

This section should explain the details of how exactly your company is going to operate.

These are the things you should include:

• Personnel plan – Define how many people you plan to employ and their roles. Also, if you plan on increasing your staff, you should explain what would be the cause of that.
• Key assets – This refers to assets that will be crucial for your company’s operation.
• Suppliers – Mention who your suppliers will be and what kind of relationship you have with them. Your investors will be interested in this part of the section since they want to be reassured that you are cooperating with respectable counterparties.

The financial projections section is one of the most important parts of your business plan. It includes a detailed overview of expected sales, revenue, profit, expenses, and all the other important financial metrics .

You should show your investors that your business will be profitable, stable, and that it has huge potential for cash generation.

Monthly numbers for the first year are crucial since this will be the most critical year of your company.

At the very least, you should provide:

• Funding needs
• Profit-and-loss statement forecast
• Balance sheet forecast
• Cash-flow statement forecast

Related : How to Write a Great Financial Report? Tips and Best Practices

When providing the funding request, be realistic. Explain why you need that exact amount of money and where it will be allocated.

Also, create both a best-case and worst-case scenario. New companies don’t have a history of generating profits which is why you will probably have to sell equity in the early years to raise enough capital.

This will be the final section of your business plan. Include any material or piece of information that investors can use to analyze the data in your report. 

Things that could be helpful are:

• Local permits
• Legal documents
• Certifications that boost credibility
• Intellectual properties or patents
• Purchase orders and customer contracts

After reading the previous heading, you should have a clear idea of how to write a compelling business plan.

But, just to be sure, we prepared some additional information that can be very helpful.

Here are some of the best practices you should implement in your business plan according to the most successful companies.

Keep it brief

Make it understandable, be meticulous about money, design is important.

Generally, business plans will be around 10-20 pages long. Your main focus should be to cover the essentials that we talked about, but you don’t want to overdo it by including unnecessary and overwhelming information.

In business plan, less is more.

Create a good organizational outline of your sections. This will allow investors to easily navigate to the parts they are most interested in reading.

Avoid using jargon – everyone should be able to easily understand your business plan without having to Google certain terms. 

Make a list of all the expenses your business incurs. Financial information should be maximally precise since it will directly impact the investor’s decision to fund your business idea.

After you wrap up your business plan, take a day off and read it again. Fix any typos or grammatical errors that you overlooked the first time.

Make sure to use a professional layout, printing, and branding of your business plan. This is an important first impression for the readers of the document.

Now you know what a business plan is, how you can write it, and some of the best practices you can use to make it even better.

But, if you are still having certain difficulties coming up with a great business plan, here are a few examples that may be helpful.

HubSpot’s One-Page Business Plan

Bplan’s free business plan template, small business administration free business plan template.

This One-Page Business Plan was created by HubSpot and it can be a great way to start off your business plan journey on the right foot.

You already have fields such as Implementation Timeline, Required Funding, and Company Description created so you will just need to provide your specific information.

This free business plan template highlights the financial points of the startup. If your primary focus will be your business’ financial plan and financial statements, you can use this template to save up some time.

It can also be useful for making sure everyone in your company understands the current financial health and what they can do to improve it.

If you need additional inspiration to kick start your own business plan, you can check out this free template by small business administration .

You just have to decide which type of plan you want to create and then review the format of how it should look like.

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By using customizable dashboards from Databox, you will be able to connect data from all your different tools into one comprehensive report. Not only that, but you can also visualize the most important metrics to make your presentation to shareholders immensely more impactful.

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10 of the Best Business Plan Examples for This Year

Download Now: Free Business Plan Template

The first step of being a business owner and creating a company is to develop a comprehensive business plan. We aren’t talking about your doodles of growth that you scribbled on a napkin or thought about while mowing the lawn, but an actual written-out plan to build on. A business plan that outlines how it will operate, as well as what overarching goals will guide its growth in the future. Building one from the ground up requires focus, patience, and careful foresight. What’s more, those that are well-crafted should provide a thorough summary of the products or services you intend to sell, the demographic you’re targeting, and your expected profit margins. This may also include benchmarks you hope to meet along with the estimated timelines to achieve these goals.

‌Putting together a good business plan now will be a foundational piece for you to refer back to during challenging times and to build on when you are growing. Additionally, an attractive and complete business plan can help to grow your business with money from a bank or an outside investor and to better reach your target market.

‌In this article, we’ll review some key components of any successful business plan to help you create a detailed model of your company. We’ll also examine a few sample business plans that can take a lot of guesswork out of the equation.

What is a business plan?

A business plan can help shape who you are and how you grow.

A business plan is a written summary of how you want to run your company and what goals you have to help you get there. While banks and other potential investors in your business rely on reviewing them to decide whether they want to give you money for growth or not, they can also help the owners of a company define their vision and objectives. While their contents vary with some people preferring to do a SWOT analysis (strengths, weaknesses, opportunities, threats), they typically include the following 4 sections.

Business plan executive summary

‌The cornerstone of any business plan is an executive summary section that touches on the basics of your company. Essentially, it explains what products or services you will provide, the customers your company will serve, and the overall goals of your business. This is the first thing anyone you decide to share it with will see, so take your time to make this section truly engaging and unique.

‌ Ideal customers and competition

This section is used to clearly describe how your products or services will fulfill the needs of a specific customer and community. Go into detail regarding how the business you are focusing on has changed over time and what unique offering sets your business apart. Other information included here should cover your projected market share and the kind of competition you expect to face. Explain what makes your business different from others in your industry and why customers will choose your products or services instead of someone else's.

You can also include a market analysis in this part to understand what you are up against when it comes to getting new customers and growing your business with your marketing plan and financial plan.

‌Marketing plan

Marketing strategy is a key piece of any business plan.

‌Here, you’ll want to decide how you intend to reach your customers through social media , content marketing , advertising , and other forms of marketing. The marketing section of your business plan should have clear, achievable goals. Depending on your current size of business, those could be as simple as getting a website up down to how much web traffic and leads you to want each month. goals This portion is also an excellent place to examine marketing trends in your business area, including examples of brands you may want to become, or how you want to talk with your customers in your marketing.

A marketing plan should include several pieces of marketing strategy including;

Google My Business Profile

Your Google My Business profile is where you highlight how to find your company and what you do. It will show up in the Google search engine when people look for services like yours. It will also be where people will see Google reviews of your business. It's important to keep your Google My Business up to date and to always be responding to reviews. Having a good customer experience as a part of your business plan will ensure that people see your business as trustworthy and worth calling.

Search Engine Optimization (SEO)

A long-term investment for your marketing plan is SEO . Chances are high that you have either heard of SEO from someone or are already investing money here. It can feel like a black box at times, mostly because it doesn't usually show immediate leads or revenue. At the heart of SEO strategy is continually creating content for a blog on your website or adding pages to your website that are focused on keywords that people search for. It can be complicated and take some time, so worth looking at partners like Scorpion to help you with SEO.

