best business plan templates 2020

How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

Download a free, editable one-page business plan template.

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

Download Free

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You're all set!

Click this link to access this resource at any time.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

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Small Business Trends

How to create a business plan: examples & free template.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Executive summary.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

Company Description

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Market analysis.

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

Competitive Analysis

Organization and management team.

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Products and Services Offered

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Marketing and Sales Strategy

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

Logistics and Operations Plan

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Income Statement

Cash flow statement.

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

Tips on Writing a Business Plan

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

What is a Business Plan?

Why you should write a business plan.

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

What are the Different Types of Business Plans?

Using Business Plan Software

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

Can i write a business plan by myself, is it possible to create a one-page business plan.

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

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

How is business planning for a nonprofit different.

Business Plan Templates

Free Download

2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

• Write a company description that sells your story
• Plan for the future: lay out goals and metrics for success
• Describe your product line in detail and plan for how to stand out from competitors
• Consider any legal formalities that require attention when starting your business
• Put together necessary financial projections to make a strong start
• Create your buyer persona and determine your product/marketing fit

Build A Business Plan That Works

Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

Why do I need to fill out the information requested?

We will always keep your personal information safe..

We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .

Where can I get a free business plan template?

HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.

Is this really free?

Absolutely.

Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!

What are the basic format of a business plan?

A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

What is needed to start a business?

If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

Set yourself up for success with this business plan template

Download the free business plan template.

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

Powerful business plan templates

Plan for the future, no matter what your business plans are or the size of your business with these designs and templates. whether it's just one big project or an entire organization's worth of dreams, these templates will keep you and your company on track from ideation to completion..

Put your ideas to work with simple templates for every business plan

Every successful business took a lot of planning to get there, and these templates will be cornerstones of your future success. Whether you're looking to attract new business, pitch your services or reimagine your company, with these simple, customizable templates at your fingertips you can turn complexity into something tangible. These templates can become marketing assets or simply remain internal touchpoints for your team. And as your dreams change, you'll always have this template to refer to – it's easy to change what exists on paper. If you're a small business, focusing on your niche can help you dominate in your field, and you can forge a plan to figure out exactly what that niche might be and how to target your ideal customer . When it's time to share your vision with stakeholders, craft a presentation that outlines your plan succinctly and with style. Let these templates from Microsoft Designer be your partner in business strategy for years to come.

Simple Business Plan Template for Startups, Small Businesses & Entrepreneurs

Written by Dave Lavinsky

Business Plan Template for Startups and Small Businesses

Growthink’s business plan template is the result of 25+ years of research into the business plans that help entrepreneurs and small business owners attract potential investors, raise investment capital, and build successful companies.

Using our business plan template, you will be able to write a proper business plan for your new or growing business. It will also help you lay out your business goals and your strategies for reaching them.

Importantly, our simple business plan template allows you to create a winning business plan much faster than starting from scratch. Our template features:

• Easy-to-follow instructions for completing each business plan section
• Questions to help you think through each component
• Automated financials to easily create your 5-year financial projections

What Does This Business Plan Template Include

This template includes the 10 key sections of a business plan, each with detailed guidance and examples to quickly and easily complete your own business plan.

1. Executive Summary

The Executive Summary provides a high level synopsis of your business plan, including your company’s business concept, mission statement, company description and an overview of your product and service offerings. The Executive Summary is the most important part of your business plan because if it doesn’t excite the reader, they won’t continue reading your plan, and they certainly won’t invest in your company.

2. Company Overview

This Company Overview section provides an overview of your business and lets readers know its history. Start this section with a concise explanation of your business and the products and services it offers. 

3. Industry Analysis

The Industry Analysis section describes the market in which your company will be competing, including market research, data on target market segments, and industry trends. 

4. Customer Analysis

The Customer Analysis provides insights about your key customer segments and their needs. This helps you create products, services and marketing strategies that best resonate with your customers. 

5. Competitive Analysis

The Competitive Analysis identifies your direct and indirect competitors, assess their strengths and weaknesses, and show your company’s competitive advantages. 

6. Marketing Plan

The Marketing Plan must detail your key products and services, your pricing strategy, your promotions plan and your distribution channels.

7. Operations Plan

The Operations Plan details the key day-to-day processes that your company performs to serve customers and the key milestones your company expects to accomplish as you grow. 

8. Management Team

The Management Team section demonstrates that your company has the required management team and staff to be successful. Include short biographies of key personnel along with their qualifications and experience.

9. Financial Plan

The Financial Plan includes your 5-year projected business financials including your pro forma income statement, balance sheet, and cash flow statements. These financial statements should clearly illustrate your company’s revenue streams, sales volume and profitability over the next five years.

10. Appendix

The Appendix supports your overall business plan and should include your full financial projections along with any supporting documents that make your plan more compelling.

Finish your business plan today!

Download Growthink’s Ultimate Business Plan Template (including a full, customizable financial model) to your computer and finish your plan today.

Growthink’s Free Business Plan Templates

Below are multiple free business plan templates to help you. You can edit each template to fit your needs and each one is printable. Use the one that best fits your business needs.

Free Simple Business Plan Template

A simple, free business plan template that can be used for any type of business.

Free Business Plan Template PDF

Free Business Plan Template Word

One page business plan template.

A one-page business plan that is a compressed version of a traditional business plan.

One Page Business Plan Template PDF

One Page Business Plan Template Word

Additional business plan template resources.

Growthink's Business Plan Template

Download Growthink’s Ultimate Business Plan Template and complete a solid business plan and your financial statements in hours.

Business Plan Examples

We have over 300 business plan examples available to help you to develop a professional business plan for your own business.

Writing a Business Plan and Business Plan Template FAQs

How can i access growthink's ultimate business plan template, why you need a business plan template.

Using a business plan template will significantly cut down on the time it takes to complete your plan. Specifically, our template, which:

• Starts you off with content already on the page. It’s hard to start any document from a blank page and having your key sections already listed is helpful.
• Lays out the key questions you must answer in each section, so you have guidance on what information to include and where.
• Helps you understand the questions you must focus on, and what’s not important, so you do a better job of conveying the key information readers need to know.

How Can I Write a Simple Business Plan?

Whether you are starting a new business or growing your existing business, you need a business plan. A business plan template will help you get started writing your plan and will provide you with a road map to long-term success and business growth. It should include the 10 key components of all business plans:

• Describe your business, mission and long-term goals in the executive summary.
• Explain the structure of your business, the physical location, and other basic business information in the company overview.
• Research your industry to explain current trends and influential factors for your business through a complete industry analysis.
• Identify the demographics and purchasing habits of your ideal customer in a detailed customer analysis.
• Better understand what your business is up against with a competitive analysis to identify their strengths and weaknesses.
• Develop a marketing plan that will help you reach your ideal customers, drive traffic to your website, and increase conversions.
• Create an operations plan that describes your day-to-day processes and procedures that make your business successful.
• Describe the management team that will be responsible for the success of your business.
• Create a comprehensive financial plan with realistic projections of where your business will be in the next 3-5 years.
• Attach supporting documents, financial statements, etc. in the appendix.

Learn the step-by-step writing process for how to write a business plan and get a startup business plan template.

If you need help writing your plan, Growthink’s expert business plan consultants can help. We have helped develop winning business plans for countless happy customers .

