business plan template for a bank

Bank Business Plan Template

Written by Dave Lavinsky

Bank Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their banks.

If you’re unfamiliar with creating a bank business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a bank business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Bank Business Plan?

A business plan provides a snapshot of your bank as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your Bank Business

If you’re looking to start a bank or grow your existing bank, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your bank to improve your chances of success. Your bank business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Banks

With regards to funding, the main sources of funding for a bank are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for banks.

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How to write a business plan for a bank.

If you want to start a bank or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your bank business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of bank you are running and the status. For example, are you a startup, do you have a bank that you would like to grow, or are you operating a chain of banks?

Next, provide an overview of each of the subsequent sections of your plan.

Give a brief overview of the bank industry.
Discuss the type of bank you are operating.
Detail your direct competitors. Give an overview of your target customers.
Provide a snapshot of your marketing strategy. Identify the key members of your team.
Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of bank you are operating.

For example, you might specialize in one of the following types of banks:

Commercial bank : this type of bank tends to concentrate on supporting businesses. Both large corporations and small businesses can turn to commercial banks if they need to open a checking or savings account, borrow money, obtain access to credit or transfer funds to companies in foreign markets.
Credit union: this type of bank operates much like a traditional bank (issues loans, provides checking and savings accounts, etc.) but banks are for-profit whereas credit unions are not. Credit unions fall under the direction of their own members. They tend to serve people affiliated with a particular group, such as people living in the same area, low-income members of a community or armed service members. They also tend to charge lower fees and offer lower loan rates.
Retail bank: retail banks can be traditional, brick-and-mortar brands that customers can access in-person, online, or through their mobile phones. They also offer general public financial products and services such as bank accounts, loans, credit cards, and insurance.
Investment bank: this type of bank manages the trading of stocks, bonds, and other securities between companies and investors. They also advise individuals and corporations who need financial guidance, reorganize companies through mergers and acquisitions, manage investment portfolios or raise money for certain businesses and the federal government.

In addition to explaining the type of bank you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

When and why did you start the business?
What milestones have you achieved to date? Milestones could include the number of clients served, the number of clients with positive reviews, reaching X number of clients served, etc.
Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the bank industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the bank industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your bank business plan:

How big is the bank industry (in dollars)?
Is the market declining or increasing?
Who are the key competitors in the market?
Who are the key suppliers in the market?
What trends are affecting the industry?
What is the industry’s growth forecast over the next 5 – 10 years?
What is the relevant market size? That is, how big is the potential target market for your bank? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your bank business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, small businesses, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of bank you operate. Clearly, corporations would respond to different marketing promotions than individuals, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other banks.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes trust accounts, investment companies, or the stock market. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

What types of customers do they serve?
What type of bank are they?
What is their pricing (premium, low, etc.)?
What are they good at?
What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

Will you provide loans and retirement savings accounts?
Will you offer products or services that your competition doesn’t?
Will you provide better customer service?
Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a bank business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of bank company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide savings accounts, auto loans, mortgage loans, or financial advice?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your bank. Document where your company is situated and mention how the site will impact your success. For example, is your bank located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your bank marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

Advertise in local papers, radio stations and/or magazines
Reach out to websites
Distribute flyers
Engage in email marketing
Advertise on social media platforms
Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your bank, including reconciling accounts, customer service, accounting, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sign up your Xth customer, or when you hope to reach $X in revenue. It could also be when you expect to expand your bank to a new city.

Management Team

To demonstrate your bank’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing banks. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a bank or successfully running a small financial advisory firm.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day, and/or offer sign up bonuses? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your bank, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a bank:

Cost of furniture and office supplies
Payroll or salaries paid to staff
Business insurance
Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your bank location lease or a list of accounts and loans you plan to offer.

Writing a business plan for your bank is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the bank industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful bank.

Bank Business Plan Template FAQs

What is the easiest way to complete my bank business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your bank business plan.

How Do You Start a Bank Business?

Starting a bank business is easy with these 14 steps:

Choose the Name for Your Bank Business
Create Your Bank Business Plan
Choose the Legal Structure for Your Bank Business
Secure Startup Funding for Your Bank Business (If Needed)
Secure a Location for Your Business
Register Your Bank Business with the IRS
Open a Business Bank Account
Get a Business Credit Card
Get the Required Business Licenses and Permits
Get Business Insurance for Your Bank Business
Buy or Lease the Right Bank Business Equipment
Develop Your Bank Business Marketing Materials
Purchase and Setup the Software Needed to Run Your Bank Business
Open for Business

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How to Write a Business Plan to Start a Bank

Feb.29, 2024

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Table of Content

Bank Business Plan Checklist

A bank business plan is a document that describes the bank’s goals, strategies, operations, and financial projections. It communicates the bank’s vision and value proposition to potential investors, regulators, and stakeholders. A SBA business plan should be clear, concise, and realistic. It should also cover all the essential aspects of the bank’s business model.

Here is a checklist of the main sections that you should keep in mind while building a bank business plan:

Executive summary
Company description
Industry analysis
Competitive analysis
Service or product list
Marketing and sales plan
Operations plan
Management team
Funding request
Financial plan

Sample Business Plan for Bank

The following is a bank business plan template that operates in the USA. This bank business plan example is regarding ABC Bank, and it includes the following sections:

Executive Summary

ABC Bank is a new bank for California’s SMBs and individuals. We offer convenient banking services tailored to our customers’ needs and preferences. We have a large target market with over 500,000 SMBs spending billions on banking services annually. We have the licenses and approvals to operate our bank and raised $20 million in seed funding. We are looking for another $30 million in debt financing.

Our goal is to launch our bank by the end of 2024 and achieve the following objectives in the first five years of operation:

Acquire 100,000 customers and 10% market share
Generate $100 million in annual revenue and $20 million in net profit
Achieve a return on equity (ROE) of 15% and a return on assets (ROA) of 1.5%
Expand our network to 10 branches and 50 ATMs
Increase our brand awareness and customer loyalty

Our bank has great potential to succeed and grow in the banking industry. We invite you to read the rest of our microfinance business plan to learn about how to set up a business plan for the bank and how we will achieve our goals.

Industry Analysis

California has one of the biggest and most active banking industries in the US and the world. According to the Federal Deposit Insurance Corp , California has 128 financial institutions, with total assets exceeding $560 billion.

The California banking industry is regulated and supervised by various federal and state authorities. However, they also face several risks and challenges, such as:

High competition and consolidation
Increasing regulation and compliance
Rising customer demand for digital and mobile banking
Cyberattacks and data breaches
Environmental and social issues

The banking industry in California is highly competitive and fragmented. According to the FDIC, the top 10 banks and thrifts in California by total deposits as of June 30, 2023, were:

Customer Analysis

We serve SMBs who need local, easy, and cheap banking. We divide our customers into four segments by size, industry, location, and needs:

SMB Segment 1 – Tech SMBs in big cities of California. These are fast-growing, banking-intensive customers. They account for a fifth of our market share and a third of our revenue and are loyal and referable.

SMB Segment 2 – Entertainment SMBs in California’s entertainment hubs. These are high-profile, banking-heavy customers. They make up a sixth of our market and a fourth of our revenue and are loyal and influential.

SMB Segment 3 – Tourism SMBs in California’s tourist spots. These are seasonal, banking-dependent customers. They represent a quarter of our market and a fifth of our revenue and are loyal and satisfied.

SMB Segment 4 – Other SMBs in various regions of California. These are slow-growing, banking-light customers. They constitute two-fifths of our market and a quarter of our revenue and are loyal and stable.