Website management

Your website is the center of your marketing for your business plan. It's important to have the right website management plan to keep things moving in the right direction. At a bare minimum, you should have a nice website design and have multiple ways that people can contact you. There are also great tools like live chat and online scheduling that may be worth investing in.

Paid advertising

There are a lot of places where you can invest time in paid advertising for your business plan. It can also be a key source of immediate lead generation for your business. It can be complicated. If you want to learn more about strategies for paid advertising, check out this paid advertising guide that you can bring into your business plan.

‌Financial summary

‌Another important piece of any business plan is a thorough financial summary of all expenses and income related to your company. If you are an existing business you may already be tracking a lot of this information and can write down some of this. If you are a new business then it may be broken into money you have personally, from family/friends, or from a bank to start your business and how you expect to spend that to grow. The financial portion is especially relevant for banks or other people who may want to invest money to help grow your business. If you have an existing business and are looking to grow, potential banks or investors will look at several key areas in your financial summary, including:

• Projected income
• Projected expenses
• Debt-to-income ratio
• Money coming in
• Desired form of financing (bank, outside investor, family/friends)
• Income statement
• Financial forecast
• Cash flow statements‌

‌Many business plans divide these 4 sections into further-defined categories that cover topics of interest like business structure, market opportunity, or long-term objectives. The plan will change depending on your business and goals. Once it’s completed, it should create a definitive picture of your company from top to bottom, leaving very little up to the imagination.

Don't forget to update!

Many businesses will review plans in quarters or smaller bite-size pieces vs. a whole year. It can be good to set up quarterly goals associated with your key business initiatives to make them stronger and make adjustments. You may find that some strategies aren't working and need a new view.

Having small goals associated with your plan and reviewing those goals often (and the data that comes with it) will set you up for long-term business plan success.

How to build a successful business plan

Before you get started on your business plan, let's go over a couple of tips on how to build a business plan that sets your company up for success. Remember that the goal of your business plan is usually to secure funding and come up with the strategy necessary to get started.

The main thing investors will do is look for holes in your plan. They want a bulletproof plan for success (or as bulletproof as it can get). This means you need to be as detailed as possible . Answer any questions an investor might have. Look at every area that could fail and come up with different plans and strategies for how your business would survive. The main goal is to have a solid foundation for operating your business.

Next, be sure you address your unique value proposition . Why is your company different than competitors? How will you position your brand in the industry? If you don't know your target audience and why people will buy from you instead of a competitor, then your business plan won't be successful.

Your business plan will explain why your business is a good idea both strategically in the industry and financially. The goal is to legitimize your company before getting started.

‌To save time with your business plan, it may help to use a template from various online sources. Many are available online that allow you to create what you want with minimal effort. Here are 11 of the best examples for 2023.

‌ ‌10 business plan examples and templates

Using a business plan template can help you do more.

It can be overwhelming to think of building a plan from scratch. Thankfully, You can find several ready-made templates for restaurants, repair stores, bars, and hotels at the Business Plan Shop. They’re simple and easy to customize to your liking as well. Once completed, you can download them to a Word document or PDF file. While these business plan example templates are available free of charge during a 7-day trial period, the website requires a subscription fee for continued use.

1. Upmetrics' Sample Business Plans

‌There are over 100 different business plan templates available at Upmetrics, each specially crafted for industries like restaurants, retail stores, media companies, or healthcare providers. Within every category are numerous subcategories to further refine your plan to meet your needs. They also come prefilled with information depicting a fictional company that’s easy to edit and download in PDF format.

2. Simple Business Plan Example by Venngage

Like the previous example, Venngage offers numerous samples with information about a fictional company for reference. To cover the basics, try the simple business plan example. It includes engaging graphics between sections to separate walls of text. This is easily adaptable to suit virtually any business across a range of industries. ‌

3. SBA’s Business Plan Outline

‌‌The Small Business Administration provides a comprehensive guide for crafting a traditional business plan that explains every step of the process. You can download a template of a finished fictional example as a Word document so you can see how it’s done. Just rewrite the content in each section to suit your industry, business model, and goals. ‌

4. Score’s Business Plan Template for Startups

‌This template from Score is perfect for new companies entering the marketplace. It’s available to download as a Word document, and it also comes with insightful tips for writing content in each section. Its concise organizational structure makes it very user-friendly and easily adaptable to many industries. ‌

5. Complete Guide to Writing a Business Plan by Review42

‌‌This instructive guide offers a wealth of insights that can help you write the perfect business plan. Review42 outlines the essential elements and provides tips to ease the challenge of the task. The guide also describes 7 different plan formats — one-page, strategic, and internal business plans are some examples.

6. Step-by-Step Business Plan Creator by LawDepot

‌LawDepot’s easy-to-use business plan generator offers a faster, easier way to put your plan on paper. To begin building your plan from the ground up, select the appropriate industry category for your business and follow the provided steps. After filling out each section, LawDepot will provide a draft that you can download or print directly from the website.

7. Growth ink's Business Plan Template

‌Growthink has an enormous amount of information that dives deeper into each section of a professional business plan. Their free PDF template organizes its structure, thus allowing you to fill in the blanks as needed. Additional customizable features and design elements are also available at an additional cost.

8. Business Plan Template by Jotform

‌Several free templates are available from Jotform that include engaging graphics and color schemes. They cover every topic imaginable, ranging from a simple one-page business plan to creative briefs, strategic plans, and more. Aside from the numerous examples that are offered, Jotform also provides access to an enormous amount of tools and resources that can help any small business or startup hit the ground running. ‌

‌9. PandaDoc’s Business Plan Template

This free template by PandaDoc is one of the more popular options available today. In it, you’ll find several tips to help guide you through the entire process. PandaDoc’s template also includes instructions for using Excel to create informative graphics to accompany your business plan’s text. ‌

10.  Single-Page Business Plan Template by HubSpot

Another valuable and free resource for small businesses is HubSpot, a helpful website where you can find templates like this simple one-page business plan. They include easy-to-follow instructions in each section. Once you’re done, simply download the document to a Word document or PDF file. This template also makes it easy to add your unique touch with logos or brand-specific images.

‌If you’re struggling to write the perfect business plan, our experienced team at Scorpion can help. We will work with you to create the perfect business plan to reach your target customer. We have considerable experience providing top-tier marketing solutions for law firms , franchises, healthcare providers, and even home services . Our team and technology will help you create a plan and produce the marketing to create growth for your business. Contact us today to learn more about how Scorpion can help your business thrive.

Let's talk about business planning.  Schedule a consultation today. 

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Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

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

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How to Write a Business Plan in 2023: The Ultimate Guide for Every Entrepreneur

Are you starting a new business or trying to get a loan for your existing venture? If so, you’re going to need to know how to write a business plan. Business plans give entrepreneurs the opportunity to formally analyze and define every aspect of their business idea .

In this post, you’ll learn how to put together a business plan and find the best resources to help you along the way.

What is a Business Plan? 

