exit plan in business plan example

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Exit plans are necessary to secure a business owner’s financial future, but many don’t think to establish one until they’re ready to leave.

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An exit strategy is an important consideration for business owners, but it’s often overlooked until significant changes are necessary. Without planning an exit strategy that informs business direction, entrepreneurs risk limiting their future options. To ensure the best for your business, plan your exit strategy before it’s time to leave.

What is an exit strategy?

An exit strategy is often thought of as the way to end a business — which it can be — but in best practice, it’s a plan that moves a business toward long-term goals and allows a smooth transition to a new phase, whether that involves re-imagining business direction or leadership, keeping financially sustainable or pivoting for challenges.

A fully formed exit strategy takes all business stakeholders, finances and operations into account and details all actions necessary to sell or close. Exit strategies vary by business type and size, but strong plans recognize the true value of a business and provide a foundation for future goals and new direction.

If a business is doing well, an exit strategy should maximize profits; and if it is struggling, an exit strategy should minimize losses. Having a good exit strategy in practice will ensure business value is not undermined, providing more opportunities to optimize business outcomes.

[Read more: What Is a Business Valuation and How Do You Calculate It? ]

Benefits of an exit strategy

Planning a complete exit strategy well before its execution does more than prepare for unexpected circumstances; it builds purposeful business practices and focuses on goals.

Even though a plan may not be used for years or decades, developing one benefits business owners in the following ways:

Making business decisions with direction . With the next stage of your business in mind, you will be more likely to set goals with strategic decisions that make progress toward your anticipated business outcomes.
Remaining committed to the value of your business . Developing an exit strategy requires an in-depth analysis of finances. This gives a measurable value to inform the best selling situation for your business.
Making your business more attractive to buyers . Potential buyers will place value in businesses with planned exit strategies because it demonstrates a commitment to business vision and goals.
Guaranteeing a smooth transition . Exit strategies detail all roles within a business and how responsibilities contribute to operations. With every employee and stakeholder well-informed, transitions will be clear and expected.
Seeing through business — and personal — goals after exit . Executing an exit strategy that’s right for your business’s value and potential can prevent unwanted consequences of exit, like bankruptcy.

Because leaving your business can be emotional and overwhelming, planning a proper exit strategy requires diligence in time and care.

Weighing your options: closing vs. selling

There are two strategies to consider for your exit plan.

Sell to a new owner

Selling your business to a trusted buyer, such as a current employee or family member, is an easy way to transition out of the day-to-day operations of your business. Ideally, the buyer will already share your passion and continue your legacy.

In a typical seller financing agreement, the seller will allow the buyer to pay for the business over time. This is a win-win for both parties, because:

The seller will continue to make money while the buyer can start running the show without a huge upfront investment;
The seller may also remain involved as a mentor to the buyer, to guide the overall business direction; and
The transition for your employees and customers will be a smooth one since the buyer likely already has a stake in the business.

However, there are downsides to selling your business to someone you know. Your relationship with the buyer may tempt you to compromise on value and sell the business for less than what it’s worth. Passing the business to a relative can also potentially cause familial tensions that spill into the workplace.

Instead, you may choose to target a larger company to acquire your business. This approach often means making more money, especially when there is a strong strategic fit between you and your target.

The challenge with this option is the merging of two cultures and systems, which often causes imbalance and the potential that some or many of your current employees may be laid off in the transition.

[Read more: 5 Things to Know When Selling Your Small Business ]

Liquidate and close the business

It’s hard to shut down the business you worked so hard to build, but it may be the best option to repay investors and still make money.

Liquidating your business over time, also known as a “lifestyle business,” works by paying yourself until your business funds run dry and then closing up shop.

The benefit of this method is that you will still get a paycheck to maintain your lifestyle. However, you will probably upset your investors (and employees). This method also stunts your business’s growth, making it less valuable on the market should you change your mind and decide to sell.

The second option is to close up shop and sell assets as quickly as possible. While this method is simple and can happen very quickly, the money you make only comes from the assets you are able to sell. These may include real estate, inventory and equipment. Additionally, if you have any creditors, the money you generate must pay them before you can pay yourself.

Whichever way you decide to liquidate, before closing your business for good, these important steps must be taken:

File your business dissolution documents.
Cancel all business expenses that you no longer need, like registrations, licenses and your business name.
Make sure your employee payment during closing is in compliance with federal and state labor laws.
File final taxes for your business and keep tax records for the legally advised amount of time, typically three to seven years.

Steps to developing your exit plan

To plan an exit strategy that provides maximum value for your business, consider the six following steps:

Prepare your finances . The first step to developing an exit plan is to prepare an accurate account of your finances, both personally and professionally. Having a sound understanding of expenses, assets and business performance will help you seek out and negotiate for an offer that’s aligned with your business’s real value.
Consider your options . Once you have a complete picture of your finances, consider several different exit strategies to determine your best option. What you choose depends on how you envision your life after your exit — and how your business fits into it (or doesn’t). If you have trouble making a decision, it may be helpful to speak with your business lawyer or a financial professional.
Speak with your investors . Approach your investors and stakeholders to share your intent to exit the business. Create a strategy that advises the investors on how they will be repaid. A detailed understanding of your finances will be useful for this, since investors will look for evidence to support your plans.
Choose new leadership . Once you’ve decided to exit your business, start transferring some of your responsibilities to new leadership while you finalize your plans. If you already have documented operations in practice in your business strategy, transitioning new responsibilities to others will be less challenging.
Tell your employees . When your succession plans are in place, share the news with your employees and be prepared to answer their questions. Be empathetic and transparent.
Inform your customers . Finally, tell your clients and customers. If your business will continue with a new owner, introduce them to your clients. If you are closing your business for good, give your customers alternative options.

The best exit strategy for your business is the one that best fits your goals and expectations. If you want your legacy to continue after you leave, selling it to an employee, customer or family member is your best bet. Alternatively, if your goal is to exit quickly while receiving the best purchase price, targeting an acquisition or liquidating the company are the optimal routes to consider.

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Exit Strategies - All You Need to Know about Business Exit Planning

Kison Patel is the Founder and CEO of DealRoom, a Chicago-based diligence management software that uses Agile principles to innovate and modernize the finance industry. As a former M&A advisor with over a decade of experience, Kison developed DealRoom after seeing first hand a number of deep-seated, industry-wide structural issues and inefficiencies.

The question, “What is your exit plan?” tends to draw blank expressions when asked to business owners.

A survey of business owners conducted by the Exit Planning Institute shows that a startling 2 out of 10 businesses that are listed for sale eventually close a transaction, and of these, around a half end up closing only after significant concessions have been made by the seller.

Business owners need to think about exit planning before searching for potential buyers. The tools provided by DealRoom can be a valuable asset to any business owner looking to develop an exit strategy.

By working with a team of professional advisors, accountants, lawyers, and brokers, you can ensure the right documents are in place for a business exit whenever the time comes.

In this article, we talk about creating a business exit plan and how to make one for your business.

What is a Business Exit Strategy?

A business exit strategy outlines the steps that a business owner needs to take to generate maximum value from selling their company. A well-designed business exit strategy should be flexible enough to allow for unforeseen contingencies and account for the fact that business owners don’t always decide on their own terms when to exit. By creating a strategy in advance, owners can ensure that they can at least maximize value in the event of an unplanned exit from the business.

Investor exit strategy

An investor exit strategy is similar to that of a business exit strategy. However, investors look for a financial return on their exit from a company, so bequeathing is never one of the options considered. An investor will often have a list of potential acquirers in mind, as well as a timeframe, as soon as their investment is made. In this type of scenario, there is often an exit multiple in mind (i.e. a multiple of EBITDA or a multiple of the original investment made in the business).

Venture capital exit strategy

Another business exit strategy option is a venture capital exit strategy. As our article on venture capital outlines, if a company is venture funded then consider that your investor will have a pre-planned exit. As an early stage company, this is a natural part of taking investments. Usually, with a VC investment, the aim is for an exit after five years, either through an industry sale or an IPO, where they can liquidate their original equity investment.

Motives for Developing Exit Strategies

Technically, it is important for equity owners to have a broad outline of what an exit would look like. For example, the image below represents various motives ranging from financial gain to mitigating environmental risk.

Some of the common motives for business exit include the following:

Retirement - Arguably the most common reason of all motives is retirement. Business owners will inevitably retire at some stage, and it’s best that they have an exit strategy in place before doing so.

Investment return - A business exit strategy as part of a wider investment strategy - for example, the VC company planning to go to IPO after five years - makes the exit valuation part a component of the initial investment in the business.

Loss limit -A business exit is ultimately a kind of real option for a business. If the business is hemorrhaging money, the best option may be to exit immediately - ‘cutting your losses’ on the business, a sit was.

Force majeure - Like the examples of Covid-19 and Russia’s invasion of Ukraine, sometimes an investor or owner doesn’t really have a choice: The circumstances dictate that they have to exit.

Types of Exit Strategies

Sale to a strategic buyer

Strategic buyers are usually in the same industry as the company whose owner is looking to exit. And in other cases, the buyer can be in an adjacent market looking to compliment their products in an existing market, or expansion of their products into a market.

Sale to a financial buyer

Financial buyers are solely looking for a financial return from their investment in a business and the exit is the primary means of achieving this return. Examples include venture capital and private equity investors.

Initial Public Offering (IPO)

This form of exit, far more common with startups than mature companies, enables company owners to exit by selling their equity to investors in public equity markets.

Management buyout (MBO)

An exit through MBO would occur when the owner sells the company to its current management team, whose familiarity with the business technically should make them the best candidates to achieve value from an acquisition.

Leveraged buyout (LBO)

A leveraged buyout occurs when a buyer takes a loan or debt to purchase another company. The buyer also uses a combination of their assets and the acquired company's assets as collateral. Financial models can be used for multiple scenarios and simulations of when an LBO is an effective choice.

Liquidation

Liquidation can be used by a business owner to exit if they feel like the liquidation would yield cash faster or that the individual assets (i.e. property, plant, and equipment) of the business were more liquid than the business as a going entity.

Exit Strategy for Startups

Startups looking for VC investment can include an exit strategy as part of their initial pitch. It is not mandatory. Sometimes this can work when well, for example, when a startup founder is well versed in the industry and has a credible 5-year forecast.

Startup exit strategies depend on a few different factors:

Market timing

How have IPOs for startups performed in the past 12-18 months? If public markets are showing enthusiasm for companies like the one being pitched, it makes it easier to show how an exit can occur.

Comparable transactions

Similar to IPOs, companies can use comparable transactions (industry or private equity sales) to show investors their route to an exit. The comparable firms should be operating in the same or close to the same competitive space.

How to Put Together a Business Exit Plan

Remember that the purpose of the plan is to make the new business owner transition as straightforward as possible.

Although the steps which follow are general, nobody knows a business better than its owner, so take whatever steps are necessary to make your business as marketable to potential buyers as possible.

These steps also assume that you, the owner of a business, have weighed up the options elsewhere. Personal finances, family situations, and other career options are beyond the scope of this article.

Rather, the intention of the points below is to ensure that a business will be ready to sell in the fastest possible time at a fair price.

Business exit plan

Know the business
Ensure that finances are in order
Pay off creditors
Remove yourself from the business
Create a set of standard operating procedures
Establish (and train) the management team
Draw up a list of potential buyers

1. Know the business

This sounds obvious but a business can lose focus quickly in the aim of diversification, to the extent that it becomes ‘everything to every man.’

This may be useful in the short-term for revenue streams, but just be sure that your business has focus. It will help you find the right buyers when the time comes and to be able to communicate which part of the market your business occupies.

2. Ensure that finances are in order

This should be a priority regardless of any future business plans.

But if you intend to sell your business at short notice, it's best to have a clean, well-maintained set of financial statements going back at least three years.

3. Pay off creditors

The less debt that a business holds on its balance sheet, the more attractive it will be to potential buyers.

A common theme among small business owners in the US is thousands of dollars of credit card debt. This can be a red flag to many buyers and should be paid off as soon as possible.

4. Remove yourself from the business

How important are you to the day-to-day operations? If your business would lose more than 10% of its revenue were you to leave, the answer is “too important.”

If revenues are tied to the owner, buyers are not going to want to buy the business if the owner is going to leave right after.

Although it can be a challenge, seek to minimize your direct impact on the business, in turn making it more marketable.

5. Create a set of standard operating procedures

Closely related to the above point, ensure that your business has a set of standard operating procedures (SOPs), ideally in written form, that would allow any owner to maintain the business in working order merely by following a set of instructions.

6. Establish (and train) the management team

Are the existing managers capable of taking over the business and running it as is? If you leave the business for a vacation and one of your managers calls you several times, the answer to this question may be ‘no’.

They may need more training, or you may need a different set of managers. In either case, having a capable team in place will be valuable whether you decide to exit your business or not.

7. Draw up a list of potential buyers

A list of buyers should be made and refreshed on a reasonably regular basis. Ideally, you would know their criteria for buying a business, but this is not always practical.

Keeping a long list of buyers means that you can reach out to them at short notice if it is required at some point in the future.

This list is likely to include at least some of your managers or suppliers.

Importance of Exit Strategy

Many owners make the mistake of thinking that a business exit plan means the same thing as a ‘retirement plan’, believing that they can start thinking about putting one together as soon as they hit 55 years of age.

This is an error. Not because your departure is impending, but because it doesn’t give you the flexibility.

Instead of looking at a business exit plan as a retirement plan, rethink it as a divestment option.

An alternative way of thinking about this is, what happens to the business owner that doesn’t have an exit strategy? Think of the value destruction that occurs to the business if something unexpected happens and the owner has to make an unplanned sale, at a discount, in unattractive market circumstances, or even at a time of personal loss.

Instead of thinking about the business exit as something that will happen in the future, rethink it as something that could happen at any moment.

Exercising critical thinking to write a business exit strategy can be exciting as well as enlightening. Thinking of an exit as an end state is not the best approach since this limits businesses to a strict definition. Rather, consider how the process can be supportive of a business' growth strategy. Take these top three considerations:

Financial considerations: If the exit strategy has a target revenue number in 5 years then how will the business get there? What financial dashboards are needed to properly run the company? How will expenses be managed so a business does not outspend against earnings?
Supply chain considerations: What products will need to be in your catalog to maximize margins? What inventory turns ratio are you aiming for on a monthly basis?
People considerations: Who do I hire to grow the company exponentially? What benefits do I offer to attract the best talent but don't cause complications at the exit? How do I write the force majeure so I protect the company and employees?

A business's primary goal is long-term value generation to its customers, itself, and its stakeholders. Having a thoughtful exit strategy shows the maturity of a business's Leadership towards longevity and value creation. There are many facets of the journey from owner motivation to financial strategies.

At DealRoom we help the owners of businesses of all sizes prepare for this eventuality. Our Professional Services team is ready to help businesses think through these details. It is important that an exit strategy be a journey throughout the growth stages.

Talk to us about how our tools can be an asset for you in your exit plan.

Get your M&A process in order. Use DealRoom as a single source of truth and align your team.

Exploring Business Exit Strategies: Definitions, Examples, and Top Types

Every business journey has a beginning and an end. Just as you plan how to start your business, it’s essential to plan how you’ll eventually step back or move on. This is where a business exit strategy comes in. Simply put, it’s a plan that helps business owners decide when and how to sell or close their business in an organized way. But, how do you know it’s time? Read ahead to find out.

Understanding Business Exit Strategies: Definition and Importance

A business exit strategy is a well-thought-out plan that outlines how an entrepreneur or business owner will sell, dissolve, or transition out of their business.

So, What is an Exit Strategy in Business?

An exit strategy in business is a business owner’s plan to sell, transfer, or close their business. Think of it as the “exit door” for an entrepreneur. It’s how they transition out, either to retire, start a new venture, or due to unforeseen circumstances.

Knowing how to exit a business is critical because it not only determines the financial future of the business owner but also impacts the employees, stakeholders, and the industry at large.

This plan is crucial for mitigating risks and maximizing profits, especially long-term ones. Understanding a business exit strategy involves knowing its scope, from selling the business to passing it on to a successor.

A business exit strategy is a detailed plan that outlines the steps, processes, and actions required to exit a business. This could involve selling the business to a competitor, passing it on to family members, going public through an Initial Public Offering (IPO), or even winding down operations. Implementing exit strategies for businesses requires foresight, planning, and often expert advice.

Why is an Exit Strategy Important?

