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A well-crafted business plan is essential for any startup or business. Whether you’re trying to attract investors or gain stakeholders’ confidence in your business idea, the first step is a business plan.
In this article, we’ll cover everything you need to know about writing your own plan, along with the best business plan examples to get you started.
A business plan is a document that outlines the goals, objectives, and strategies of a business. It acts as a roadmap for your company, providing guidance to the management team and employees.
It can help you secure the necessary funds and investments to start your business venture and gives stakeholders confidence in your leadership.
There are several types of business plans, each covering different industries and purposes. All plans have a few sections in common, but it’s important to choose the type of business plan that best suits your company type and business goals.
Here are some of the different types of plans:
Think of the one-page business plan, or the one-pager, as an elevator pitch. It’s a one-page version of your detailed business plan that quickly explains everything your readers need to know.
It should be skimmable and easy to read at a glance.
In this type of business plan, you’ll want to focus on financial projections to show that your business idea is viable. This is where the market research section of your business plan should shine.
Your company’s proposition value and product uniqueness are also important because they prove there’s a need for your business; hence, it will grow.
Startup business plans are iterative, so you’ll need to constantly update your plan as you test your product and learn more about your customers’ needs.
Most entrepreneurs use an example business plan as a reference and tailor it to their different startup types.
An internal business plan is designed for your team, employees, and key stakeholders to make sure everyone is aligned in terms of business goals, milestones, achievements, and more.
Internal business plans can also include performance updates, new company policies, and strategy ideas. The operations and logistics section of the plan will usually carry the most weight when writing an internal plan because it covers the day-to-day operations.
Investors and company outsiders don’t typically have access to your internal business plan.
A strategic business plan focuses on your company goals and sets a high-level roadmap to achieving them.
This type of plan lays out the big picture for how the company operates as a whole. It’s meant to inspire team members to work towards the company’s goals while improving the company’s external image.
When writing a strategic plan, outline how your existing business, products, and services can potentially expand and grow into new markets in the future.
One of the best ways to write a strategic plan is to start with a regular business plan format and build on each section from a strategic point of view.
Feasibility business plans focus on two important topics:
Feasibility plans are often considered a pre-business plan because there’s no point in going into the business and formulating a plan if your business model isn’t feasible.
They are often called feasibility studies because they’re mainly centered around market research and your company’s market position.
Small businesses and startups often attach a feasibility business plan to their existing business plan as a means to validate their efforts and goals. Existing companies can also use a feasibility plan when expanding into new markets or testing new products.
Creating your own business plan is simple if you know which sections you need and what goes in each section.
Here are the eight sections you’ll find in a typical business plan template.
An executive summary is a general overview of your business plan. It explains your business idea, mission, and purpose while showcasing the different sections of your plan.
The executive summary should always be the first section of your business plan. However, when brainstorming and writing your plan, you should leave this section for last since it’s an important, simplified summary of the other sections.
The executive summary is arguably the most important part of your plan because it’s the first thing readers come across. It’s supposed to capture their attention and pave the way for the rest of the business plan.
In many cases, potential investors and stakeholders might not be willing or have the time to go through the tens or hundreds of pages of a business plan. Many will decide whether or not your business idea has potential by going through the executive summary.
Most business plans include the following points in their executive summaries:
Each of these items will be covered thoroughly in different sections of the business plan, but you should keep a high-level overview of each to reel in your readers.
The company overview is where you give a detailed description of your company. Think of it as a long version of the “About Us” section of your company website.
This is where you’ll dive deeper into the mission statement, company structure, and other aspects of your business.
A typical company description includes the following items:
The market analysis, or competitive analysis, section of a business plan focuses on supply and demand in your industry. It validates whether or not there’s a problem that needs solving and whether your product is a viable solution.
It also gauges how well your company is suited to compete against other industry leaders. With proper market research, you can determine your company’s market share and identify opportunities to increase your share.
Market research often helps you uncover industry trends that other companies aren’t fully utilizing. You can discover the strengths and weaknesses of your competitors and capitalize on them to give your company a step up.
One of the best ways to determine your own strengths and weaknesses is to do a SWOT analysis.