A business plan is a formal document that outlines your business’s goals and how you will achieve those goals. Entrepreneurs who start out with business plans are 16 percent more likely to build successful companies , according to the Harvard Business Review.  Developing a business plan ensures sustainable success, guiding you as you grow your business, legitimizing your venture, and helping you secure funding (among countless other benefits). 

What Are the Main Purposes of a Business Plan?

Most financial institutions and service providers require you to submit a detailed business plan to obtain funding for your business. Online businesses will likely have a low overhead to start, so they may not need funding and therefore may not feel the need to write a business plan. That said, writing a business plan is still a good idea as it can help you secure a drastic increase limit on your credit card as your business grows or open a business account. This varies per bank.

If you’re growing your business, use it to help you raise expansion capital, create a growth strategy, find opportunities, and mitigate risks.Palo Alto software found that companies who make business plans are twice as likely to secure funding . .

If you’re just starting your business, making a business plan can help you  identify your strengths and weaknesses, communicate your vision to others, and develop accurate forecasts.

How to Make a Business Plan: The Prerequisites 

Here are the prerequisites to creating a solid business plan:

• Establish goals
• Understand your audience
• Determine your business plan format
• Get to writing! 

Establish Goals

There are two key questions to ask here: 

• What are you hoping to accomplish with your business?
• What are you hoping to accomplish with your business plan?

Approaching your business plan through that lens will help you focus on the end goal throughout the writing process. These also provide metrics to measure success against. 

Before writing your business plan, gather the content and data needed to inform what goes in it. This includes researching your market and industry – spanning everything from customer research to legalities you’ll need to consider. It’s a lot easier to start with the information already in front of you instead of researching each section individually as you go. 

Turn to guides, samples, and small business plan templates to help. Many countries have an official administration or service dedicated to providing information, resources, and tools to help entrepreneurs and store owners plan, launch, manage, and grow their businesses. 

The following will take you to online business plan guides and templates for specific countries.

• United States Small Business Administration (SBA) – The “write your business plan page” includes traditional and lean startup business plan formats, three downloadable sample business plans, a template, and a step-by-step build a business plan tool.
• Australian Government – The “business plan template” page includes a downloadable template, guide, and business plan creation app.
• UK Government Business and Self-Employed – The “write a business plan” page includes links to a downloadable business plan template and resources from trusted UK businesses. .
• Canada Business Network – The “writing your business plan” page includes a detailed guide to writing your business plan and links to business plan templates from Canadian business development organizations and banks.

These business resource sites also offer a wealth of valuable information for entrepreneurs including local and regional regulations, structuring, tax obligations, funding programs, market research data, and much more. Visit the sites above or do the following Google searches to find official local business resources in your area:

• your country government business services
• your state/province government business services
• your city government business services

Some Chamber of Commerce websites offer resources for business owners, including business plan guides and templates. Check your local chapter to see if they have any.

Banks that offer business funding also often have a resource section for entrepreneurs. Do a Google search to find banks that offer business funding as well as business plan advice to see the business plans that get funding. If your bank doesn’t offer any advice, search for the largest banks in your area:

• business plan guide bank name
• business plan samples bank name
• business plan template bank name

If you’re looking for more sample business plans, Bplans has over 500 free business plan samples organized by business type as well as a business plan template. Their collection includes 116 business plans for retail and online stores. Shopify also offers business plan templates intended to help small business owners and aspiring entrepreneurs identify functional areas of a business they may not have considered.

Understand Your Audience

Because business plans serve different purposes, you’re not always presenting it to the same audience. It’s important to understand who’s going to be reading your business plan, what you’re trying to convince them to do, and what hesitations they might have. 

That way, you can adapt your business plan accordingly. As such, your audience also determines which type of business plan format you use. Which brings us to our next point…

Which Business Plan Format Should You Use? 

The United States Small Business Administration (SBA) presents two business plan formats: 

• The traditional business plan format is for entrepreneurs who want to create a detailed plan for themselves or for business funding. 
• The lean startup business plan format, on the other hand, is for business owners that want to create a condensed, single-page business plan.

If the business plan is just for you and internal folks, draft a lean startup business plan or a customized version of the traditional business plan with only the sections you need. If you need it for business funding or other official purposes, choose the formal business plan and thoroughly complete the required sections while paying extra attention to financial projections.

If your business operates outside the U.S., clarify the preferred format with your bank.

How to Create a Business Plan: Questions to Ask Yourself

As you write a business plan, take time to not only analyze your business idea, but yourself as well. Ask the following questions to help you analyze your business idea along the way:

• Why do I want to start or expand my business?
• Do my goals (personal and professional) and values align with my business idea?
• What income do I need to generate for myself?
• What education, experience, and skills do I bring to my business?

How to Write a Business Plan Step by Step

According to the business plan template created by SCORE, Deluxe, and the SBA , a traditional business plan encompasses the following sections. 

• Executive summary
• Company description
• Products & services
• Market analysis
• Marketing & sales
• Management & organization
• Funding request
• Financial projections
• SWOT analysis

Since not everyone is aware of the key details to include in each section, we’ve listed information you can copy to fill in your business plan outline. Here’s how to build a business plan step by step.  

Executive Summary

The Executive Summary is the first part of your business plan, so this is where you need to hook readers in. Every business plan starts this way — even a simple business plan template should kick off with the Executive Summary. Summarize your entire business plan in a single page, highlighting details about your business that will excite potential investors and lenders. 

Explain what your business has to offer, your target market , what separates you from the competition, a little bit about yourself and the core people behind your business, and realistic projections about your business’ success.

While this is the first section of your business plan, write it after you’ve completed the rest of your business plan. It’s a lot easier because you can pull from the sections you’ve already written, and it’s easier to identify the best parts of your business plan to include on the first page.

Company Description

In the Company Description, share 411 about your business. Include basic details like: 

• Legal structure (sole proprietor, partnership, corporation, etc.)
• Business and tax ID numbers
• When the business started
• Ownership information
• Number of employees

Your mission statement , philosophy and values, vision, short- and long-term goals, and milestones along with a brief overview of your industry, market, outlook, and competitors should also be in the Company Description.

Pro tip: These are the details you’ll use each time you create a business profile, whether that's on social media, business directories, or other networks. Keep your information consistent to reduce confusion and instill more confidence in potential customers. 

Products & Services

The Products & Services section details what you plan to sell to customers. For a dropshipping business , this section should explain which trending products you’re going to sell, the pain points your products solve for customers, how you’ll price your products compared to your competitors, expected profit margin, and production and delivery details.

Remember to include any unique selling points for specific products or product groupings, such as low overhead, exclusive agreements with vendors, the ability to obtain products that are in short supply / high demand based on your connections, personalized customer service, or other advantages.

For dropshipping businesses selling hundreds or even thousands of products, detail the main categories of products and the number of products you plan to offer within each category. By doing this, it’s easier to visualize your business offerings as a whole to determine if you need more products in one category to fully flesh out your online store.