Competitive Analysis

We compete with other banks and financial institutions that offer similar or substitute products and services to our target customers in our target market. We group our competitors into four categories based on their size and scope:

1. National Banks

Key Players – Bank of America, Wells Fargo, JPMorgan Chase, Citibank, U.S. Bank
Strengths – Large customer base, strong brand, extensive branch/ATM network, innovation, robust operations, solid financial performance
Weaknesses – High competition, regulatory costs, low customer satisfaction, high attrition
Strategies – Maintain dominance through customer acquisition/retention, revenue growth, efficiency

2. Regional Banks

Key Players – MUFG Union Bank, Bank of the West, First Republic Bank, Silicon Valley Bank, East West Bank
Strengths – Loyal customer base, brand recognition, convenient branch/ATM network, flexible operations
Weaknesses – Moderate competition, regulatory costs, customer attrition
Strategies – Grow market presence through customer acquisition/retention, revenue optimization, efficiency

3. Community Banks

Key Players – Mechanics Bank, Bank of Marin, Pacific Premier Bank, Tri Counties Bank, Luther Burbank Savings
Strengths – Small loyal customer base, reputation, convenient branches, ability to adapt
Weaknesses – Low innovation and technology adoption
Strategies – Maintain niche identity through customer loyalty, revenue optimization, efficiency

4. Online Banks

Key Players – Ally Bank, Capital One 360, Discover Bank, Chime Bank, Varo Bank
Strengths – Large growing customer base, strong brand, no branches, lean operations, high efficiency
Weaknesses – High competition, regulatory costs, low customer satisfaction and trust, high attrition
Strategies – Disrupt the industry by acquiring/retaining customers, optimizing revenue, improving efficiency

Market Research

Our market research shows that:

California has a large, competitive, growing banking market with 128 banks and $560 billion in assets.
Our target customers are the SMBs in California, which is 99.8% of the businesses and employ 7.2-7.4 million employees.
Our main competitors are national and regional banks in California that offer similar banking products and services.

We conclude that:

Based on the information provided in our loan officer business plan , there is a promising business opportunity for us to venture into and establish a presence in the banking market in California.
We should focus on the SMBs in California, as they have various unmet banking needs, preferences, behavior, and a high potential for growth and profitability.

Operations Plan

Our operational structure and processes form the basis of our operations plan, and they are as follows:

Location and Layout – We have a network of 10 branches and 50 ATMs across our target area in California. We strategically place our branches and ATMs in convenient and high-traffic locations.
Equipment and Technology – We use modern equipment and technology to provide our products and services. We have computers and software for banking functions; security systems to protect branches and ATMs; communication systems to communicate with customers and staff; inventory and supplies to operate branches and ATMs.
Suppliers and Vendors – We work with reliable suppliers and vendors that provide our inventory and supplies like cash, cards, paper, etc. We have supplier management systems to evaluate performance.
Staff and Management – Our branches have staff like branch managers, customer service representatives, tellers, and ATM technicians with suitable qualifications and experience.
Policies and Procedures – We have policies for customer service, cash handling, card handling, and paper handling to ensure quality, minimize losses, and comply with regulations. We use various tools and systems to implement these policies.

Management Team

The following individuals make up our management team:

Earl Yao, CEO and Founder – Earl is responsible for establishing and guiding the bank’s vision, mission, strategy, and overall operations. He brings with him over 20 years of banking experience.
Paula Wells, CFO and Co-Founder – Paula oversees financial planning, reporting, analysis, compliance, and risk management.
Mark Hans, CTO – Mark leads our technology strategy, infrastructure, innovation, and digital transformation.
Emma Smith, CMO – Emma is responsible for designing and implementing our marketing strategy and campaigns.
David O’kane, COO – David manages the daily operations and processes of the bank ensuring our products and services meet the highest standards of quality and efficiency.

Financial Projections

Our assumptions and drivers form the basis of our financial projections, which are as follows:

Assumptions: We have made the following assumptions for our collection agency business plan :

Start with 10 branches, 50 ATMs in January 2024
Grow branches and ATMs 10% annually
10,000 customers per branch, 2,000 per ATM
5% average loan rate, 2% average deposit rate
80% average loan-to-deposit ratio
$10 average fee per customer monthly
$100,000 average operating expense per branch monthly
$10,000 average operating expense per ATM monthly
25% average tax rate

Our financial projections are as per our:

Projected Income Statement
Projected Cash Flow Statement
Projected Balance Sheet
Projected Financial Ratios and Indicators

Select the Legal Framework for Your Bank

Our legal structure and requirements form the basis of our legal framework, which are as follows:

Legal Structure and Entity – We have chosen to incorporate our bank as a limited liability company (LLC) under the laws of California.

Members – We have two members who own and control our bank: Earl Yao and Paula Wells, the founders and co-founders of our bank.

Manager – We have appointed Mark Hans as our manager who oversees our bank’s day-to-day operations and activities.

Name – We have registered our bank’s name as ABC Bank LLC with the California Secretary of State. We have also obtained a trademark registration for our name and logo.

Registered Agent – We have designated XYZ Registered Agent Services LLC as our registered agent authorized to receive and handle legal notices and documents on behalf of our bank.

Licenses and Approvals – We have obtained the necessary licenses and approvals to operate our bank in California, including:

Federal Deposit Insurance Corporation (FDIC) Insurance
Federal Reserve System Membership
California Department of Financial Protection and Innovation (DFPI) License
Business License
Employer Identification Number (EIN)
Zoning and Building Permits

Legal Documents and Agreements – We have prepared and signed the necessary legal documents and agreements to form and operate our bank, including:

Certificate of Formation
Operating Agreement
Membership Agreement
Loan Agreement
Card Agreement
Paper Agreement

Keys to Success

We analyze our market, customers, competitors, and industry to determine our keys to success. We have identified the following keys to success for our bank.

Customer Satisfaction

Customer satisfaction is vital for any business, especially a bank relying on loyalty and referrals. It is the degree customers are happy with our products, services, and interactions. It is influenced by:

Product and service quality – High-quality products and services that meet customer needs and preferences
Customer service quality – Friendly, professional, and helpful customer service across channels
Customer experience quality – Convenient, reliable, and secure customer access and transactions

We will measure satisfaction with surveys, feedback, mystery shopping, and net promoter scores. Our goal is a net promoter score of at least 8.

Operational Efficiency

Efficiency is key in a regulated, competitive environment. It is using resources and processes effectively to achieve goals and objectives. It is influenced by:

Resource optimization – Effective and efficient use and control of capital, staff, and technology
Process improvement – Streamlined, standardized processes measured for performance
Performance management – Managing financial, operational, customer, and stakeholder performance

We will measure efficiency with KPIs, metrics, dashboards, and operational efficiency ratios. Our goal is an operational efficiency ratio below 50%.

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Highly efficient service.

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

Are you looking to hire business plan writers to start a bank business plan? At OGSCapital, we can help you create a customized and high-quality bank development business plan to meet your goals and exceed your expectations.

We have a team of senior business plan experts with extensive experience and expertise in various industries and markets. We will conduct thorough market research, develop a unique value proposition, design a compelling financial model, and craft a persuasive pitch deck for your business plan. We will also offer you strategic advice, guidance, and access to a network of investors and other crucial contacts.

We are not just a business plan writing service. We are a partner and a mentor who will support you throughout your entrepreneurial journey. We will help you achieve your business goals with smart solutions and professional advice. Contact us today and let us help you turn your business idea into a reality.

Frequently Asked Questions

How do I start a small bank business?

To start a small bank business in the US, you need to raise enough capital, understand how to make a business plan for the bank, apply for a federal or state charter, register your bank for taxes, open a business bank account, set up accounting, get the necessary permits and licenses, get bank insurance, define your brand, create your website, and set up your phone system.

Are banks profitable businesses?

Yes, banks are profitable businesses in the US. They earn money through interest on loans and fees for other services. The commercial banking industry in the US has grown 5.6% per year on average between 2018 and 2023.

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

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How To Write A Business Plan for A Bank Loan (3 Key Steps)

Wondering how to create a business plan that will wow your banker.

You're not alone.

Most entrepreneurs see writing a business plan as a gargantuan task – especially if they've never written one before.

Where do you start?

How do you calculate the financials?

How can you be sure you're not making a mistake?

And if you need a business plan for a bank loan, getting this document right is absolutely essential.

So here's what we recommend: simplify the planning process by breaking the work up into manageable, bite–sized steps. That way, you can focus on one section at a time to make sure it's accurate.

Here's a quick overview of the step–by–step process we guide entrepreneurs through when they sign up for LivePlan.

Step 1: Outline The Opportunity

This is the core of your business plan. It should give loan officers a clear understanding of:

What problem you're solving
How your product or service fits into the current market
What sets your business apart from the competition

There are three key parts to this step:

The Problem & Solution

Detail exactly what problem you are solving for your customers. How do their lives improve after you solve that “pain point” for them?

We recommend actually going out and chatting with your target audience first. That way, you can validate that you're solving a real problem for your potential customers.