We also have a step-by-step video to help guide you through the process as well:

How Can I Get a Printable Business Plan Template?

If you’re looking for a printable business plan template, there are a few different options available to you:

• One option is to download a free business plan template .
• Another option is to purchase a template . These types of business plan templates are of higher quality and include a range of features that can help you to create professional-looking business plans and financial model including the income statement, balance sheet, and cash flow statements.

Ultimately, the best option for you will depend on your needs and budget. If you’re looking for high-quality, printable business plan templates that are easy to edit, then a purchasing a business plan template is the best option. If you’re on a tight budget or you don’t need a lot of features, then a free, simple business plan template may be a better choice. Whichever option you choose, make sure to take the time to customize the template to fit your specific business.

Is a Business Plan Required For Funding?

Yes, a written business plan is nearly always required when seeking financing.  You need a business plan whether you are a small business, a startup, an existing business looking to grow or a seasoned business owner. Business plans fall into three common categories: business plans for funding, those used for strategy, and business plans for both fundraising and strategy.

Regardless of their business model, many business owners use their business plans to raise bank loans to grow. The funding request allows them to acquire additional business resources and improve their financial health. New business owners often seek bank loans and  SBA Loans as well as funding from angel investors and/or friends and family.

Importantly, regardless of the source of funding you desire, a good business plan will stand out to a potential investor by showing compelling reasons why you will achieve financial success. A successful business plan must clearly highlight the business opportunity and want investors to buy in.  Investors will recognize a well researched business plan. A winning business plan will help you achieve long-term success, business growth and secure funding.

Dave Lavinsky is an internationally renowned expert in business planning, capital raising & new venture development. He has helped over 1 million entrepreneurs start and grow their businesses over the past 25 years.

13 Free Business Plan Powerpoint Templates To Get Now

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By Iveta Pavlova

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4 years ago

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Are you looking for business plan PowerPoint templates to grab right away and blow your audience away? In this selection, we’ve gathered 12 modern and completely free business plan PowerPoint templates designed according to the latest trends . The templates include everything you need in order to impress your potential partners with your business planning. They are easily editable, certainly memorable, and completely free to download.

You may also be interested in The Best Free PowerPoint Templates to Download in 2022

1. Strategic Business Free Powerpoint Template

An attractive template for Powerpoint made to help you present your business plan and strategies. The template comes with 25 handy slides that can be edited according to your needs. Plus, you have over a hundred business icons and high-quality vector graphics to depict your concepts and ideas.

• 25 different slides
• PPT file format
• 16:9 aspect ratio
• 100 business icons and high-quality vector graphics

2. Voodoo 2.5 Free Powerpoint Template with Animations

• 10 slides in the free version: 5 presentation slides and 5 infographic slides
• a modern, clean business design with smooth animations
• fully editable graphic elements and free fonts
• includes a dark version, as well

3. Investment Business Plan Template for Google Slides & Powerpoint

A minimalist business plan Powerpoint template made in a modern style and a classy grayscale color theme. The template includes 30 different slides with super useful layouts. Pretty much, you’ve got all you need to present your business overview, market analysis and competition, marketing, management, operating, and financial plans, and more.

• 30 different slides for various purposes
• 16:9 widescreen format
• compatible with PowerPoint and Google Slides
• graphics, maps, and over 1000 icons
• attribution is required (in the final slide)

4. Insurance Business Plan Template for Google Slides & Powerpoint

A business plan presentation template is available with versions for PowerPoint and Google Slides. This template is made in a modern corporate style and is suitable for serious topics. With 30 different templates and customizable assets, you can easily include your business overview, present your sales, management, and financial plans, and more.

• 30 slides in a modern corporate style
• PowerPoint and Google Slides compatibility
• graphics, maps, and 1000+ icons for customization

5. Clean Corporate Biz Free Powerpoint Template

A clean Powerpoint template with 10 different slides for professional business presentations. In this short template, you will find all you need to present your business objectives, business plan, key features, and more. Loaded with useful graphs and charts, you will easily visualize your data, as well.

• 10 unique slides with a corporate feel
• 16:9 widescreen layout
• includes charts, graphs, maps, and more

6. A Free PowerPoint Template “Investor”

• a professional corporate design
• 15 free slides in 16:9 widescreen aspect ratio

7. Marketing Plan Free Powerpoint Template

A tastefully prepared business-themed presentation template for Powerpoint in a blue-and-green color scheme. This template is available in two aspect ratios: 4:3 and 16:9. It also contains useful data visualization tools like charts, graphs, tables, and more.

• 26 business-themed slides
• 4:3 and 16:9 aspect ratios
• includes tables, flowcharts, graphs, and more

8. Business Idea Free Powerpoint Template

A rich business plan template consisting of 31 unique and useful slides. The design is available in 27 color schemes, so you can customize it according to your brand. You will find all kinds of charts, graphs, infographic slides, SWOT analysis slides, and more useful content.

• 31 useful slides
• 27 color options

9. “Nook” Minimalist Pitch Deck Powerpoint Template

This template will allow you to make a quick overview of your company and business plan. With 12 attractively designed slides, made in a gold, white, and black color scheme, you will definitely impress with style and modern vision. Easy to edit with high-quality vector graphics included.

• 12 different slides with modern designs

10. Free Simple Business Plan Presentation Template

A simple and practical business plan template suitable for presentations in most PowerPoint versions, Keynote, and Google Slides. The 8 slides included are designed to be useful and effective in presenting your company data. You will find high-quality vector shapes, diagrams, charts, and infographics. The slides are versatile and can serve various purposes.

• 8 slides that can be edited easily
• compatible with PowerPoint, Keynote, Google Slides
• design with modern gradients
• free to download (requires your email)

11. Free ‘Xe’ PowerPoint Modern Business Minimal Template

• 42 unique free slides with a modern, relaxing design
• includes animations, transitions, and video placeholders
• PPTX file format

12. Free Modern Business Powerpoint Template

A two-color design choice of light or dark including charts, maps, diagrams, and other useful slides for multipurpose presentations. a smooth, consistent, well-ordered look.

• Resolution – High 16:9
• Number of slides – 2 color versions of 34
• Color themes – white/light blue or dark/blue

13. Corporate Presentation Free Template

Clean and classic design suitable for presenting your business. The pack has 85 different slides for you to customize and adapt to your brand.

• Auto-animated
• Font file included

That’s all!

Fingers crossed that this collection helped you find the right free business plan Powerpoint tutorial for your needs. With their modern design and fully editable content, you are on the way to success for sure.

Would you like to browse even more freebies? Check out these suggestions:

• The Best Minimalist Powerpoint Templates for Free Download
• Top Resume Powerpoint Templates to Help You Stand Out
• The Best Free Infographic Templates in 2022 for Every Software

Premium: MultiSplash PowerPoint Templates

A professionally designed PowerPoint template with 77 slides for every type of presentation – report, marketing, educational, product introduction, plans, and more.

• 77 multipurpose presentation slides
• 120 Icons and illustrations included

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Iveta Pavlova

Iveta is a passionate writer at GraphicMama who has been writing for the brand ever since the blog was launched. She keeps her focus on inspiring people and giving insight on topics like graphic design, illustrations, education, business, marketing, and more.

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A complete business plan Unlike other blank templates, our business plan examples are complete business plans with all of the text and financial forecasts already filled out. Edit the text to make the plan your own and save hundreds of hours.