An exit strategy is not just an “exit”; it’s a crucial part of business continuity planning services. It offers a roadmap for the business, ensuring sustainability and financial health even if the original owner departs. The process of planning for a business exit offers opportunities to streamline operations, make the business more appealing to buyers, and increase its overall value.

Real-Life Examples of Successful Business Exit Strategies

Initial Public Offering (IPO) Taking a company public through an IPO is another option. For instance, Twitter went public in 2013, providing a profitable exit for early investors and founders.

Mergers Mergers can be a strategic exit strategy when two companies believe they can be more successful together than independently. A classic example is the merger between Disney and Pixar. In 2006, Disney acquired Pixar in a $7.4 billion deal.

Succession Planning Not every exit strategy involves selling or going public. Sometimes, it’s about ensuring the business remains in trusted hands. Walmart’s founder, Sam Walton, did precisely that. Before passing away, he divided ownership of the company amongst his children, ensuring the retail giant remained in the family.

Top Types of Business Exit Strategies to Consider

There are many different types of business exit strategies to consider, but some of them are: Selling the business to a third party Selling the business to a third party is the most common type of business exit strategy. It can be a good option for business owners looking to maximize their financial return or ready to retire. However, it is important to note that selling a business can be a complex process, and working with a qualified advisor is important to ensure that the sale is completed successfully.

Merging with another company Mergers with other companies can be a good option for businesses that are looking to grow or expand into new markets. It can also be a good way for business owners to gain access to new resources and expertise. However, it is important to note that mergers can be complex and time-consuming, and it is important to carefully consider all of the implications before entering into a merger agreement.

Going public (IPO) Going public is the process of selling shares of a company to the public. This can be a good way for businesses to raise capital or increase their brand awareness. However, going public is a complex and expensive process, and it is important to carefully consider all of the implications before filing an Initial Public Offering (IPO).

Passing the business down to family members Passing the business down to family members can be a good way for business owners to keep the business in the family and to ensure that it continues to operate successfully. However, it is important to plan carefully for the succession process and ensure that the family members who will be inheriting the business are prepared to take on the responsibility. This strategy also allows for long-term business continuity planning.

Shutting down the business Shutting down the business is the least desirable business exit strategy, but it may be necessary if the business is not profitable or if the owner is unable to find a buyer. If you are considering shutting down your business, developing a plan to minimize the financial impact on yourself and your employees is important. No matter which business exit strategy you choose, starting planning early and getting professional advice is important. By carefully planning your exit, you can increase your chances of a successful transition.

Crafting Your Business Exit Plan: Essential Steps and Tips

Once you’ve decided on an exit strategy, the next step involves crafting a business exit plan example.

Step 2: Legal and Financial Planning Legal and financial planning are essential for any business exit plan. This planning phase often involves exit planning services to handle complex transactions.

Step 3: Timeline Set a realistic timeline for your exit, allowing sufficient time for all transactions and transitions to occur.

Choosing the Right Exit Strategy: Factors to Consider for a Smooth Transition

Several factors must be considered to choose the appropriate exit strategy for business.

Market Conditions Market conditions can heavily influence the success of your exit strategy. Assess the current economic climate, competitor behavior, and industry trends. Business Health Evaluate the financial health of your business. Factors like revenue streams, debt, and assets all play a role in determining how viable certain exit strategies may be. Personal Goals Your personal goals and life circumstances will also significantly determine your exit strategy. Whether you aim for quick liquidation or want to ensure long-term business continuity will inform your decision.

Bottom Line

Business exit strategies are fundamental to ensuring a business venture’s smooth transition, sustainability, or profitable conclusion. In order to successfully exit a business, it is important to plan ahead and have a solid understanding of the industry. This may include merging with another company, being acquired by a larger entity, going public, or passing the business on to the next generation. As entrepreneurs and business leaders map out their ventures, considering and planning for an eventual exit is not just prudent but essential for maximizing value and ensuring the continued success of the enterprise.

Amit Chandel is a “Certified Tax Planner/Coach”, and “Certified Tax Resolution Specialist”. He has extensive experience in Tax Planning and Tax Problem Resolutions – helping his clients proactively plan and implement tax strategies that can rescue thousands of dollars in wasted tax and specializes in issues relating to unfiled tax returns, unpaid taxes, liens, levies…

Exit strategy planning: 8 actions for business owners

Updated 12 January 2024 • 9 min read

Planning your exit strategy before actually starting your business might seem a little counter-intuitive. But in fact, it’s important to think through your end-game so you can plan your journey accordingly.

Leaving a business can be stressful. But a good exit strategy, planned well in advance, ensures a smooth transition if and when you hand over the reins to a new owner. In this guide, we’ll explore the pros and cons of different types of business exit strategies and when to use them. Then, we’ll show you how to plan your exit strategy.

What is an exit strategy?

An exit strategy is the plan that a business owner, founder, investor, or venture capitalist has for exiting a business. It may involve selling their share or the whole company for a financial return — or passing it onto a chosen successor.

Some owners have an exit strategy in place when they start their business. For example, they might plan to sell their business to a competitor in 5 years’ time for a 20% profit. However, a Voice of Australia Business Survey revealed that only 19% of Australian small-to-medium enterprises have an exit strategy or succession plan.

When are exit strategies useful?

You can use an exit strategy to:

Shut down a business that’s not profitable

Cash-out an investment after meeting profit objectives

Close a business if market conditions change significantly

Sell a company

Sell some shares in a company

Relinquish control or reduce ownership in a company

List your company on the stock market.

Types of exit strategies

Here are 7 types of business exit strategies to consider based on your long-term goals. We’ve outlined the pros and cons of each option so that you can make the best choice for your company and employees.

Merger and acquisition (M&A) deals

An M&A deal is the most popular exit strategy, especially for startups and entrepreneurs. Depending on the conditions of the agreement, you might remain involved in the business or exit altogether.

You’ll most likely be selling your business to a larger company that may want to increase its reach or acquire your product expertise or capabilities to beat the competition.

You can control the price, terms and details of the M&A

If you are selling to a competitor or have several bids, you may be able to increase your asking price

You get a clean break from the business

A merger could keep a struggling business running.

M&A deals can be lengthy, expensive and sometimes unsuccessful

The company culture and systems of the merging firms may be incompatible

The merger may result in employee layoffs

It may be hard to let go of your business.

Employees acquire an ownership interest

An Employee Stock Ownership Plan (ESOP) allows employees to acquire an ownership interest in a company by purchasing stocks or shares.

Empowers employees to make the business successful

Motivates employees and increases their commitment to the company

Causes less disruption to business operations.

ESOP company structures are challenging and costly to set up

Business decisions can take longer because all ESOP members need to approve.

Management buyouts

Like an ESOP, a management buyout (MBO) allows your senior management team to buy your business from you.

You can hand the business over to an experienced team

The transition will likely be more seamless than selling to a third party

The management team may lack experience in business ownership

The management team may struggle to raise the funding required for a MBO.

Initial public offering (IPO)

An initial public offering (IPO) exit strategy involves selling shares of stock to the public and converting the company from private to public ownership. It’s best suited to companies that are sufficiently established and resourced to manage their responsibilities to shareholders.

An IPO is one of the most profitable business exit strategies

IPOs can increase publicity, reputation and brand awareness.

An IPO is one of the most challenging and expensive exit strategies

Significant initial and ongoing documentation and reporting requirements

Shareholders play a significant role in running the company.

Liquidation

Liquidation is a common exit strategy for failing businesses, but you could also use it to exit a successful business. Liquidation involves selling your assets, repaying your creditors, paying any shareholders, and closing your business.

It’s a straightforward process that you can complete quickly

You can get your cash immediately.

You only make money from assets you can sell, such as land, inventory and equipment.

There will most likely be job losses as a result.

Family succession

The family succession (or legacy) exit strategy lets you keep the business in the family by passing it onto the next generation. But your successor must have the necessary skills and commitment to keep the business running.

You have plenty of time to train your successor

Family members usually have a good understanding of how to run the business

You can remain as an advisor or consultant.

There may not be a suitable family member to take over

Choosing a successor can cause tension in families

Employees, investors or business partners may not be supportive of your choice.

Filing for bankruptcy is the exit strategy no business plans for. Yet, in extreme cases, it’s the only viable option. Although you may have assets seized, you’ll be relieved of debts and the burden of running an unprofitable business.

It relieves you of the responsibilities and debts of your business

You can move on from your failed business and start to rebuild your credit.

It’s possible that filing for bankruptcy will not relieve you of all of your debts

If you file for bankruptcy, you may have difficulty borrowing money in the future

Most likely, it will mean ending relationships with employees, suppliers and customers.

How to plan your exit strategy

An exit strategy sets out the timeline, financial and market conditions for you to leave the business and someone else take over. Follow these eight steps as you plan your exit strategy.

1. Define your intentions for the business

Start your exit strategy by defining your intentions for the business. For instance, you may want to merge with another company, leave it to a family member, or liquidate it.

2. Identify your target buyer

When choosing your target buyer or successor , you need to consider several factors, including:

Financial benefits and costs

Ease of transition

Continuity of service

Future staffing requirements

Personality and cultural fit.

For example, if you’re selling to management or employees, you might need to stagger payments. Or, if you plan to keep the business in the family, you’ll want to ensure everything is transparent and fair, so there’s no conflict between family members.

3. Establish an exit timeline

A vital part of planning your business exit strategy is establishing an exit timeline. Some buyers, such as employees or management, might not have enough cash to buy the business outright, so you may have to factor in a staggered transition period. Other buyers may request you stay on board to facilitate a smooth transition and satisfy existing clients.

4. Keep accurate accounting records

Most potential buyers will want to see at least two years of accounting and financial records. They’ll want to see steady growth and profitability rather than sudden spikes and dips in revenue. An accounting package like MYOB Business provides you an up-to-date and accurate view of your cash flow.

5. Make yourself redundant

One step you may not have considered before is how to make yourself redundant. You have to ensure that your employees know how to operate the business without you. So, plan how you will gradually step back, delegate important decisions to your management team, and become less available to your customers.

6. Document your processes

You must document your business processes in a standard operating procedure manual. You need a single “how to” manual that covers every business process and workflow, such that a stranger could walk in, read the manual, and run your business without any disruption. Also, you’ll need to ensure you include employee job descriptions and their tasks and responsibilities.

7. Get a professional business valuation

A business is only worth what someone is willing to pay for it. If a business valuation is lower than expected, you may have to spend more time growing the business. If it’s higher than a buyer expected, you might have to bide your time until they can raise enough funds. So it’s vital to get a professional business valuation to know what it’s worth and set realistic expectations for potential buyers.

8. Observe market conditions

Finally, it’s essential to observe the market conditions to determine the timing of your exit strategy. For example, if there’s more than one potential buyer, you’re better positioned to drive the selling price higher.

Take the stress out of your exit

It’s worthwhile having an exit strategy in mind before starting your business. Developing a plan from day one gives you time to review and refine it accordingly as the business evolves or new information comes to light. A well-planned exit strategy ensures a business continues to thrive by:

Defining your intentions for the business

Identifying your target buyer or successor

Establishing an exit timeline

Observing market conditions

Documenting your business processes

Reducing your day-to-day involvement

Storing accurate financial data

Including a professional business valuation.

You can use MYOB’s accounting software to keep accurate, up-to-date accounting records — if you ever decide to sell your business, you’ll be well prepared.

Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.

Business Exit Strategy

A plan for the transition of business ownership either to another company or investors

What is a Business Exit Strategy?

A business exit strategy is a plan for the transition of business ownership either to another company or investors. Even if an entrepreneur is enjoying good proceeds from his firm, there may come a time when he wants to leave and venture into something different.

When such time comes, the business can be sold, left in the hands of new management, or acquired by a larger company. Even if it will be decades before the entrepreneur can sell his business, what he does in the present moment can set it up for a smooth exit or make the process more challenging.

What Should Be Considered In An Exit Strategy?

While different businesses will require different tactics in an exit strategy, there are key elements that can be helpful across the board. These elements factor into play the company’s financial circumstances, market conditions , objectives, and timeline.

1. Objectives

One aspect that should never be missed in a business exit strategy is the owner’s individual goals. Upon exiting the business, is the owner interested in getting profits or does he also want to leave a legacy? Establishing the purpose of exiting the company helps to identify the specific objectives and activities to be prioritized.

2. Timeline

Another factor that should be considered is the time frame of the business. When does the owner intend to sell the business? When establishing this time frame, a business owner should allow for flexibility. In such a way, he will have more negotiating power.

However, if the time frame is tight, the business sale might not go through smoothly since everything will be done in a rush. Similarly, the stakeholders might not have enough time to make the business reach its full potential.

3. Intentions for the Business

Does the firm owner want to see his business continue its operations or does he prefer that it gets dissolved? Answering this question will help to establish whether the company will end up being liquidated, merged with another, or sold and set up for transition via succession planning.

4. Market Conditions

Both the current supply and demand for the company’s products or services, and the marketplace demand for businesses are also factors to consider. Are there a lot of potential buyers or only a few?

Why a Business Exit Strategy is Important

1. business owners become weary.

Forming a company from the ground up and transforming it into a successful and profitable one is challenging. It calls for a significant investment of time and money. Most of the time, entrepreneurs need to wear many hats before they can earn enough profits to invest in recruitment and training.

Considering the amount of effort that business owners put into these ventures, they are often unwilling to delegate tasks. These individuals invest all their time in running the business operations. They work round-the-clock looking for new clients, marketing their products, and recording the business finances. Since such company owners rarely take some time off to recharge, they can get to the point of fatigue or burnout.

Burnout can occur at any time and for several reasons. When it does happen, the firm owner will not want to spend another three months getting his business ready for sale. Prospective buyers prefer that the company owners have performance metrics, revenue history, and any other paperwork ready. A business exit strategy ensures that company managers have systems in place for recording essential information on a regular basis.

2. Get a better understanding of revenue streams

An exit plan requires that one keeps consistent and up-to-date data regarding the business’ performance. This means that company owners will always have a good understanding of their revenue streams and cash inflows and outflows. They are able to determine the activities that are bringing in the most revenue and how this revenue is being spent.

Having accurate financial data makes for better decision-making. It also helps firm owners to make realistic predictions. They will be able to manage cash flows more efficiently, plan for seasonal fluctuations, and focus their marketing efforts on the projects that matter.

Coming up with an exit strategy helps firm owners decide whether they should go after short, medium, or long-term income projects. If an individual intends to exit the business within the next few months, he can focus his efforts on activities that bring in cash quickly. These would include items such as monthly subscriptions, automatic renewals, and membership models that remain active up to when customers cancel them. Such income-generating projects require minimal effort, yet they keep money flowing into your business.

However, firm owners who want to remain in business for the next couple of years should focus their efforts on long-term growth activities. Developing life-long client relationships, building a reliable pool of employees, and being innovative will go a long way in helping the company grow.

3. Developing effective leadership

Whether a company owner intends to sell his business or pass it onto his next generation, effective leadership can make or break this deal. To ensure that the transition is a success, the firm owners should outline the chain of command that is to be followed upon exiting. This plan should also lay out the basics of company decision-making.

When a longtime manager or leader leaves, some firms end up in chaos with numerous stakeholders fighting for power. The players that are left waste so much time deciding who will take over that they forget the primary goals of the firm. By outlining a clear succession plan, firm owners help to minimize such risks and ensure that the business continues to thrive long after they leave.

4. Smooth operations

An exit plan highlights all the information that the company’s successor would need to run it. This way, the new investors or managers won’t waste their resources collecting basic information regarding employees’ salaries, finances, and partners. If the business exit strategy contains all the necessary information, its successors can hit the ground running as soon as the company leader leaves.

Key Takeaways

Entrepreneurs think of themselves as innovators. Their primary goal is to take ideas and turn them into successful ventures. This is beneficial; it’s what helps most firms survive and thrive. However, placing too much focus on the start of a business takes away focus from its end, which can be detrimental. A good number of entrepreneurs don’t have solid strategies in place for how they will exit the industry or company.

Exit plans are crucial in ensuring that firms transition smoothly to the new management. Having an exit strategy also makes it easy to keep tabs on the company’s finances. If an individual intends to sell his business later, he will have to present the firm’s revenue history and performance metrics to prospective buyers.

Also, a business exit strategy is important as it outlines the chain of command to be followed once a leader exits the company. This way, the new owners won’t spend too much time determining who will take over the managerial positions.