When writing the market analysis section of your business plan, focus on the following:
The products and services section of the business plan is where you go into detail describing what your company has to offer.
This is where you describe the different products and services you’re selling, how they work, their pricing strategies, and more.
This section is especially important because your entire business model rests on your product’s uniqueness, functionality, and likeability. Make sure to articulate these aspects thoroughly, especially if you’re pitching to potential investors who don’t fully understand your products.
It’s also important to highlight your quality measures and how you ensure that each product or service lives up to a high level of standard.
Most products and services sections include the following items:
“Build it, and they will come” is one of the most famous sayings in the world of small businesses and startups. However, the reality is that no one will be interested in your product if they never see it or hear about it. Hence, the role of a sales and marketing plan.
Having a solid marketing plan is indispensable when starting a business plan. It provides a roadmap to how you’re going to advertise your business and drive sales.
This section of your business plan should focus on your customer acquisition strategies and how to attract customers. It explains how you’re going to make a sale and forecasts your revenue.
Most marketing plans rely on the Four Ps of Marketing, which are product, price, place, and promotion.
When first writing your marketing plan, one of the best ways to brainstorm ideas is to start with your marketing channels. These can include things like social media, blogs, videos, emails, word of mouth, and marketing platforms.
The best marketing plans utilize multiple marketing channels to reach as many potential customers as possible. Remember, diverse marketing strategies are among the top things every small business needs to grow, so the more, the merrier.
The sales and marketing section of a traditional business plan includes the following items:
The logistics and operations plan covers all the day-to-day processes and activities of your company. It’s a detailed explanation of how you plan on achieving your business goals and delivering your product or service.
This section of your business plan should be as detailed as possible. It should clearly outline each department’s responsibilities, tasks, and goals, both short and long-term.
You’ll also want to include the different resources you need and their costs. For example, if you need certain machines to create your product, this is where you mention how they work and the capital required to get them.
Your operations plan is bound to change, but solid, detailed business planning can make sure you don’t steer too far off course. Make sure to include quality control measures in your plan to gauge your company’s performance.
Here are a few things you should include in the logistics and operations plan:
The management summary section is where you show investors and stakeholders that your team knows what it’s doing. This is where you introduce the business owners and management team, giving a detailed account of their relevant experience and qualifications.
The management summary section of the business plan is meant to give stakeholders and potential investors confidence in your business and those running it.
You’ll need to highlight each team member’s role, responsibilities, compensation plan, and relevant experience. However, only mention key management personnel who play a role in the company’s vision and business objectives.
You can also include consultants or advisors, both internal and external.
The management summary section should also explain the hierarchy or the organizational structure of your company. It’s important to clarify who reports to whom and who has the authority to make vital decisions in the company when opinions are divided.
This is especially important to investors who prefer a solid chain of command and clear accountability when it comes to numbers.
The financial plan is one of the most important sections for startups in different funding stages. It shows investors and stakeholders how your company will make and spend money and whether it’s worth funding or supporting.
The financial plan also explains the different assets, liabilities, and equity your company has, which translates into how much your net worth is.
This part of the business plan answers the question of whether your business is profitable, sustainable, and able to grow.
Some of the most vital components of the financial plan include:
If you’re starting a new business, you should also include your break-even point, which shows when your revenue will have covered all expenses and your company starts being profitable.
One of the best ways to ensure your business plan covers the core essentials is to use the 3 C’s Model.
Here are the three cornerstones of this approach:
There are hundreds of free business plan templates online covering almost every business type. However, you should never copy these plans as is. Instead, use them for inspiration and tailor them to your company’s needs.
Here are some of the top sample business plans to check out.
No, you don’t need to use all of them. However, the main sections that are part of almost every business plan are the executive summary, products and services, financials, and market analysis.
A business plan gives a comprehensive overview of your company and focuses on financials, product offerings, and market share.
A business proposal, on the other hand, is usually designed for a specific project and is meant to encourage a potential client to work with your company.
Whether you’re a business owner or part of the leadership and management team, a business plan can help you achieve your business goals.
Now that you know how to create your own plan, you can start building a roadmap to success. And if you ever get stumped, you can use any of the excellent business plan templates above for inspiration!