Market Analysis

The Market Analysis section of your business plan allows you to share the research you have done to learn about your target audience — the potential buyers of your products. People requesting a business plan will want to know that you have a solid understanding of your industry, the competitive landscape, who’s most likely to become your customers. It’s important to demonstrate that  there’s a large enough market for your product to make it profitable and/or to make a strong return on investment .

To complete the Market Analysis component of your business plan, check out the following resources for industry, market, and local economic research:

• U.S. Embassy websites in most countries have a business section with information for people who want to sell abroad. Business sections include a basic “getting started” guide, links to economic and data reports, trade events, and additional useful business links for a particular region.
• IBISWorld is a provider of free and paid industry research and procurement research reports for the United States , United Kingdom , Australia , and New Zealand .  
• Statista offers free and paid statistics and studies from over 18,000 sources including industry reports, country reports, market studies, outlook reports, and consumer market reports.   

Use these websites and others to learn about the projected growth of your industry and your potential profitability. You can also use social media tools like Facebook Audience Insights to estimate the size of your target market on the largest social network

Another way to research your market and products is through Google Trends . This free tool will allow you to see how often people search for the products your business offers over time. Be sure to explain how your business plans to capitalize on increasing and decreasing search trends accordingly.

Marketing & Sales

Knowing your target market is half the battle. In the Marketing & Sales section, share how you plan to reach and sell products to your target market. Outline the marketing and advertising strategies you intend to use to market your product to potential customers – search marketing , social media marketing , email marketing , and influencer marketing methods .

If you’re unsure how to market your business’ products, analyze your competitors for some inspiration. Discovering your competition’s marketing tactics will help you customize your own strategy for building a customer base and ultimately taking your business to the next level. 

Do a Google search for your competitor’s business name to find the websites, social accounts, and content they’ve created to market their products. Look at the ways your competitor uses each online entity to drive new customers to their website and product pages.

Then come up with a plan to convert a similar audience with your marketing and advertising messages. For dropshipping businesses, conversions will typically take place on your website as people purchase your products and/or by phone if you take orders over the phone. 

Management & Organization

In the Management & Organization piece of your business plan, describe the structure of your business. In terms of legal structure and incorporation, most businesses are classified as sole proprietorships (one owner), partnerships (two or more owners), corporations, or S corporations.

Draft a condensed resume for each of the key members of your business. If you’re a solopreneur , include how your past education and work experience will help you run each aspect of your business. If you have one or more partner(s) and employee(s), include their relevant education and experience as well.

Think of this as a great way to evaluate the strengths of each individual running your business. When self-evaluating, you’ll be able to identify the aspects of your business that’ll be easier to manage and which ones to delegate to freelancers, contractors, employees, and third-party services. This also makes it easier to find the best way to utilize their strengths for business growth.

Funding Request

Chances are, you don’t have a funding request for a startup dropshipping business since the appeal to dropshipping is the low upfront investment . If you’re looking for a loan, however, this would be the section where you outline the dollar amount you need, what you plan to invest in, and how you see the return on your investment.

Another way to use this section is to analyze the investment you have or plan to make when starting or growing your business. This should include everything from the computer you use to run your website to the monthly fee for business services.

Financial Projections

In Financial Projections, share your projected revenue and expenses for the first or next five years of your business. The idea here is to demonstrate that the revenue you’re anticipating will easily lead to a return on any investment, whether from your personal finances or a capital lending service.

If you’re looking for funding, you’ll need to go into detail with projected income statements, balance sheets, cash flow statements, and capital expenditure budgets. If you aren’t looking for funding, it won’t hurt to create these types of financial projections so you can realistically plan for the future of your business.

The Appendix of your business plan includes any supplemental documents needed throughout the sections of your business plan. These may include, but are not limited to: 

• Credit histories
• Product brochures
• Legal forms
• Supplier contracts

If you’re submitting your business plan for funding, contact the lender to see what documentation they want included with your funding request.

SWOT Analysis

In addition to the above sections, some business plans also include a SWOT Analysis. This is a one-page summary of your business’s strengths, weaknesses, opportunities, and threats. The strengths and weaknesses you include will be internal, whereas opportunities and threats you include will be external. 

Depending on the revelations of this section, you may or may not want to make a SWOT analysis when submitting your business plan formally unless it is requested.

Summary: How to Create a Business Plan

As you can see, creating a business plan for your dropshipping business is a great way to validate your business idea , discover your business’s strengths and weaknesses, and make a blueprint for your business's future.

In summary, here are the sections you will need to write for your business plan, step by step:

• SWOT analysis (Optional)

If you haven’t already, take the time to create a business plan to launch or grow your business in 2023!

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Airbnb Business Plan + PDF Template

Published Jun.01, 2023

Updated Apr.19, 2024

By: Jakub Babkins

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Table of Content

1. What Is an Airbnb Business Plan?

An Airbnb business plan is a vital docume­nt that outlines the strategic approach and obje­ctives of a business aiming to gene­rate revenue­ through the Airbnb platform. The plan encompasse­s a comprehensive strategy, goals, and objectives for successfully utilizing Airbnb arbitrage­.

The Airbnb business plan examples should detail the steps that the business will take to ensure that it is successful on the Airbnb platform. It should include an analysis of the competitive landscape, a marketing plan, a budget, and a timeline for achieving goals.

2. Why do we need a Vacation Rental Business Plan?

A vacation rental business plan outlines the vision and objectives of the business as well as the strategies, tactics, and financial projections needed to succeed. It se­rves a dual purpose. It assesse­s both the potential risks and bene­fits associated with starting a vacation rental business.

A vacation rental business plan should include an executive summary, a description of the business opportunity, an estimate of market size and potential, a description of the competition, and a financial analysis.

3. Executive Summary

Business overview.

Airbnb operate­s as an online platform that connects individuals seeking short-term lodging options. It facilitates pee­r-to-peer transactions, enabling use­rs to rent or lease various accommodation type­s including vacation rentals, apartments, homestays, hoste­ls, and hotel rooms.

Founded in 2008, the­ company has swiftly emerged as one­ of the world’s top travel lodging websites. Airbnb perfe­ctly exemplifies a disruptive­ business model that effortle­ssly revolutionized the sharing e­conomy.

Airbnb, a revolutionary busine­ss model, has inspired entre­preneurs to establish ne­w ventures and seize­ the growing demand for short-term re­ntals. The innovative­ platform effectively e­nables individuals to monetize the­ir spaces.

Airbnb has revolutionize­d the way people discove­r and reserve short-te­rm rental properties by utilizing its platform. This innovative­ business model has opene­d up a world of untapped opportunities for both aspiring entre­preneurs and avid travele­rs.

The global phenomenon that Airbnb has become serves as a shining example of the imme­nse potential held within the­ sharing economy.

Airbnb functions as an online marke­tplace where trave­lers and hosts can connect to lease­ unique accommodations..

Airbnb provides a platform for hosts to conve­niently list their properties, efficiently manage bookings, and e­ffortlessly communicate with guests. Guests can easily search for accommodations that meet their needs, book reservations, and pay for their stays.