Additional Resources

CFI is the official provider of the global Financial Modeling & Valuation Analyst (FMVA)™ certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional CFI resources below will be useful:

Corporate Structure
Leadership Traits
Management Theories
Succession Planning
See all valuation resources
See all equities resources
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The when, why and how of your business exit plan

You hopefully spend a lot of time thinking about plans and strategies for how to run and grow your business. But do you put the same amount of thought into exiting your business ?

A well-considered exit plan is too often overlooked by entrepreneurs. It’s understandable because the here, now and not-too-distant future takes up so much of our time and energy. Who has time to think about an exit when you’re busy running a business?

Well you should start your exit planning now; don’t leave it until you’re put in a position to accept whatever offer comes along. In fact, how you set your business up and evolve over time will have a bearing on the type of exit strategy you can pursue.

What questions do you need to ask about your business?

The manner of your exit plan will depend on the type of business you run, including such factors as size and industry. Your exit will also be strongly influenced by whether the industry you are in is on the rise, stable, or in decline.

Your market position in the industry will also influence your exit. As a leading or rising business, you might be seen as a coveted acquisition for a bigger firm. If you’re a straggler, offers might be less generous, or few and far between.

One of the key things to consider when thinking about your exit plan is value: what is the value proposition of your business? Is that value inherent in your employees? Is it in the goods you design, manufacture or sell? Is it in the intellectual property you hold?

The value of your business has to be transferable. This is a crucial point that some business owners don’t fully understand.

For example, if a business relies upon its owner’s personal network and connections for much of its revenue generating capacity, that is the value proposition of the business. This type of value can be harder (though not impossible) to sell to a prospective purchaser than a set of IP patents.

What are your options?

There are several basic options available in terms of exit strategies. These include higher end options like an initial public offering, all the way through to winding a business up and liquidating its assets. Again, the exit option you might take really depends on your business and its circumstances.

Initial public offering

The most glamorous exit option and the one you read about most in the news is the initial public offering (IPO) or sharemarket float. Taking your company public is not an option for the majority of businesses and is usually reserved for those companies that have the infrastructure and revenue to attract public investment.

The bar has been lowered somewhat on which companies can float on the sharemarket, but it’s still usually rare for any old company to go public.

Merger or acquisition

Going public is not a viable exit path for most businesses. Many businesses stay in private hands but are either acquired by another party or merge with another business.

These sorts of buyouts can take the form of an acqui-hire, where the buying business basically wants the talent rather than what the business itself does, or it could be as simple as one company buying out another in order to remove a competitor from the field.

It can make a lot of sense as an exit strategy to understand and constantly monitor where you sit in your industry. By creating a particular niche or owning a certain segment of the market, you can position your business as an attractive target for a bigger fish to swallow.

Succession planning

This type of exit strategy is most commonly associated with family businesses, but it can also take the form of a management or staff buyout. Usually it is a matter of the business founder passing on the baton to the next generation. This brings with it a range of issues that need to be sorted out well in advance, not least of which is whether the heir apparents are actually keen on joining the family trade or even up to the task.

Straight sale or liquidate

This is probably the least attractive option as it often puts you at the mercy of business brokers and those looking to drive a hard bargain for your assets. This is the scenario too many business owners find themselves in when they have neglected to think through an exit strategy, or have entered a set of circumstances that make selling up quickly their only option.

By starting to think about your business in terms of its value to others and how that value can be maintained and transferred, you will have set out on the path to working out the best exit strategy for you.

You need to know what it is that’s valuable about your business, how that value can be maintained separate of your continued involvement, and how you can pitch that value to prospective buyers.

Once you can do this, you will have the beginnings of a potentially lucrative exit strategy.

Fi Bendall is chief executive of The Bendalls Group , a business that leads STRATEGY : ADVOCACY : MOBILE delivering the business acumen to drive effective positive results in a disruptive economy for the C-suite. Fi has recently won a Westpac/AFR 2015 100 Women of Influence award.

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Exit Strategy

An exit strategy is a crucial component of any business plan. It outlines how the owners and investors of a company plan to eventually exit the business, whether through a sale, merger, or other means. While it may not be top of mind when starting a business, a well-planned exit strategy can provide a roadmap for achieving long-term goals and maximizing profits.”

Example: This could involve a merger or acquisition by a larger company, an initial public offering (IPO), or a buyback of shares by the company itself. By outlining a clear path to profitability and a potential exit for investors, entrepreneurs can increase their chances of securing funding.

Why Exit Strategy is Important?

An exit strategy can help attract investors by demonstrating a clear plan for achieving a return on investment.” “Without an exit strategy, business owners risk being caught off guard by unexpected events such as changes in the market or personal circumstances, which can lead to a less profitable or even negative outcome.”

What to Include

To create an effective exit strategy, there are a few key components you should consider including:

Your timeline: When do you plan to exit the business, and how long will it take to prepare for the transition?
Your goals: What do you hope to achieve by exiting the business? Do you want to maximize profits, ensure the longevity of the company, or something else?
Your target buyer: Who do you envision buying your business, and what qualities or characteristics are important in a potential buyer?
Valuation: How much is your business worth, and how will you determine its value when it’s time to sell?
Contingency plans: What will happen if your initial exit strategy doesn’t work out? What other options are available to you?

By addressing these key components in your exit strategy, you can help ensure a successful transition and achieve your desired outcomes.

So if you’re a business owner, don’t overlook the importance of creating an exit strategy. It’s an essential part of long-term planning that can help you achieve your goals and secure your financial future.

BUSINESS PLAN TEMPLATE OUTLINE

Business Plan Template
1. Cover Page
2. Executive Summary
3. Company Overview
4. Market Analysis
5. Competitive Analysis
6. Marketing Plan
7. Operations Plan
8. Management Team
9. Exit Strategy
10. Financial Plan
11. Appendix
Business Plan Summary

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Use This Simple Business Plan Outline to Organize Your Plan

Male and female entrepreneur sitting at a table with two other team members. Reviewing a business plan outline to discuss the main components they need to cover.

12 min. read

Updated April 10, 2024

When starting a business, having a well-thought-out business plan prepared is necessary for success . It helps guide your strategy and prepares you to overcome the obstacles and risks associated with entrepreneurship. In short, a business plan makes you more likely to succeed.

However, like everything in business, starting is often the hardest part. What information do you need? How in-depth should each section be? How should the plan be structured?

All good questions that you can answer by following this business plan outline.

What is a business plan outline?

A business plan outline is similar to most business plan templates . It lists the common sections that all business plans should include.

A traditional business plan typically includes an executive summary, an overview of your products and services, thorough market research, a competitive analysis, a marketing and sales strategy, operational and company details, financial projections, and an appendix.

Why is a business plan outline important?

Starting with a business plan outline helps ensure that you’re including all of the necessary information for a complete business plan.

But, depending on what you intend to do with your plan, you may not need all of this information right away. If you’re going to speak with investors or pursue funding, then yes, you’ll need to include everything from this outline.

But, if you’re using your plan to test an idea or help run your business, you may want to opt for a one-page plan . This is a simpler and faster method that is designed to be updated and used day-to-day.

If you’re unsure of which plan is right for you, check out our guide explaining the differences and use cases for each plan type .

10 key sections in a standard business plan outline

No matter the type of business plan you create, these are the ten basic sections you should include. Be sure to download your free business plan template to start drafting your own plan as you work through this outline.

Business Plan Outline Example Graphic with 10 unique components. A standard business plan outline will include the executive summary, products and services, market analysis, competition, marketing and sales, operations, milestones and metrics, company overview, financial plan, and appendix sections.

1. Executive summary

While it may appear first, it’s best to write your executive summary last. It’s a brief section that highlights the high-level points you’ve made elsewhere in your business plan.

Summarize the problem you are solving for customers, your solution, the target market, your team that’s building the business, and financial forecast highlights. Keep things as brief as possible and entice your audience to learn more about your company.

Keep in mind, this is the first impression your plan and business will make. After looking over your executive summary, your reader is either going to throw your business plan away or keep reading. So make sure you spend the time to get it just right.

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2. Products and services

Start the products and services section of your business plan by describing the problem you are solving for your customer. Next, describe how you solve that problem with your product or service.

If you’ve already made some headway selling your solution, detail that progress here—this is called “traction”. You can also describe any intellectual property or patents that you have if that’s an important part of your business.

3. Market analysis

You need to know your target market —the types of customers you are looking for—and how it’s changing.

Use the market analysis section of your business plan to discuss the size of your market—how many potential customers exist for your business—and if your potential customers can be segmented into different groups, such as age groups or some other demographic.

4. Competition

Describe your competition in this section. If you don’t have any direct competitors, describe what your customers currently do to solve the problem that your product fixes.

If you have direct competition, detail what your strengths and weaknesses are in comparison, and how you’ll differentiate from what is already available.

5. Marketing and sales

Use this business plan section to outline your marketing and sales plan —how you’ll reach your target customers and what the process will be for selling to them.

You’ll want to cover your market position, marketing activities, sales channels, and your pricing strategy. This will likely evolve over time, but it’s best to include anything that clearly details how you will sell and promote your products and services.

6. Operations

What’s included in the operations section really depends on the type of business you are planning for. If your business has a physical location or other facilities, you’ll want to describe them here. If your business relies heavily on technology or specific equipment or tools, you should describe that technology or equipment here.

You can also use this section to describe your supply chain if that’s an important aspect of your business.

7. Milestones and metrics

In a business, milestones are important goals that you are setting for your business. They may be important launch dates, or a timeline of when you’ll get regulatory approval—if that’s something you need for your business. Use this section of your plan to describe those milestones and the roadmap you are planning to follow.

You can also describe important metrics for your business, such as the number of sales leads you expect to get each month or the percentage of leads that will become customers.

8. Company overview and team

The company and team section of your plan is an overview of who you are.

It should describe the organization of your business, and the key members of the management team. It should also provide any historical background about your business. For example, you’ll describe when your company was founded, who the owners are, what state your company is registered in and where you do business, and when/if your company was incorporated.

Be sure to include summaries of your key team members’ backgrounds and experience—these should act like brief resumes—and describe their functions with the company. You should also include any professional gaps you intend to fill with new employees.

9. Financial plan and forecasts

Your financial plan should include a sales forecast, profit and loss, cash flow projections, and balance sheet, along with a brief description of the assumptions you’re making with your projections.

If you are raising money or taking out loans, you should highlight the money you need to launch the business. This part should also include a use of funds report—basically an overview of how the funding will be used in business operations.

And while it’s not required, it may be wise to briefly mention your exit strategy . This doesn’t need to be overly detailed, just a general idea of how you may eventually want to exit your business.

10. Appendix

The end of your business plan should include any additional information to back up specific elements of your plan. More detailed financial statements, resumes for your management team, patent documentation, credit histories, marketing examples, etc.

Detailed business plan outline

If you’re looking for greater insight into what goes into specific planning sections, check out the following outline for a business plan. It can help you develop a detailed business plan or provide guidance as to what may be missing from your current plan.

Keep in mind that every business plan will look a bit different because every business is unique. After all, business planning is to help you be more successful, so focus on the sections that are most beneficial to your business and skip the sections that aren’t useful or don’t apply.

To help, we’ve marked sections that are truly optional with an *.

Executive summary

Company purpose / mission statement.

A very brief description of what your business does and/or what its mission is.

Problem We Solve

A summary of the problem you are solving and an identifiable need in the market you are filling.

Our Solution

A description of the product or service you will provide to solve the problem.

Target Market

A defined customer base who will most likely purchase the product or service.

Briefly describe who is behind the business.

Financial Summary

A short overview of revenue goals and profitability timeline.

If you’ve already started selling your product or service, highlight important initial details here.

Funding Needed*

If you are raising money for your business, describe how much capital you need.

Products & Services

Problem worth solving.

A thorough description of the problem or pain points you intend to solve for your customer base.

A thorough description of your proposed product or service that alleviates the problem for your customer base.

Describe any initial evidence that your customers are excited to spend money on your solution. Initial sales or signed contracts are good signs.

Intellectual Property/Patents*

If this is important for your business, outline it here.

Regulatory Requirements*

If government approval is required for your business, explain the details and timeline.

Future Products and Services*

What products and services might you offer in the future once your initial products and services are successful?

Market Size & Segments

How many potential customers do you have and what potential groups of customers are separated by specific characteristics?

Market Trends*

How consumers in your target market tend to act including purchasing habits, financial trends, and any other relevant factors.

Market Growth*

The perceived potential increase or decrease in the size of your target market.

Industry Analysis*

If your industry is changing or adjusting over time, describe those changes.

Key Customers*

If your business relies on certain important customers, describe who they are here.

Future Markets*

A snapshot of the potential market based on the last few sections and how your business strategy works within it.

Competition

Current alternatives.

A list of potential competitors. Identifying the competition isn’t always obvious and it may take some digging on your part.

Our Advantages

The strategic advantage(s) that makes your target market more likely to choose you over the competition.

Barriers to Entry*

If there’s anything that makes it more difficult for other people to start competing with you, describe those barriers.

Marketing & Sales

Market positioning.

Where do your products or services fit into the market? Are you the low-price leader or the premium option?

Unique value proposition*

What’s special about your offering that makes your customers want to choose it over the competition.

Marketing Plan

An outline of your marketing and advertising strategy including costs, advertising channels, and goals.

How do you sell your product or service? Self-serve or with a team of sales representatives?

Pricing Strategy*

Describe your pricing and how it compares to alternatives in the market.

Distribution*

Describe how your product gets in front of customers. Are you selling in stores and online? Which retailers?

SWOT Analysis*

Strengths, weaknesses, opportunities, and threats.

Location & Facilities

If you have a physical presence, describe where and what it is.

What technology is crucial for your business success?

Equipment & Tools

If special equipment or tools are needed for your business, describe them here.

Sourcing and fulfillment*

If you purchase your products or parts for your products from somewhere else, describe that sourcing and supply chain.

Partners and Resources*

If you have key partners that you work with to make your business a success, describe who they are and what services or products they provide.

Milestones and metrics

A detailed roadmap of specific goals and objectives you plan to achieve will help you manage and steer your business.

Key metrics

Performance measurements that help you gauge the overall performance and health of your business.

Company overview and team

Organizational structure.

An overview of the legal structure of your business.

Company history and ownership

A summary of your company’s history and how it relates to planning your business.

Management team

The team that is starting or running your business and why they are uniquely qualified to make the business a success.

Management team gaps

Key positions that your business will need to fill to make it successful.

Financial plan and forecast

Projected profit and loss.

How much money you will bring in by selling products and/or services and how much profit you will make or lose after accounting for costs and expenses.

Projected cash flow

How and when cash moves in and out of your business. This also includes your overall cash position.

Projected balance sheet

Expected balances for business assets, liabilities, and equity.

Use of funds

If you are raising money either through loans or investment, explain how funds will be used. This is typically meant to be shared with investors or lenders.

Exit strategy

A brief explanation of how you intend to eventually exit from your business. This could include selling the business, going public, transitioning the business to a family member/employee, etc.

A repository for any additional information, including charts and graphs, to support your business plan.

Business plan outline FAQ

How do you organize your business plan?

There’s no real established order to business plans, aside from keeping the Executive Summary at the top. As long as you have all of the main business plan components, then the order should reflect your goals.

If this is meant solely for your personal use, lay it out as a roadmap with similar sections grouped together for easy reference. If you’re pitching this to potential investors, lead with the stronger sections to emphasize the pitch. Then if you’re unsure of what order makes sense, then just stick to the outline in this article.

Should you include tables and charts in your business plan?

Every business plan should include bar charts and pie charts to illustrate the numbers. It’s a simple way for you, your team, and investors to visualize and digest complex financial information.

Cash flow is the single most important numerical analysis in a business plan, and a standard cash flow statement or table should never be missing. Most standard business plans also include a sales forecast and income statement (also called profit and loss), and a balance sheet.

How long should your business plan be?

There’s no perfect length for a business plan. A traditional business plan can be anywhere from 10 to 50 pages long depending on how much detail you include in each section. However, as we said before unless you intend to pursue funding, you likely don’t need a lengthy business plan at first.

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

3 Min. Read

11 Key Components of a Business Plan

6 Min. Read

Business Plan vs Business Model Canvas Explained

5 Min. Read

Business Plan Vs Strategic Plan Vs Operational Plan—Differences Explained

10 Min. Read

When Should You Write a Business Plan?

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How To Start A Business In 11 Steps (2024 Guide)

Updated: Apr 7, 2024, 1:44pm

How To Start A Business In 11 Steps (2024 Guide)

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.