Be sure to describe your solution in vivid detail. For example, if the problem is that parking downtown is expensive and hard to find, your solution might be a bike rental service with designated pickup and dropoff locations.

Target Market

Who exactly are you selling to? And roughly how many of them are there?

This is crucial information for determining whether or not your business will succeed long–term. Never assume that your target market is “everyone.”

For example, it would be easy for a barber shop to target everyone who needs a haircut. But most likely, it will need to focus on a specific market segment to reach its full business potential. This might include catering to children and families, seniors or business professionals.

Competition

Who are your direct competitors? These are companies that provide similar solutions that aim to solve your customers' pain points.

Then outline what your competitive advantages are. Why should your target market choose you over the other products or services available?

Think you don't have any competition? Think again. Your customers are likely turning to an indirect competitor that is solving their problem with a different type of solution.

For example: A taco stand might compete directly with another taco stand, but indirectly with a nearby hot dog vendor.

Boost your chances of securing a loan

See how LivePlan can help you write a fundable business plan

Step 2: Show how you'll execute

This is where the action happens! Here you'll get into the details of how you'll take advantage of the opportunity you outlined in the previous section. This part demonstrates to banks that you have a strong plan to achieve success.

The three main components of this step include:

Marketing & Sales Plan

There can be a lot of moving parts to this one, depending on your business model.

But most importantly, you'll need to fully explain how you plan to reach your target market and convert those people into customers. A few example of what should be included:

Positioning strategy. What makes your business both unique and highly desirable to your target market?
Marketing activities. Will you advertise with billboards, online ads or something else entirely?
Pricing. What you charge must reflect consumer demand. There are a few models to choose from, including ‘cost–plus pricing’ and ‘value pricing.’

This is the nuts and bolts of your business. It's especially important for brick–and–mortar companies that operate a storefront or have a warehouse.

You may want to explain why your location is important or detail how much space you have available. Plan to work at home? You can also cover your office space and any plans to move outside your house.

Any specialized software or equipment and tools should also be covered here.

Milestones & Metrics

Lenders and investors want to be confident that you know how to turn your business plans into financial success. That's where your milestones come in.

These are planned goals that help you progress your company. For example, if you're launching a new product your milestones may include completing prototypes and figuring out manufacturing.

Metrics are how you will gauge the success of your business. Do you want to generate a certain level of sales? Or keep costs at a certain level? Figuring out which metrics are most important and then tracking them is essential for growth.

Step 3: Detail your financial plan

This is the most crucial – and intimidating – part of any business plan for a bank loan. Your prospective lender will look especially close at this section to determine how likely your business is to succeed.

But the financial section doesn't have to be overwhelming, especially if you break the work into smaller pieces. Here are 3 items that your plan must have:

Simply put, this is your projections for your business finances. It gives you (and the bank) an idea of how much profit your company stands to make. Just a few items you'll need to include:

Revenue. List all your products, services and any other ways your business will generate income.
Direct costs. Or in other words, what are the costs to make what you sell?
Personnel. Salaries and expenses related to what you pay yourself, employees and any contactors.
Expenses. Things like rent, utilities, marketing costs and any other regular expenses.

Exactly how will you use any investments, loans or other financing to grow your business? This might include paying for capital expenses like equipment or hiring personnel.

Also detail where all your financing is coming from. Lines of credit, loans or personal savings should be listed here.

Bankers will be giving this section a lot of attention. Here's what you'll need:

Profit & Loss. This statement pulls in numbers from your sales forecast and other elements to show whether you're making or losing money.
Projected Balance Sheet. This is likely the first thing a loan officer will look at: it covers your liability, capital and assets. It provides an overview of how financially sound your business is.
Projected Cash Flow. Essentially, this statement keeps track of how much money you have in the bank at any given point. Loan officers are likely to expect realistic monthly cash flow for the next 12 months.

Don't forget the Executive Summary

The Executive Summary is the first section of your business plan, but we recommend you tackle it last.

It's basically an introduction to your company, summarizing the main points of your plan. Keep it to just one or two pages and be as clear and concise as possible.

Think of it as a quick read designed to get the lender excited about your business.

If you need help writing your plan

Not everyone feels confident writing a business plan themselves, especially if it's needed to secure a bank loan.

And although you don't need an MBA to write one, getting your business plan right often does require quite a bit of work. So if you need help writing your plan, here are two options to consider:

Hire a professional business plan writer to do it for you. This is typically the most expensive route, but worth it if you're pursuing $100,000 or more in capital.
Sign up for LivePlan. It's business planning software that walks you through a step–by–step process for writing any type of plan. It's an affordable option that also gives you an easy way to track your actuals against your business plan, so you can get the insights you need to grow faster.

LivePlan makes it easy to write a winning business plan

No risk – includes our 35-day money back guarantee.

Business Plan Template for Banks

Great for beginners
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Getting your business off the ground requires more than just a great idea. You need a solid business plan that convinces banks you're worth the investment. That's where ClickUp's Business Plan Template for Banks comes in!

This template is designed to help entrepreneurs and small business owners create a comprehensive plan that banks love, by providing:

Financial projections that demonstrate the potential for profitability
Detailed market analysis to showcase your industry knowledge
A strategic roadmap that outlines your goals and how you'll achieve them

With ClickUp's Business Plan Template for Banks, you'll have all the tools you need to secure the financing you need and turn your dream into a reality. Start building your plan today!

Business Plan Template for Banks Benefits

A business plan template for banks offers a range of benefits for entrepreneurs and small business owners looking to secure financing from banking institutions. These benefits include:

Streamlined process for presenting a comprehensive overview of your business idea to banks
Increased credibility and professionalism, as a well-structured business plan showcases your commitment and knowledge
Clear financial projections that demonstrate the potential profitability and return on investment for the bank
Market analysis that highlights the demand and viability of your product or service
Mitigation of risk for both the entrepreneur and the bank, as a thorough business plan helps identify potential challenges and provides strategies for overcoming them

Main Elements of Banks Business Plan Template

When it comes to securing financing from banking institutions, having a well-structured business plan is crucial. ClickUp's Business Plan Template for Banks offers the following key elements to help entrepreneurs and small business owners create a comprehensive and professional plan:

Custom Statuses: Stay on top of your business plan progress with statuses like Complete, In Progress, Needs Revision, and To Do.
Custom Fields: Include essential details in your plan using customizable fields such as Reference, Approved, and Section.
Custom Views: Visualize your business plan from different angles with five different views, including Topics, Status, Timeline, Business Plan, and Getting Started Guide.
Collaboration: Collaborate seamlessly with your team by assigning tasks, setting due dates, and attaching documents within the template.
Document Management: Use ClickUp's Docs feature to write, edit, and store all sections of your business plan in one centralized location.
Integrations: Connect ClickUp with other business tools and platforms to streamline your workflow and enhance productivity.

With ClickUp's Business Plan Template for Banks, you can confidently present a well-organized and professional business plan to secure the financing you need.

How To Use Business Plan Template for Banks

When it comes to creating a business plan for banks, having a solid template can make the process much easier. Here are five steps to help you effectively use the Business Plan Template for Banks in ClickUp:

1. Gather your information

Before you start filling out the template, gather all the necessary information about your business. This includes details about your products or services, target market, competition, financial projections, and any other relevant data. The more comprehensive your information, the better your business plan will be.

Use the Docs feature in ClickUp to store and organize all your business information in one place.

2. Customize the template

Once you have all your information, open the Business Plan Template for Banks in ClickUp. Customize the template to fit your specific business by adding or removing sections as needed. This will ensure that your business plan is personalized and tailored to your unique circumstances.

Use the custom fields feature in ClickUp to add specific details and data points to each section of the template.

3. Fill in the sections

Now it's time to start filling in each section of the template with your information. Take your time and be as thorough as possible. Provide clear and concise explanations for each aspect of your business, including your mission statement, marketing strategy, organizational structure, and financial projections.

Use the table view in ClickUp to input your data in an organized and easy-to-read format.

4. Review and revise

Once you've completed the initial draft of your business plan, take the time to review and revise it. Look for any inconsistencies, errors, or areas that need further clarification. It's also a good idea to have someone else, such as a mentor or business advisor, review your plan and provide feedback.

Set up a recurring task in ClickUp to remind yourself to review and revise your business plan regularly.