A professional business plan template All 550 of our business plans are in the SBA-approved format that’s proven to raise money from lenders and investors.

Instructions and help at every step Get help with clear, simple instructions for each section of the business plan. No business experience necessary.

A Word doc you can edit We don’t just have PDF documents that make editing a challenge. Each plan is available in Word format so you can start editing your business plan example right away.

Key Sections Included in our Example Business Plans:

Executive Summary : A quick overview of your plan and entices investors to read more of your plan.

Company : Describes the ownership and history of your business.

Products and Services : Reviews what you sell and what you’re offering your customers.

Market Analysis : Describes your customers and the size of your target market.

Strategy and Implementation : Provides the details of how you plan on building the business.

Management Team : An overview of the people behind the business and why they’re the right team to make the business a success.

Financial Plan : A complete set of forecasts including a Profit and Loss Statement, Cash Flow Statement, and Balance Sheet.

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15+ Business Plan Examples to Help You Write Your Own

Written by: Caleb Bruski

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

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

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

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

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

Table of Contents

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

1 Simple Business Plan Example

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

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

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

2 Creative Business Plan Example

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

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

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

3 Modern Business Plan Example

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

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

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

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

4 Ecommerce Business Plan Example

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

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

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

5 Salon Business Plan Example

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

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

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

6 Startup Business Plan Example

Creating a startup can be a difficult task.

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

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

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

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

7 Nonprofit Business Plan Example

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

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

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

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

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

8 Coffee Shop Business Plan Example

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

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

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

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

9 Consulting Business Plan

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

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

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

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

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

10 Fashion Business Plan Example

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

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

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

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

11 One-Page Business Plan Example

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

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

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

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

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

12 SaaS Business Plan Example

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

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

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

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

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

13 Photography Business Plan Example

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

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

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

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

14 Real Estate Business Plan Example

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

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

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

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

15 Small Business Plan Example

Even small businesses need big plans.

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

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

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

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

16 Day Care Business Plan Example

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

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

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

Create a Solid Business Plan With Visme

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

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

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

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About the Author

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

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Top 10 Business-Plan Templates You Can Download Free

Why reinvent the wheel get free professional business plan templates at no cost..

Writing your business plan. Ughhhh.

It's definitely not the most exciting part of starting a business. In fact, if you're like a lot of entrepreneurs, you're probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding . Because that's the thing--your business plan is a pretty important.

Any funder worth his or her salt wants to see it right off the bat. Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows. Recently, I shared 18 Mistakes That Kill Startups , an infographic created by Mark Vital over at Funders and Founders.

A lot of those mistakes (most of them, in fact) are the result of poor planning. Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.

Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It's an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to kill off aspects of your business before investing too much time or money in them.

That doesn't mean you have to bust out Word and start the plan from scratch. A template is great--you probably aren't doing anything that hasn't been done before, so it provides a proven structure for your plan. Pretty much everything on it can be customized. Check out these comprehensive business plan templates you can download for free to get you started:

1. Score's Business Plan Template for Startups

Score is an American nonprofit dedicated to helping entrepreneurs get their companies off the ground. Its template, available as a PDF or Word download, asks a whopping 150 questions and is generic enough to customize for most types of businesses. The Refining the Plan resource that comes with it is helpful, especially if this is your first crack at writing a business plan.

2. U.S. Small Business Administration Business Plan Engine

The SBA's template is available to fill out online and then download as a PDF. You can go back in and edit it as needed, so don't worry about having everything ready the first time you sit down to tackle it. Even broken into sections, it's a long document and a bit of a slog to get through, but it produces a professional-looking and useful business plan. This is particularly helpful if your idea isn't fully fleshed out and you know you have homework to do--it prompts you for information.

3. The $100 Startup's One-Page Business Plan

Who said a business plan has to be a long, complicated document? Some funders are going to want to see a lot of detail, but you can provide that in appendices. The $100 Startup, the website for the best-selling book of the same name, has a ton of stripped-down resources for entrepreneurs, including this super simplified business plan template.

4. LawDepot's WYSIWYG Business Plan Template

This one says you just have to answer a few simple questions and will be "done before you know it!" Don't believe it. A business plan should take time and a lot of homework, but if you've already done that, LawDepot's template is a decent choice. It walks you through getting started, marketing, product, competitive analysis, SWOT, and more, with a window below the input fields to show you the plan as you work away at it. You can download it free with a trial subscription, but you'll have to remember to cancel it within the week if you don't plan to continue using it.

Editor's Note: Looking for Business Loans for your company? If you would like information to help you choose the one that's right for you, use the questionnaire below to have our partner, BuyerZone, provide you with information for free:

5. sme toolkit business plan samples.

The SME Toolkit, jointly offered by IFC and IBM, offers a simple two-page outline of what should be included in your business plan to meet the minimum requirements of funders and tax authorities (in the U.S.). It contains 10 broad sections, including market analysis, management and organization, etc., with a one-paragraph explanation of each. A second download on the same page is an Excel file to help with your financial projections.

6. Office Online Templates Galore

Of course, Microsoft offers a ton of business plan templates for Office users (you can get birthday invitations while you're at it). If you'd rather do a business plan presentation than a Word doc, you can download one of Microsoft Office's half a dozen or so PowerPoint templates for just that purpose. You'll want to customize it with your company branding (you have your branding down, right?), but it's easier than starting from a blank PPT.

7. vFinance Inc. Business Plan Template and Guide

Global financial services firm vFinance offers a basic, 30-page business plan template to download from its website--one the company says has been downloaded more than a quarter of a million times. No, it won't be completely unique, but vFinance knows what it's doing and the template is pretty comprehensive. VFinance is the creator of the massive Venture Capital Directory and has tailored the plan to appeal to funders. If that's your goal, definitely check this one out.

8. Invoiceberry Templates for Word, Open Office, Excel, or PPT

U.K. online invoicing software brand Invoiceberry offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats. Each one also contains a marketing plan and executive summary template. There's a catch, though--the company asks you to take one of the following three actions before you can download the template: like it on Facebook, give it a +1 on Google+, or give it your email address. If you don't mind doing that, it's a good deal. Kudos to Invoiceberry for figuring out this effective lead-gen tactic too!

9. Santa Clara University's My Own Business Institute Plans

Santa Clara U's MOBI is an initiative of its Center for Entrepreneurship and Innovation at the Leavey School of Business. On the site, you can download each of the 15 business plan sections individually as Word documents, or grab all 15 together in one doc. There's a ton of other helpful resources as well, including guidelines for evaluating your potential sites, a list of key people to review your plan, and sample financial sheets.

10. RocketLawyer's Business Plan Templates by State

Like some of the others, you fill out RocketLawyer's form and download the business plan when you're done--but its template allows you to choose your state before getting started. These plans are tailored to meet your financing requirements in your state, which is a huge bonus for those seeking funding through banks. It's also heavily geared toward financing, making it a good choice if that's a priority for you.

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Free Microsoft Word Business Plan Templates

By Joe Weller | September 22, 2020

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We’ve compiled a variety of expert-approved business plan templates and samples for Microsoft Word. There are options for organizations of any size and type — from coffee shops and hair salons to professional services, and everything in between.

Included on this page, you’ll find Word business plan templates for small businesses , startup businesses , product and service businesses , and more.