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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

What do you love to do?
What do you hate to do?
Can you think of something that would make those things easier?
What are you good at?
What do others come to you for advice about?
If you were given ten minutes to give a five-minute speech on any topic, what would it be?
What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

What type of funding do you have?
How much time do you have to invest in your business?
Do you prefer to work from home or at an office or workshop?
What interests and passions do you have?
Can you sell information (such as a course), rather than a product?
What skills or expertise do you have?
How fast do you need to scale your business?
What kind of support do you have to start your business?
Are you partnering with someone else?
Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

Start a Franchise
Start a Blog
Start an Online Store
Start a Dropshipping Business
Start a Cleaning Business
Start a Bookkeeping Business
Start a Clothing Business
Start a Landscaping Business
Start a Consulting Business
Start a Photography Business
Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

Selling the business to another party
Passing the business down to family members
Liquidating the business assets
Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

Subscription-based businesses
Businesses that sell digital products
Franchise businesses
Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

LLCs offer liability protection for the owners
They’re one of the easiest business entities to set up
You can have a single-member LLC
You may be required to file additional paperwork with your state on a regular basis
LLCs can’t issue stock
You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

Partners have limited liability for the debts and actions of the LLP
LLPs are easy to form and don’t require much paperwork
There’s no limit to the number of partners in an LLP
Partners are required to actively take part in the business
LLPs can’t issue stock
All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

Sole proprietorships are easy to form
There’s no need to file additional paperwork with your state
You’re in complete control of the business
You’re personally liable for all business debts
It can be difficult to raise money for a sole proprietorship
The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

Corporations offer liability protection for the owners
The life span of a corporation is not limited
A corporation can have an unlimited number of shareholders
Corporations are subject to double taxation
They’re more expensive and complicated to set up than other business structures
The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

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There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

It can help you open a business bank account under your business name
A DBA can be used as a “trade name” to brand your products or services
A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

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Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

Personal savings
Credit cards
Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

Small business loans
Small business grants
Angel investors
Venture capital
Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
Product liability insurance protects against claims that your products caused bodily injury or property damage.
Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

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The 7 Best Business Plan Examples (2024)

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

Example business plan

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

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

7 business plan examples (section by section)

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

Executive summary

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

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

Company description

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

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

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

Market analysis

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

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

Products and services

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

Marketing plan

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

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

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

marketing section template for business plan

Logistics and operations

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

Financial plan

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

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

It then goes deeper into the financials, citing:

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

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

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

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

Logistics and operations plan
Financials

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

Market research: in depth
Financials: in depth

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

Market research

Feasibility

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

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

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

Free business plan templates

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

Bplans’ free business plan template

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

PandaDoc’s free business plan template

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

Miro’s Business Model Canvas Template

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

Better business planning equals better business outcomes

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

Business plan FAQ

What are the 3 main points of a business plan.

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

How do I write a simple business plan?

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

What is the best format to write a business plan?

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

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How to Write a Business Exit Plan

Create a profitable plan from the start

All good business planning documents have a clear business exit plan that outlines your most likely exit strategy from day one.

It may seem odd to develop a business exit plan this soon, to anticipate the day you'll leave your business, but potential investors will want to know your long-term plans. Your exit plans need to be clear in your mind because they will dictate how you operate the company.

For example, if you plan to get listed on the stock market, you’ll want to follow certain accounting regulations from day one that'd otherwise be non-essential and potentially cost prohibitive if your ambitions are to quickly sell the company to a more established competitor in your industry. If you plan to pass the business to your children, you’ll need to start training them at a certain point and get them invested in the company from an early age.

Here’s a look at some of the available strategies for entrepreneurs who want to build a business exit plan into their early planning process:

Long-Term Involvement

Let It Run Dry: This can work especially well in small businesses like sole proprietorships . In the years before you plan to exit, increase your personal salary and pay yourself bonuses. Make sure you are on track to settle any remaining debt, and then you can simply close the doors and liquidate any remaining assets. With the larger income, naturally, comes a larger tax liability, but this business exit plan is one of the easiest to execute.
Sell Your Shares: This works particularly well in partnerships such as law and medical practices. When you are ready to retire, you can sell your equity to the existing partners, or to a new employee who is eligible for partnership. You leave the firm cleanly, plus you gain the earnings from the sale.
Liquidate: Sell everything at market value and use the revenue to pay off any remaining debt. It is a simple approach, but also likely to reap the least revenue as a business exit plan. Since you are simply matching your assets with buyers, you probably will be eager to sell and therefore at a disadvantage when negotiating.

Short-Term Involvement

Go Public: The dot-com boom and bust reminded everyone of the potential hazards of the stock market. While you may be sitting on the next Google, IPOs take much time to prepare and can cost anywhere from several hundred thousand to several million dollars, depending on the exchange and the size of the offering. However, the costs can often be covered by intermediate funding rounds. Keep in mind, that the likelihood of your company ever going public is very low, as you'll likely need to reach into the tens of millions of dollars in annual revenue before you're an attractive IPO candidate.
Merge: Sometimes, two businesses can create more value as one company. If you believe such an opportunity exists for your firm as a business exit plan, then a merger may be your ticket. If you’re looking to leave entirely, then the merger would likely call for the head of the other involved company to stay on and take over your company's activities. If you don’t want to relinquish all involvement, consider staying on in an advisory role.
Be Acquired: Other companies might want to acquire your business and keep its value for themselves. Make sure the offered sale price meshes with your business valuation. You may even seek to cultivate potential acquirers by courting companies you think would benefit from such a deal. If you choose your acquirer wisely, the value of your business can far exceed what you might otherwise earn in a sale.
Sell: Selling outright can also allow for an easy exit. If you wish, you can take the money from the sale and sever yourself from the company. You may also negotiate for equity in the buying company, allowing you to earn dividends afterward — it is in your interest to ensure your firm is a good fit for the buyer and therefore more likely to prosper.

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Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business — and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other entrepreneurs and startups.

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today.

What this free business plan template includes

Executive summary
Company overview
Products or services offered
Market analysis
Marketing plan
Logistics and operations plan
Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Our free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand.

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include? Business plan examples can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business .

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Example text in a business plan company overview section

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires.

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

Company description
Key members of your team
Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .

Example text in a business plan's marketing plan section

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market.
Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

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Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

Choose a business plan format, such as a traditional or a one-page business plan.
Find a business plan template.
Read through a business plan sample.
Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
Business description: This section outlines the business concept and how it will be executed.
Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.

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Business plans

Develop your business plan

On this page

Why you need a business plan

Use our business plan tool, download a detailed business plan template, tips to help you write your business plan.

Whether you've just started out or have been running your business for years, business planning can be the key to your success. Having a business plan:

helps you to prioritise – it gives your business direction, defines your objectives, maps out how you'll achieve your goals and helps you to manage possible bumps in the road
gives you control over your business – the planning process helps you learn about the different things that could affect your success. If you're already in business, it helps you to step back and look at what's working and what you can improve on
helps you seek finance – if you're seeking finance for your business, you'll need to show banks and investors why they should invest in your business.

It will help you to develop a shorter business plan to:

evaluate a new business idea
set some goals for the year ahead
keep your business on track.

Use this template if you are seeking finance for your business or want to include more detail in your business plan.

Business plan template

1. Determine what your plan is for

Does your business plan have more than one purpose? Will you use it internally, or will you share it externally, for example with potential investors or banks?

Deciding what the purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in.

2. Prepare your finances

Use our detailed business plan template if you are seeking finance.

Lenders and investors will want to know if your finances are in order and your business is in a strong financial position. They'll want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

If you're starting out and don't have financial information yet, our template provides resources to help you get your finances ready.

3. Write your summary last

Summarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is your opportunity to sell yourself, but don't overdo it. The summary should include details about your business, market, goals and what makes you different from other businesses.

4. Get help

Don't leave your business plan to the last minute. It takes time, research and careful preparation to develop an effective business plan.

If you aren't confident in completing the plan yourself, consider getting a professional to look over it and provide advice.

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

Get expert help from a business adviser in your area .

5. Review your plan regularly

As your business changes, your plan will need to change to ensure your business is still heading in the right direction. Having your plan up-to-date can keep you focused on where you are heading.

It's a good idea to keep a record of each version of your business plan.

6. Protect your plan

Having an understanding with third parties when distributing a plan could be enough protection for some businesses. But if you have innovative business practices, products or services, you may want people to sign a confidentiality agreement to protect your innovations.

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Start writing and developing your marketing strategy.

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School Leaders

NEW: Classroom Clean-Up/Set-Up Email Course! 🧽

30 Lesson Plan Examples for Every Grade Level and Subject

Lots of ways to prepare for top-notch learning.

examples of lesson planning: sticky note lesson plans and guided math lesson plan

Writing lessons might be a fun activity for you (all the things you’ll do!) or it may be a necessary evil (so many boxes to fill). Either way, it’s an important part of teaching and can make or break your week, month, and year. Whether you’re a brand-new teacher or an experienced educator looking for some new ideas, these lesson plan examples offer inspiration for every subject and every grade level.

Lesson Plan Sections

Preschool lesson plan examples, elementary school lesson plan examples, middle and high school lesson plan examples.

Many lesson plans include some or all of the following sections.

Objective : These should be specific and measurable. Often they align with Common Core or other learning standards.
Materials: List any items you’ll need, including worksheets or handouts, school supplies, etc.
Activities: This is usually the longest section, where you’ll lay out what the lesson and its activities look like. Some teachers write these in great detail. Others include just an overview to help them plan.
Assessment: How will you assess your students’ learning? This could be a formal assessment or something simple like an exit ticket. ( Get lots of formative assessment ideas here. )
Differentiation: Describe how you’ll vary the level of difficulty for students at all levels, including any enrichment for early finishers.

Some people think preschool is just playtime, but pre-K teachers know better! Here are some of the ways preschool teachers plan for their lessons.

Weekly Lesson Plan

Weekly pre-k lesson plan broken down by day and activity type

Venngage/pre-K lesson plan via Venngage.com

Weekly preschool lesson planning helps you plan each day and ensure you’re tackling all the most important skills.

Learn more: Venngage Pre-K Weekly Lesson Plan Template

Pre-K Theme Lesson Plan

Caterpillars and Butterflies pre-k lesson plan showing activities in various categories (Lesson Plan Examples)

Pre-K Printable Fun/Caterpillar and Butterfly Lesson Plan via PreKPrintableFun.com

If you like to plan by theme, try a template like this. It includes space for a variety of activities that fit your topic.

Learn more: Pre-K Printable Fun

Alphabet Letter Lesson Plan

Preschool weekly lesson plan for teaching the letter S (Lesson Plan Examples)

This Crafty Mom/Letter S Lesson Plan via ThisCraftyMom.com

If you’re focusing on a new letter of the alphabet each week, try lesson planning like this. You can see the week at a glance, including all the materials and books you’ll need.

Learn more: Alphabet Letter Lesson Plan by This Crafty Mom

Centers Lesson Plan

Lesson plan examples for elementary classroom learning centers

Pocket of Preschool/Centers Lesson Plans via PocketofPreschool.com

Your centers need some planning too! Whether you change them out weekly, monthly, or as needed, use plans like these to stay prepared.

Learn more: Pocket of Preschool

Weekly Unit Lesson Plan

Weekly lesson plan for pre-K unit on teaching weather (Lesson Plan Examples)

This Crafty Mom/weather unit lessons via ThisCraftyMom.com

Adding pops of color and a few images can make it easier to locate the lesson plan you’re looking for in a snap!

Learn more: Weekly Weather Unit Lesson Plan by This Crafty Mom

Since elementary teachers tackle multiple subjects every day, their lesson plans might look like a general overview. Or they may prepare more detailed lesson plans for each topic to help them stay on track. The choice is up to you.

Weekly Overview Lesson Plan

2-page handwritten lesson plan overviews for one week in elementary school

Mrs. Jones Creation Station/lesson plan example via MrsJonesCreationStation.com

Don’t be afraid to write out your lesson plans by hand! A side-by-side setup like this lets you see a whole week at once. We love the use of color to highlight special things like fire drills.

Learn more: Mrs. Jones Creation Station

Yearlong Schedule

Planning a whole year may seem daunting, but it can show you where you’re going to need to stretch a unit and where you can circle back and review. Mrs. D from Mrs. D’s Corner has ideas on how to structure a yearlong lesson plan using Google Sheets.

Learn more: Mrs. D’s Corner

Guided Math Lesson Plan

$Detailed guided math lesson plan example on adding three-digit numbers$

Tunstall’s Teaching Tidbits/Guided Math lesson plan example via TunstallsTeachingTidbits.com

This example on adding three numbers together can be altered to fit any math lesson plan.

Learn more: Tunstall’s Teaching Tidbits

Art Lesson Plan

Detailed lesson plan for teaching art class about shapes

Artsy Blevs/lesson plans via TeachandShoot.com

While these are elementary art lesson plan examples, you can easily use this style for teaching art at upper levels too.

Learn more: Artsy Blevs

Special Education Lesson Plans

lesson plan example for special education

The Bender Bunch/lesson plan example via TheBenderBunch.com

Lesson planning for special education looks different than general classroom lessons in that the lessons have to cover specific IEP goals and include lots and lots of progress monitoring. The Bender Bunch starts each lesson with independent work (read: IEP practice) and then heads into mini-lessons and group work.

Learn more: The Bender Bunch

Interactive Read-Aloud Plan

book page with a post it on it for an interactive read aloud example

The Colorful Apple/interactive read-aloud lesson plan example via TheColorfulApple.com

Interactive read-alouds aren’t something that should be “on the fly.” The Colorful Apple explains how to choose a book, get to know it, and get ready to teach it. Once you’re in the book, sticky notes may be the best lesson-planning tool you have for marking questions and vocabulary words you want to point out to students.

Learn more: The Colorful Apple

Social Studies Lesson Plan

Mrs. Jones’s Class/social studies lesson plan example via MrsJonessClass.com

Including images of your anchor charts is a great idea! That way, you can pull one out and have it ready to go in advance.

Learn more: Mrs. Jones’s Class

5E Lesson Plan for Elementary School

Example of how 5E lesson plans are used in third grade

What I Have Learned Teaching/example from 5E lesson planning via WhatIHaveLearnedTeaching.com

The 5Es stand for Engagement, Exploration, Explanation, Elaborate, Evaluate. This type of lesson planning can be helpful for students as they work through each of the 5Es related to the topic you’re studying.

Learn more: What I Have Learned Teaching

Science Lesson Plans

Elementary science lesson plan example for building a bridge

Venngage/Science lesson plan example via Venngage.com

If you like to plan your lessons in more detail, take a look at this elementary science lesson plan example.

Learn more: Venngage Science Lesson Plan Template

Reading Groups Lesson Plan

Lesson plans for elementary school reading broken down by groups

First Grade Fairy Tales/reading groups lesson plan via TheFirstGradeFairyTales.com

Lots of elementary schools have differentiated reading groups. Use a template like this one to plan for each one, all on one page.

Learn more: The First Grade Fairy Tales

P.E. Lesson Plan

American Coaching Academy/P.E. lesson plan via AmericanCoachingAcademy.com

Gym teachers will love this lesson plan idea, which includes directions for playing the games.

Learn more: American Coaching Academy

Music Class Lesson Plan

Victoria Boler/music lesson plan via VictoriaBoler.com

Plan out the skills and songs you’ll need for a meaningful music class with a lesson plan like this one.

Learn more: Victoria Boler

At the middle and high school levels, teachers often need more detailed plans for each class, which they may teach multiple times a day. Here are some examples to try.

Google Sheets Lesson Plans

Example of using Google Sheets to create weekly lesson plans

Busy Miss Beebe/Google sheets lesson plan example via BusyMissBeebe.com

Google Sheets (or Excel) is terrific for lesson planning! Create a new tab for each week, unit, or class.

Learn more: Busy Miss Beebe

Weekly History Plan

Teachers Pay Teachers/Coaching History lesson plan via TeachersPayTeachers.com

This example shows how you can plan out a week’s worth of lessons at once, and see the entire week all in one spot. This example is for history, but you could use this for math, ELA, or social studies too.

Learn more: Coaching History on Teachers Pay Teachers

Outline and Pacing Guide Lesson Plan

Read it. Write it. Learn it./pacing guide example via ReadItWriteItLearnIt.com

A pacing guide or outline works for both you and your students. Share it at the beginning of a unit to let them know what’s ahead.

Learn more: Read it. Write it. Learn it.