Customer Focus

Airbnb serves as a platform where individuals can effortle­ssly rent out their properties or spare rooms to travelers. The­ ultimate objective is to establish an all-inclusive vacation rental service­ that revolves around the needs of our valuable customers. Our unwave­ring commitment lies in delive­ring an exceptional user experience, ensuring our customers receive­ nothing short of the best.

To ensure­ a seamless and enjoyable­ experience­ for customers, we have incorporated various features. These­ include user revie­ws, background checks, and a 24/7 customer support team.

Management Team

Our primary focus is delive­ring exceptional service­ to our esteeme­d clients. Within our team, we have­ skilled entrepre­neurs, marketing expe­rts, developers, and spe­cialists in the realm of hospitality. Togethe­r, we have successfully launched an Airbnb business plan.

Success Factors

The success of our sample Airbnb business plan relies on various key factors. These include­ finding the right location, offering competitive­ pricing, providing quality customer service, implementing effective­ marketing strategies, and consistently delivering an exce­ptional guest experience. Additionally, a successful Resort business plan should incorporate strategies to foster strong relationships with the local community, leve­rage technology for increased efficiency, and optimize the­ overall guest experience.

Financial Highlights

The financial highlights of this Airbnb property management business plan include the following:

• A potential 5-year return on investment of over 400%
• A projected annual growth rate of 25%
• Cash flow is expected to exceed $1.5 million in the first year
• Within the first five years of operation, the company expects to generate over $10 million in revenue

4. Company Overview

Who is casa tropical rentals.

Casa Tropical Rentals operates as a prominent vacation-rental business situated in San Diego, California. This establishme­nt was founded in 2020 and has since emerged as a comprehensive­ agency dedicated to providing outstanding hospitality services to both tourists and business travelers exploring the vibrant city of San Diego. Our wide­ selection of vacation rental prope­rties encompasses luxurious villas, sophisticate­d condos, comfortable apartments, charming beachfront home­s, and much more.

Casa Tropical Rentals aims to deliver exceptional customer service that mee­ts the highest standards. Our dedicated team of knowledgeable­ professionals is readily available to ensure guests experience a comfortable and ple­asurable stay. From the moment of re­servation until departure, we­ provide personalized assistance­ tailored to individual needs. Additionally, we­ offer an extensive­ range of amenities including complime­ntary Wi-Fi, daily housekeeping services, free parking, and more­.

Our goal is to ensure­ that every guest e­njoys an exquisite and unforgettable­ experience­ while staying in beautiful San Diego.

The Casa Tropical Rentals History

Casa Tropical Rentals ope­rates as a vacation rental business in sunny San Die­go, California. It was established in 2020 and offers an array of re­ntal properties suitable for short-te­rm stays. We­ take pride in creating unforge­ttable vacation experiences tailored specifically to their individual requirements. Alongside­ this extensive se­lection, our commitment to exce­ptional customer service se­ts us apart.

Our properties in San Diego are situated in highly sought-afte­r locations, encompassing downtown, beachfront spots, and the sce­nic area of La Jolla. We offer a dive­rse range of rental options to cate­r to your preference­s, including elegant villas, comfortable apartme­nts, and modern condominiums.

5. Industry Analysis

The Airbnb rental business plan is built on the sharing economy, an economic model where individuals or businesses can rent, sell, or share assets. Airbnb has become a global phenomenon since its founding in 2008.

https://www.statista.com/statistics/339845/company-value-and-equity-funding-of-airbnb/#:~:text=Airbnb%20has%20become%20a%20global,over%20100%20billion%20U.S.%20dollars.

The co-hosting business of Airbnb has achieved remarkable­ success, experiencing rapid revenue growth since­ its establishment in 2008.

Airbnb stands as a prominent conte­nder in the sharing economy, alongside­ numerous other companies vying for recognition within this domain. Notable competitors include Home­Away, VRBO, and Couchsurfing.

According to expe­rts, the sharing economy is projecte­d to experience­ consistent growth in the coming years. Airbnb, with its extensive user base­ and strong brand recognition, is strategically positioned to take­ advantage of this expansion. The company’s we­ll-established foothold ensure­s sustained progress alongside the­ industry’s upward trajectory.

6. Customer Analysis

Demographic profile of target market.

This Hotel Business Plan outlines the customer analysis of the San Diego, California, target market.

Demographic Profile of Target Market, San Diego:

• Gender: Primarily male
• Income Level: Upper-middle to high
• Education Level: College degree or higher
• Cultural Background: Primarily Caucasian
• Marital Status: Single or married
• Occupation: Professionals and retirees
• Location: Primarily urban areas

Customer Segmentation

The customer segmentation for how to write up an Airbnb business plan in San Diego can be broken down into the following categories:

• Young Professionals/Students: This segment is the primary demographic for Airbnb in San Diego.
• Families/Groups: This segment is the secondary demographic for Airbnb hosting in San Diego.
• Budget Travelers: This segment is the tertiary demographic for renting a room on Airbnb in San Diego.
• Luxury Travelers: This segment is the fourth demographic for backyard tiny house Airbnb in San Diego.
• Business Travelers: This segment is the fifth demographic for conciergerie Airbnb service in San Diego.

7. Competitive Analysis

Direct and indirect competitors.

Direct Competitors

• HomeAway: HomeAway is a re­nowned vacation rental company that offers an expensive sele­ction of over two million properties in nearly 200 countries worldwide. Guests have­ the convenience­ of easily booking their prefe­rred accommodations either directly through HomeAway’s user-friendly website or via its efficient mobile­ app.
• VRBO: VRBO, short for Vacation Rentals By Owne­r, operates as a renowne­d vacation rental company with an extensive­ global presence. With more­ than two million listings spread across 190 countries, VRBO offers a wide­ range of rental options to cater to dive­rse needs and pre­ferences.
• FlipKey : FlipKey is a vacation re­ntal company operating in over 180 countries, offe­ring a wide range of rental prope­rties. With over two million options available, FlipKe­y specializes in last-minute vacation re­ntals and caters to varied prefe­rences including beach house­s and ski chalets.
• Booking.com: Booking.com is an este­emed online trave­l agency known for its vast selection of hote­l, hostel, and vacation rental listings. With a remarkable­ presence in over 190 countries, the website­ offers more than two million vacation rentals to choose­ from.

Indirect Competitors

• Hotels: Hotels are a traditional accommodation option offering short-term stay rooms.
• Hostels: Hostels are a budget accommodation option offering short-term stay dorm-style rooms. Guests can book rooms directly from the website or through a third-party website.

Competitive Advantage

Highly efficient service.

I am incredibly happy with the outcome! Alex and his team are highly efficient professionals with a diverse bank of knowledge!

Airbnb offers a distinct and adaptable­ platform, allowing travelers to effortle­ssly rent their properties for short or long periods. This versatile platform cate­rs to various needs, including vacations, business trips, and corporate­ retreats. Moreove­r, Airbnb provides an array of traveler-frie­ndly features such as secure­ payment processing, detaile­d search options, and top-notch customer service­.