Simple Business Plan Word Templates

These customizable business plan templates come professionally designed and ready to use, and are available to download in Microsoft Word format.

Simple Business Plan Template

Use this template as a basis for creating an organized and thorough business plan. Customize the built-in table of contents to suit your needs, and use the space included to detail the nature of your business, the solution to the problem you’re solving, a market analysis, key performance indicators (KPIs), financial forecasts, and more.

Download Simple Business Plan Template — Word

Simple 30-60-90 Business Plan Template

This template is ideal for developing a 90-day action plan to create and implement your business plan in manageable, 30-day chunks. Use the document to outline your main goals and deliverables, and then assign key business activities and deadlines to ensure your plan stays on track. 

Download Simple 30-60-90-Day Business Plan Template

Word  | Smartsheet

For more 30-60-90 business plan templates, visit our "Free 30-60-90-Day Business Plan Templates and Samples" article.

Simple Business Plan Outline Template

This template provides a standard outline for a traditional business plan, which you can use to guide your research and develop your plan. Easily modify the provided information to include information that is relevant to your business. 

Download Simple Business Plan Outline Template — Word

For additional downloadable resources in a variety of formats, visit, “ Simple Business Plan Templates .”

One-Page Business Plan Word Templates

These single page business plan templates in this section provide a useful way to organize ideas. Companies can use these templates to develop a pitch document for potential partners and investors.

One-Page Business Plan Template

Use this template to capture the main details of your business concept, including your product or service offering, who it benefits, how it helps your target buyer, the pricing structure, income streams, and key milestones. There’s also room at the bottom to include a SWOT analysis .

Download One-Page Business Plan Template

Word | Smartsheet

One-Page Lean Business Plan

This template utilizes a Lean approach to help you showcase the core concepts of your business idea in a scannable format. Provide a brief overview of your company and industry, the unique benefits your product or service possesses, distribution strategy, key objectives and success metrics, and a financial plan. Use the visual timeline at the bottom to display dates and milestones.

Download One-Page Lean Business Plan Template - Word  

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

A 30-60-90-day template is useful for developing an actionable plan. Simply add your main goals and the activities required to achieve them in 30-day increments. Update the status of each goal regularly to ensure your plan stays on track.

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

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

Small Business Plan Word Templates

These customizable business plan templates are especially useful for small businesses to develop a roadmap for structuring, operating, and growing their organization.

Small Business Plan Template

This comprehensive business plan template is ideal for small businesses that want to thoroughly document key goals and the associated activities. Add essential information to each section to keep your plan clear and concise — and pay special attention to the financial section and provide details that will validate your plan.

Download Small Business Plan Template — Word

Fill-In-the-Blank Small Business Plan Template

This fill-in-the-blank template is useful for small business owners that need some guidance adding details to the various elements of their business plan. Each section of this standard business plan comes with pre-filled content that you can expand on and customize to reflect the specific needs and details of your business. 

Download Fill-In-the-Blank Small Business Plan Template — Word

Additional Fill-in-the-Blank Business Plan templates can be found here . 

One-Page Small Business Plan Template

Small businesses can use this template to articulate business ideas in a succinct, easily digestible manner. There is space to include a business overview, key team members, a market analysis, marketing and sales plans, objectives and success metrics, and a financial plan.

Download One-Page Business Plan for Small Business — Word

Startup Business Plan Word Templates

These business plan templates are ideal for entrepreneurs to assess the viability of their idea and gain buy-in from prospective investors and stakeholders.

Startup Business Plan Template

Use this startup business plan template to create a strong and detailed roadmap of your concept and related goals. The template includes space for an executive summary, business description, summary of product or service offerings, pricing structure, marketing strategy, competitive analysis, startup expenses, funding sources, and more to ensure you have a thorough plan in place.

Download Startup Business Plan Template

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

This 30-60-90-day business plan template is versatile, and can be used to develop an actionable plan for virtually any business activity. This sample contains pre-filled information to help you explain the organization’s main goals and deliverables, as well as to assign key tasks, ownership, and deadlines. 

‌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 .”

Product and Service Business Plan Word Templates

These business plan templates are designed for a product or service-focused business to use to develop a workplan that articulates its vision and objectives.

Business Plan Template for Professional Services

Entrepreneurs offering professional services can use this document to outline the main goals and objectives associated with their business, as well as how they plan to achieve them. This template comes with a built-in table of contents and includes all the components of a traditional business plan, including the company background, market and industry analysis, competitive analysis, service offering details, promotional plan, sales forecasts, financial statements, and more.

Download Business Plan Template for Professional Services — Word

One-Page Business Plan for Service Business

This business plan template is ideal for a service-type business owner who needs a basic plan to jot down core business concepts. This single-page template has room to include the business mission and vision, service provided, target market, competitive advantage, marketing and sales plan, and key objectives. There is also a visual timeline of milestones included at the bottom of the template for tracking progress.

Download One-Page Business Plan Template for Service Business — Word

One-Page Business Plan for a Product Business

Use this one-page business plan to outline the key details related to your product-focused idea. Articulate the purpose and vision of your business, the problem your product solves, potential customers, how you will get your product to buyers, pricing strategy, main objectives, and success metrics. The timeline of milestones at the bottom of the template automatically creates a visual display of noteworthy activities. 

Download One-Page Business Plan for Product Business — Word

Fill-In-the-Blank Business Plan Word Templates

Use these pre-filled business plan templates as a basis to build a thorough plan that keeps your strategy aligned with sales, promotional, and financial objectives.

Simple Fill-In-the-Blank Business Plan

This fill-in-the-blank template features a traditional business plan layout, and includes pre-filled content in each section. Outline the key components of a well-rounded business plan, and add a company overview, market analysis, marketing and sales plan, operations plan, financial statements, supporting documentation, and more.

Download Simple Fill-In-the-Blank Business Plan Template — Word

Lean Fill-In-the-Blank Business Plan

This Lean business plan has all the necessary parts to articulate your business vision and strategy. Add information about the problem you aim to solve, your product or service offering, unique value proposition, target customers, cost structure, revenue streams, and a timeline of milestones.

Download Fill-In-the-Blank Lean Business Plan Template — Word

For additional resources, visit " Free Fill-In-the-Blank Business Plan Templates ."

For more free, downloadable templates for all aspects of your business, take a look at “ Free Business Templates for Organizations of All Sizes .”

Empower Your Teams to Implement Your Business Plan with Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

• Best Business Plan Software

10 Best Business Plan Software In 2024

Updated: May 3, 2024, 5:15pm

Writing a business plan not only helps you stay on track as you start a new business but it can also help you secure funding. You can create one from scratch with a simple template, but business plan software often has features to make it easier, more nuanced and overall better. It could even make the difference between bringing investors on board and going it alone. So, Forbes Advisor found the best business plan software that has the features you need at an affordable price.

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The Best Business Plan Software of 2024

Forbes advisor ratings, methodology, how to choose a business plan software, benefits of business plan software, frequently asked questions (faqs), next up in business.