5. Finalize and share

After reviewing and revising your business plan, make any necessary changes and finalize it. Ensure that all sections are cohesive and well-structured. Once you're satisfied with the final version, save it and share it with the relevant stakeholders, such as potential investors or your bank.

Use the shareable link feature in ClickUp to easily share your business plan with others.

By following these steps and using the Business Plan Template for Banks in ClickUp, you can create a comprehensive and professional business plan that effectively communicates your vision and goals to potential investors and lenders.

Get Started with ClickUp’s Business Plan Template for Banks

Entrepreneurs and small business owners can use the ClickUp Business Plan Template for Banks to create a professional and detailed business plan that will impress banking institutions and secure financing.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

Use the Topics View to organize your business plan into different sections, such as Executive Summary, Market Analysis, Financial Projections, and more
The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do
The Timeline View will allow you to set deadlines for each section and visualize the overall timeline of your business plan
The Business Plan View will give you a comprehensive overview of your entire plan, with all sections and details in one place
The Getting Started Guide View will provide you with step-by-step instructions on how to use the template and create an effective business plan
Customize the Reference, Approved, and Section custom fields to add additional information and track important details
Collaborate with team members and stakeholders to gather input, feedback, and revisions
Monitor and analyze the progress of your business plan to ensure it meets all requirements and is ready to present to banks.
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Writing a Bank Business Plan

Written By Dave Lavinsky

When it comes to seeking funding from a bank or other financial institution, one of the most important things you can do is have a well-written business plan . This document will not only give potential lenders and investors an idea of your company’s current position and future goals but will also provide them with a clear understanding of the risks involved in lending you money or investing in your business.

What is a Business Plan?

A business plan is a document that provides a detailed description of a business, its products or services, its market, and its financial projections. It is used to secure funding from lenders or investors and to provide guidance for the business’s future operations.

Why Write a Business Plan

There are several reasons why you might want to write a plan for your business, even if you’re not looking for funding, they are:

To clarify your company’s purpose and direction
To better understand your industry and customers
To develop a realistic financial plan and accurate projections
To identify potential risks and opportunities
To track your company’s progress over time

An effective and well-written plan is helpful for potential investors and clarifies the plans you have for any future business partners.

Sources of Business Funding for Banks

There are many sources of business funding available to banks, including:

Equity financing: This is when you sell a portion of your business to investors in exchange for capital. This can be a good option if you need a large amount of money quickly, as it doesn’t require you to pay back the funds over time.
Debt financing: This is when you borrow money from a lender, such as a bank, in exchange for repayment plus interest. This type of financing can be helpful if you need to keep your cash flow low in the early stages of your business.
Grants: There are several different government and private grants available to businesses, which can often be used for start-up costs or expansion.
Venture capital: This is when you receive funding from a venture capitalist in exchange for a portion of your company’s equity. Venture capitalists typically invest their own personal savings in high-growth businesses with a lot of potential.

Resources to Write a Bank Business Plan

To write a bank business plan, you’ll need access to a variety of resources, including:

Sample Plans for Your Business

A good place to start is by looking at some sample plans for businesses in your industry. This will give you a good idea of the types of information to include in your own plan.

Business planning software

There are a number of software programs that can help you create professional-looking plans for your business.

Market Research

When writing a business plan for a bank, it’s important to include a section on your company’s market research. This will include detailed information about your industry, your market, and your competition.

Industry Analysis

In order to accurately describe your industry and the market for your products or services, you’ll need to conduct an industry analysis. This should include information about the size and growth of the industry, the key players in the industry, and any major trends or changes that are taking place.

Target Market Analysis

To effectively market your products or services, you need to understand who your target market is. This should include information about the demographics of your target customers (age, gender, income, etc.), psychographics (lifestyle preferences, interests, etc.), and geographic (location, region).

Competition Analysis

In order to differentiate your business from the competition, you’ll need to know what they’re offering and how they’re positioning themselves in the market. This should include a SWOT analysis (strengths, weaknesses, opportunities, threats) of your competitors.

Customer Segments

A customer segment is a group of customers who share common characteristics, such as age, income, location, or lifestyle preferences. When creating business plans for a bank, it’s important to identify and target your key customer segments. This will help you focus your marketing efforts and create products and services that appeal to your target market.

There are a variety of ways to segment customers, including:

Demographics: Age, gender, income, location, etc.
Psychographics: Lifestyle preferences, interests, etc.
Behavior: How they interact with your brand, what channels they use to purchase products or services, etc.
Usage: How often they purchase your product or service, how much they spend, etc.
Value: How much they’re willing to pay for your product or service, how much they value customer service, etc.

Once you’ve identified your customers, you can create buyer personas. These are fictional characters that represent your ideal customer within each segment. Creating buyer personas will help you better understand your target market and create more effective marketing campaigns.

Financial templates

If you’re not familiar with financial terminology or calculations, use a financial template to help you develop your business’s financial projections as well as including an income statement and balance sheets.

Accounting and Legal Advice

It’s important to seek out accounting and legal advice from professionals who can help ensure that your business plan is accurate and complete.

Bank Business Plan Template

While there is no one-size-fits-all template for writing a business plan, there are some key elements that should be included. Here is a brief overview of what should be included:

Executive Summary

This is a high-level overview of your company, its products or services, and its financial situation. Be sure to include information on your target market, your competitive advantage, and your plans for growth.

Company Description

This section provides more detail on your company, including its history, structure, and management team. Be sure to include information on your company’s mission and vision, as well as its values and goals.

Products and Services

Here you will describe your company’s products or services in detail, including information on your target market and your competitive advantage.

Market Analysis

In this section, you will provide an overview of your market, including demographic information and information on current and future trends. This is also a good section to add the marketing plan you have developed to appeal to potential customers.

Sales and Marketing

This section will detail your sales and marketing strategy, including information on your pricing, your distribution channels, and your promotion plans.

Financial projections

This is perhaps the most important section of your business plan, as it will provide lenders and investors with an idea of your company’s financial health. Be sure to include detailed information on your past financial performance, as well as your projections for future revenue and expenses. This is also a good section to include your cash flow statements, income statements, and information about any bank accounts opened for your business.

This is where you will include any supporting documents, such as your financial statements, marketing materials, or product data sheets.

While this is not an exhaustive list of everything that should be included in your bank business plan, it covers the most important elements. By taking the time to write a well-thought-out and detailed business plan, you will increase your chances of securing the funding you need to grow your business.

Opening a bank is a detailed and complex process, but it can be enormously rewarding both professionally and financially. The best way to increase your chances of success is to write a business plan that outlines all aspects of opening and running a bank. This document should include market analysis, organizational structure, financial projections, and more. Our team has extensive experience helping entrepreneurs open banks. We have created a comprehensive business plan template that covers all the key points you need to consider when writing your own business plan. By following our template, you can be sure that you haven’t missed any essential elements in your planning process. Investing in professional help when writing your business plan gives you the best chance for success when opening a new bank.

Bank Business Plan Template FAQs

Do i need to use a business plan template.

There is no one-size-fits-all answer to this question. If you are seeking funding from a lender or investor, they may have specific requirements for the format and content of your business plan. In other cases, using a template can be helpful in ensuring that you include all of the important information in your plan.

Where can I find a business plan template?

There are a number of resources that offer business plan templates, including the Small Business Administration (SBA) and the U.S. Chamber of Commerce. Additionally, many software programs that offer business planning tools also include templates.

How long should my business plan be?

Again, there is no one-size-fits-all answer to this question. The length of your business plan will depend on the complexity of your business and the amount of detail you need to include. In general, however, most business plans range from 20 to 50 pages.

Do I need to hire a professional to help me write my business plan?

While you are not required to hire a professional to write your business plan, it may be helpful to do so. A professional can help you ensure that your plan is well-written and free of errors. Additionally, they can offer advice on how to best structure your plan and make it more likely to succeed.

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Table of Contents

What does a loan business plan include?

What lenders look for in a business plan, business plan for loan examples, resources for writing a business plan.

A comprehensive and well-written business plan can be used to persuade lenders that your business is worth investing in and hopefully, improve your chances of getting approved for a small-business loan . Many lenders will ask that you include a business plan along with other documents as part of your loan application.

When writing a business plan for a loan, you’ll want to highlight your abilities, justify your need for capital and prove your ability to repay the debt.