5E Lessons in Middle and High School

example of a 5E lesson plan that includes engagement, explanation, exploration, evaluation, and elaboration for lesson planning for science

Teach Science With Fergy/5E lesson plan via TeachScienceWithFergy.com

5E lesson plans (Engagement, Exploration, Explanation, Elaborate, Evaluate) are great for middle and high school as well. This example is for science, but you can use the 5E structure across all lessons.

Learn more: Teach Science With Fergy

Math Intervention Plans

middle school math intervention lesson plan example

Lindsay Gould/middle school math lesson plan via TeachersPayTeachers.com

When students are in math intervention, they’re reviewing material they learned last week or last year. Lesson plans need to provide time for them to activate their prior knowledge (and make sure they’re remembering it all correctly) before reteaching and practice.

Buy it: Teachers Pay Teachers

The Sticky-Note Lesson Plan

example of using sticky notes to plan lessons

The Wise & Witty Teacher/sticky note planner via WiseWittyTeacher.com

At some point, you’ll know what students are doing each day, you’ll just need some reminders for questions to ask and key points to cover. The nice thing about using sticky notes for lesson planning is if you get ahead or behind schedule, you can move the entire sticky note lesson to another day.

Learn more: The Wise & Witty Teacher

Read more ways to use sticky notes in the classroom .

Backwards Planning Lesson Plan

example of an understanding by design lesson planning template

Vanderbilt University Center for Teaching/Understanding by Design lesson plan example via cft.vanderbilt.edu

If your school uses Understanding by Design or other backwards planning, you’ll be thinking about the outcome first and working back from there (rather than forward from an activity or task). Backwards planning lesson plans are intensive, but they’re also something you can use over and over, modifying them slightly for each group of students you have.

Learn more: Vanderbilt Center for Teaching

Visual Arts Lesson Plan

Two-page lesson plan for middle or high school visual arts on creating from recycled materials

Venngage/visual art lesson plan example via Venngage.com

Detailed lesson plans take longer to prepare, but they make it easier on the day (especially if you wind up needing a sub).

Learn more: Venngage Visual Arts Lesson Plan Template

ESL or Foreign Language Lesson Plan

A lesson plan example for teaching ESL speakers to give personal information

TeachEnglishAbroad.co/ESL lesson plan via TeachEnglishAbroad.co

Whether you’re teaching English as a second language (ESL) or a foreign language to English speakers, this lesson plan style is perfect.

Learn more: Teaching English Abroad

Music Lesson Plan

Melody Soup/lesson plan example via MelodySoup.Blogspot.com

Use a lesson plan like this for choir, orchestra, band, or individual music lessons.

Learn more: Melody Soup

Blended Learning Lesson Plan

Hot Lunch Tray/blended learning lesson plan example via HotLunchTray.com

If your instruction includes both computer-based and in-person elements, this lesson plan idea might be just what you need.

Learn more: Hot Lunch Tray

One-Sentence Lesson Plan

On sentence lesson plan stating what students will learn, how they will learn, and how they'll demonstrate their knowledge

Norman Eng/Introducing the One-Sentence Lesson Plan via CultofPedagogy.com

This kind of lesson planning isn’t for everyone, but the extreme simplicity works well for some. Describe what students will learn, how they will learn it, and how they’ll demonstrate their knowledge.

Learn more: Cult of Pedagogy

Need more help with lesson planning? Come ask for ideas on the WeAreTeachers HELPLINE group on Facebook !

Plus, check out 40 ways to make time for more creativity in your lesson plans ..

Find lesson plan examples for pre-K, elementary, and middle and high school, in a range of subjects and styles. Something for every teacher!

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15 Inspiring Teaching Portfolio Examples (Plus How To Create Your Own)

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15 Communication Plan Templates for Professional Use (2024)

Written by: Orana Velarde

Communication plans can help you deliver information timely and effectively to stakeholders in various situations — from a PR crisis to a new product launch. They are excellent tools to share with your team and prepare them to communicate properly in any given situation.

If you're intimidated by the idea of creating a communication plan from scratch, it's okay. You can simply use a pre-designed communication plan template to speed up the process.

We've put together a list of 15 professional communication plan examples for various use cases.

The best part?

You can edit these communication plan templates online and download them or share them with your team.

Here's a short selection of easy-to-edit Communication plan templates you can edit, share and download with Visme. View more below:

Just choose the category from the list below that best describes your needs and start designing a successful communication strategy.

15 Communication Plan Templates for Professionals

Template #1: strategic communication plan, template #2: crisis communication plan, template #3: it communication plan, template #4: project management communication plan, template #5: internal communication plan, template #6: event communication plan, template #7: simple communication plan, template #8: change management communication plan, template #9: stakeholder communication plan, template #10: donor communication plan, template #11: school communication plan, template #12: emergency communication plan, template #13: marketing communication plan, template #14: product launch communication plan, template #15: diversity and inclusion communication plan, frequently asked questions (faqs).

Before you start scrolling, here’s a video on how to create attractive documents with Visme to get your creative juices flowing.

Strategic communication plans are essential documents that corporations, organizations and companies use to maintain stable and constant communication with their audiences. Below is an example of a communication plan template you can use to streamline communication.

This sleek strategic communication plan uses contrasting desaturation with bright colors to bring attention to the content. The placeholder sections in the table of contents include:

Executive Summary
Situational Analysis
Demographics

Adding your content is easy as all you have to do is copy and paste into the template and adjust as needed. If you want to add pages with a type of graph or more text content, just duplicate a page. Use the same colors as the rest of the design to have a balanced look and feel.

And if you’re short on time, you can use the Visme AI document generator to generate your communication plans or any other document in a matter of seconds. Just type in your prompt, provide a bit more context, select your preferred design and watch the tool produce your first draft in seconds.

Check out how the AI document generator tool works.

Every startup, company or enterprise is bound to have a moment of crisis to deal with. It could be an unhappy customer or a global pandemic. For that reason, you need a crisis communication plan to specify actionable practices in any crisis.

Create your own Communication Plan with this easy-to-edit template! Edit and Download

With crisis communication plan templates like this one, all involved parties have access to the necessary information. Our designers have put together a collection of pages and sections to get you started, including:

Crisis Communication Policy
Crisis Command Center Team
CCC Activation Hierarchy
Media Liaison

To personalize your brand’s communication plan, simply change the colors and fonts using your Brand Kit . If you need more pages for more key messaging sections, it’s easy to duplicate the pre-designed pages and add your content.

You’ll need to adjust the layout a bit, so the pages don’t look the same. Change the image background for another and customize the text boxes and icons to match your content.

Here’s another great example of a communication plan. Share your project ideas and future goals effectively with our easy-to-use IT communication plan template. It's designed to help you choose the right communication channels and strategies for your IT projects.

The communication template has a bold dark and red design theme that sets a powerful visual tone. With eye-catching visuals and straightforward layouts, this template makes it simple to present your project proposals, timelines, and resource allocation.

Collaborating with your team becomes a seamless experience, ensuring that your message is conveyed accurately and efficiently to all stakeholders.

Upgrade your project communication with this attention-grabbing dark and red-themed IT communication plan template, and make a lasting impression while conveying your ideas and goals with impact.

Is your team working on a project together and you need to keep everything in check and on track? Are you looking for a way to let everyone know what needs to be done and when?

This project management communication plan sample is just what you need as the basis of your action plan.

Be clear and direct about what needs to be done, by whom and when. Putting it all in this project management communication framework template is going to create transparency within your team.

Your job as a project manager is to make sure everything is taken care of correctly and on time. When you use project communication plan templates like this one, your success rates go up.

Use the table of contents in this project management plan to outline all necessary information and key messaging. Explain how and when deliverables are to be expected and who are the key stakeholders in the process.

Link to collaboration channels and give instructions on how to use them best. Give instructions on how to name files and where everything is stored in the cloud.Use the Visme workflow tool to assign and manage each task, set deadlines and review and approve projects—all within your workspace.

Working on a project together takes careful planning. A project manager needs to ensure that everyone knows what’s expected of them and who to contact about different things.

If you’re a project manager or are in charge of an internal project for your company, this internal communications strategy template is just what you need to keep the team on track.

Our professionally designed internal communication plan is easy to use and customize with your content. The sections are separated as follows:

Stakeholders
Implementation
Team Involved

If you plan to share your communication plan as a digital PDF, add links to the respective pages. This way, the reader can navigate to their desired content from the table of contents .

Use the timeline feature in the implementation section to visually schedule the tasks for the project. If you need to make the timeline longer, simply duplicate the page. Customize the colors and fonts for your brand using your Brand Kit.

Simplify the process of planning, organizing, and executing your events with our outstanding event communication plan template.

This complete communication strategy template comes equipped with step-by-step instructions, enabling you to seamlessly coordinate crucial event particulars, create detailed timelines, and ensure your guests are well-informed, all within a single platform.

Featuring captivating visuals, contemporary fonts, and customizable color schemes, this template not only enhances the functionality of your event communication plan. The rich blend of serene blues, pristine whites, and vibrant pinks also adds an aesthetic touch that will leave a lasting impression.

Add flipbook effects so readers can interact with the document as if they are reading a book. Make event planning a breeze while keeping everything visually appealing with this versatile template.

Communications planning doesn’t always need to be complicated. A simple communication plan will do the job for any small project. All you need for effective communication is the key messaging and the relevant links to the preferred communication channels.

This corporate communication plan template is simple and keeps things to only two pages. It effectively uses icons , progress bars and a table format to visualize possible situations of crisis and the appropriate response to each situation.

You can remove the cover page and download your communication plan as a single-page infographic . Or you can add more pages to turn it into a more comprehensive document.

If you’ve ever had to change something inside a company, you know how difficult it can be to it seamlessly. Change can be about a piece of software, a physical working location, a process or system.

A change management communication plan will help everyone involved in the transition by making sure they’re all on the same page.

This change management communication plan designed by our Visme designers uses placeholder content for a change in CRM. The sections apply to any type of change and are:

Summary: What is changing and why?
Stakeholders: Who is involved in the change and how?
Phases: How will the change take place with the help of a timeline?

This is the perfect communication plan template to help your team change something seamlessly without affecting other aspects of your work.

When working on your plan, use Visme’s shortcut tool to easily find anything you want in the editor. Simply type forward slash (/) on your keyboard and search bar will appear. Type in a keyword to easily find design assets, tools and features in the Visme editor.

Having many stakeholders aiming for the same goal requires good organization and planning. Make sure everyone’s on board with this stakeholder communication plan example.

This professionally designed template offers all the pages you need to organize the information for your stakeholders. Share everything they need to know about your company, the goals, objectives, changes, projections and more.

Plus, share all relevant information like the dates for team meetings, a project roadmap , and the manager’s phone number.

If you need more pages than the template provides, simply duplicate and add your content in text boxes. Also, maintain a visual balance in the general look-and-feel of the page.

To keep the communication plan easy to read and understand, link to longer content with popups or external hyperlinks. Make sure to share the finished communication plan as a digital PDF file.

A well-planned donor communication strategy is essential to the success of any fundraising campaign. With our user-friendly template, you can impress your donors and streamline your fundraising efforts. This comprehensive tool includes easy-to-follow sections for outlining your donor engagement strategy, establishing effective communication channels and tracking the progress of your campaigns.

Our template features engaging graphics and icons, sleek fonts, and customizable colors that not only make it visually appealing but also allow you to tailor it to your organization's unique branding.

Every part of this template is customizable. With Visme’s intuitive editor, you can change colors, fonts and more to fit your branding. Elevate your fundraising endeavors and make a lasting impression on your valued supporters with this visually captivating and user-friendly template.

Ensuring that all communication levels are clear and concise within a school setting can be difficult without a communication plan. That's because precise instructions and direction are often essential for teachers, staff, parents and managerial positions.

Our school communication plan sample was created especially for you by our Visme designers. The three main sections cover communication strategies at three different levels:

Academic Communication
Staff Communication
School-Wide Communication

Customize the tables with your school colors and input your specific information into the cells. Make your communication plan interactive by adding links to the correct communication channels for direct messaging and virtual or in-person meetings, and then share it online.

An effective emergency communication plan is vital for ensuring the safety and well-being of your team members. When a disaster strikes, a well-structured and thorough plan can ensure swift, coordinated responses and minimize risks.

Prepare your organization for emergency situations by sharing proven methods and solutions with this invaluable template. This stunning and user-friendly template simplifies the process, allowing you to outline essential procedures, contact information, and crucial resources. It provides indispensable guidance to your personnel in times of crisis, ensuring they are well-prepared and can respond effectively when needed most.

What makes this template shine are the striking images, visuals and design elements. In Visme’s library, you’ll find tons of visuals and design assets to communicate your ideas. Feel free to swap the template color theme to match your branding.

Need help writing or proofreading content for your plan? Visme’s AI writer is your handy assistant. All you need to do is write an accurate prompt that reflects your need and watch the magic happen.

Marketing and social media campaigns are successful when everyone involved knows what their part is in the process and what their tasks are. Setting every team member up with the information they need to reach a common goal is the primary purpose of this marketing communication plan.

This marketing communication plan example has a colorful, modern feel. Circles form a big part of the visual layout, making the content easier to digest and more interesting to look at.

In this marketing communication plan template, there are four sections for your key messaging:

Goal and Objectives
SWOT Analysis

The SWOT analysis page is a practical guide to see where your project has weaknesses and what strengths will pull it through. On the last page, you’ll find a timeline to help keep every team member on track of their tasks and in what timeframe.

Easily customize the template to match your brand by using your Brand Kit. Share the template with team members to get feedback and collaborate on the final design. Track how many people have viewed or taken action on your plan using our analytics feature .

When launching a new product, it’s good practice to work as a team. The best way to make sure all the pre-launch tasks are taken care of is to create a product launch communication plan.

In the six pages of this attractive product launch communication plan, you can lay out all the steps for your product’s pre and post-launch activities.

Use the timeline page to explain in detail what needs to happen. Specify which communication teams take care of what tasks, like the press release and influencer outreach emails.

Use hyperlinks to more in-depth content for specific teams and don’t forget to share the links to relevant communication platforms.

Use the sections set up for you in the template or create your own. Your key messaging will probably be similar to this but it’s easy to personalize or add more.

Launch Phases
Pre-Launch Activities
Post-Launch Follow Up

Make sure to include the steps for recording post-launch metrics as these are just as important as the ones done pre-launch. Plus, measurable insights can help with other product launch projects in the future.

Achieving diversity and inclusion in the workplace requires a clear and comprehensive communication plan. A plan will serve as a strategic framework to promote diversity and inclusion initiatives across your organization.

Diversity and Inclusion Communication Plan

This remarkable, fully customizable template is your compass for systematically advancing diversity, equity, and inclusion within your organization. The template has a clean and creative design layout with high-quality images and graphics that add visual excitement.

The eye-catching images are carefully selected to support your narrative and enhance the overall aesthetic of your plan. With its captivating design, you can effortlessly engage your entire workforce, presenting your vision, initiatives, and progress with impact and clarity.

There are multiple options for sharing your plan with stakeholders. You can share it online with a link or embed it on your website or landing page. Alternatively, you can download it in multiple formats.

Design Your Own Communication Plan Online

Creating a communication plan is easy when you have practical and inspiring templates to guide you. To get started with designing your communication plan, simply choose the template that best fits your vision and input your content.

If you're new to Visme, use one of the free templates and adjust the content accordingly. That said, you’d be surprised at what you can do with a premium Visme subscription .

With a premium subscription, not only will you get access to premium templates and graphic assets, you'll also be able to create any type of visual — from documents and presentations to infographics, charts, surveys, social media graphics and more.

You'll also be able to download your designs in multiple formats, from image to PDF to HTML5, work in collaboration with your team, create a Brand Kit and much more.

Ready to get started? Sign up for a free Visme account today and create a great-looking, comprehensive communication plan to share with your team.

Are you still weighing your options about creating a communication plan? Hopefully, the templates on this list inspired you to take a look and give them a try.

But you might still need a little help deciding if this is a suitable document for what you need. That’s why we’ve put together the most common questions asked about communications plans.

Q1. What is a communication plan?

A communication plan is a strategic document that shares coordinated, consistent and directed messaging for achieving a specific goal, such as managing a PR crisis or successfully launching a new product.

A communication plan can be printed, sent via email as a PDF or shared as a live online link. A well-structured and effective communication plan is the single most crucial factor of project management in any industry and for every use case.

Q2. What is the purpose of a communication plan?