Featured Partners

From $8 monthly per user

Zoom, LinkedIn, Adobe, Salesforce and more

On monday.com's Website

Yes, for one user and two editors

$9 per user per month

Google Drive, Slack, Tableau, Miro, Zapier and more

On Smartsheet's Website

Yes, for unlimited members

$7 per month

Slack, Microsoft Outlook, HubSpot, Salesforce, Timely, Google Drive and more

On ClickUp's Website

• Wrike: Best overall
• Smartsheet: Best for goal management
• LivePlan: Best for financial forecasting
• Aha!: Best for roadmapping
• Bizplan: Best for beginners
• IdeaBuddy: Best for ideation
• iPlanner: Best for no-frills business planning
• Enloop: Best for automatic business plan creation
• AchieveIt: Best for consultant groups
• Business Sorter: Best for teams

Best Overall

Starting price

Free; $9.80 per user

Team messaging

Roadmapping

Wrike is a project management (PM) tool that works well as business plan software because it gives you tools to help you gather and compare your data. Wrike makes it easy to start your business plan with its collaboration tools, business plan templates , drag-and-drop interface and goal management features. Another benefit of using Wrike to build your plan is that you see your ideas and goals from multiple views: Gantt chart, calendar or board views.

There are a few reasons why it’s a good idea to use Wrike for your business plan. First, you can map out exactly what your business goals are in a project, invite teammates to collaborate and message business partners to discuss everything. Plus, you can export your data when you’re ready to put all the details into a presentation to hand over to potential investors.

Wrike offers a free plan that’s good for putting your vision down in task and project form, but you may want to upgrade to a paid plan to invite collaborators, get custom workflows and add more views and automations. Paid plan pricing ranges from $9.80 per user, per month, to $24.80 per user, per month, both billed annually.

Learn more: Read our full Wrike review .

Who should use it:

Wrike makes it easy for any new business owner to create a business plan and collaborate with others on the financial and operational goals. Plus, it provides value after you finalize your business plan because it’s a good pick for a PM tool.

• Roadmapping ability
• Multiple views (Gantt, calendar and board)
• Business plan templates included
• Goal management via projects and tasks
• Free plan available
• Affordable plans
• No pitching tools
• No financial tools

Best for Goal Management

$7 per user, per month

(billed annually)

(added cost)

Using PM software like Smartsheet is a good idea for starting a business plan because it includes all the tools you need to collaborate and plan across multiple teams or stakeholders. It’s especially good for real-time goal management. Get your ideas in place, go over market and competitive research from other teammates and finalize everything together.

Smartsheet won’t help you write your business plan, but it does give you a place to compile all the data and then you can use one of its free business plan templates. As you figure out your milestones, you can invite an unlimited number of viewers to see how it’s going. The only downsides are that Smartsheet doesn’t have a native messaging app (you’ll have to use an integration), only commenting allowed and there’s no free plan.

Paid plans from Smartsheet cost $7 per user, per month, or $25 per user, per month (billed annually for both). The low-priced Pro plan limits you to 10 editors, but the Business plan allows unlimited editors (but it also has a three-user minimum).

Learn more: Read our full Smartsheet review .

Smartsheet lets you make changes in real time, so it’s a good option for those who are just starting to piece together a plan and looking for a way to manage ideas and goals before finalizing a business plan.

• Discounts for nonprofits available
• Automations on every plan
• Popular integrations allowed on low-tier plan
• 30-day free trial
• No free plan
• Only 10 viewers allowed on low-tier plan
• Three-user minimum on Business plan

Best for Financial Forecasting

$15 per month

One of the strongest cases for using LivePlan to create your business plan is its financial forecasting. It isn’t just a single feature, rather it’s a tool that lets you turn your balance sheet and cash flow statements into charts, graphs and what-if situations to help you show possible investors the best- and worst-case scenarios for your business.

There are two plans available: Standard or Premium (there is no free plan). The low-priced plan, which costs $15 per month (billed annually), doesn’t limit your contributors or guests and includes instructions to help you complete a business plan. It even includes the financial forecasting features and more than 500 sample plans to get you started.

The Premium plan costs $30 per month (billed annually), but it’s full-featured. You get a milestone planner and industry benchmark data, which can save you research time. Another timesaver: At this plan level, you can integrate QuickBooks or Xero to add your financial data seamlessly.

LivePlan is business plan software that includes prompts and accounting software integrations, making it great for new business owners that want easy financial forecasting.

• Unlimited guests and contributors
• Export finished business plan as PowerPoint presentation
• Includes step-by-step instructions with prompts
• 35-day money-back guarantee
• No free trial

Best for Roadmapping

$59 per user, per month

Every business plan starts with strategy and Aha! makes it easier to map out what you plan to do to get from point A to point Z. Aha! is primarily roadmapping software that product teams use to plan features, products or bug fixes. Any business in any industry can use it to shape ideas and strategy into plans and milestones.

Much like product development, business plans have phases and Aha! is ideal for the first few phases of business planning. Although you won’t find a scorecard feature with Aha! Roadmaps, you can score and prioritize your business vision and goals. Finally, you can present your plan to viewers (stakeholders) before you create your official business plan and secure funding.

There are three plans from which you can choose: Premium at $59 per user, per month; Enterprise at $99 per user, per month; and Enterprise+ at $149 per user, per month, all billed annually. The only reasons to upgrade to either Enterprise plan is if you want to add on automation, development tools and custom worksheets and tables.

Aha! Roadmaps is a great tool to help you strategize and get your ideas for your business in one place. You can use the presentation feature to share your business’s roadmap on your way to creating your finalized business plan.

• User-friendly interface
• Ability to score and prioritize ideas
• Share roadmaps with others
• Expensive for business plan creation
• Has a bit of a learning curve

Best for Beginners

$20.75 per month

Bizplan is specifically for business plan creation. It offers a guided walkthrough of each section you need for a complete business plan to use for funding or pitching to partners. Plug in the information, from your mission and goals to financial forecasts, and Bizplan will do the math and create the visual charts you need to get your point across.

Bizplan is very easy to use because it includes prompts and questions that take away the manual effort of figuring out what you need, so you can simply focus on providing the answers. When you’re satisfied you included all the data needed, you can invite stakeholders and consultants to look it over and add comments for approval or change requests. A unique feature of Bizplan is it gives you access to Fundable, a crowdfunding platform, on which you can share your business plan to try to generate funding.

Monthly pricing costs $29, but you can opt for annual pricing that averages to $20.75 per month. If you expect to need business plan software for much longer than a year, there’s a lifetime access option for $349 flat. All plans come with all features and access, including business courses, business planning tools and a route to investors.

If it’s your first time creating a business plan, Bizplan is a great choice to help guide you through all the sections you need to include in your plan for potential investors and partners.

• Monthly, annual and lifetime plans
• Unlimited business plans
• Unlimited collaborators
• Step-by-step instructions
• Modular, drag-and-drop interface
• Online business courses
• Access to Fundable
• Financial forecasting
• No roadmapping tools
• Lack of customization
• Only integrates with Xero

Best for Ideation

Free; $6 per month

IdeaBuddy is a basic business plan tool that lets you start for free, which is great for beginners who aren’t quite ready to create a plan. The idea plan feature is great because it lets you lay out your business plan on one page, giving you an overview. There are built-in sticky notes for brainstorming and custom templates to start you off with a bit of a guide (or just create your own).

Another great feature of IdeaBuddy is the whiteboard, which lets you drag and drop various elements, draw on it and collaborate with others to come up with your perfect business idea. That feature is locked behind the highest tier, so you’ll have to pay $22 per month (billed annually) to use it. However, that plan also gives you up to 10 collaborators and 10 ideas.