Here’s everything you need to know to get started.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

A successful business plan for a loan describes your financial goals and how you’ll achieve them. Although business plan components can vary from company to company, there are a few sections that are typically included in most plans.

These sections will help provide lenders with an overview of your business and explain why they should approve you for a loan.

Executive summary

The executive summary is used to spark interest in your business. It may include high-level information about you, your products and services, your management team, employees, business location and financial details. Your mission statement can be added here as well.

To help build a lender’s confidence in your business, you can also include a concise overview of your growth plans in this section.

Company overview

The company overview is an area to describe the strengths of your business. If you didn’t explain what problems your business will solve in the executive summary, do it here.

Highlight any experts on your team and what gives you a competitive advantage. You can also include specific details about your business such as when it was founded, your business entity type and history.

Products and services

Use this section to demonstrate the need for what you’re offering. Describe your products and services and explain how customers will benefit from having them.

Detail any equipment or materials that you need to provide your goods and services — this may be particularly helpful if you’re looking for equipment or inventory financing . You’ll also want to disclose any patents or copyrights in this section.

Market analysis

Here you can demonstrate that you’ve done your homework and showcase your understanding of your industry, current outlook, trends, target market and competitors.

You can add details about your target market that include where you’ll find customers, ways you plan to market to them and how your products and services will be delivered to them.

» MORE: How to write a market analysis for a business plan

Marketing and sales plan

Your marketing and sales plan provides details on how you intend to attract your customers and build a client base. You can also explain the steps involved in the sale and delivery of your product or service.

At a high level, this section should identify your sales goals and how you plan to achieve them — showing a lender how you’re going to make money to repay potential debt.

Operational plan

The operational plan section covers the physical requirements of operating your business on a day-to-day basis. Depending on your type of business, this may include location, facility requirements, equipment, vehicles, inventory needs and supplies. Production goals, timelines, quality control and customer service details may also be included.

Management team

This section illustrates how your business will be organized. You can list the management team, owners, board of directors and consultants with details about their experience and the role they will play at your company. This is also a good place to include an organizational chart .

From this section, a lender should understand why you and your team are qualified to run a business and why they should feel confident lending you money — even if you’re a startup.

Funding request

In this section, you’ll explain the amount of money you’re requesting from the lender and why you need it. You’ll describe how the funds will be used and how you intend to repay the loan.

You may also discuss any funding requirements you anticipate over the next five years and your strategic financial plans for the future.

» Need help writing? Learn about the best business plan software .

Financial statements

When you’re writing a business plan for a loan, this is one of the most important sections. The goal is to use your financial statements to prove to a lender that your business is stable and will be able to repay any potential debt.

In this section, you’ll want to include three to five years of income statements, cash flow statements and balance sheets. It can also be helpful to include an expense analysis, break-even analysis, capital expenditure budgets, projected income statements and projected cash flow statements. If you have collateral that you could put up to secure a loan, you should list it in this section as well.

If you’re a startup that doesn’t have much historical data to provide, you’ll want to include estimated costs, revenue and any other future projections you may have. Graphs and charts can be useful visual aids here.

In general, the more data you can use to show a lender your financial security, the better.

Finally, if necessary, supporting information and documents can be added in an appendix section. This may include credit histories, resumes, letters of reference, product pictures, licenses, permits, contracts and other legal documents.

Lenders will typically evaluate your loan application based on the five C’s — or characteristics — of credit : character, capacity, capital, conditions and collateral. Although your business plan won't contain everything a lender needs to complete its assessment, the document can highlight your strengths in each of these areas.

A lender will assess your character by reviewing your education, business experience and credit history. This assessment may also be extended to board members and your management team. Highlights of your strengths can be worked into the following sections of your business plan:

Executive summary.

Company overview.

Management team.

Capacity centers on your ability to repay the loan. Lenders will be looking at the revenue you plan to generate, your expenses, cash flow and your loan payment plan. This information can be included in the following sections:

Funding request.

Financial statements.

Capital is the amount of money you have invested in your business. Lenders can use it to judge your financial commitment to the business. You can use any of the following sections to highlight your financial commitment:

Operational plan.

Conditions refers to the purpose and market for your products and services. Lenders will be looking for information such as product demand, competition and industry trends. Information for this can be included in the following sections:

Market analysis.

Products and services.

Marketing and sales plan.

Collateral is an asset pledged to a lender to guarantee the repayment of a loan. This can be equipment, inventory, vehicles or something else of value. Use the following sections to include information on assets:

» MORE: How to get a business loan

Writing a business plan for a loan application can be intimidating, especially when you’re just getting started. It may be helpful to use a business plan template or refer to an existing sample as you’re going through the draft process.

Here are a few examples that you may find useful:

Business Plan Outline — Colorado Small Business Development Center

Business Plan Template — Iowa Small Business Development Center

Writing a Business Plan — Maine Small Business Development Center

Business Plan Workbook — Capital One

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See our overall favorites, or narrow it down by category to find the best options for you.

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U.S. Small Business Administration. The SBA offers a free self-paced course on writing a business plan. The course includes several videos, objectives for you to accomplish, as well as worksheets you can complete.

SCORE. SCORE, a nonprofit organization and resource partner of the SBA, offers free assistance that includes a step-by-step downloadable template to help startups create a business plan, and mentors who can review and refine your plan virtually or in person.

Small Business Development Centers. Similarly, your local SBDC can provide assistance with business planning and finding access to capital. These organizations also have virtual and in-person training courses, as well as opportunities to consult with business experts.

Business plan software. Although many business plan software platforms require a subscription, these tools can be useful if you want a templated approach that can break the process down for you step-by-step. Many of these services include a range of examples and templates, instruction videos and guides, and financial dashboards, among other features. You may also be able to use a free trial before committing to one of these software options.

A loan business plan outlines your business’s objectives, products or services, funding needs and finances. The goal of this document is to convince lenders that they should approve you for a business loan.

Not all lenders will require a business plan, but you’ll likely need one for bank and SBA loans. Even if it isn’t required, however, a lean business plan can be used to bolster your loan application.

Lenders ask for a business plan because they want to know that your business is and will continue to be financially stable. They want to know how you make money, spend money and plan to achieve your financial goals. All of this information allows them to assess whether you’ll be able to repay a loan and decide if they should approve your application.

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Why Do I Need a Business Plan?

Sections of a business plan, the bottom line.

Small Business

How to Write a Business Plan for a Loan

How to secure business financing

Matt Webber is an experienced personal finance writer, researcher, and editor. He has published widely on personal finance, marketing, and the impact of technology on contemporary arts and culture.

A business plan is a document that explains what a company’s objectives are and how it will achieve them. It contains a road map for the company from a marketing, financial, and operational standpoint. Some business plans are more detailed than others, but they are used by all types of businesses, from large, established companies to small startups.

If you are applying for a business loan , your lender may want to see your business plan. Your plan can prove that you understand your market and your business model and that you are realistic about your goals. Even if you don’t need a business plan to apply for a loan, writing one can improve your chances of securing finance.

Key Takeaways

Many lenders will require you to write a business plan to support your loan application.
Though every business plan is different, there are a number of sections that appear in every business plan.
A good business plan will define your company’s strategic priorities for the coming years and explain how you will try to achieve growth.
Lenders will assess your plan against the “five Cs”: character, capacity, capital, conditions, and collateral.

There are many reasons why all businesses should have a business plan . A business plan can improve the way that your company operates, but a well-written plan is also invaluable for attracting investment.

On an operational level, a well-written business plan has several advantages. A good plan will explain how a company is going to develop over time and will lay out the risks and contingencies that it may encounter along the way.

A business plan can act as a valuable strategic guide, reminding executives of their long-term goals amid the chaos of day-to-day business. It also allows businesses to measure their own success—without a plan, it can be difficult to determine whether a business is moving in the right direction.

A business plan is also valuable when it comes to dealing with external organizations. Indeed, banks and venture capital firms often require a viable business plan before considering whether they’ll provide capital to new businesses.

Even if a business is well-established, lenders may want to see a solid business plan before providing financing. Lenders want to reduce their risk, so they want to see that a business has a serious and realistic plan in place to generate income and repay the loan.