Airbnb holds the advantage­ of being a widely recognize­d and trusted brand, relied upon by millions worldwide­.

8. Marketing Plan

• Target Audience : Our target audience is people who are searching for comfortable and stylish short-term rental accommodations.
• Develop Branding Strategy: Airbnb should focus on developing a strong and recognizable brand identity that conveys the company’s core values of safety, reliability, and affordability.
• Utilize Digital Marketing: Airbnb should utilize digital marketing tools such as SEO, social media, and email campaigns to reach potential customers and build relationships.
• Leverage Influencers: Airbnb should partner with travel, real estate, and hospitality influencers to spread the word about the company’s services and offerings.
• Measure and Analyze Performance: Airbnb should measure and analyze the performance of its marketing campaigns to better understand how its efforts are driving revenue.

Promotions Strategy

Advertising: We will utilize both paid and organic advertising methods to maximize our online presence. Paid advertising methods will include Google Adwords, Facebook Ads, and other online channels. Organic methods will include search engine optimization, content marketing, and social media engagement.

Promotional Events: We will host promotional events and open house days to let potential customers experience our rental space in person.

Airbnb’s pricing strategy will depend on the type of rental property and location. Airbnb’s pricing will also vary depending on the season, with higher prices during peak travel seasons and lower prices during off-peak times.

9. Operations Plan

Operation functions.

• Maintenance: Maintenance of the Airbnb property is key to ensuring a safe, comfortable, and enjoyable experience for guests.
• Cleaning: Regular Airbnb cleaning service is essential for providing guests with a pleasant and comfortable stay.
• Guest Relations: Proper management of guest relations is essential for providing a positive Airbnb experience for guests.
• Marketing: Proper marketing of the Airbnb property is essential for attracting new guests and increasing bookings.

Develop and implement customer service policies and procedures: June 1, 2023 Develop and execute marketing and advertising strategies: August 1, 2023 Negotiate terms and conditions with vendors: October 1, 2023 Monitor and manage inventory levels: December 1, 2023 Monitor and review all regulations and standards: February 1, 2024 Develop and implement policies and procedures for regulatory compliance: April 1, 2024

Licensing organization in Airbnb: https://www.airbnb.com/help/article/873

10. Management Team

The management team of the Airbnb business plan will be comprised of the following individuals:

• Chief Executive Officer (CEO): responsible for providing overall leadership and direction for the business.
• Chief Operating Officer (COO): oversees the day-to-day operations of the business and ensures that all processes are running smoothly.
• C hief Financial Officer (CFO): manages the financial aspects of the company, including budgeting, forecasting, and accounting.
• Chief Technology Officer (CTO): responsible for overseeing the technology used to support the business, including the website, mobile applications, and internal systems.
• Chief Marketing Officer (CMO): responsible for developing and executing the overall marketing strategy, including advertising, promotions, and public relations.
• Business Development Manager: responsible for identifying new opportunities and markets for the business and managing existing relationships.
• Product Manager: responsible for managing the product development process, including researching customer needs, defining product features, and overseeing the product launch.
• Legal & Compliance Officer: responsible for ensuring the business is compliant with all relevant laws and regulations.
• Human Resources Manager: responsible for managing the recruitment, training, and development of the business’s employees.

11. Financial Plan

Estimated Start-up Costs:

• Technology & Infrastructure: $20,000
• Legal Costs: $5,000
• Advertising & Promotion: $15,000
• Initial Inventory: $5,000
• Website Design & Development: $10,000
• Miscellaneous: $2,000

Total Start-up Costs: $57,000

Key Revenue & Costs

Key Revenue

• Booking Fees: $75,000
• Cleaning Fees: $25,000
• Security Deposits: $10,000
• Other Fees: $5,000

Total Revenues: $115,000

• Administrative Costs: $15,000
• Insurance: $10,000
• Technology & Infrastructure: $10,000
• Advertising & Promotion: $10,000
• Cleaning & Maintenance: $15,000
• Taxes: $10,000
• Professional Fees: $5,000

Total Key Costs: $65,000

• Revenues: $115,000
• Less: Key Costs: $65,000
• Net Profit: $50,000

Funding Requirements and Use of Funds

Funding Requirements

• Start-up Costs: $57,000
• Working Capital: $15,000

Total Funding Requirements: $72,000

Use of Funds

Total Use of Funds: $72,000

Key Assumptions

High demand for short-term rentals in the market.

Growth in the sharing economy and increasing acceptance of Airbnb as a legitimate housing option.

Adequate supply of properties in the area to meet customer demand.

Ability to attract quality hosts to list their properties.

Ability to secure a competitive rate for insurance coverage.

Ability to secure favorable terms from technology vendors.

Effective use of technology to manage the Real Estate Business Plan and maximize efficiency.

12. Sources of funding for the Airbnb business plan

• Angel Investors: Angel investors are wealthy individuals or groups who provide capital to startups in exchange for equity or convertible debt.
• Venture Capitalists: Venture capitalists are firms that invest in early-stage companies in exchange for equity.
• Crowdfunding: Crowdfunding, an online me­thod of raising money from multiple individuals, serve­s as a valuable funding source for Airbnb business plans. It posse­sses the unique ability to rapidly conne­ct with numerous potential investors.
• Bank Loans: Bank loans are a great source of funding for Airbnb business plans due to their ability to provide a large amount of capital at a relatively low-interest rate.

13. Business plans for Airbnb: tricks and tips

• Research: To gain a comprehe­nsive plan, one should thoroughly rese­arch the Airbnb industry, analyze competitors, and ide­ntify target markets.
• Goals: Set clear and measurable goals that align with your mission statement.
• Strategies: Develop strategies to differentiate your Airbnb business from competitors and position it for success in the market.
• Review: Periodically review your plan to ensure that your strategies remain relevant and your goals are being achieved.
• Marketing: Create a comprehensive marketing plan that will drive traffic to your listing.
• Execution Plan: Outline your steps to launch and grow your business.
• Timeline: Set goals and a timeline to ensure that tasks are completed on time.

14. Common mistakes to avoid in the Airbnb business plan

• Not doing enough market research: Before writing your plan, make sure to understand the size and scope of the Airbnb market, your potential competitors, and the current trends in the industry.
• Not setting realistic goals: Overly ambitious goals can lead to disappointment and burnout. Make sure to set attainable goals that you can realistically reach.
• Not addressing legal issues: Make sure to research and list any relevant local regulations that could affect your business.
• Not considering customer service: Good customer service is a must for Airbnb.
• Not planning for scalability: Airbnb is a growing industry, so you need to plan for how you will accommodate growth.

15. Unlock Your Airbnb Business Potential with OGS Capital – Accelerate Your Success!

OGS Capital acknowledge­s the significance of crafting a comprehe­nsive and impactful Airbnb business plan. Our team consists of e­xperienced consultants who posse­ss the knowledge and e­xpertise require­d to tailor a business plan specifically for your Airbnb venture­.