Other plans are more limiting: The free plan is for a solopreneur who has a single idea to work on and the Dreamer plan is $6 per month while the Founder plan is $12 per month, both billed annually. The Dreamer plan is also limited to one idea, but you get one collaborator while the Founder plan gives you up to three ideas and three collaborators. Plus, you’ll get access to the paid plans to export and share your plan with viewers.

IdeaBuddy is just what it sounds like: It’s best for ideation. You can create a full-fledged business plan, but this program is best suited for the very beginning stages of business creation.

• Free forever plan
• Affordable paid plans
• Monthly and annual billing options
• Easy to use
• Export to Word, Excel or as PDF
• Flexible whiteboard feature
• May be too basic for some users
• Doesn’t offer much guidance

Best for No-Frills Business Planning

$55 for one year

Business plan software doesn’t have to be fancy to be effective, and iPlanner certainly fits that bill. It’s been around since 2007 and it doesn’t appear to have updated its look or functions. The browser-based business planning software gives you a place to build out your business model and a business plan.

There are two different software options from iPlanner: Strategy Designer and Startup Framework. The Strategy Designer costs $59 for three plans, but it’s a one-time fee for the year. Choose it if you want a more condensed and no-frills kind of business plan. You can export it to Word or as a PDF.

The iPlanner Startup Framework is $55 per year, which gives you one plan to create. It’s similar to the Designer version, but you can create a business model, separate financials and build a team with various roles (view only, project owner or consultant).

iPlanner is best for those who have created a business plan before and don’t need hand-holding or fancy features.

• Business modeling option
• Samples on site for demoing
• Export to Word or as PDF
• No free plan or trial
• Not a lot of guidance
• Outdated interface

Best for Automatic Business Plan Creation

$11 per month

Enloop is a unique business plan app that generates a business plan for you based on information you provide. You can edit the text Enloop writes for you to make it more specific or change numbers in your financial forecasts as you see fit. Enloop offers a scorecard that updates as you change things, finish sections and make your business plan overall better.

Then Enloop compares your financial forecasts to industry standards, so you don’t have to do the research. The software shows you up to 16 ratios, such as sales, inventory and payables and then shows you what the average is for your industry as it compares to your financials. Enloop then gives you either a pass or fail so that you can modify your plan before you put anything into play.

Although Enloop doesn’t offer a free plan, there is a free trial for one week so you can see if it’s right for you. The Detailed plan costs $11 per month while the Performance plan is $24 per month, both billed annually. The biggest difference between the two plans is how many financial ratios Enloop analyzes: The Detailed plan only gets three ratios and Performance plan gets 16.

Enloop is best for those who have some experience creating business plans, not necessarily for those who are starting from scratch as there are no brainstorming or strategizing tools included. Use Enloop to create business plans quickly.

• Three business plans for each tier
• Generates a business plan automatically
• Compares your financials to industry standards
• Seven-day free trial available
• Scorecards indicate odds of success
• No messaging team members through app
• Not meant for strategizing

Best for Consultant Groups

$80 per, user per month

Not everyone wants to go it alone when creating business plans and consultants are often hired for industry expertise and business plan creation. AchieveIt offers generous plans that won’t limit the number of plans and projects you can create, so you can work on multiple business plans at one time.

Specifically, AchieveIt is planning software meant for medium to large teams to work on projects simultaneously. For business planning, it’s a great option for those strategizing and analyzing a variety of data points with multiple people—all of AchieveIt’s plans have a minimum requirement of 20 users.

Plans are pricey, especially when you consider the user minimum. Core, the lowest-priced plan, costs $80 per user, per month, and Plus is $90 per user, per month, both billed annually. So, it’s going to cost $1,600 per month, at least, which puts this software out of reach for most small businesses.

AchieveIt is a good choice for large businesses that need planning software and for business plan purposes, it makes most sense for established consultant groups.

• Unlimited plans and projects
• Collaboration tools
• Goal management
• 20-user minimum
• Pricier than most competitors
• Integrations at added cost

Best for Teams

Business sorter.

$10 per month

When you’re ready to craft your business plan, it can help immensely to have business planning software like Business Sorter. The cloud-based app makes it easy for you to start a plan and kicks off your business planning with a SWOT analysis (strengths, weaknesses, opportunities, threats). Then, you can follow a guide to build your plan with each section divided by areas. After which, you can choose cards to help steer you toward the right objectives and goals for your business.

You won’t find roadmapping tools in Business Sorter, but the card system keeps you on track (and even gives you goals you may not have considered). As you prioritize goals, you’ll find steps you need to take that guide you to completing your business plan. Every plan allows multiple users, so you can collaborate on what takes precedence.

Plans start at $10 per month, billed annually, and allows you to have three users on board. For 10 users, the Medium plan costs $30 per month, billed annually, and if you need 30 users, the Large Team plan will run you $80 per month, billed annually. It’s one of the most affordable business planning apps for teams.

Although Business Sorter doesn’t offer a messaging tool, it’s still one of the best options for teams. You don’t have to pay per person, but you can add multiple people to the account to work on creating business plans.

• Easy-to-use business plan templates
• Free trial available
• Card system helps guide your goal setting
• Create up to 40 business plans
• Plans limit user count
• No messaging in app
• Very limited integrations

Forbes Advisor carefully considered a variety of software to choose the right business planning apps for this ranking. We compared features, ease of use, costs and collaboration. We ranked each company based on these factors using a 5-star rating system. The highest possible score is 5 out of 5 stars.

Here are the details of the factors we considered:

• Features: We looked at general and unique features of each app and gave more credit to software that provides better functionality for business planning.
• Cost: Regardless of your business size, cost is an important factor to consider when you’re adding new software to your tech stack. We awarded a higher score to those that offer free trials, free plans and affordable options.
• Ease of use: Programs that have a steep learning curve aren’t likely to be adopted by you or your team, so we chose software that’s user-friendly. Drag-and-drop interfaces or guidance through features and tools are helpful for any team.
• Customer reviews: An important factor for any software is how the general public views the program. We considered other ratings and studied the pros and cons listed by other users of the software to help us with our ranking.

Technically, you don’t need business plan software, but using it can make the entire experience easier and you’ll have better odds of creating a solid plan. You don’t even have to choose software made specifically for business planning—project management software is great for roadmapping and goal management. Aside from looking for software that includes financial forecasting, you’ll want collaboration tools, a user-friendly interface, affordable plans and ways to brainstorm or roadmap for your business idea.

One of the most important sections of any business plan is the financials. If you haven’t already done the research and calculations, look for a business plan app that automatically calculates these numbers for you.

Collaboration is also key if you’re working with a partner, team or consultants. At the very least, look for software that lets you invite viewers to see the work you’re doing, but the best business plan software lets users leave comments or work on a plan in real time simultaneously.

Ease of use is nearly as important as pricing. You’ll need software you and your team will use without spending too much downtime learning how to use it. It also makes no sense to choose a cost-prohibitive tool for creating a business plan—most of the software Forbes Advisor suggests is appropriate for small business budgets.

Finally, depending on the stage you’re in of business planning, you may want a tool that offers features that make it easy for you to create a roadmap for your business. If you’re in the early stages, these tools can help with brainstorming, prioritizing goals and managing your goals before you finalize your actual business plan.