Every business is different, and so is every business plan. Nevertheless, most business plans contain a number of generic sections. Common sections are: executive summary, company overview, products and services, market analysis, marketing and sales plan, operational plan, and management team. If you are applying for a loan, you should also include a funding request and financial statements.

Let’s look at each section in more detail.

Executive Summary

The executive summary is a summary of the information in the rest of your business plan, but it’s also where you can create interest in your business.

You should include basic information about your business, including what you do, where you are based, your products, and how long you’ve been in business. You can also mention what inspired you to start your business, your key successes so far, and your growth plans.

Company Overview

In this section, focus on the core strengths of your business, the problem you want to solve, and how you plan to address it.

Here, you should also mention any key advantages that your business has over your competitors, whether this is operating in a new market or a unique approach to an existing one. You should also include key statistics in this section, such as your annual turnover and number of employees.

Products and Services

In this section, provide some details of what you sell. A lender doesn’t need to know all the technical details of your products but will want to see that they are desirable.

You can also include information on how you make your products, or how you provide your services. This information will be useful to a lender if you are looking for financing to grow your business.

Market Analysis

A market analysis is a core section of your business plan. Here, you need to demonstrate that you understand the market you are operating in, and how you are different from your competitors. If you can find statistics on your market, and particularly on how it is projected to grow over the next few years, put them in this section.

Marketing and Sales Plan

Your marketing and sales plan gives details on what kind of new customers you are looking to attract, and how you are going to connect with them. This section should contain your sales goals and link these to marketing or advertising that you are planning.

If you are looking to expand into a new market, or to reach customers that you haven’t before, you should explain the risks and opportunities of doing so.

Operational Plan

This section explains the basic requirements of running your business on a day-to-day basis. Your exact requirements will vary depending on the type of business you run, but be as specific as possible.

If you need to rent office space, for example, you should include the cost in your operational plan. You should also include the cost of staff, equipment, and any raw materials required to run your business.

Management Team

The management team section is one of the most important sections in your business plan if you are applying for a loan. Your lender will want reassurance that you have a skilled, experienced, competent, and reliable senior management team in place.

Even if you have a small team, you should explain what makes each person qualified for their position. If you have a large team, you should include an organizational chart to explain how your team is structured.

Funding Request

If you are applying for a loan, you should add a funding request. This is where you explain how much money you are looking to borrow, and explain in detail how you are going to use it.

The most important part of the funding-request section is to explain how the loan you are asking for would improve the profitability of your business, and therefore allow you to repay your loan.

Financial Statements

Most lenders will also ask you to provide evidence of your business finances as part of your application. Graphs and charts are often a useful addition to this section, because they allow your lender to understand your finances at a glance.

The overall goal of providing financial statements is to show that your business is profitable and stable. Include three to five years of income statements, cash flow statements, and balance sheets. It can also be useful to provide further analysis, as well as projections of how your business will grow in the coming years.

What Do Lenders Look for in a Business Plan?

Lenders want to see that your business is stable, that you understand the market you are operating in, and that you have realistic plans for growth.

Your lender will base their decision on what are known as the “five Cs.” These are:

Character : You can stress your good character in your executive summary, company overview, and your management team section.
Capacity : This is, essentially, your ability to repay the loan. Your lender will look at your growth plans, your funding request, and your financial statements in order to assess this.
Capital : This is the amount of money you already have in your business. The larger and more established your business is, the more likely you are to be approved for finance, so highlight your capital throughout your business plan.
Conditions : Conditions refer to market conditions. In your market analysis, you should be able to prove that your business is well-positioned in relation to your target market and competitors.
Collateral : Depending on your loan, you may be asked to provide collateral , so you should provide information on the assets you own in your operational plan.

How Long Does It Take to Write a Business Plan?

The length of time it takes to write a business plan depends on your business, but you should take your time to ensure it is thorough and correct. A business plan has advantages beyond applying for a loan, providing a strategic focus for your business.

What Should You Avoid When Writing a Business Plan?

The most common mistake that business owners make when writing a business plan is to be unrealistic about their growth potential. Your lender is likely to spot overly optimistic growth projections, so try to keep it reasonable.

Should I Hire Someone to Write a Business Plan for My Business?

You can hire someone to write a business plan for your business, but it can often be better to write it yourself. You are likely to understand your business better than an external consultant.

Writing a business plan can benefit your business, whether you are applying for a loan or not. A good business plan can help you develop strategic priorities and stick to them. It describes how you are going to grow your business, which can be valuable to lenders, who will want to see that you are able to repay a loan that you are applying for.

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U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

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How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

What products or services do you provide?
Who is your target customer?
What are the benefits of your product and service for customers?
How much will you charge?
What is the size of the market?
What are your marketing plans?
How much competition does the business face in penetrating that market?
How much experience does the management team have in running businesses like it?
How do you plan to measure success?
What do you expect the business’s revenue, costs and profit to be for the first few years?
How much will it cost to achieve the goals stated in the business plan?
What is the long-term growth potential of the business? Is the business scalable?
How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

Business concept. What will your business do?
Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
Product or service. What does your product or service do — and how is it different from those of competitors?
Target market. Who do you expect to buy your product or service?
Marketing strategy. How will you tell people about your product or service?
Current revenue and profits. If your business is pre-revenue, offer sales projections.
Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
Financial resources needed. How much money do you need to borrow or raise to fund your plan?
Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

Explore more

Editable business plan workbook

Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

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550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

Find your business plan example

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Finish your plan faster with step-by-step guidance, financial wizards, and a proven format.

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View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

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

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

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How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right match for your business idea.

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How to Write a Successful Digital Bank Business Plan (+ Template)

Creating a business plan is essential for any business, but it can be especially helpful for digital bank businesses that want to improve their strategy or raise funding.

A well-crafted business plan outlines the vision for your company, but also documents a step-by-step roadmap of how you will accomplish it. To create an effective business plan, you must first understand the components essential to its success.

This article provides an overview of the critical elements every digital bank business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Digital Bank Business Plan?

A digital bank business plan is a formal written document describing your company’s business strategy and feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a critical document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Digital Bank Business Plan?

A digital bank business plan is required for banks and investors. The document is a clear and concise guide to your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Digital Bank Business Plan

The following are the critical components of a successful digital bank business plan:

Executive Summary

The executive summary of a digital bank business plan is a one- to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

Start with a one-line description of your digital bank company
Provide a summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast, among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started and provide a timeline of milestones your company has achieved.

You may not have a long company history if you are just starting your digital bank business. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company or been involved in an entrepreneurial venture before starting your digital bank firm, mention this.

You will also include information about your chosen digital bank business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a digital bank business plan. Conduct thorough market research to determine industry trends and document the size of your market.

Questions to answer include:

What part of the digital bank industry are you targeting?
How big is the market?
What trends are happening in the industry right now (and if applicable, how do these trends support your company’s success)?

You should also include sources for your information, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a digital bank business’ customers may include:

Small businesses that need online banking solutions
Start-ups and tech companies that are looking for innovative ways to manage their finances
Freelancers and consultants who need a simple way to get paid and track expenses

You can include information about how your customers decide to buy from you and what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or digital bank services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will differ from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your digital bank business may have:

24/7 customer service
Higher deposit limits
More locations
Better mobile app

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be laid out, including the following 4 Ps.

Product/Service : Detail your product/service offerings here. Document their features and benefits.
Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, or launch a direct mail campaign. Or you may promote your digital bank business via a PR or influencer marketing campaign.

Operations Plan

This part of your digital bank business plan should include the following information:

How will you deliver your product/service to customers? For example, will you do it in person or over the phone?
What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

You also need to include your company’s business policies in the operations plan. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, your Operations Plan will outline the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a digital bank business include reaching $X in sales. Other examples include expanding to new markets, developing new products and services, and hiring new personnel.

Management Team

List your team members here, including their names and titles, as well as their expertise and experience relevant to your specific digital bank industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities, you plan to hire for in the future.

Financial Plan

Here, you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).

This includes the following three financial statements:

Income Statement

Your income statement should include:

Revenue : how much revenue you generate.
Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Digital Bank Firm

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

Assets : All of the things you own (including cash).
Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Digital Bank Firm

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include ash flow from:

Investments

Below is a sample of a projected cash flow statement for a startup digital bank business.

Sample Cash Flow Statement for a Startup Digital Bank Firm

Finally, you will also want to include an appendix section which will include:

Your complete financial projections
A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
Any other documentation which supports what you included in the body of your business plan.