Our team of skille­d business plan writers and consultants possesse­s extensive e­xperience in the­ Airbnb industry. Furthe­rmore, we are we­ll-versed in effe­ctive strategies for optimizing your Airbnb busine­ss, including identifying customer nee­ds, analyzing competition, devising unique marke­ting approaches, and developing a solid financial plan.

Our exte­nsive expertise­ lies in developing accurate­ financial projections. Drawing on industry data and historical trends, we can assist you in fore­casting your potential income, expe­nses, and cash flow.

When se­lecting OGS Capital, rest assured that you will collaborate­ with a team of skilled professionals. The­y will develop a comprehe­nsive and effective­ Airbnb business plan tailored specifically to your unique­ needs. Le­t us assist you in creating a plan that not only aids in achieving your objective­s but also enhances your potential for succe­ss.

Q. Is starting an Airbnb business profitable?

Yes, starting an Airbnb business can be a very profitable venture. Since the company operates on a marketplace model, no upfront costs are associated with becoming a host. Airbnb charges a percentage of each re­servation’s fee, giving hosts the­ freedom to set their desired listing price. As long as hosts deliver a high-quality experience­ for guests, there will be­ ample demand for their e­xceptional services.

Q. How much do Airbnb owners make?

The amount Airbnb owners make varies greatly depending on the location, size of the rental, and amenities offered. Some Airbnb owners may make around $500 per month while others may make thousands.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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How to Write a Five-Year Business Plan

Noah Parsons

15 min. read

Updated October 27, 2023

Learn why the traditional way of writing a five-year business plan is often a waste of time and how to use a one-page plan instead for smarter, easier strategic planning to establish your long-term vision. 

In business, it can sometimes seem hard enough to predict what’s going to happen next month, let alone three or even five years from now. But, that doesn’t mean that you shouldn’t plan for the long term. After all, your vision for the future is what gets you out of bed in the morning and motivates your team. It’s those aspirations that drive you to keep innovating and figuring out how to grow.

• What is a long-term plan?

A long-term or long-range business plan looks beyond the traditional 3-year planning window, focusing on what a business might look like 5 or even 10 years from now. A traditional 5-year business plan includes financial projections, business strategy, and roadmaps that stretch far into the future.

I’ll be honest with you, though—for most businesses, long-range business plans that stretch 5 and 10 years into the future are a waste of time. Anyone who’s seriously asking you for one doesn’t know what they’re doing and is wasting your time. Sorry if that offends some people, but it’s true.

However, there is still real value in looking at the long term. Just don’t invest the time in creating a lengthy version of your business plan with overly detailed metrics and milestones for the next five-plus years. No one knows the future and, more than likely, anything you write down now could be obsolete in the next year, next month, or even next week. 

That’s where long-term strategic planning comes in. A long-term business plan like this is different from a traditional business plan in that it’s lighter on the details and more focused on your strategic direction. It has less focus on financial forecasting and a greater focus on the big picture. 

Think of your long-term strategic plan as your aspirational vision for your business. It defines the ideal direction you’re aiming for but it’s not influencing your day-to-day or, potentially, even your monthly decision making. 

• Are long-term business plans a waste of time?

No one knows the future. We’re all just taking the information that we have available today and making our best guesses about the future. Sometimes trends in a market are pretty clear and your guesses will be well-founded. Other times, you’re trying to look around a corner and hoping that your intuition about what comes next is correct.

Now, I’m not saying that thinking about the future is a waste of time. Entrepreneurs are always thinking about the future. They have to have some degree of faith and certainty about what customers are going to want in the future. Successful entrepreneurs do actually predict the future — they know what customers are going to want and when they’re going to want it.

Entrepreneurship is unpredictable 

Successful entrepreneurs are also often wrong. They make mistakes just like the rest of us. The difference between successful entrepreneurs and everyone else is that they don’t let mistakes slow them down. They learn from mistakes, adjust and try again. And again. And again. It’s not about being right all the time; it’s about having the perseverance to keep trying until you get it right. For example, James Dyson, inventor of the iconic vacuum cleaner, tried out 5,126 prototypes of his invention before he found a design that worked.

So, if thinking about the future isn’t a waste of time, why are 5-year business plans a waste of time? They’re a waste of time because they typically follow the same format as a traditional business plan, where you are asked to project sales, expenses, and cash flow 5 and 10 years into the future. 

Let’s be real. Sales and expense projections that far into the future are just wild guesses, especially for startups and new businesses. They’re guaranteed to be wrong and can’t be used for anything. You can’t (and shouldn’t) make decisions based on these guesses. They’re just fantasy. You hope you achieve massive year-over-year growth in sales, but there’s no guarantee that’s going to happen. And, you shouldn’t make significant spending decisions today based on the hope of massive sales 10 years from now.

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• Why write a long-term business plan?

So, what is the purpose of outlining a long-term plan? Here are a few key reasons why it’s still valuable to consider the future of your business without getting bogged down by the details.

Showcase your vision for investors

First, and especially important if you are raising money from investors, is your vision. Investors will want to know not only where you plan on being in a year, but where the business will be in five years. Do you anticipate launching new products or services? Will you expand internationally? Or will you find new markets to grow into? 

Set long-term goals for your business

Second, you’ll want to establish goals for yourself and your team. What kinds of high-level sales targets do you hope to achieve? How big is your company going to get overtime? These goals can be used to motivate your team and even help in the hiring process as you get up and running.

That said, you don’t want to overinvest in fleshing out all the details of a long-range plan. You don’t need to figure out exactly how your expansion will work years from now or exactly how much you’ll spend on office supplies five years from now. That’s really just a waste of time.

Instead, for long-range planning, think in broad terms. A good planning process means that you’re constantly revising and refining your business plan. You’ll add more specifics as you go, creating a detailed plan for the next 6-12 months and a broader, vague plan for the long term.

You have a long development time

Businesses with extremely long research and development timelines do make spending decisions now based on the hope of results years from now. For example, the pharmaceutical industry and medical device industry have to make these bets all the time. The R&D required to take a concept from idea to proven product with regulatory approval can take years for these industries, so long-range planning in these cases is a must. A handful of other industries also have similar development timelines, but these are the exceptions, not the rule.

Your business is well-established and predictable 

Long-term, detailed planning can make more sense for businesses that are extremely well established and have long histories of consistent sales and expenses with predictable growth. But, even for those businesses, predictability means quite the opposite of stability. The chances that you’ll be disrupted in the marketplace by a new company, or the changing needs and desires of your customers, is extremely high. So, most likely, those long-range predictions of sales and profits are pretty useless.

• What a 5-year plan should look like

With the exception of R&D-heavy businesses, most 5-year business plans should be more like vision statements than traditional business plans. They should explain your vision for the future, but skip the details of detailed sales projections and expense budgets. 