The primary purpose of a communication plan is to deliver consistent information about a shared goal. It keeps everyone on the team on the same page about what needs to be done, how and when.

A communication plan solves many problems that teams usually face when there’s no clear direction for everyone involved. With a clear communication plan, everything is explained in detail and easy to follow.

All communication needs are laid out in detailed sections covering topics from goals and objectives to timelines and schedules . A communication plan brings together all the communication channels into one single document. From there, team members can spread out through relevant links and supplementary documents.

Q3. What’s included in a communication plan?

Every communication plan example is different, just how every project is different. But what remains the same across the majority of communication plans is the relevant and strategic information.

A standard communication plan includes sections like:

Short and long-term goals for the project.
A set of key messages to be explained in detail, separated into sections.
Strategies for communication, both in-house and outbound.
Details about the people involved in the project.
A schedule and timeline for specific events, deadlines and reporting.
Further communication methods.
Specific instructions about your company’s communication process.
Strategies for measuring success.

Apart from the list above, a communication plan must also include details pertinent to the specific project. If there are folders or systems that people need to access for the project’s success, list them and explain how to use them.

Q4. What is the first step in communication planning?

The first step in communication planning is to define the goals you and your team want to achieve. Outline both short and long-term goals so it’s easier to plan the project as pieces of a whole.

Following the goals, set the objectives. Explain how you plan to achieve these with the help of timelines, schedules, and tables. Include a list of involved stakeholders and links to further means of collaboration.

Q5. What are the key messages of a communication plan?

A communication plan’s specific key messages will depend on what you want to achieve and who your target audience is. Your key messages are the most essential communication points for any particular project.

For example, let’s say you’re creating a communication plan for a product launch. The key messages would cover;

The goals and objectives of the product launch.
The reason and story about why this product was created and what problem it solves for people.
A timeline of pre-launch activities including who will be contacted for outreach and what information will be shared with them.
What messaging and visual strategies to use for social media and advertising.

An excellent way to make sure all key messaging is clear is to add each one as an item in the Table of Contents.

Q6. What’s the best tool to create a communication plan online?

If you want to create a communication plan that makes an impact, use Visme! Our professionally designed communication plan templates will look amazing with your content and be super easy to customize.

With a Visme communication plan, you can include data visualizations using data from a Microsoft Excel sheet. In fact, if you’ve been creating project communication plans in an Excel spreadsheet, it’s time to upgrade your communication efforts!

Knock your team out of their seats with your impactful communication plan!

Head over to Visme's professional document creator and look through the template library, or click on any of the communication plan template buttons in the list above.

Q7. How to Write a Communications Plan

Audit Your Existing Communication Plan: Before you put pen to paper, do a situational analysis of communications in your company. The goal is to identify gaps, problem areas and opportunities for improvement.
Set SMART Goals: Based on the audit results, highlight SMART goals you want to achieve with your communications plan. An example of a SMART communication goal would be to improve client response time to complaints from six hours to three hours within the next 2 months.
Identify Your Target Audience: Are you working with media outlets, customers, partners, investors, employees, customers or the government? Understand who your intended audience is. Consider their demographics, interests, needs, and communication preferences. This will help you tailor your messages and select appropriate channels.
Communication methods, both in-house and outbound.
Team members responsible for delivering communication
Escalation plan
Communication channels
Choose appropriate and effective channels: Consider using a combination of channels such as email, meetings, presentations, the intranet, newsletters, social media, or face-to-face interactions. Adapt your channels based on the nature of the message and the preferences of your audience.
Assign responsibilities: Determine who will be responsible for executing different aspects of the communication plan. Assign roles and responsibilities to team members or stakeholders involved in the process. Clearly define each person's tasks and deliverables.
Set a timeline for execution. It's important to have a rough estimate of the time required for each step in implementing your strategy. For example, if your plan involves sharing information from top-level management to employees, it's wise to consider the duration it will take to go through the chain of command.
Regularly review and assess your communication plan's performance : Evaluate the effectiveness of your messages, channels, and activities. Identify areas for improvement and make adjustments accordingly.

Q8. What are the Top Communication Planning Tips?

When it comes to communication planning, here are some tips to ensure effective and successful communication:

Define clear objectives and identify the target audience: Whether it's providing information, generating buy-in, or addressing concerns, having clear objectives will guide your communication strategy. Understanding who your target audience is will help you tailor your communications to their needs, interests, and preferences.
Be consistent and transparent: Maintain consistency in your messaging across different channels and ensure transparency throughout the change process. Share relevant information, progress updates, and any challenges or risks involved. This helps build trust and credibility with your audience.
Engage leaders and influencers: Leverage the support of influential leaders and stakeholders within the organization. Engage them early on and involve them in the planning process to help drive change and promote a culture of open communication.
Establish a feedback loop: Create channels for employees to share their thoughts, concerns, and suggestions. Actively listen and respond to feedback to build trust and engagement.
Evaluate and Adapt: Gather feedback, track engagement, and assess whether your communication objectives are being met. Use the insights gained to adapt and refine your communication plan as needed.

Q9. How to Use Communication Plan Templates

To effectively use communication plan templates, follow these steps:

Choose a suitable template: Select a communication plan template that aligns with your specific needs and goals. Visme has a comprehensive library of templates that provide a comprehensive structure and include sections relevant to your project or initiative.

Gather relevant information: Collect the necessary information to complete each section of the template.

This may include objectives, target audience details, key messages, communication channels, timelines, budgets, and evaluation methods. Refer to existing documentation, conduct research, and consult with stakeholders as needed to gather accurate and relevant information.

Customize the template: Tailor the template to fit your specific requirements.

With Visme's intuitive editor, you can easily modify section headings, add or remove sections as needed, and adapt the content to align with your project or organization.
Customize the visual elements of the template to match your branding or style guidelines by adding your logo, adjusting colors, and modifying fonts.
Access a rich library of images, videos and design assets to make your plan visually appealing.
Automatically generate and incorporate captivating images, art, and graphics into your plan using Visme’s AI image generator .

Share and collaborate: Share the completed communication plan with relevant team members and stakeholders using Visme's collaboration features . Encourage them to provide feedback, input, and suggestions for improvement.

Implement and monitor : Implement the communication plan and monitor the progress and effectiveness of your communication efforts. Make adjustments as needed based on feedback, data, and changing circumstances.

Create a effective communication plans in minutes with Visme

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About the Author

Orana is a multi-faceted creative. She is a content writer, artist, and designer. She travels the world with her family and is currently in Istanbul. Find out more about her work at oranavelarde.com

The Ultimate Marketing Plan Template For 2024 [FREE]

The Ultimate Guide to Creating a Marketing Plan. Get our marketing plan template for FREE + Budget plan + Calculators + best marketing toolkit for 2024.

Rakefet is the CMO at Mayple. She manages all things marketing and leads our community of experts through live events, workshops, and expert interviews. MBA, 1 dog + 2 cats, and has an extensive collection of Chinese teas.

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Natalie is a content writer and manager who is passionate about using her craft to empower others. She thrives on team dynamic, great coffee, and excellent content. One of these days, she might even get to her own content ideas.

Updated May 1, 2024.

The Ultimate Marketing Plan Template For {year} [FREE] main image

It takes time to build a marketing plan and it will change anyway, right? 100%. But creating your digital marketing plan is worth every minute of your time. If you build a business without a marketing plan, it’s like constructing a house without a blueprint. And you need a really good marketing plan template to get you on the right track.

Before we give out all the information and knowledge you need to create your winning marketing plan, let's start by giving you a FREE Digital Marketing Plan Template for 2024 . This is a great example of a great marketing plan that looks snazzy, too 😉.

Click on the image below, and make your own copy or download it to start using this template today.

Now that you have your marketing plan template, let's go over some basics before diving into more advanced aspects of marketing planning.

What is a marketing plan?

A marketing plan is a document that details how you're going to execute your strategy. It's written for a specific period of time and explains both your current situation and your future plans.

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

A marketing plan may be part of an overall business plan. A solid online marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. It has to have a set of concrete tasks and marketing tactics to follow.

Why do you need a marketing plan?

There are a ton of reasons why every brand and marketing team needs a good marketing plan.

Here are the top 3 reasons:

Create better goals

When you have specific goals to achieve you can plan your way to achieve them. Having too general goals like "growing my business" VS. measurable KPIs like "I want to grow my revenue by $600K, and to do that I need 1,000 new customers" is different.

Actual KPIs can help you plan exactly what will get you there. We recommend you set up some SMART goals - which stands for specific, measurable, achievable, relevant, and time-framed.

Improve your focus

Marketing without focus can be very messy and super ineffective. Have you ever tried to run a company meeting without an agenda? Just like meetings, marketing needs focus.

The best tip we can give you is to focus on specific activities and have them done well. A digital marketing plan will help you focus on exactly the tasks that will impact your success.

Of course, things will change and your plan will change as well. But as long as you are using a good marketing plan outline you will have your next month’s tasks written down and your work will become that much more effective.

your focus needs more focus meme jacky chan

Stay consistent

The purpose of a marketing plan is to ensure that marketing activities are relevant and timely to achieve the organization's business objectives. It's a plan defining a sustainable competitive position and defining the resources necessary to achieve it.

Now that you know what a marketing plan is and what’s used for let’s talk about the key components that it’s built out of.

How do you make a good marketing plan?

A good marketing plan should have the following parts -

Executive Summary
Mission statement
Market Analysis (SWOT)
Competitor Analysis
Target market & buyer personas
Marketing objectives and KPIs
Pricing strategy
Growth strategy
Marketing channels

And as a bonus we’ve added two more sections:

11. BONUS: How to assemble the right marketing team 12. BONUS: Top tools for marketing plan creation & design

Each of these key elements is vital for the right execution of your marketing strategy and I promise you it’s not as difficult as it looks.

Let’s dive in.

1. Create an executive summary

This might seem a little too formal for some marketers out there but it’s essential and I’ll explain why.

Marketing plans tend to get really long so it’s better to create a quick summary and highlight some of the key points of every aspect of your plan right at the beginning. This becomes the foundation of your marketing plan.

There is no set length for an executive summary but it should cover all of the main elements of your marketing plan. It should also quickly tell your story and highlight what you are trying to achieve. Add your KPIs, marketing channels, market strategy, and budget.

A good executive summary should give a quick taste of the entire plan and entice the reader (investor, upper management, CEO, etc) to read the rest.

Here’s a great 2-minute video from Hubspot that shows how to write an executive summary from start to finish.

The next section of the marketing plan has to do with your “why”.

2. Create a mission statement

A good mission should have 3 critical components -

An overall mission or vision of the company
The company’s core values
The goals and marketing objectives

The key is to keep it precise, short, and powerful. Don’t write a long essay, don’t just throw a bunch of jargon around, and do get some input from the employees at the company.

Employee feedback on this is critical because marketing and sales activities have to align with the mission of the company so all the various teams in the business have to be in agreement on the general mission.

The worst thing you can do is have a mission that has no direct correlation to the actual activities or tasks. Such a mission won’t help you grow your business .

What’s the difference between the company vision and its mission?

The vision is like the why, the overarching goal and foundation of the company. The company’s mission includes the vision and adds to it the actions and activities that the company will do to help advance its vision. Here’s a great video by Simon Sinek that explains this concept.

Now let’s talk about how you are going to go about achieving that mission.

The first step is to understand the market and your particular industry.

3. Market analysis

Have you ever seen the TV show Shark Tank?

The first part of any pitch is a personal story and a quick description of the founders’ “why”. This is where you can find the vision and mission of the company.

Next, they almost always mention the size of the market and they quantify the opportunity that they are presenting to the sharks.

This is exactly what a market analysis is.

market analysis graphic steps to create a marketing plan

A market analysis is a quantitative and qualitative assessment of a market. It looks at the size of the market in terms of the value ($) and volume (quantity of product sold) and often highlights some of the latest trends or environmental conditions that define the opportunity cost.

So how do we do this?

A great way to structure this is by using the SWOT analysis technique.

What is a SWOT analysis?

A common marketing framework that can help you create a good marketing analysis is called the SWOT framework . It stands for strengths, weaknesses, opportunities, and threats .

Strengths - what is your company really good at? what makes you unique? what unique advantages do you have over your competition? What is your value proposition? What are some of the key resources, processes, and capabilities that your company has?

Weaknesses - what are the weakest points of the business? What are some of the areas in which you could improve on? What is your company lacking compared to your competitors?

Opportunities - what are the biggest trends in the market that could give your company an edge or an advantage? These could be demographic patterns, lifestyle choices, population dynamics, or governmental regulatory policies.

Threats - what are some of the external factors in the market that could negatively impact your business? What are some environmental factors that you should be aware of? What are some possible changes that could threaten your business performance and success?

Pro tip: Want to do your own SWOT analysis? Get our Marketing SWOT Analysis Template .

4. Competitive analysis

The next vital step is to understand your competition and what the competitive landscape looks like in your industry or niche.

The main questions your competitive analysis should answer are:

Who are the competitors?
What marketing strategies are they employing?
And how are they going about achieving their goals?

Here’s one of my favorite competitive analysis frameworks from the renowned Myk Pono:

competitive analysis framework product development marketing

Now that you’ve completed your competitive analysis it’s time to zero in on your ideal customer.

5. Define your target market and buyer personas

The best way to create target personas for any brand is by creating a customer journey map. A customer journey map is a visual representation of all the various touchpoints that your brand has with a prospective customer.

This is a critical part of creating your marketing strategy.

Google introduced the moment of truth concept and this really relates to our discussion of marketing channels but it’s important to mention here as well.

Shoppers can find and interact with your brand through hundreds of channels, both online and brick-and-mortar. The Zero Moment of Truth (ZMOT) concepts represents that stage of the buyer’s journey that leads them to find your product or solution for their problem.

Google zero moment of truth ZMOT customer journey persona

Identifying the specific problem that the customer is looking to solve is critical. This is how you define your persona and this is what ultimately affects the rest of your marketing decisions.

Here's a great buyer persona template from Hubspot to help you create better audience personas.

6. Define your goals and KPIs

The first step when building a marketing plan is to understand and define which business goals are the plan aiming to achieve. Business and marketing should always go hand-in-hand - remember that. Questions you should answer are:

What are the business goals I need to achieve?
What KPIs will get me to achieve my goals?
What does my marketing funnel look like?

Pricing is often part of the market and competitive analysis sections but sometimes brands discuss it separately. It depends on how important price considerations are for your business and how competitive your market is. For example, if a major advantage in your business is that your product is priced significantly lower than your competition then a pricing strategy will play a key role in your marketing plan.

On the other hand, if you are a brand like Apple that is trading on the quality and its other features more than a price comparison, then your focus will be less on price.

There are 5 common pricing strategies:

1. Cost-based pricing

This is when the price is solely based on the costs of the products. The company simply takes the cost it takes to produce the product or service and adds a markup.

2. Value-based pricing

This strategy is based on the perceived value of your product. So a great example here is a company like Apple that prices its products significantly higher than its competitors because of the perceived value they provide.

3. Competitive pricing

This is when a company sets a price based on what the competition is charging. A great example here is gas stations. Each gas station competes with the other stations on the block, trying to outbid the other.

4. Price skimming

This strategy involves setting a high price and then lowering it as the market evolves. A lot of tech products have a high price when they first launch in order to maximize profit and increased their perceived value.

5. Penetration pricing

Penetration pricing is the exact opposite of price skimming. It involves pricing a product really low at first in order to enter a competitive market, and then increasing the price slowly over time.

Fit your pricing strategy to your target customers

It's important to fit your pricing strategy to the specific customer segment that you are trying to reach. If you are markeing to the early adopters then price skimming will work. If you want to be adopted by the early or late majority then you may have to try penetration pricing.

You can always use customer feedback to get more data on this and make a better decision.

As you can see, there are a lot of different pricing strategies out there. Picking the right one for your business will depend on the previous steps in your marketing plan - the customer (or buyer) pain point, the market analysis, and the competitive analysis.

8. Define your marketing budget

Your marketing budget plan depends on your business stage

Much like marketing goals and KPIs, your budget planning depends on your business lifecycle stage (are you a startup or an established brand). Normally, startups invest more in gaining market share and acquiring new customers, whereas established brands would invest more in retention and reputation.

Your niche is also a factor

Each industry has a different marketing structure and consumer behavior, so your niche defines your marketing budget allocation as well. eCommerce in a competitive niche like fashion, for example, will need ways to lower its CAC (customer-acquisition-cost) and upsell.