Create Your Digital Bank Business Plan

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your digital bank company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

Now that you know how to write a business plan for your digital bank, you can get started on putting together your own.

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How to write a winning business plan

Business plans are a great way to set out your business goals and how you’re going to reach them. Writing a business plan helps you consider what you do, the market opportunity, the risks and your strategy to succeed.

What is a business plan and why is it important?

A business plan is important so that you know where your business is going and how it’s going to get there. You may need a business plan to inspire confidence from investors, or show lenders that your business has potential. It can also help everyone on your team stay on the same page.

A business plan is always important, and even more so if you’re just starting out . It sets out the destination and the route plan of your business. You could say it’s a bit like a satnav - it helps you know which road to take at a junction.

Your business plan helps you play to win

People think of a business plan as a set of numbers but take it from me, an accountant , that this is probably the least important part of the plan. The numbers are like the scorecard and your business is the game. Your business plan is your strategy for how you’d like to play the game - and win!

What to consider for your business plan

Decide what outcome you want. You probably want to win this game but by how much? Or you may have just been promoted to this league and you need time to build some solid foundations. 2-1 win or £100,000 profit?

Look at your opposition, sometimes called a competitor analysis, to see what they are doing well and where they are leaving gaps. Are there areas of the market that are underserved or that could be better served by you than your competitors?

Team tactics. Can you see where you will sell £500,000 (or how you will score those two goals)? A few big customers or lots of smaller ones? This is the sales plan.

Look at your own team, as well as player wages do you need to recruit or train to get the best out of them? This will have costs that need to be included in the plan.

What other costs do you have? How much will the pitch, court or premises cost you and will you need to invest in any technology to help you win - such as a new scoreboard? Think about what kind of benefits you need to achieve (revenue gains or reduced costs to make the investment worthwhile).

Is this likely to give you the outcome you wanted? Or do you need to review all this again?

Do you have enough cash to pay for everything along the way or do you need to borrow?

How to structure a business plan

Once you have been through this thought process you can start to put your plans into a more formal structure. If you’re applying for loans or other finance it’s important to use the right terminology but, if the plan is only for internal use then it should be presented in a way that you and your team can understand. These are some common sections in business plans.

The overall goal

It’s tempting to start your business plan by explaining how amazing or radical your innovation or business idea is (there’s time for that later). It may be more useful to set the scene for the goal by explaining what real-world needs or problems you’re aiming to solve.

Your overall goal should be tied in to your personal goals. It’s no good building a million pound business that requires you to work 80 hours a week if what you really want is more time with your kids now.

Market analysis

Do some research to find out how much demand there is for your brilliant idea. Talk to your existing and prospective customers and ask questions. How many potential customers are out there? You could use a market research company, but you should still conduct your own research.

If you can use real or verifiable values, so much the better - vague terms like ‘the potential market is huge’ may not be enough to impress potential funders. Look at things like the current size of the market, its dynamics, if it’s growing or changing.

SWOT analysis

Determining the strengths, weaknesses, opportunities and threats to your business is a useful way to view the things you do well and those that you need to improve. Identifying threats early allows you to put things in place to minimise or even negate them. Spend a few minutes searching and you’ll find many free examples of SWOT templates.

How much are you going to sell and to whom? It’s normal to spread this over 12 months. Will you sell to other businesses or to individuals? Decide whether you will sell to a few, bigger customers or several, smaller ones. Your approach will depend on your product and the market and will drive a lot of decisions from marketing strategy to recruitment. You’ll find a few sites out there offering free sales plan templates.

Marketing plan

How will you price your product and what promotion do you need to help achieve those sales? How will you attract new customers and how will you keep the ones you have? Who is your ideal customer and how will you reach them? Where do they spend time, is it on Instagram or travel websites?

Staffing plan

What skills do you need to achieve your plan? What will the organisation chart look like? Do you need to recruit or buy in expertise? Remember that flexible working means that you don’t need to recruit full time people if you only need the expertise half the time. Do you need to recruit straight away or part way through the year?

Capital investment

Are there any large costs coming up as you invest in equipment, technology or a new website? How are you expecting to finance them and what benefit do you expect them to deliver?

The numbers

This is what people think of when they think of a business plan but it is the last part of the game plan. Don’t forget to look at profit and loss. Draw up a profit and loss account to reflect all the numbers. If you’re also looking to raise finance with the plan - can you quantify your return on investment? It’s important to focus on your revenue model and if it’s viable in the short, medium and long term. Look at growth forecasts.

Look at the timing of money coming in and out. When will your customers pay for your sales and when will you have to pay your bills? How much money will be tied up in stock? Will you receive VAT from your customers before you have to pay it to HMRC? Are there any big costs that will need to be paid out? When are loan repayments due? Have you got enough cash set aside to pay your tax at the year end?

How long should the business plan be?

One common question is how long does the plan need to be? Three pages, a 100, something else?

The answer partly depends on if the plan’s for internal or external use. Internally, the plan can be as long as makes sense for its purpose, which could be to inform employees or keep founders on track.

If it’s external, perhaps to help raise funding, you do need enough detail to cover every section and make a compelling argument, but avoid a thick document which may lose your audience’s attention. Try to convey the key takeaways in a clear and simple way - sometimes more information isn’t better.

Don’t forget to write an executive summary to front up your plan. It should be simple, clear and specific. It needs to give a quick sense of what you do - but also why it’s valuable.

How many months or years do you need to plan for?

Business plans are usually completely in detail and fixed for 12 months and then a broader outline for three to five years. If you’re applying for finance then your plan should cover the whole period until the loan is repaid. There is no reason that you can’t update your forecasts as you progress through the year.

As you go through the year, more information will come to light so you will probably reforecast and your actions will evolve. This is the same way that your satnav changes route when you meet traffic or diversions. Both your satnav and your business rely on accurate information.

At the end of the original plan period you can compare what you actually achieved, against your targets. See where you did better and if there are any areas to learn from. Hindsight is a wonderful thing, so use it to plan an even better business in the future.

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How do I open a business bank account?

January 29, 2024 | 4 minute read

Answered by Christian Bohmfalk Small Business Deposits Executive Bank of America

If you’ve started a new business, one of the most important steps you can take to keep your personal and business finances separate is to open a business bank account.

As a new business owner, you may not know what to expect when you open a business bank account. You can usually apply for a business bank account fairly quickly by filling out the required forms and providing the documentation the bank requires. Knowing the information and documents required in advance can streamline the process of getting it set up.

To learn more about the steps to launch a new business, including how to form your business with an exclusive offer from Incfile, visit The Bank of America Start a Business Center .

What do I need to open a business bank account?

Business bank accounts can generally be opened fully digitally online or through a mobile device. Alternatively, business owners can visit a branch or call to start an account.

You may need some or all of the following, depending on how you have formed your business’s legal structure:

The address and phone number of your company
The name(s) of the people who will be listed as account owners
Personal identification such as your driver’s license
A federal tax ID number for the business, also known as an employer identification number
Your Social Security number if you are a sole proprietor
State or local authority documents that show you’ve formed a legal entity, such as a limited liability company (LLC)
The bank’s minimum deposit amount. Unfunded accounts may be forced to close.

To address other questions you may have about opening a business bank account, see our Frequently Asked Questions .

Why open a business bank account?

It makes it easier to track your business’s inflows and outflows so you have a bottom-line accounting of revenue and expenses. It can be very challenging to do your taxes accurately at year-end if you have commingled your personal or family finances with those of your business.

Business bank accounts make it easier for you to give another person — like a business partner or bookkeeper — access to your transactions. And business bank accounts come with many tools not available on consumer accounts that make it easier for you to run your business.

Establishing a business bank account can also help you build your business’s credit profile .

What types of business bank accounts are there?

Three types of business accounts will help you operate your business.

A business checking account allows you to accept deposits and make payments and serves as the core operating account for your business. A business checking account will also enable access to the many digital tools and capabilities your bank provides. Not all banks use the word “checking” to describe these business operating accounts.
A merchant services account enables you to accept credit and debit card payments from your customers. It can be connected to your checking account.
A business savings account or business CD account allows you to put money aside for taxes or big purchases. These accounts pay interest on the balance.

What is there to consider when picking a type of business bank account?