Your vision for your business should explain the types of products and services that you hope to offer in the future and the types of customers that you hope to serve. Your plan should outline who you plan to serve now and how you plan to expand if you are successful.

This kind of future vision creates a strategic roadmap. It’s not a fully detailed plan with sales forecasts and expense budgets, but a plan for getting started and then growing over time to reach your final destination.

For example, here’s a short-form version of what a long-term plan for Nike might have looked like if one had been written in the 1960s:

Nike will start by developing high-end track shoes for elite athletes. We’ll start with a focus on the North West of the US, but expand nationally as we develop brand recognition among track and field athletes. We will use sponsored athletes to spread the word about the quality and performance of our shoes. Once we have success in the track & field market segment, we believe that we will be able to successfully expand both beyond the US market and also branch out into other sports, with an initial focus on basketball.

Leadership and brand awareness in a sport such as basketball will enable us to cross over from the athlete market into the consumer market. This will lead to significant business growth in the consumer segment and allow for expansion into additional sports, fashion, and casual markets in addition to building a strong apparel brand.

Interestingly enough, Nike (to my knowledge) never wrote out a long-range business plan. They developed their plans as they grew, building the proverbial airplane as it took off.

But, if you have this kind of vision for your business, it’s useful to articulate it. Your employees will want to know what your vision is and your investors will want to know as well. They want to know that you, as an entrepreneur, are looking beyond tomorrow and into the future months and years ahead.

• How to write a five-year business plan

Writing out your long-term vision for your business is a useful exercise. It can bring a sense of stability and solidify key performance indicators and broad milestones that drive your business. 

Developing a long-range business plan is really just an extension of your regular business planning process. A typical business plan covers the next one to three years, documenting your target market, marketing strategy, and product or service offerings for that time period. 

A five-year plan expands off of that initial strategy and discusses what your business might do in the years to come. However, as I’ve mentioned before, creating a fully detailed five-year business plan will be a waste of time. 

Here’s a quick guide to writing a business plan that looks further into the future without wasting your time:

1. Develop your one-page plan

As with all business planning, we recommend that you start with a one-page business plan. It provides a snapshot of what you’re hoping to achieve in the immediate term by outlining your core business strategy, target market, and business model.

A one-page plan is the foundation of all other planning because it’s the document that you’ll keep the most current. It’s also the easiest to update and share with business partners. You will typically highlight up to three years of revenue and profit goals as well as milestones that you hope to achieve in the near term.

Check out our guide to building your one-page plan and download a free template to get started.

2. Determine if you need a traditional business plan

Unlike a one-page business plan, a traditional business plan is more detailed and is typically written in long-form prose. A traditional business plan is usually 10-20 pages long and contains details about your product or service, summaries of the market research that you’ve conducted, and details about your competition. Read our complete guide to writing a business plan .

Companies that write traditional business plans typically have a “business plan event” where a complete business plan is required. Business plan events are usually part of the fundraising process. During fundraising, lenders and investors may ask to see a detailed plan and it’s important to be ready if that request comes up. 

But there are other good reasons to write a detailed business plan. A detailed plan forces you to think through the details of your business and how, exactly, you’re going to build your business. Detailed plans encourage you to think through your business strategy, your target market, and your competition carefully. A good business plan ensures that your strategy is complete and fleshed out, not just a collection of vague ideas.

A traditional business plan is also a good foundation for a long-term business plan and I recommend that you expand your lean business plan into a complete business plan if you intend to create plans for more than three years into the future.

3. Develop long-term goals and growth targets

As you work on your business plan, you’ll need to think about where you want to be in 5+ years. A good exercise is to envision what your business will look like. How many employees will you have? How many locations will you serve? Will you introduce new products and services? 

When you’ve envisioned where you want your business to be, it’s time to turn that vision into a set of goals that you’ll document in your business plan. Each section of your business plan will be expanded to highlight where you want to be in the future. For example, in your target market section, you will start by describing your initial target market. Then you’ll proceed to describe the markets that you hope to reach in 3-5 years.

To accompany your long-term goals, you’ll also need to establish revenue targets that you think you’ll need to meet to achieve your goals. It’s important to also think about the expenses you’re going to incur in order to grow your business. 

For long-range planning, I recommend thinking about your expenses in broad buckets such as “marketing” and “product development” without getting bogged down in too much detail. Think about what percentage of your sales you’ll spend on each of these broad buckets. For example, marketing spending might be 20% of sales. 

4. Develop a 3-5 year strategic plan

Your goals and growth targets are “what” you want to achieve. Your strategy is “how” you’re going to achieve it.

Use your business plan to document your strategy for growth. You might be expanding your product offering, expanding your market, or some combination of the two. You’ll need to think about exactly how this process will happen over the next 3-5 years. 

A good way to document your strategy is to use milestones. These are interim goals that you’ll set to mark your progress along the way to your larger goal. For example, you may have a goal to expand your business nationally from your initial regional presence. You probably won’t expand across the country all at once, though. Most likely, you’ll expand into certain regions one at a time and grow to have a national presence over time. Your strategy will be the order of the regions that you plan on expanding into and why you pick certain regions over others.

Your 3-5 year strategy may also include what’s called an “exit strategy”. This part of a business plan is often required if you’re raising money from investors. They’ll want to know how they’ll eventually get their money back. An “exit” can be the sale of your business or potentially going public. A typical exit strategy will identify potential acquirers for your business and will show that you’ve thought about how your business might be an attractive purchase.

5. Tie your long-term plan to your one-page plan

As your business grows, you can use your long-term business plan as your north star. Your guide for where you want to end up. Use those goals to steer your business in the right direction, making small course corrections as you need to. 

You’ll reflect those smaller course corrections in your one-page plan. Because it is a simple document and looks at the shorter term, it’s easier to update. The best way to do this is to set aside a small amount of time to review your plan once a month. You’ll review your financial forecast, your milestones, and your overall strategy. If things need to change, you can make those adjustments. Nothing ever goes exactly to plan, so it’s OK to make corrections as you go.

You may find that your long-term plan may also need corrections as you grow your business. You may learn things about your market that change your initial assumptions and impacts your long-range plan. This is perfectly normal. Once a quarter or so, zoom out and review your long-range plan. If you need to make corrections to your strategy and goals, that’s fine. Just keep your plan alive so that it gives you the guidance that you need over time. 

• Vision setting is the purpose of long-term planning

Part of what makes entrepreneurs special is that they have a vision. They have dreams for where they want their business to go. A 5-year business plan should be about documenting that vision for the future and how your business will capitalize on that vision.

So, if someone asks you for your 5-year business plan. Don’t scramble to put together a sales forecast and budget for 5 years from now. Your best guess today will be obsolete tomorrow. Instead, focus on your vision and communicate that. 

Explain where you think your business is going and what you think the market is going to be like 5 years from now. Explain what you think customers are going to want and where trends are headed and how you’re going to be there to sell the solution to the problems that exist in 5 and 10 years. Just skip the invented forecasts and fantasy budgets.

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.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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