Spending tipping point

You can't expect that if you invested $20,000 and got 1,000 leads to keep the same proportion at $200. Every channel should have a different amount allocated to it based on the return on investment (ROI) and your profit margins.

So make sure you invest enough into each channel to move the needle. You can benchmark with other businesses in your niche, or use a rule-of-thumb by which at least 20% of your expected revenue should be invested in marketing.

Lead generation and branding

Start planning your budget.

The first step when planning your marketing budget is to understand what are the growth channels that have worked for you so far and are part of your digital marketing strategy for the next year. According to each channel's effectiveness and cost, you can start allocating your monthly and yearly spend.

Questions you should answer for that are:

What are the most effective growth channels I have so far?
Are there more growth channels I want to test next year?
Does seasonality affect my sales?
Align your budget with your KPIs (!)

Now that you’ve identified what and how to spend your marketing dollars, it’s time to pick the marketing channels that you will be using to grow your business.

9. Define your marketing channels

It's important to decide on the specific marketing mix that is best for your business. Social media platforms and other marketing channels have absolutely exploded in the last decade so you have a ton of channels to choose from.

Now, remember to have an authentic brand presence on every channel and only expand to ones that fit your brand strategy . Here are some of the top ones that you should consider for your marketing plan template:

Content marketing

Content marketing is very powerful for inbound marketing. Studies show that 60% of marketers create at least one piece of content per day and the year-over-year growth in traffic is 7.8X higher for content leaders.

Companies like Capterra and Quuu attribute their success to really good content.

Now, remember, content is a long-term game, short-term wins are very rare. You should create, design, and post content consistently and continue to optimize.

content marketing strategy trends statistics stats

Social Media

Social media is another powerful marketing aspect of any brand’s marketing strategy. It provides an opportunity for you to present your brand in a visual way through images and videos.

Studies show that 90.4% of Millennials, 77.5% of Generation X, and 48.2% of Baby Boomers are active social media users, so don’t ignore these platforms if your brand isn’t “sexy” enough.

The marketing guru Gary Vaynerchuk has always said that brands in the construction or plumbing industries should absolutely post content and interact with their audience on social media. If you bring people value you will generate leads that will eventually convert into sales .

>> Want to get more engagement and traffic from social?

Email marketing

Email marketing has the highest ROI of any marketing channel. Studies show that marketers make $44 for every $1 they spend on email marketing. It’s 40X more effective than using social media to generate sales.

If you are a B2C company then this is an absolute must. You should be sending out weekly or biweekly campaigns, you should set up some automatic welcome and cart abandonment flows, and you should definitely set up some email automation for the customers that convert through a popup.

If you are primarily B2B you might think that email marketing is not as powerful for you but that is absolutely not the case. According to WordStream , 59% of B2B marketers say that this is the most effective way to generate sales.

Another great way to use this channel is for branding. For example, a lot of companies leveraged the global COVID pandemic to engage in new ways with their target customers. They used really creative ways to send really helpful and cheerful emails that helped lift people’s spirits.

Advertising

Last but not least, there’s advertising. This is our specialty here at Mayple . We have over 1,500 talented ads experts that we match with the brands that we work with. Advertising is an important aspect of your marketing strategy that you should absolutely have on your digital marketing plan template.

There are several ways you could utilize advertising as a marketing channel .

First, there is social advertising. You could advertise on platforms like Facebook, Instagram, Snapchat, Pinterest, LinkedIn, and Quora. Then there are Google Ads that come in the form of PPC or you could use a tool like Taboola or Outbrain to leverage Google’s Display Network.

You could also retarget your site visitors using ads on any of these networks. This type of advertising is particularly effective and we recommend it to all the brands that we work with.

Now let’s talk about your marketing or growth strategy.

10. Define your growth strategy

After you’ve set your marketing goals, KPIs, and budget, it's time to plan your marketing activities for this year! Ready? 💪

What to consider when planning your marketing?

After you figured out what are the channels you're going to invest in, the marketing plan should show all the activities you're going to run under each growth channel.

Here are some examples you can use:

Paid media marketing campaigns

To plan and design your paid campaigns correctly you should know what are the most effective channels you are going to start using and to build a marketing funnel that shows you when are you going to advertise to "first-touch" prospects (people that don't know you yet) and what will remarketing prospects will want to see in order to be persuaded to take the next move.

Now, plan the marketing activities for each of your marketing funnel stages (from the awareness stage to the decision stage) and prospects' journeys from the setup stage to the live campaign stage. You can also add special events and design seasonal promotions in your paid campaigns such as sales season and other special occasions.

Content strategy & distribution

Content marketing is all about connecting with your customer base and potential buyers at every level of the funnel. An effective content distribution strategy should take into consideration the types of content you want to publish and the ideal distribution channels for your potential customers at each stage of the marketing funnel.

Another important thing to remember about content is consistency.

Don't plan your content on social channels if you won't have the resources to be consistent with your posting. It's better to focus on fewer things and do them well. Content can include any valuable engagement you have with your audience, whether it's on your Facebook, on a blog post, or in your email marketing .

Some of your content efforts will be ongoing (for example, SEO) and some will be building assets for future use (for example, Video).

Offline / Local

Ok, so we’ve covered all the aspects of an effective marketing plan.

Now let’s talk about the type of expertise you will need to assemble to execute your strategy.

11. BONUS: How do you build the perfect marketing team?

As we all know, marketing management can be lonely (at every size of business by the way), so a crucial factor in your marketing success is building a good team to execute your marketing plan. It can be an in-house team, a team of experts you hire, or as in most cases, a hybrid of in-house employees combined with marketing service providers ( agencies or freelancers).

3 Fundamentals of a good marketing team:

Here are the three top elements of a really effective marketing team.

I'll start by saying a good marketing team depends first and foremost on its leader (Yeah, that's you!). When you choose the right people and know how to manage them right, your success rates are already good. At the end of the day, good marketing starts with a good strategy, continues with a reasonable plan, and depends on great execution.

Expertise blend

Your strategy and plan require specific human capabilities so they will be executed well. If you're planning on running paid media campaigns, you better start your year with an expert on your team that knows the job and that you can count on to deliver on your expectations.

To decide whether to hire an in-house employee or a service provider, you should consider two things:

What is more important for you - flexibility or control?
Do you have access to

In my experience, experienced marketing professionals either demand very high salaries or work independently / in small agencies (for example ecommerce SEO agencies ).

Measurement and performance

We're back talking about your Key Performance Indicators (KPIs), and so should you in every marketing decision you make. After you made sure you have all the needed resources in terms of human talent to get your plan running, you'll need to keep tracking, measuring, and motivating them to be focused on achieving your goals and KPIs.

Not an easy task, especially when you need to measure both in-house employees and service providers. It’s important to understand what KPIs are relevant to each of your team members, and how to run these tracking sessions in a way that will bring everyone together to achieving better results for your business.

Questions to ask a

Questions to assess their experience, with respect to your unique business requirements:

What industry-relevant experience do you possess?
What kinds of campaigns have you previously managed?
Can you show me some examples?

Questions that assess their ability to build the campaign strategy you need:

How do you plan a campaign?
How do you decide on each campaign’s distribution?
Do you A/B test different campaign messages?

Questions about reporting and KPIs - clear expectations!

Which KPIs do you think are relevant to us?
Which KPIs do you expect to reach?
Which reporting format do you use?
What would be the frequency of the reports you generate?

Excellent. You now know how to assemble your marketing team.

And you might be asking yourself, how do I write this marketing plan? It’s going to take me ages! There is so much research that goes into it, do I have to do it all manually?

The answer is no way! There are a ton of marketing tools & software that can help you create your actionable marketing plan way faster.

Here are a few.

12. BONUS: What are the best tools to use to create a marketing plan?

Here are some of the top marketing tools to use to create your marketing plan.

Tools for research

There are numerous tools to use to obtain all the market research and business analytics for your marketing plan.

Alexa is a great tool to get insights into your market and your competitors. It has some really great advanced features that can show you your site demographics, where your traffic comes from, and the traffic sources of your competitors.

alexa audience interest research feature marketing plan

Similarweb is another great tool for research. It’s like Alexa in that it has some very similar features but has more reporting capability, and has other metrics like geography, referring sites, and SEO metrics.

similarweb category analysis marketing plan features template

Ahrefs is one of the top SEO tools out there. It can give you some of the most sophisticated information about the types of backlinks you or your competitors have, search engine rankings, and much more.

ahrefs seo tool for marketing research features screenshot

Tools for collaboration

Basecamp is a great tool for team collaboration. You can use it to message your team, store and organize project files efficiently, and work better with your team. There are so many data points to gather for your marketing plan and you will need to collaborate with multiple teams in your company.

basecamp marketing tool team collaboration

Slack is another great tool for team collaboration. Though it’s more focused on communication it does provide a great way to store information and collaborate with co-workers (and it has a slick design and an easy-to-use interface).

slack tool team collaboration communication messaging marketing plan

Speaking of design, let’s talk about visual design tools and software for your marketing plan.

Tools for charts and presentations

This is a great design tool for making charts. They have a really easy-to-use drag and drop design interface that allows you to create fancy charts and diagrams for your marketing plan in minutes.

lucidchart charts for businesses marketing tool

Canva is a great design tool for all kinds of design projects. It has a wide range of features that you could use to design amazing graphics and download them for your marketing plan.

canva graphic design software marketing features

13. BONUS: Top marketing plan examples

There are so many areas of digital marketing and if you want to be really efficient you should make a plan for each one. The best way to learn is from the experts so let’s look at some of the best sample marketing plans. You can download any of these or save a copy for yourself.

Content Marketing Strategy Template - by Buffer

This is a really great plan for your content. It breaks down every process from discovering your ideal customers, to creating their buyer persona, finding the main challenges that your content could solve, and so on. This is a really in-depth guide designed for any content marketing out there.

content matrix from buffer content marketing plan example

Simple Marketing Plan - from Cengage

Here’s another really great marketing plan example. This one looks really old school, so if you are a visual learner this one is probably not for you. But if you want to see a really well-written explanation of every section of a traditional marketing plan, you will get a lot of this example. Download it and fill it out, you will get a lot of value out of it.

One Page Marketing Plan Template - from SmartSheet

Ok, if that wasn’t simple enough for you, here’s a quick one-page cheat sheet that you can use to quickly summarize your entire marketing plan. This one is really useful for a quick brainstorming session, especially when working with a remote team.

one page marketing plan example template quick and easy

Marketing Strategy Template for Increasing Blog Traffic - from Sumo

Sumo has some incredible marketing plan templates. I used one of their templates to grow an Instagram account from 0-30k subscribers in 18 months. And here they strike again with a super-specific template & strategy on how to take your blog traffic to 10,000 visits in just 12 weeks.

marketing plan example for increase blog traffic sumo

Marketing plan infographic for specific projects - from Visme

Speaking of content, let’s talk about video.

Creating a video strategy for a brand can be a pretty complex task. You have a bunch of teams, a variety of factors to consider, and it can become a big mess pretty quickly. So, if you want to create a strategic marketing plan template for a specific project like that, then use this infographic template from Visme to display everything and make it all really easy for the whole team to follow.

This format is especially powerful when you’ve hired a digital marketing consultant because that’s when things can get a little unclear. So organizing every project into a quick infographic can provide a really great way to keep everyone organized.

marketing plan example template infographic from visme

Email List Marketing Strategy Template

An email list is one of the most powerful tools any business has. It’s really hard to grow your list and keep subscribers engaged. Here’s a great marketing plan example for growing a list to over 1,500 new subscribers in 12 weeks.

marketing plan example to grow your email list

Email Marketing Plan Template - from Hubspot

Here’s a great email marketing planning template from Hubspot that helps you create better emails. Hubspot is an incredible software product for any brand and they make incredible templates and guides on virtually every aspect of digital marketing. This template in particular has 3 parts - email planning, analytics, and A/B testing.

Ecommerce Marketing Plan Template - from Sumo

We’ve been focusing more and more on eCommerce businesses recently, and you can learn all about it in our eCommerce marketing guide . Here’s an example of a marketing plan that takes you through all the steps of growing your eCommerce revenue in 12 weeks.

ecommerce marketing plan example from sumo

eCommerce Marketing Plan Example - from Drip

Here’s another great marketing plan example from Drip. This one is a broad overview of each section and has some additional tracking info to fill out, that the other plans didn’t cover. It’s a quick and easy one.

marketing plan example template from Drip

14. How to Create a Social Media Marketing Template

This is something that we get asked often. Sometimes a marketing manager or brand owner doesn’t want to design a whole new marketing plan from scratch, but only wants to focus on their social media.

How do you go about creating a social media marketing plan ?

Here’s a high-level overview of how to go about it.

1. Choose your SMART Goals.

We’ve spoken about this at the beginning of this article, and it’s super crucial that any kind of plan starts with some goals that make sense.

SMART stands for -

Here’s an example of a vague goal:

-We will increase our blog traffic to 100k monthly uniques.

Here’s how you turn that into a SMART goal:

- We will increase our blog traffic by 10% each month for the next 12 months by increasing all of our posts to 3,000 words and optimizing on-page content.

Did you notice how I set a deadline on that SMART goal?

T stands for time-bound and deadlines are absolutely crucial.

2. Define your target audience

It’s time to narrow down who your ideal customer is.

First, start by looking at your data on Google Analytics or any other tool you’re using. Find out as much information on your audience as you can.

This could include:

Average income
Shopping habits

3. Look at your competitors

4. analyze your social data.

Now that you know what your competitors are doing, compare that to where you are holding with your current marketing efforts.

Look at the following things on each channel:

How many followers do you have
How much engagement (likes & comments) you get
Which types of posts are most successful
Days of the week and times your account gets the most engagement
Best times to post

5. Decide on accounts & channels

Next, choose the right social media platforms for your business. Decide which ones you want to use and for what purposes. It could be that one channel you could use for impressions, and on the other one, you really care about the engagement.

Here’s what we do at Mayple:

Facebook - Organic impressions + ads to get new brands and marketing experts signed up -> lead generation and sales
Instagram - Organic impressions + engagement aimed at marketers
LinkedIn - Organic engagement + traffic for brand growth

You might find that Pinterest is a perfect platform to get traffic, while Instagram is primarily for sales. It totally depends on the industry, design, content format, and type of business you have.

6. Get some inspiration

Now that you’ve decided on the channels you’re going after, look at some of the best social media posts for your niche and make an inspiration wall for yourself.

Look for posts or videos that catch your eye, designs, color schemes & messaging that would work well for your content.

visual-content-example-adobe-instagram-post

7. Decide on post types and formats

Next, decide on the exact types and formats of your posts.

Here are a few post formats you could pick from:

Carousel posts
Instagram Stories
Short-form content
Long-form content

I recommend deciding on 4-5 formats and testing them out for a few weeks.

8. Create a social media calendar

Now it’s time to put it all together into one calendar.

Use a scheduling app like eClincher , Sendible , CoSchedule , or Later .

They all have different features, so find something that fits your needs and budget.

Once you upload all of your posts into one calendar you can see it all visually, and see your post frequency for each platform.

9. Test for 30-60 days and re-evaluate

Are you excited? It’s time to launch this thing!

Launch your posts for the next 1-2 months and see how they do. After 2 months, re-evaluate your progress, and double down on the posts that did really well.

Take out the posts that didn’t do so well.

Continue optimizing as you go along.

Top Social Media Plan Templates

Here are a few of our favorite social media plan templates. You can use these to plan your calendar, to better optimize your strategy, and to rock out like the top brands out there.

Social Media Audit Template by Hootsuite

This template is a really great general for all of your needs. They have a separate tab for Instagram, Facebook, Twitter, LinkedIn, Snapchat, and Pinterest. Each tab is divided into a grid for all your accounts, performance, audience, goals, and even a SWOT analysis. These guys cover it all!

Get it ->

We’ve covered pretty much everything you need to know about how to plan, create, and design your digital marketing plan. Your plan should be the basis for all of the marketing initiatives of your marketing department. It should serve as the guideline for creative marketing material, setting up your campaigns, and your plan of action.

We’ve already created a really effective marketing plan template, which you can get - here .

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Business Exit Strategy: Definition, Examples, Best Types

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

What Is a Business Exit Strategy?

A business exit strategy is an entrepreneur's strategic plan to sell his or her ownership in a company to investors or another company. An exit strategy gives a business owner a way to reduce or liquidate his stake in a business and, if the business is successful, make a substantial profit. If the business is not successful, an exit strategy (or "exit plan") enables the entrepreneur to limit losses. An exit strategy may also be used by an investor such as a venture capitalist in order to plan for a cash-out of an investment.