Here are some things to look at:

Fees and minimum balances . Ask how much you will pay. Remember banks might waive fees if you keep a minimum balance or use your business debit card a certain amount.
Cost of merchant services . This is the cost of accepting credit or debit cards, so estimate your monthly costs based on the size and frequency of your credit and debit card transactions with customers.
Digital tools . Look for an account that provides access to business-specific digital capabilities such as cash flow tools, integration with accounting platforms and payment and invoicing abilities.
Customer service . How easy is it to get help? Can you meet with someone in person if you need to?
Perks or rewards . Many accounts and affiliated credit cards have point programs or membership programs that will provide incremental benefits based on your relationship and account balances.
ATM access . Do you need to withdraw cash or to make deposits through an ATM?
Branch access . If you need to visit a branch and speak with a specialist, how easy and convenient will this be? Many owners find that it is worthwhile to stop in regularly and build a strong working relationship with their bankers , who can be a source of valuable insight as a business grows.

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Important Disclosures and Information

Bank of America does not deliver and is not responsible for the products, services or performance of Incfile. You are responsible for separately purchasing Incfile’s products or services. Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients' use of their services. Internet access may be required. Internet service provider fees may apply.

Not all materials on the Center for Business Empowerment will be available in Spanish.

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How To Write A Successful Bank Business Plan + Template
Your plan should be laid out, including the following 4 Ps. Product/Service: Detail your product/service offerings here. Document their features and benefits. Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
Bank Business Plan Template [Updated 2024]
Marketing Plan. Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a bank business plan, your marketing strategy should include the following: Product: In the product section, you should reiterate the type of bank company that you documented in your company overview.
How to Write a Business Plan to Start a Bank in 2024
The following is a bank business plan template that operates in the USA. This bank business plan example is regarding ABC Bank, and it includes the following sections: Executive Summary. ABC Bank is a new bank for California's SMBs and individuals. We offer convenient banking services tailored to our customers' needs and preferences.
How to start a business plan
A business plan gives you direction, helps you qualify your ideas and clarifies the path you intend to take toward your goal. Four important reasons to write a business plan: Decision-making: Business plans help you eliminate any gray area by writing specific information down in black and white. Making tough decisions is often one of the ...
10 Steps for Crafting an Effective Business Plan for Your Bank
3. Review Your Bank's Current Business Plan. Next, thoroughly examine your existing business plan. Evaluate its strengths and weaknesses, identifying any gaps between the business plan and your long-term goals. This will set the stage for future enhancements. 4. Analyze Market and Industry Trends.
Business Plan Template for Bank
This template is designed to help you create a comprehensive and convincing business plan that will impress any bank. With ClickUp's Business Plan Template for Bank, you can: Outline your company's mission, vision, and goals with precision. Conduct in-depth market analysis to understand your target audience and competition.
How To Write A Business Plan for A Bank Loan (3 Key Steps)
Step 1: Outline The Opportunity. This is the core of your business plan. It should give loan officers a clear understanding of: What problem you're solving. How your product or service fits into the current market. What sets your business apart from the competition. There are three key parts to this step:
Business Plan Template for Banks
Use the Docs feature in ClickUp to store and organize all your business information in one place. 2. Customize the template. Once you have all your information, open the Business Plan Template for Banks in ClickUp. Customize the template to fit your specific business by adding or removing sections as needed.
PDF Business plan template
A business plan is composed of different sections, each providing insight into a portion of your business. You will want to include these components to best tell the story of your business. Directions: 1. Save a copy of this interactive template to your computer before you fill out the fields. 2.
Writing a Bank Business Plan
Resources to Write a Bank Business Plan. To write a bank business plan, you'll need access to a variety of resources, including: Sample Plans for Your Business. A good place to start is by looking at some sample plans for businesses in your industry. This will give you a good idea of the types of information to include in your own plan.
PDF Getting started on your business plan: A workbook
A well-crafted plan will continue to serve you throughout the life of your business. Expect to update your document regularly to ensure the information is current and aligns with the overall goals and growth of your organization. Instructions: Use this workbook to solidify and document the core components of your business plan.
How to Write a Business Plan for a Loan
Character. A lender will assess your character by reviewing your education, business experience and credit history. This assessment may also be extended to board members and your management team ...
How To Write A Successful Business Plan For A Loan
This section is the most important for most businesses, as it can make or break a lender's confidence and willingness to extend credit. Always include the following documents in the financial ...
How To Write A Commercial Bank Business Plan + Template
Your plan should be laid out, including the following 4 Ps. Product/Service: Detail your product/service offerings here. Document their features and benefits. Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
How to Write a Business Plan for a Loan
Common sections are: executive summary, company overview, products and services, market analysis, marketing and sales plan, operational plan, and management team. If you are applying for a loan ...
How to Write a Business Plan for a Small Business
Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages. One-page business plan. This is a simplified version of a formal business plan designed to fit on one page.
550+ Sample Business Plan Examples to Inspire Your Own
This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to ...
How To Write A Business Plan (2024 Guide)
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
Bank Business Plan [Sample Template]
A Sample Bank Business Plan Template. 1. Industry Overview. According to global banking industry reports, part of the broad financial services market, bank credit remain the leading market segment, with around 60% of the overall market in terms of value. Statistics has shown that the EU is the largest regional market, with over 57% of the ...
How To Write A Digital Bank Business Plan + Template
Your plan should be laid out, including the following 4 Ps. Product/Service: Detail your product/service offerings here. Document their features and benefits. Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
How To Write A Business Plan For A Loan
In addition to business plan templates, the SBA also helps you connect to free local business counselors who may be able to help you with your business plan. ... To write a business plan for a bank loan, you first need to lay the groundwork by analyzing your business's finances, strategies, and market conditions. Alternatively, you can hire ...
How to write a winning business plan
The overall goal. It's tempting to start your business plan by explaining how amazing or radical your innovation or business idea is (there's time for that later). It may be more useful to set the scene for the goal by explaining what real-world needs or problems you're aiming to solve. Your overall goal should be tied in to your personal ...
Simple Business Plan Template (2024)
Get your free simple business plan template. Write an effective business plan in 6 steps. Business plans are vital in helping you establish your goals and define the means by which they can be ...
How to Open a Business Bank Account
Business bank accounts can generally be opened fully digitally online or through a mobile device. Alternatively, business owners can visit a branch or call to start an account. You may need some or all of the following, depending on how you have formed your business's legal structure: The address and phone number of your company.

Bank Business Plan Template

Bank Business Plan

What Is a Bank Business Plan?

Why You Need a Business Plan for Your Bank Business

Sources of Funding for Banks

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Executive Summary

Company Overview

Industry Analysis

Customer Analysis

Finish Your Bank Business Plan in 1 Day!

Competitive Analysis

Marketing Plan

Operations Plan

Management Team

Financial Plan

Income Statement

Balance Sheets

Cash Flow Statement

Bank Business Plan Template FAQs

How Do You Start a Bank Business?

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Other Helpful Business Plan Articles & Templates

How to Write a Business Plan to Start a Bank

Bank Business Plan Checklist

Sample Business Plan for Bank

Executive Summary

Industry Analysis

Customer Analysis

Competitive Analysis

1. National Banks

2. Regional Banks

3. Community Banks

4. Online Banks

Market Research

Operations Plan

Management Team

Financial Projections

Select the Legal Framework for Your Bank

Keys to Success

Customer Satisfaction

Operational Efficiency

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How To Write A Business Plan for A Bank Loan (3 Key Steps)

Step 1: Outline The Opportunity

The Problem & Solution

Target Market

Competition

Boost your chances of securing a loan

Step 2: Show how you'll execute

Marketing & Sales Plan

Milestones & Metrics

Step 3: Detail your financial plan

Don't forget the Executive Summary

If you need help writing your plan

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Business Plan Template for Banks

Business Plan Template for Banks Benefits

Main Elements of Banks Business Plan Template

How To Use Business Plan Template for Banks

1. Gather your information

2. Customize the template

3. Fill in the sections

4. Review and revise

5. Finalize and share

Get Started with ClickUp’s Business Plan Template for Banks

Template details

Writing a Bank Business Plan

What is a Business Plan?

Why Write a Business Plan

Sources of Business Funding for Banks

Resources to Write a Bank Business Plan

Sample Plans for Your Business

Business planning software

Market Research