Most business plan software helps guide you through the creation of a business plan with prompts, suggestions or tips. So, using business plan software is especially helpful for new business owners who don’t know all the sections to include to increase the odds of getting funding or luring a partner to join your operation.

Business plan software can also automate some processes, such as calculations of financials or comparisons of those finances with industry standards. Some business planning apps give you whiteboards or editable cards you can use for brainstorming. Other features may include scorecards to let you know if you’re on the right track or roadmapping tools to give you an overview of your business plan.

The biggest benefit of business plan software is that it helps you organize and prioritize all of your goals so you can more easily analyze and then compile the data you need to create your business plan. After that, you can create your plan from scratch or if you’re using business planning software made specifically for crafting plans, you can piece it all together and then export it as a PDF or to Microsoft Word.

Which business plan software is the best?

Forbes Advisor suggests Wrike, Smartsheet or LivePlan to help you write your business plan. Depending on the stage you’re in of business planning, one tool or another may be better for you.

How do I create my own business plan?

There are several steps you should follow to create a good business plan, but there are different types of plans you can create. Every business plan starts with a strong executive summary and includes your business goals and financial forecasting. Follow a guide on how to create a business plan to ensure you include all the sections needed.

What are the different types of business plans?

There are many types of business plans you can create and the one that makes the most sense for you depends on your situation. A standard business plan is meant for when you need to present to investors or a bank for financial help. A lean plan doesn’t include all the summaries and background information a standard plan does, so it’s more suitable for established business owners. There are also one-page business plans that are more like pitches. You may also run across operational, tactical, strategic and contingency business plans. We created a simple business plan template that you can use to get started when launching a side gig or small business.

Is business plan software secure?

As  with most types of software, the best business plan software programs offer many levels of security. When choosing this type of software, you want to look for security features that include multifactor authentication (MFA), intrusion detection, the monitoring of user activities, documentation that shows frequent security updates and patches, data encryption and privacy protection.

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Amy Nichol Smith spent more than 20 years working as a journalist for TV and newspapers before transitioning to software and hardware product reviews for consumers and small businesses. She has been featured in publications such as L.A. Times, Tom's Guide, Investopedia and various newspapers across the U.S.

• Best Online Advisor for Low Fees 
• Best Online Advisor for Diversified Investing
• Best Online Advisor for 529 Plans
• Best Online Advisor for Financial Planning and Personal Development
• Best Online Advisor for Retirement Saving
• Why You Should Trust Us

Best Online Financial Advisors 2024: Find the Right Fit for Your Needs

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

What Are Online Financial Advisors?

A financial advisor is a catch-all term that includes financial planners and investment advisors. Most online advisors offer investment management — whether it's carried out by a human or a sophisticated computer algorithm — and financial planning services or tools.

Types of Online Advisors

The main types of online financial advisors are: 

• Robo-Advisors: Automated investment platforms (aka robo-advisors) use algorithms to generate a custom investment portfolio based on an individual's risk tolerance, goals, and time horizon. Robo-advisors typically offer low-cost ETFs as a cost-effective way to instantly diversify an investor's asset allocation and mitigate risk. 
• Human Advisors (Virtual): Financial advisors that offer personalized financial planning and investment advice online through virtual meetings, email, and other virtual communication channels. 
• Hybrid Models: Some online brokerages offer hybrid financial advice, combining automated investment advice and management through a robo-advisor and one-on-one consultation from a human advisor. 

Benefits of Using Online Financial Advisors

Online financial advisors allow you to ditch the in-person hassle and access expert financial guidance from your phone or home computer. Online financial advisors leverage investment technology and generally low-cost compared to traditional in-person consultants.  

Not only does it make investing more affordable for many individuals, but clients can more easily adjust and monitor their investments on their own time. Robo-advisor and hybrid online advisors typically offer online dashboards and tools for convenient managing and monitoring. 

Compare the Top Online Financial Advisors 2024

For this list, we didn't consider online advisors that match clients and advisors for comprehensive financial  planning services, such as Zoe Financial or Facet Wealth . Instead, we focused on tech-driven firms where you can access an automated and personalized portfolio and consult a professional for advice when needed.

Here are our top picks for the best online financial advisors as picked by Business Insider editors in 2024.

SoFi Automated: Best Online Advisor for Low Fees 

SoFi Automated Investing supports individual investment accounts, joint accounts, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k) rollovers.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No account minimum or management fees to invest
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal planning and automatic portfolio rebalancing
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Range of other account options across SoFi website
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. SoFi offers complimentary CFP access across all accounts
• con icon Two crossed lines that form an 'X'. No tax-loss harvesting
• con icon Two crossed lines that form an 'X'. No socially responsible portfolio options

SoFi Invest is one of the best investment apps and the best investment apps for beginners. It's a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account, and assets like cryptocurrencies.

• Promotion: None at this time.
• Consider it if: You're new to investing and want to leave the trading decisions to professionals.

SoFi Automated Investing offers individual and joint taxable brokerage accounts , traditional IRA, Roth IRA, and SEP IRA.

SoFi stands out for its lack of advisory fees, free one-on-one consultations with CFPs, portfolio diversity, and goal-planning features. SoFi builds a personalized investment portfolio based on your risk tolerance, goals, and time horizon. Additional SoFi membership perks include loan discounts and career counseling. 

What to look out for: SoFi doesn't have tax-loss harvesting features and limited portfolio diversity. 

SoFi Invest review

Betterment: Best Online Advisor for Diversified Investing

Betterment offers individual or joint accounts, IRAs, trust accounts, and cash reserve or checking accounts.

$0 to open, $10 to start investing ($100,000 for premium plan)

$4 per month (or 0.25%/year) for digital plan; 0.40%/ year for premium plan; 1%/year for crypto portfolios

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum for standard investing account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal-based planning, tax-loss harvesting, charitable giving, and socially responsible investing available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app with external account syncing options
• con icon Two crossed lines that form an 'X'. You'll have to pay to consult a human advisor, unless you have the premium plan
• con icon Two crossed lines that form an 'X'. $4 monthly fee (or 0.25% annual fee)

Betterment is best for hands-off investors who want to take advantage of professionally built, personalized ETF and cryptocurrency portfolios. The platform offers CFP access, so it could suit those in search of additional guidance from human advisors.

• App store rating: 4.7 iOS/4.5 Android
• Consider it if: You want access to robo-advice with multiple service levels.

Betterment Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, inherited IRA, and trust.

What stands out:  Betterment is a robust trading platform offering premium plans with unlimited access to CFPs through phone or email. Investors can use the platform's goal-setting feature, ESG investing, automatic rebalancing, and easy-to-use financial dashboard. 

What to look out for:  Accounts with a $100,000 balance can upgrade to get advisor access, but the annual fee increases from 0.25% (an industry low) to 0.40%

Betterment review

Wealthfront: Best Online Advisor for 529 Plans

Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

$1 ($500 for automated investing)

$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low annual fee for investment accounts; crypto trust investments available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cash account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app and investing and retirement tools
• con icon Two crossed lines that form an 'X'. You need at least $100,000 to utilize additional investment strategies
• con icon Two crossed lines that form an 'X'. No human advisor access

Wealthfront is one of the best robo-advisor options if you're in search of low-cost automated portfolio management, and one of the best socially responsible investing apps for features like tax-loss harvesting, US direct indexing, and crypto trusts.