Business exit strategies should not be confused with trading exit strategies used in securities markets.

Key Takeaways

A business exit strategy is a plan that a founder or owner of a business makes to sell their company, or share in a company, to other investors or other firms.
Initial public offerings (IPOs), strategic acquisitions, and management buyouts are among the more common exit strategies an owner might pursue.
If the business is making money, an exit strategy lets the owner of the business cut their stake or completely get out of the business while making a profit.
If the business is struggling, implementing an exit strategy or "exit plan" can allow the entrepreneur to limit losses.

Understanding Business Exit Strategy

Ideally, an entrepreneur will develop an exit strategy in their initial business plan before actually going into business. The choice of exit plan can influence business development decisions. Common types of exit strategies include initial public offerings (IPO) , strategic acquisitions , and management buyouts (MBO) . Which exit strategy an entrepreneur chooses depends on many factors, such as how much control or involvement (if any) they want to retain in the business, whether they want the company to be run in the same way after their departure, or whether they're willing to see it shift, provided they are paid well to sign off.

A strategic acquisition, for example, will relieve the founder of his or her ownership responsibilities, but will also mean the founder is giving up control. IPOs are often seen as the holy grail of exit strategies since they often bring along the greatest prestige and highest payoff. On the other hand, bankruptcy is seen as the least desirable way to exit a business.

A key aspect of an exit strategy is business valuation , and there are specialists that can help business owners (and buyers) examine a company's financials to determine a fair value. There are also transition managers whose role is to assist sellers with their business exit strategies.

Business Exit Strategy and Liquidity

Different business exit strategies also offer business owners different levels of liquidity . Selling ownership through a strategic acquisition, for example, can offer the greatest amount of liquidity in the shortest time frame, depending on how the acquisition is structured. The appeal of a given exit strategy will depend on market conditions, as well; for example, an IPO may not be the best exit strategy during a recession, and a management buyout may not be attractive to a buyer when interest rates are high.

While an IPO will almost always be a lucrative prospect for company founders and seed investors, these shares can be extremely volatile and risky for ordinary investors who will be buying their shares from the early investors.

Business Exit Strategy: Which Is Best?

The best type of exit strategy also depends on business type and size. A partner in a medical office might benefit by selling to one of the other existing partners, while a sole proprietor’s ideal exit strategy might simply be to make as much money as possible, then close down the business. If the company has multiple founders, or if there are substantial shareholders in addition to the founders, these other parties’ interests must be factored into the choice of an exit strategy as well.

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Hochul Halts Congestion Pricing in a Stunning 11th-Hour Shift

Weeks before New York was to charge motorists to enter Manhattan’s business district, Gov. Kathy Hochul postponed the program, citing economic concerns.

Governor Kathy Hochul stands in front of an American flag.

By Grace Ashford

Reporting from the State Capitol in Albany, N.Y.

Gov. Kathy Hochul of New York announced on Wednesday that she was shelving the long-awaited tolling plan known as congestion pricing, just weeks before it was to go into effect.

“After careful consideration I have come to the difficult decision that implementing the planned congestion pricing system risks too many unintended consequences,” Ms. Hochul said, adding: “I have directed the M.T.A. to indefinitely pause the program.”

The move angered environmentalists, transit advocates and economists , with some accusing the governor of abandoning a plan that was decades in the making for political reasons in a critical election year.

The decision, Ms. Hochul acknowledged, was not an easy one, but she said it was nonetheless crucial in light of the lingering effects of the coronavirus pandemic on working families and New York City’s economy.

The congestion pricing plan , the first of its kind in the nation, was slated to start June 30 . Drivers using E-ZPass would have paid as much as $15 to enter Manhattan south of 60th Street.

The governor said she feared that instituting a toll to drive into the borough would “create another obstacle to our economic recovery.”

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How to Create an Exit Strategy Plan

From defining success to identifying key areas where you can mitigate your risks, here’s how to chart your way to a successful exit.

In order to capture and share the critical information regarding your exit plan in an organized and easy-to-reference format, I recommend an approach like the one used by the increasingly popular business model canvas (BMC).

The BMC is a lean startup template. It depicts in a simple, yet highly informative visual layout the nine essential building blocks of a business model: customer segments , value propositions, channels , customer relationships , revenue streams, key resources, key activities, key partnerships and cost structure. This brings us to what I call the exit strategy canvas (ESC) as a template for your exit plan.

The main goal of the ESC is to document the essential building blocks of your exit strategy and create a shared language for communicating and iterating on your exit plan. I recommend that you lay out the ESC on one page to focus on what is absolutely critical and essential.

I recommend that you include the following essential building blocks in your ESC.

6 Essential Building Blocks of an Exist Strategy

Success definition : What would a successful exit look like?
Core hypotheses : What do you have to believe to be true for a successful exit to happen?
Strategic opportunities : What are key areas for value creation through partnerships?
Key acquirers : Who are your potential acquirers, and what are your selection criteria?
Risks and challenges : What can jeopardize a successful sale to an acquirer?
Key mitigants : What can you do to improve your chances of a successful sale?

Success Definition

The entire exit strategy is worthless unless it is crystal clear to all involved what specific outcome an exit is intended to achieve. Once everyone understands the destination, then they can support the journey.

For many entrepreneurs, a successful exit is one that ensures the survival of their startup. And this survival is all about the continuation of what lies at the heart of a startup’s core values and what the founding team considers to be a part of their personal legacy. That may consist of taking its products from a regional offering to the national or global level, creating new distribution channels, or enabling new features that can make it appealing to wholly new customer segments.

As you consider breathing life into your dream scenario, make sure your definition of success answers the following:

How would an exit best manifest the values of your startup?
How could an exit best promote the mission of your startup?
What would be the ideal time frame for an exit transaction?

Core Hypotheses

The next task is to make explicit what you would have to believe to be true for that outcome to manifest. Explicitly stating your assumptions helps you and other team members to discuss and gain clarity about what are the necessary conditions for success, and use them to gauge your future progress.

For example, if a successful exit for you would entail providing growth opportunities for your employees, then at the time of the acquisition you have to believe that your employees have sufficient skills and expertise of value to an acquirer. Thus, stating the hypothesis allows you and your team to reflect on whether this holds true for the current state of affairs, and if not, what you can do to make that a reality going forward.

To adopt a more quantitative approach, especially if your definition of success has a valuation threshold, you need to investigate and make explicit what it would take to justify your valuation goal based on either other comparable transactions or public market valuation benchmarks. Your desired valuation will likely necessitate achieving a certain set of financial (e.g., revenues, margin, profitability profile, or unit economics) or user (e.g., customer size, growth rate) metrics. A specific valuation goal makes it much more efficient for you to screen and filter acquisition opportunities as they arise.

More Built in Book Excerpts Why Salesforce’s Biggest Customer Hated Our Product

Strategic Opportunities

In its simplest form, strategic opportunities are the key areas for value creation with your acquirer. They are the areas of complementarity between your strengths and those of the acquirer.

As such, to identify areas of strategic opportunity you have to start with a good sense of the strengths and weaknesses of your startup. Then, you need to consider the strengths and weaknesses of potential acquirers and how your strengths can fill in the missing piece for their weaknesses and vice versa. This is what is referred to as “synergy.”

If you have a prohibitively high cost of customer acquisition that prevents you from profitably growing and acquiring new customers at scale, you would have a strategic opportunity to partner with a company that has already figured out a way to acquire those customers at scale profitably but is looking for additional products to sell to those customers.

Think of companies in your ecosystem for whom you could fill a strategic need, such as adding revenue, adding profits, staving off a competitive threat, accelerating time to market for a product or service, or improving their market share.

As you enter into discussions with potential strategic partners, you will want to validate and revise your assumptions around areas of synergy and strategic opportunities and be on the lookout to uncover new areas to add to your list.

Enjoying the Excerpt? Check Out the Book! Exit Path: How to Win the Startup End Game

Key Acquirers

This is your wish list of potential acquirers. It will also serve as the list of potential strategic partners whom you will be building a business relationship with over the course of the coming months and years. Be as aspirational as possible. You are not looking for who could be an acquirer of your startup today; instead, you are looking for whom you would be thrilled to join forces with long-term.

For most cases, you could simply state the category or type of company. For a startup serving small businesses, you could refer to “domain registrars,” “website creation platforms,” “e-commerce tool providers” as potential acquirers.

Keep in mind that at this stage your goal is to provide directional guidance as to what are critically important criteria for assessing strategic partners and what the universe of those potential partners looks like.

Risks and Challenges

When considering your exit path, there are in general three types of risks that most businesses have to contend with: execution risk, market risk, and competitive risk.

Execution Risk

Execution risk is a reflection of your core competencies, external relationships, reputation, and capitalization structure, all of which can make or break a successful exit. Weakness in your core competencies (such as an inability to manage the mergers and acquisitions process effectively, leadership gaps or a lack of a scalable business model) can stop many acquirers in their tracks. That is why building a strong business is table stakes for a successful exit.

Another often-overlooked risk factor in selling one’s startup is its capitalization structure: you increase your exit risk as you raise more money at higher valuations as well as when you grant voting rights to financial and strategic investors , as it reduces the founding team’s control and increases the possibility for others to block a transaction. It’s important that you understand the implication of those increasingly lofty valuations which at some point may render you “too expensive” for many acquirers.

More on Startups 4 Strategies for Growing a Company Without VC Funding

Market Risk

As those of us who have tried to sell a company during a market crash know, market risk is always around the corner, and changes in macroeconomic conditions can very much impact the appetite of potential acquirers without forewarning. Because market risk is always present, the more desperate you are to sell, the higher the impact of market risk will be on your startup, so it is ideal not to time a potential exit around a time when you think you will be running out of cash.

Competitive Risk

No matter how unique your startup’s offering is, there is always competition in the market. And thus there exists the competitive risk that your ideal potential acquirers snatch up your competitor instead. Be sure to identify and list your largest competitive threats as an important strategic reminder for your organization.

Key Mitigants

For each risk and challenge you identify, call out a clear and specific set of mitigants.

Mitigating execution risks and competitive risks will generally involve building the requisite capabilities and creating strong relationships with your potential acquirers. The best way to mitigate against market risks, in my opinion, is to increase your operating runway so that you can live through short-term market fluctuations.

Remember that the ESC is a tool intended to efficiently capture and communicate your exit plan. As you create your ESC, feel free to customize it to your own needs, modifying what is captured in each block or adding new blocks that you may find to be particularly well-suited for your startup’s unique set of values, challenges, and opportunities.

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Winery Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their wineries. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through awinery business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Winery Business Plan?

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

Why You Need a Business Plan for a Winery

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

Sources of Funding for Wineries

With regards to funding, the main sources of funding for a winery are personal savings, credit cards, bank loans and angel investors. With regards 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 confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a winery is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a winery. They might consider funding a winery with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

Finish Your Business Plan Today!

How to write a business plan for a winery.

If you want to start a winery or expand your current one, you need a business plan. Below are links to each section of your winery business plan template:

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 type of winery you are operating and the status; for example, are you a startup, do you have a winery that you would like to grow, or are you operating a network of wineries.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the winery industry. Discuss the type of winery you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of winery you are operating.

For example, you might operate one of the following types of wineries:

Vineyard wineries: these are traditional wineries with acres of land used to grow and harvest grapes for wine.
Destination winery: this type of winery emphasizes location and experience and is typically situated in a scenic area.
Urban wineries: an increasingly popular winery where grapes are shipped into an urban venue and wine is made in-house.

In addition to explaining the type of winery you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

When and why did you start the business?
What milestones have you achieved to date? Milestones could include placement goals you’ve reached, number of new contracts, etc.
Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

While this may seem unnecessary, it serves multiple purposes.

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

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

The third reason for market research 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 yourwinery business plan:

How big is the winery 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 market for your winery? 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 yourwinery business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: professional women, college students, event planners, couples, and bridal parties.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of winery you operate. Clearly college students would want different service options, and would respond to different marketing promotions than bridal parties, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most wineries primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

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

Finish Your Winery Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

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 wineries.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes wine bars, liquor stores, and wine subscription services. You need to mention such competition to show you understand that not everyone interested in purchasing or tasting wine will go to a winery.

With regards to direct competition, you want to detail the other wineries with which you compete. Most likely, your direct competitors will be wineries located very close to your location.

For each such competitor, provide an overview of their businesses 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 types of wine do they offer?
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 superior products?
Will you provide products or services that your competitors don’t offer?
Will you make it easier for customers to access your wine?
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 awinery business plan, your marketing plan should include the following:

Product: in the product section you should reiterate the type of winery that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to a winery, will you provide catering, food menus, or special event services?

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

Place: Place refers to the location of your winery. Document your location and mention how the location will impact your success. For example, is your winery located in a tourist-heavy area or is it near a busy retail district, etc. Discuss how your location might provide a steady stream of customers.

Promotions: the final part of your winery marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

Advertising in local papers and magazines
Reaching out to local websites
Social media marketing
Local radio advertising

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 winery, including all facets of the winemaking process, tank cleaning, tasting preparation, and logbook maintenance.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in revenue. It could also be when you expect to grow your client database to X amount or launch in a new location.

Management Team

To demonstrate your winery’s ability to succeed as a business, 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 working in vineyards or with wine. 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 like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing wineries or successfully running small businesses.

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.

In developing your income statement, you need to devise assumptions. For example, will you sell 50 bottles per day or 100? 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 $100,000 on building out your winery, 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 bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a winery business:

Location build-out including design fees, construction, etc.
Cost of equipment like cultivation equipment, fermentation tanks, and temperature control systems
Payroll or salaries paid to staff
Business insurance
Taxes and permits
Legal expenses

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 winery blueprint or location lease.

Putting together a business plan for your winery is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the winery industry, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful winery.

Winery Business Plan FAQs

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

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Winery Business Plan.

What Is the Goal of a Business Plan's Executive Summary?

Don’t you wish there was a faster, easier way to finish your Winery business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success. Click here to see how Growthink’s professional business plan consultants can create your business plan for you.


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What is an exit strategy?

Benefits of an exit strategy

Weighing your options: closing vs. selling

Sell to a new owner

Liquidate and close the business

Steps to developing your exit plan

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Exit Strategies - All You Need to Know about Business Exit Planning

What is a Business Exit Strategy?

Investor exit strategy

Venture capital exit strategy

Motives for Developing Exit Strategies

Types of Exit Strategies

Sale to a strategic buyer

Sale to a financial buyer

Initial Public Offering (IPO)

Management buyout (MBO)

Leveraged buyout (LBO)

Liquidation

Exit Strategy for Startups

Market timing

Comparable transactions

How to Put Together a Business Exit Plan

Business exit plan

1. Know the business

2. Ensure that finances are in order

3. Pay off creditors

4. Remove yourself from the business

5. Create a set of standard operating procedures

6. Establish (and train) the management team

7. Draw up a list of potential buyers

Importance of Exit Strategy

Get your M&A process in order. Use DealRoom as a single source of truth and align your team.

Exploring Business Exit Strategies: Definitions, Examples, and Top Types

Understanding Business Exit Strategies: Definition and Importance

So, What is an Exit Strategy in Business?

Real-Life Examples of Successful Business Exit Strategies

Top Types of Business Exit Strategies to Consider

Crafting Your Business Exit Plan: Essential Steps and Tips

Choosing the Right Exit Strategy: Factors to Consider for a Smooth Transition

Bottom Line

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Recent Posts

Exit strategy planning: 8 actions for business owners

What is an exit strategy?

When are exit strategies useful?

Types of exit strategies

Merger and acquisition (M&A) deals

Employees acquire an ownership interest

Management buyouts

Initial public offering (IPO)

Liquidation

Family succession

How to plan your exit strategy

1. Define your intentions for the business

2. Identify your target buyer

3. Establish an exit timeline

4. Keep accurate accounting records

5. Make yourself redundant

6. Document your processes

7. Get a professional business valuation

8. Observe market conditions

Take the stress out of your exit

Business Exit Strategy

What is a Business Exit Strategy?

What Should Be Considered In An Exit Strategy?

1. Objectives

2. Timeline

3. Intentions for the Business

4. Market Conditions

Why a Business Exit Strategy is Important

2. Get a better understanding of revenue streams

3. Developing effective leadership

4. Smooth operations

Key Takeaways