• Consider it if: You're balancing several goals and want to streamline your finances.
• Promotion: Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

Wealthfront Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, trust, and 529 savings plan .

Wealthfront is one of the best online financial advisors for college education savings and cryptocurrency trusts. You can borrow up to 30% of your investment balance at a low interest rate with a portfolio line of credit. Wealthfront also offers personalized recommendations with smart financial planning software. 

What to look out for:  On-staff financial advisors don't offer personalized advice

Wealthfront review

Ellevest: Best Online Advisor for Financial Planning and Personal Development

Ellevest offers two investing portfolios to fit your needs.

$1 - $240 (varies by portfolio)

$54 - $97 annually; $5 or $9/month

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Personalized, automated investment advice with a $0 minimum requirement
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Monthly plans include discounted access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automated IRA accounts and 401(k)/403(b) rollovers available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Private wealth management for individuals, families, and institutions who have at least $1 million to invest
• con icon Two crossed lines that form an 'X'. No active trading opportunities available; money is mainly invested in stock ETFs and bond ETFs
• con icon Two crossed lines that form an 'X'. You can only open individual investment accounts and retirement accounts; joint accounts or custodial accounts not available

Ellevest is one of the best robo-advisors for goal-focused investing. It could be a good fit if you want automated investing and retirement accounts.

• Consider it if: You're looking for a one-stop shop for financial planning.

Ellevest offers individual taxable brokerage, traditional IRA, Roth IRA, and SEP IRA (all held at Folio Investments).

Ellevest is a comprehensive financial advisor and trading platform built around women's unique needs and challenges. Investors get access to an extensive library of content and advisor-led workshops. Additionally, Ellevest offers a socially responsible investment portfolio and monthly progress reports. 

What to look out for:  Financial coaching costs extra (but members get 30%- 50% off). Access to retirement account management requires an upgrade.

Ellevest review

Ameriprise Financial Investments: Best Online Advisor for Retirement Saving

Ameriprise Financial Services has been operating for 130 years Ameriprise Financial Services is licensed in all 50 states but only has 10 physical locations throughout the US; it's currently headquartered in Minneapolis, Minnesota

Varies by account

$500 annual advisory fee, 2% AUM

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to personal finance research and investment tools
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fiduciary financial advisor access
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Various account and investment options
• con icon Two crossed lines that form an 'X'. High account minimums
• con icon Two crossed lines that form an 'X'. Difficult to navigate website
• con icon Two crossed lines that form an 'X'. Complex fee structure

Ameriprise Financial Services is a brokerage and financial advisory firm best for experienced, passive investors interested in using the site's financial planning services, wealth management tools, and fiduciary advisor access.

Ameriprise Financial Investments offers three managed account options that can be opened as an individual brokerage account, traditional IRAs, Roth IRAs, Simple IRAs, SEP IRAs, 401(k)s, 403(b)s, 529 plans, and Coverdell education savings accounts (CESA). 

Ameriprise Financial Investments is one of the largest registered investment advisors in the US and is best for experienced investors looking for advanced charting and investing features. You'll get access to fiduciary financial advisors for consultations or account management. 

What to look out for: Ameriprise 's managed account fees are high, and it has a complex fee structure. 

Ameriprise Financial Services review

How Much Do Online Financial Advisors Cost?

Financial advisors providing financial advice often charge by the hour, typically between $100 to $300. Advisors creating a comprehensive financial plan tend to charge a flat rate between $1,000 and $3,000. 

If you hire an advisor to manage your investment portfolio, you'll be charged a percentage of your account balance, typically between 1% and 3% annually. In comparison, that's much higher than the fees that the best robo-advisors charge; you get the added benefit of building a relationship with a trusted source who can adjust your strategy as needed, provide personal recommendations, and answer questions when they arise.

How to Choose the Best Online Financial Advisors

The best online financial advisor for you depends on your goals, risk tolerance, investments, and time horizon. If you're a new investor interested in passive investing, an online robo-advisor is likely a good place to start. On the other hand, if you're looking for professional insight and a customized financial plan, you're better off with access to a human advisor through phone or video calls. 

You can also meet with an expert in person for financial guidance. So if you prefer to meet face-to-face, here are some tools to find some in your area:

• This is a database of all CERTIFIED FINANCIAL PLANNER™ professionals who are authorized to use their CFP® marks by the CFP® Board and are accepting new clients.
• Using the advanced search function, you can choose from over 40 focus areas you're looking to get help with and include your current amount of investable assets.
• Click here to visit the CFP Board website .
• This database helps connect young professionals — those in generations X and Y (millennials) — with individual advisors.
• Every advisor holds the CFP® certification, is a fiduciary , does not require a minimum net worth to take on new clients, and does not earn commissions.
• Click here to visit XY Planning Network .
• This platform maintains a database of fee-only financial advisors, not specifically CFP® certificates, who commit to a fiduciary oath once a year. 
• You can filter by location to see a list of advisory firms in your area.
• Click here to visit the National Association of Personal Financial Advisors website .

Online financial advisors are generally trustworthy. The best advisors follow the fiduciary rule, meaning they operate in their clients' best interest and are fee-only. This means client fees are their only compensation, and they don't earn a commission when they invest in certain funds or buy financial products.

Not everyone needs a robo-advisor, but beginners or passive investors looking for a hands-off approach to stock trading may prefer how cost-effective and convenient robo-advisors are. Affordable financial advisors can be hard to come by, so robo-advisors are a great alternative for many people. However, a financial advisor may be better if you need specific advice on your finances or investment strategy or if you're too overwhelmed or confused by your money to plan for retirement or invest in the stock market. 

The cost of an online financial advisor varies from platform to platform and advisor to advisor. The cost largely depends on the services, licensing, account balance, and complexity. Robo-advisors typically charge lower fees than human advisors. 

Why You Should Trust Us: Our Methodology

We Reviewed the best online financial advisors using Business Insider's methodology for rating investment platforms . We compared a long list of Registered Investment advisors (RIAs), considering fees, investment selection, access, ethics, and customer service. The best online advisors have top marks in all five categories. Investment platforms are given a rating between 0 and 5.

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Fact-Checking Biden’s and Trump’s Claims About the Economy

We fact-checked claims about inflation, jobs and tax policy from both presidential candidates.

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By Linda Qiu

Reporting from Washington

Consumer sentiment about the state of the economy could be pivotal in shaping the 2024 presidential election.

President Biden is still grappling with how to address one of his biggest weaknesses : inflation, which has recently cooled but soared in his first years in office. Former President Donald J. Trump’s frequent economic boasts are undermined by the mass job losses and supply chain disruptions wrought by the pandemic.

Here’s a fact check of some of their more recent claims about the economy.

Both candidates misrepresented inflation.

What Was Said

“They had inflation of — the real number, if you really get into the real number, it’s probably 40 percent or 50 percent when you add things up, when you don’t just put in the numbers that they want to hear.” — Mr. Trump at a campaign event in Detroit in June

“I think it could be as high as 50 percent if you add everything in, when you start adding energy prices in, when you start adding interest rates.” — Mr. Trump in a June interview on Fox News

This is misleading. Karoline Leavitt, a spokeswoman for the Trump campaign, cited a 41 percent increase in energy prices since January 2021, and prices for specific energy costs like gasoline rising more than 50 percent during that time.

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